{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "enog": "http://www.energean.com/20241231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.energean.com/xbrl/2024/549300RVMKU0CYUZBB05-2024-12-31.xsd" ] }, "facts": { "GroupIncomeStatement_Label_002": { "value": "1314734000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_001": { "value": "978495000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_009": { "value": "702440000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_008": { "value": "509286000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_0011": { "value": "612294000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_0010": { "value": "469209000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0021": { "value": "31969000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0020": { "value": "27305000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0022": { "value": "83646000.0", "decimals": -3, "dimensions": { "concept": "enog:ExplorationAndEvaluationExpenses", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0023": { "value": "29192000.0", "decimals": -3, "dimensions": { "concept": "enog:ExplorationAndEvaluationExpenses", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0034": { "value": "-3201000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvision", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0035": { "value": "18352000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvision", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0038": { "value": "95448000.0", "decimals": -3, "dimensions": { "concept": "enog:ImpairmentOfOilAndGasAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0039": { "value": "342000.0", "decimals": -3, "dimensions": { "concept": "enog:ImpairmentOfOilAndGasAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0053": { "value": "4928000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0052": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0056": { "value": "7013000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0055": { "value": "4182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0066": { "value": "1925000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0065": { "value": "1687000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_0068": { "value": "394416000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_0069": { "value": "391523000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0083": { "value": "14811000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0082": { "value": "14318000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0085": { "value": "239123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0084": { "value": "231095000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0099": { "value": "392000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0098": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_00101": { "value": "-1446000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_00100": { "value": "-3010000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00155": { "value": "168266000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00156": { "value": "171736000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00448": { "value": "52342000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00447": { "value": "69674000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00464": { "value": "115924000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00465": { "value": "102062000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_00466": { "value": "72148000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_00467": { "value": "82873000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00469": { "value": "188072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00468": { "value": "184935000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_00232": { "value": "0.0102", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00231": { "value": "0.0104", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00234": { "value": "0.0101", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00233": { "value": "0.0105", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00470": { "value": "0.0063", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00471": { "value": "0.0057", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00472": { "value": "0.0062", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupIncomeStatement_Label_00473": { "value": "0.0059", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "GroupStatementOfComprehensiveIncome_Label_003": { "value": "115924000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_004": { "value": "102062000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_005": { "value": "72148000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_006": { "value": "82873000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00475": { "value": "188072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00474": { "value": "184935000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0036": { "value": "-266000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0037": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0049": { "value": "-25183000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0048": { "value": "7463000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00477": { "value": "-25449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_00476": { "value": "7463000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0064": { "value": "116000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_Label_0063": { "value": "-161000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_NegatedLabel_0071": { "value": "29000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_NegatedLabel_0070": { "value": "-38000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0081": { "value": "87000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0080": { "value": "-123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0087": { "value": "-25362000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0086": { "value": "7340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0097": { "value": "162710000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0096": { "value": "192275000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0014": { "value": "3378752000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0013": { "value": "4371325000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0016": { "value": "185310000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0015": { "value": "325389000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0028": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0027": { "value": "4000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0030": { "value": "32973000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0029": { "value": "33682000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0044": { "value": "128368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0043": { "value": "217504000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0046": { "value": "2950000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0045": { "value": "3124000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_0058": { "value": "3728353000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_0057": { "value": "4951028000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0075": { "value": "29233000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0074": { "value": "110126000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0076": { "value": "132454000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0077": { "value": "353257000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0088": { "value": "82427000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0089": { "value": "22482000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0094": { "value": "182251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_0095": { "value": "346772000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00122": { "value": "1769906000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00123": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00478": { "value": "2196271000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00479": { "value": "832637000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00144": { "value": "5924624000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00145": { "value": "5783665000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00181": { "value": "2449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00182": { "value": "2449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00185": { "value": "465331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00186": { "value": "465331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00227": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00228": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00229": { "value": "5796000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00230": { "value": "5975000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00235": { "value": "-23547000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00236": { "value": "1636000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00250": { "value": "41996000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00251": { "value": "32917000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00252": { "value": "6161000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00253": { "value": "37904000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00260": { "value": "638089000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00261": { "value": "686115000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00266": { "value": "3141904000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00267": { "value": "3141197000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00268": { "value": "141403000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00269": { "value": "122785000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00272": { "value": "518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00273": { "value": "1595000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00276": { "value": "234035000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00277": { "value": "786362000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00280": { "value": "89283000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00281": { "value": "166923000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00282": { "value": "3607143000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00283": { "value": "4218862000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00290": { "value": "335841000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00291": { "value": "737603000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00292": { "value": "128000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00293": { "value": "80000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00294": { "value": "81034000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00295": { "value": "9261000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00296": { "value": "345000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00297": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00412": { "value": "58260000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00413": { "value": "51824000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00480": { "value": "1075912000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_Label_00481": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00482": { "value": "1679392000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00483": { "value": "878688000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00300": { "value": "5924624000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfFinancialPosition_TotalLabel_00301": { "value": "5783665000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00114": { "value": "2380000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00115": { "value": "415388000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00116": { "value": "6098000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00102": { "value": "10459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00103": { "value": "25589000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00104": { "value": "-5827000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00105": { "value": "56208000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00106": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00107": { "value": "650198000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00141": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00142": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00143": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00132": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00133": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00134": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00135": { "value": "184935000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00136": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00137": { "value": "184935000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00157": { "value": "-123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00158": { "value": "-123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00171": { "value": "7463000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00170": { "value": "7463000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00201": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00200": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00199": { "value": "-123000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00192": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00191": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00190": { "value": "7463000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00189": { "value": "184935000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00188": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00187": { "value": "192275000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00239": { "value": "57000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00240": { "value": "49943000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00241": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00242": { "value": "-10459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00243": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00244": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00245": { "value": "10459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00246": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00247": { "value": "50000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00414": { "value": "12000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00415": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00416": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00417": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00418": { "value": "-12000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00419": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00420": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00421": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00422": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00224": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00225": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00226": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00215": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00216": { "value": "7340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00217": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00218": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00219": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00220": { "value": "7340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00429": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00430": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00431": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00432": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00441": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00442": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00443": { "value": "213698000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00444": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00445": { "value": "213698000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00113": { "value": "2449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00112": { "value": "465331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00111": { "value": "5975000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00110": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00109": { "value": "32917000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00108": { "value": "1636000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00119": { "value": "37904000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00118": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodStartLabel_00117": { "value": "686115000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00126": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00127": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00128": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00129": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00130": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00131": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00138": { "value": "188072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00139": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00140": { "value": "188072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00146": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00147": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00148": { "value": "-266000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00149": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00150": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00151": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00152": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00153": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00154": { "value": "-266000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00159": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00160": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00161": { "value": "87000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00162": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00163": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00164": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00165": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00166": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00167": { "value": "87000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00172": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00173": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00174": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00175": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00176": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00177": { "value": "-25183000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00178": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00179": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00180": { "value": "-25183000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00198": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00197": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00202": { "value": "-179000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00203": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00204": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00193": { "value": "-25183000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00194": { "value": "188072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00195": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00196": { "value": "162710000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00209": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00210": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00211": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00212": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00213": { "value": "9079000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00214": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00221": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00222": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00223": { "value": "9079000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00446": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00435": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00436": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00437": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00438": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00439": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00440": { "value": "219815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00433": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00434": { "value": "219815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0054": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00463": { "value": "2449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00455": { "value": "465331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00456": { "value": "5796000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00457": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00458": { "value": "41996000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00459": { "value": "-23547000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00460": { "value": "6161000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00461": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00462": { "value": "638089000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "Group Statement of Cash Flows
Year ended 31 December 2024
2023
($\u2019000)
Note
2024
(Restated)
106
Operating activities
Profit before taxation from continuing operations
168,266
171,737
Profit before taxation from discontinued operations
108,763
172,428
Profit before taxation
277,029
344,165
Adjustments to reconcile profit before taxation to net cash
provided by operating activities:
Depreciation, depletion and amortisation
12,13
347,754
306,144
Impairment loss on property, plant and equipment
12
95,607
342
Loss from the sale of property, plant and equipment
7e
675
190
Impairment loss on exploration and evaluation assets
13
144,669
28,758
Impairment loss on inventory
671
-
Change in decommissioning provision estimates
23
(8,221)
(16,996)
Defined benefit (gain)/ loss
(71)
45
Movement in other provisions
23
704
(11,098)
Compensation to gas buyers
6
-
4,929
Finance income
9
(15,386)
(19,501)
Finance costs
9
271,528
250,395
Unrealised loss on derivatives
392
6,610
ECL on trade receivables
7,482
4,375
Non-cash revenues from Egypt
107
(34,841)
(48,254)
Other income
(344)
-
Share-based payment charge
26
9,079
7,340
Net foreign exchange (income)/ loss
9
(12,639)
16,584
Cash flow from operations before working capital adjustments
(Increase)/decrease in inventories
3,210
(14,923)
(Increase)/decrease in trade and other receivables
(81,058)
(45,178)
Increase/(Decrease) in trade and other payables
121,260
(44,913)
Cash flow from operations
1,127,500
769,014
Income tax paid
(5,733)
(112,827)
Net cash inflow from operating activities
1,121,767
656,187
Investing activities
Payment for purchase of property, plant and equipment
12
(580,487)
(436,043)
\n
106
\n
Restated for discontinued operations, refer to Note 25 for further detail.
\n
107
\n
Non-cash revenues from Egypt arise due to taxes being deducted at source from invoices as such revenue and tax charges are
\n
grossed up to reflect this deduction but no cash inflow or outflow results.
\n \n
2023
($\u2019000)
Note
2024
(Restated)
106
Payment for exploration and evaluation, and other intangible
13
assets
(184,851)
(105,024)
Movement in restricted cash
16
(59,954)
49,226
Proceeds from disposal of exploration and evaluation and other
intangible
978
-
Amounts received from INGL related to the transfer of property,
24
plant & equipment
1,801
56,906
Other investing activities
2,858
(520)
Interest received
10,236
18,997
Net cash outflow for investing activities
(809,419)
(416,458)
Financing activities
Drawdown of borrowings
21
118,000
905,038
Repayment of borrowings
21
(70,000)
(655,000)
Repayment of deferred consideration liability
21
-
(150,000)
Debt issue costs
21
-
(17,633)
Repayment of obligations under leases
21
(20,467)
(18,732)
Finance cost paid for deferred license payments
(4,000)
(2,496)
Finance costs paid
(229,755)
(174,833)
Dividend Paid
(219,815)
(213,698)
Net cash outflow from financing activities
(426,037)
(327,354)
Net decrease in cash and cash equivalents
(113,689)
(87,625)
Cash and cash equivalents at beginning of the period
346,772
427,888
Effect of exchange rate fluctuations on cash held
2,187
6,509
Cash and cash equivalents at end of the period (including cash
15
235,270
346,772
held in disposal group)
Cash and cash equivalents held in disposal group presented as
25
53,019
-
held for sale at 31 December
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "GroupStatementOfCashFlows_Label_00484": { "value": "168266000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxationFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00485": { "value": "171737000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxationFromContinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00494": { "value": "108763000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxFromDiscontinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00495": { "value": "172428000.0", "decimals": -3, "dimensions": { "concept": "enog:ProfitBeforeTaxFromDiscontinuingOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00496": { "value": "277029000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00497": { "value": "344165000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0017": { "value": "347754000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0018": { "value": "306144000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0025": { "value": "95607000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0026": { "value": "342000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0031": { "value": "-675000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0032": { "value": "-190000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0041": { "value": "144669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossExplorationAndEvaluationAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0042": { "value": "28758000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossExplorationAndEvaluationAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0051": { "value": "671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0050": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0059": { "value": "-8221000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvisionEstimates", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0060": { "value": "-16996000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvisionEstimates", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0061": { "value": "-71000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0062": { "value": "45000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0072": { "value": "704000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0073": { "value": "-11098000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0078": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CompensationToGasBuyers", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0079": { "value": "4929000.0", "decimals": -3, "dimensions": { "concept": "enog:CompensationToGasBuyers", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0090": { "value": "15386000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0091": { "value": "19501000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0092": { "value": "271528000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0093": { "value": "250395000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00121": { "value": "-392000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00120": { "value": "-6610000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00124": { "value": "7482000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00125": { "value": "4375000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00168": { "value": "34841000.0", "decimals": -3, "dimensions": { "concept": "enog:NonCashRevenuesFromEgypt", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00169": { "value": "48254000.0", "decimals": -3, "dimensions": { "concept": "enog:NonCashRevenuesFromEgypt", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00183": { "value": "-344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00184": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00205": { "value": "9079000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00206": { "value": "7340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00207": { "value": "-12639000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00208": { "value": "16584000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00237": { "value": "3210000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00238": { "value": "-14923000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00248": { "value": "-81058000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00249": { "value": "-45178000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00254": { "value": "121260000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00255": { "value": "-44913000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00425": { "value": "1127500000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00426": { "value": "769014000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00427": { "value": "5733000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00428": { "value": "112827000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00486": { "value": "1121767000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00487": { "value": "656187000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00256": { "value": "580487000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00257": { "value": "436043000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00259": { "value": "184851000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00258": { "value": "105024000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00262": { "value": "-59954000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00263": { "value": "49226000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00264": { "value": "978000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00265": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00271": { "value": "1801000.0", "decimals": -3, "dimensions": { "concept": "enog:AmountsReceivedFromInglRelatedToTheTransferOfPropertyPlantEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00270": { "value": "56906000.0", "decimals": -3, "dimensions": { "concept": "enog:AmountsReceivedFromInglRelatedToTheTransferOfPropertyPlantEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00274": { "value": "-2858000.0", "decimals": -3, "dimensions": { "concept": "enog:OtherInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00275": { "value": "520000.0", "decimals": -3, "dimensions": { "concept": "enog:OtherInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00278": { "value": "10236000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00279": { "value": "18997000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00449": { "value": "-809419000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00450": { "value": "-416458000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00284": { "value": "118000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00285": { "value": "905038000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00286": { "value": "70000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00287": { "value": "655000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00288": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:RepaymentOfDeferredConsiderationLiability", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00289": { "value": "150000000.0", "decimals": -3, "dimensions": { "concept": "enog:RepaymentOfDeferredConsiderationLiability", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00298": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00299": { "value": "17633000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00302": { "value": "20467000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00303": { "value": "18732000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00304": { "value": "4000000.0", "decimals": -3, "dimensions": { "concept": "enog:FinanceCostPaidForDeferredLicensePayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00305": { "value": "2496000.0", "decimals": -3, "dimensions": { "concept": "enog:FinanceCostPaidForDeferredLicensePayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00306": { "value": "229755000.0", "decimals": -3, "dimensions": { "concept": "enog:FinanceCostsPaid", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00307": { "value": "174833000.0", "decimals": -3, "dimensions": { "concept": "enog:FinanceCostsPaid", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00423": { "value": "219815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00424": { "value": "213698000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00451": { "value": "-426037000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00452": { "value": "-327354000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00308": { "value": "-113689000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00309": { "value": "-87625000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodStartLabel_00310": { "value": "346772000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodStartLabel_00311": { "value": "427888000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00312": { "value": "2187000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00313": { "value": "6509000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00314": { "value": "235270000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00315": { "value": "346772000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00492": { "value": "53019000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00493": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "Energean plc (the 'Company')", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0033": { "value": "Energean plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0047": { "value": "Energean plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0067": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0024": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0019": { "value": "44 Baker Street, London W1U 7AL, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0040": { "value": "exploration, production and commercialisation of crude oil, hydrocarbon liquids and natural gas in Greece, Italy, Israel, North Africa, United Kingdom (UK) and the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0012": { "value": "Greece, Italy, Israel, North Africa, United Kingdom (UK) and the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "2
Significant accounting policies
2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each reporting
period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 19 March 2025 to 30 June 2026 \u2018the Assessment Period\u2019.
As of 31 December 2024, the Group\u2019s available liquidity was approximately $446.4 million. In addition to
$320.6 million of cash and cash equivalents held by the Group at 31 December 2024, this available
liquidity figure includes: (i) c. $5.8 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023. Both RCFs are set to expire in 2025.
Subsequent to the reporting date, the Group renegotiated the extension of $300 million RCF for another
three years, until September 2028, revising the amount to $200 million from September 2025 onwards.
In February 2025, the Group signed a 10 year, senior-secured term loan with Bank Leumi as the Facility
Agent and Arranger for $750 million. The term loan will be available to refinance the 2026 Energean Israel
Limited Notes and to provide additional liquidity for the Katlan development. It has a 12-month availability
period, during which multiple drawdowns can be made, providing flexibility to optimise finance costs. Up
to $475 million is available in US dollars and up to $275 million is available in New Israeli Shekel. The
interest rate for the loan is floating and has been set at competitive levels versus the current bond market.
The term loan is secured on the assets of Energean Israel, pari passu with the Energean Israel Limited
notes, non-recourse to Energean and has a bullet repayment in 2035.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the Group\u2019s
debt facilities. The Base case assumes the ECL Group disposal to be completed in Q1 2025 followed by
the receipt of the consideration. This includes a cash payment of $670-675 million (including the
settlement of intragroup debt) and $50 million deferred consideration to be received in March 2026. No
contingent consideration has been included in the assessment.
Whilst post sale completion the company\u2019s revenue sources are concentrated almost entirely from Israel,
the sale of the ECL Group generates additional liquidity and the Group has access to extra funding via
undrawn headroom in its credit facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $75/bbl in 2025 and 2026 with prices for gas sold assumed
at contractually agreed prices for Israel throughout the going concern assessment period. Under the Base
Case, sufficient liquidity is maintained throughout the going concern period.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since most of its borrowings are fixed rate. The Group
also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii) reduced
production; (iii) delayed completion of the transaction with Carlyle and (iv) increase the SOFR forward
curve by 0.5% - these downsides are applied to assess the robustness of the Group\u2019s liquidity position
over the Assessment Period. Although we fully expected the transaction to complete in Q1 2025 at the
reporting date, we have also run an additional scenario whereby this does not in order to understand the
impact on our liquidity position. It resulted in no liquidity issues. Given the status of regulatory approvals
at the time these financial statements were prepared, the probability of this scenario may increase.
In a RWC downside case, there are appropriate and timely mitigation strategies, within the Group\u2019s
control, to manage the risk of funding shortfalls and to ensure the Group\u2019s ability to continue as a going
concern. Mitigation strategies, within management\u2019s control, modelled in the RWC include deferral of
capital expenditure on operated assets and/or management of operating expenses to improve the
liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural hedge\u2019
provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote downside
scenario occurred, prudent mitigating strategies, consistent with those described above, could also be
executed in the necessary timeframe to preserve liquidity. There is no material impact of climate change
within the Assessment Period and therefore it does not form part of the reverse stress testing performed
by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Consolidated Financial Statements on 19 March 2025 to 30 June 2026. For this reason, they
continue to adopt the going concern basis in preparing the Consolidated Financial Statements.
2.2
New and amended accounting standards and interpretations
The following amendments became effective as at 1 January 2024 and have been applied in the
preparation of these consolidated financial statements:
\u2022
Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants;
\u2022
Amendments to IFRS 16: Lease liability in a Sale and Leaseback;
\u2022
Amendments to IAS 7 and IFRS 7: Disclosures: Supplier Finance Arrangements.
The adoption of the above standard and interpretations did not lead to any material changes to the
Group\u2019s accounting policies and did not have any other material impact on the financial position or
performance of the Group.
The following amendments and interpretations have been issued but were not effective for the 2024
reporting period:
\u2022
Amendments to IAS 21: Lack of exchangeability;
\u2022
Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments;
\u2022
Annual improvements to IFRS accounting standards: Volume 11;
\u2022
Amendments to IFRS 9 and IFRS 7: Power Purchase Agreements;
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements; and
\u2022
IFRS 19: Subsidiaries without Public Accountability: Disclosures.
The adoption of the above standards and interpretations is not expected to lead to any material changes
to the Group\u2019s accounting policies or have any material impact on the financial position or performance
of the Group.
2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) as detailed in Note 31. Control is achieved when the Group
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 results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal,
as appropriate.
3
Summary of material accounting policies
The principal accounting policies and measurement bases used in the preparation of the consolidated
financial statements are set out below. These policies have been consistently applied to all periods
presented in the consolidated financial statements unless otherwise stated.
3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A. and Enearth Limited, US$ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited,
Energean Morocco Limited and Energean Capital Limited, and GBP for Energean UK Limited and
Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Group's translation
reserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
operation is disposed of.
3.2
Investments in Associates and Joint arrangements
A joint arrangement is one in which 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.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
of these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
liabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
are included in the Group\u2019s statement of financial position.
Where another party acts as operator, the
Group\u2019s share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in Note 32.
3.3
Exploration and evaluation expenditures
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 directly attributable administration costs are initially capitalised as intangible
assets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
commercial and management review, as well as review for indicators of impairment at least once a year.
This is to confirm the continued intent to develop or otherwise extract value from the discovery. When
this is no longer the case, the costs are written off through the statement of profit or loss. When proved
reserves of oil and gas are identified and development is sanctioned by management, the relevant
capitalised expenditure is first assessed for impairment and (if required) any impairment loss is
recognised, then the remaining balance is transferred to oil and gas properties.
Farm-out arrangements in exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise
any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs
previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the Group as a gain on disposal.
Farm-in arrangements
Farm-in transactions typically occur during the exploration or development phase and involve the
transferor (the farmor) giving up future economic benefits, such as reserves, in exchange for a permanent
reduction in future funding obligations.
Under a carried interest arrangement, the carried party transfers a portion of the risks and rewards of a
property in exchange for a funding commitment from the carrying party. In contrast, a farm-in
arrangement involves the farmor transferring all risks and rewards of a proportion of a property in
exchange for the farmee\u2019s commitment to fund specific expenditures. This effectively represents the
complete disposal of a proportion of the property and is similar to purchase/sale-type carried interest
arrangements.
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
Anchois gas development.
As the farmee, the Group recognises its expenditure under this arrangement in the same way as directly
incurred expenditure. Since the carry of Chariot\u2019s costs is conditional upon the successful
commencement of production, Energean accounts for 100% of the expenses related to appraisal and
other exploration activities concerning the two licences. These costs are fully capitalised on the balance
sheet until the start of production.
3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is a
subcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future development
of the asset and such development receives appropriate approvals. After transfer of the exploration and
evaluation assets, all subsequent expenditure on the construction, installation or completion of
infrastructure facilities such as platforms, pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019. Proceeds
from any oil and gas produced while bringing an item of property, plant and equipment to the location
and condition necessary for it to be capable of operating in the manner intended by management (such
as samples produced when testing whether the asset is functioning properly) is recognised in profit or
loss in accordance with IFRS 15
Revenue Recognition
. The Group measures the cost of those items
applying the measurement requirements of IAS 2
Inventories
. When a development project moves into
the production stage, all assets included in \u2018Assets in development\u2019 are then transferred to \u2018Producing
assets\u2019 which is also a sub-category of \u2018Oil and gas properties\u2019. The capitalisation of certain
construction/development costs ceases, and costs are either regarded as part of the cost of inventory or
expensed, except for costs which qualify for capitalisation relating to \u2018Oil and gas properties\u2019 asset
additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
data demonstrate with a specified degree of certainty to be recoverable in future years from known
reservoirs and which are considered commercially producible. Commercial reserves have a 50%
statistical probability that the actual quantity of recoverable reserves will be more than the amount
estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.
3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.
3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
are identified as the smallest identifiable group of assets
that generates cash inflows, which are largely independent of the cash inflows from other assets. This is
usually at the individual royalty, stream, oil and gas or working interest level for each property from which
cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.
3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the lower
of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement
of financial position. The comparative balance sheet and the related notes to the financial statements
have not been restated to reflect this presentation, resulting in significant fluctuations between the two
reporting periods. The post-tax profit or loss of the discontinued operations is shown as a single line on
the face of the consolidated statement of profit or loss, separate from the continuing operating results
of the Group. When an operation is classified as a discontinued operation, the comparative consolidated
statement of profit or loss is represented as if the operation had been discontinued from the start of the
comparative year. Expenses are presented as discontinued if they will cease to be incurred on disposal
of the discontinued operation. Transactions between continuing and discontinued operations have been
consistently eliminated as intragroup balances without any adjustments for both current and
comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which was fully
owned and controlled by the Group. The Group assessed whether ECL meets the definition of being held
for sale and discontinued operations on 31 December 2024 and positively concluded.
Additional disclosures are provided in Note 25. All other notes to the financial statements include
amounts for continuing operations, unless indicated otherwise.
3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. Other
than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\n\n
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
\n
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The
lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered to be low value. Lease payments on short-term leases
and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
iv) Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
appropriate. Please refer to notes 3.3 and 3.4.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
lease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
as the contracting counterparty for such leases. Where the obligations of the non-operator parties under
the joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset is
derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
recoverable from the non-operator parties to the joint operating agreement.
3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.
3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-
settled transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The expense or credit in the statement of profit or loss for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
Shares held by the Employee Benefit Trust
The Energean plc Employee Benefit Trust (\u201cEBT\u201d) provides for the issue of shares to Group employees
under share incentive schemes. The Company controls the EBT and accounts for the EBT as an extension
to the Company in these consolidated financial statements. Accordingly, shares in the Company held by
the EBT are included in the consolidated statement of financial position at cost as a deduction from
equity.
3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
principal market for the asset or liability or in the absence of a principal market, in the most advantageous
market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
the Group determines whether transfers have occurred between levels in the hierarchy by reassessing
categorisation (based on the lowest-level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.
3.16
Over/underlift
Lifting or offtake arrangements for oil and gas produced in certain of the Group\u2019s jointly owned operations
are such that each participant may not receive and sell its precise share of the overall production in each
period. The resulting imbalance between cumulative entitlement and cumulative production less stock is
underlift or overlift. Underlift and overlift are valued at market value and included within receivables and
payables respectively. Movements during an accounting period are adjusted through cost of sales such
that gross profit is recognised on an entitlement basis.
In respect of redeterminations, any adjustments to the Group\u2019s net entitlement of future production are
accounted for prospectively in the period in which the make-up oil is produced. Where the make-up period
extends beyond the expected life of a field an accrual is recognised for the expected shortfall.
3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined using
the weighted average cost method. The cost of finished goods and work in progress comprises raw
materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises in
the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
overstated. When the circumstances that previously caused impairment no longer exist or when there is
clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
circumstances, the amount thereof is reversed.
3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.
3.19
Revenue
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the Group
operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has requested
cash payments be made and therefore the Group has not made any royalty payments in kind. As such
the Group obtains control of all the underlying reserves once extracted, sells the production to its
customers and then remits the proceeds to the royalty holder and is therefore considered to be acting as
the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. 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. The revenue is recorded
when the oil or gas has been physically delivered to a vessel or pipeline.
3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed as
incurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
contributions if the government scheme does not hold sufficient assets to pay all employees benefits
relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
defined benefit liability are included in other comprehensive income and are not reclassified to profit or
loss in subsequent periods.
3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.
3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements 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's liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by the
reporting date. 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 taxable profits will be available
against which deductible temporary differences can be utilised. No deferred tax is recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis.
3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.20)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.
4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates, assumptions and judgement are based on
management's best knowledge of current events and actions, actual results may ultimately differ.
4.1
Critical judgements in applying the Group\u2019s accounting policies
\n
The following are management judgements in applying the accounting policies of the Group that have
\n
the most significant effect on the consolidated financial statements:
\n
Impairment of intangible exploration and evaluation assets (Note 13)
\n
Amounts carried under intangible exploration and evaluation assets represent active exploration projects.
\n
Capitalised costs will be written off to the income statement as exploration costs unless commercial
\n
reserves are established or the determination process is not completed and there are no indications of
\n
impairment in accordance with the Group\u2019s accounting policy. The process of determining whether there
\n
is an indicator for impairment or impairment reversal and quantifying the amount requires critical
\n
judgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
\n
to proceed with a future work programme; the likelihood of license renewal or extension; the assessment
\n
of whether sufficient data exists to indicate that, although a development in the specific area is likely to
\n
proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
\n
from successful development or by sale; and the success of a well result or geological or
\n
geophysical survey.
\n
In 2024, the Group identified impairment indicators for several of its exploration assets, including: (1) the
\n
Anchois field in Morocco, where unfavorable exploration results and the intention to transfer the license
\n
rights indicated the potential impairment of the asset; (2) the termination of the Ioannina license in
\n
Greece; and (3) unfavorable exploration results for the Orion well in North East Hap\u2019y, Egypt. In response,
\n
the Group held impairment assessments for these assets, which resulted in full impairments. Further
\n
details are provided in Note 13.
\n
Identification of cash generating units (Note 12)
\n
In considering the carrying value of property, plant and equipment the Group has to make a critical
\n
judgement in relation to the identification of the smallest cash generating units to which those assets are
\n
allocated.
\n
In countries except for Italy, Israel and Egypt the cash generating unit is considered to be at the
\n
concession level. In Italy we have identified nine cash generating units (\u2018CGUs\u2019). The Italy Gas CGUs are
\n
as follows: Cassiopea, Clara, Comiso, Calipso, Accettura, Gas Other and the Italy Oil CGUs comprise of:
\n
Vega, Sarago Mare, Rospo, Santa Maria and Tresauro.
\n
In Egypt, we have identified a single CGU that combines the operations of three concessions.
\n
In 2024 Katlan obtained a final investment decision accepting it to the development. Given that
\n
production from all Israeli sites is processed through a single FPSO and transported via one pipeline to
\n
the gas buyers, it is impractical to reliably separate their cash inflows. Therefore, consistently to prior
\n
year, a single CGU has been identified in Israel.
\n
The identification of CGUs across the group is consistent with how the Group monitors the business.
\n
Accounting for Discontinued Operations (Note 25)
\n
Following the Group's decision to sell the ECL portfolio, management has assessed whether the ECL
\n
portfolio meets the criteria for classification as assets held for sale and qualifies as discontinued
\n
operations. Management has affirmatively determined that the ECL portfolio should be presented as
\n
discontinued operations in the Group's financial results for the reporting period.
\n
Although the completion is contingent upon securing regulatory approvals in Italy and Egypt and antitrust
\n
approvals in Italy, Egypt and COMESA, the Group is confident that the transactions would likely be
\n
finalised within 12 months of the announcement date. The disposal group was ready for immediate sale
\n
in its current state, with the exception of the transfer of legal ownership of certain entities outside the
\n
disposal group to other parts of the Energean Group. This transfer, which is customary in such
\n
transactions, was completed in September 2024.
\n
In December 2024, Carlyle received unconditional clearance from the COMESA Competition Commission,
\n
which was the final remaining anti-trust approval.
\n
Additional details supporting this judgement are provided in Note 25.
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (Note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or CGU) may be
\n
impaired. The Group assesses impairment at each reporting date by evaluating conditions specific to the
\n
Group that may lead to impairment of assets. Where indicators of impairments or impairment reversals
\n
are present and an impairment or impairment reversal test is required, the calculation of the recoverable
\n
amount requires estimation of future cash flows within complex impairment models. The recoverable
\n
amount (which is the higher of fair value less costs to sell and value in use) of the cash-generating unit
\n
to which the assets belong is then estimated based on the present value of future discounted cash flows.
\n
Key assumptions and estimates used in both the impairment models and in the calculation of the
\n
recoverable amount are: commodity price assumptions, production profiles, the future impact of risks
\n
associated with climate change, discount rates, commercial reserves and the related cost profiles.
\n
Commercial (proven and probable) reserves are estimates of the amount of oil and gas that can be
\n
economically extracted from the Group\u2019s oil and gas assets as certified by the external qualified
\n
professionals.
\n
The Group's impairment assessment identified an impairment of $95.5 million in Greece, within the
\n
Europe operating segment. The recoverable amount as of 31 December 2024 was based on the value in
\n
use, determined at the level of the cash-generating unit (CGU). This CGU comprises four fields in the
\n
Prinos Basin, offshore Greece: Epsilon, Lydia, Prinos, and Prinos North. Inputs into the value in use, which
\n
are subject to significant estimation by management, are detailed in Note 12, along with the associated
\n
sensitivity analysis.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units in
\n
the impairment assessments. The anticipated extent and nature of the future impact of climate on the
\n
Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\n
across all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\n
to climate change may impact the recoverable value of the Group\u2019s cash-generating units. These include
\n
the impact of future changes in government policies, legislation and regulation, societal responses to
\n
climate change, the future availability of new technologies and changes in supply and demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\n
on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\n
relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the International
\n
Energy Agency\u2019s (IEA) 2024 World Energy Outlook climate projections including Stated Policies Scenario
\n
(STEPS), Announced Pledges Scenario (APS) and Net-Zero Emissions by 2050 Scenario (NZE).
These
\n
specific scenarios were not directly applied in the assets\u2019 valuation for financial reporting purposes. This
\n
is because no single scenario fully aligns with the management consensus on the assumptions market
\n
participants may use in appraising the Group\u2019s assets.
\n
The analysis indicates a slight decline in the recoverable amount. This resilience is largely due to Group
\n
portfolio\u2019s significant weighting towards gas, which shields it from declines in oil prices. In Israel, the
\n
stability of gas revenues is further secured through fixed gas contracts that include minimum price
\n
guarantees. The only scenario where a notable impact was observed is under the NZE, where there is a
\n
minor reduction in the net present value due to the pricing of the liquid components.
\n
Group\u2019s assets in Greece and the UK are more vulnerable to the impact of lower commodity prices under
\n
these scenarios, with the NZE projecting lower prices for Brent and UK NBP than baseline assumptions.
\n
To mitigate this risk, the Group has the option to use commodity price hedges. For more details, please
\n
refer to the TCFD statement on pages 14-32.
\n
Further details about the carrying value of property, plant and equipment are shown in Note 12 to these
\n
financial statements.
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\n
reserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\n
developed facilities using current operating methods, determined in accordance with the Petroleum
\n
Resources Management System published by the Society of Petroleum Engineers, the World Petroleum
\n
Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\n
prices. The level of estimated commercial reserves is also a key determinant in assessing whether the
\n
carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject to
\n
regular revision, both upward or downward, based on changes in economic assumptions used, including
\n
the impact of climate change, additional geological information, updates of development plans and
\n
changes in economic factors, including product prices, contract terms, legislation or development plans.
\n
Such changes may impact the Group\u2019s reported financial position and results which include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities;
\n
and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of
\n
such assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in Note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
The audited statement of reserves is included in the Strategic Report, refer to pages 42-44 of the Annual
\n
Report.
\n
Decommissioning liabilities (Note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing, work
\n
scope, amount of expenditure, discount and inflation rates require estimation. The discount rate applied
\n
to determine the carrying amount of provisions provides a source of estimation uncertainty as referred
\n
to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\n
review are then assessed alongside estimates from operators. Provision for environmental clean-up and
\n
remediation costs is based on current legal and contractual requirements, technology and price levels.
\n
Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (Note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal of
\n
those assets and estimating the availability of sufficient taxable profits to utilise the assets at the point
\n
of reversal. Such assessments necessitate assumptions about future profitability, introducing a degree
\n
of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in future
periods for the recovery of losses, the Group considered approved budgets, forecasts, and business plans
to inform its evaluation.
A deferred tax asset has been recognised in accordance with IAS 12.28 up to the amount available to
offset the deferred tax liabilities arising on timing differences. Then, for the remaining temporary
differences on tax losses and decommissioning expenses, deferred tax was recognised based on future
taxable profits in accordance with IAS 12.29.
Decommissioning expenses and tax losses in the UK are expected to be tax relieved up until 2029 in
accordance with the taxable profits forecasts which are based upon the competent persons reports
(CPR) and approved Group budget.
Both the CPR and the budget are based on estimates including among others the estimated production
volumes and forecasted brent price.
No reasonably possible change in any key assumption would result in a material impairment of the
deferred tax asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each reporting
period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 19 March 2025 to 30 June 2026 \u2018the Assessment Period\u2019.
As of 31 December 2024, the Group\u2019s available liquidity was approximately $446.4 million. In addition to
$320.6 million of cash and cash equivalents held by the Group at 31 December 2024, this available
liquidity figure includes: (i) c. $5.8 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023. Both RCFs are set to expire in 2025.
Subsequent to the reporting date, the Group renegotiated the extension of $300 million RCF for another
three years, until September 2028, revising the amount to $200 million from September 2025 onwards.
In February 2025, the Group signed a 10 year, senior-secured term loan with Bank Leumi as the Facility
Agent and Arranger for $750 million. The term loan will be available to refinance the 2026 Energean Israel
Limited Notes and to provide additional liquidity for the Katlan development. It has a 12-month availability
period, during which multiple drawdowns can be made, providing flexibility to optimise finance costs. Up
to $475 million is available in US dollars and up to $275 million is available in New Israeli Shekel. The
interest rate for the loan is floating and has been set at competitive levels versus the current bond market.
The term loan is secured on the assets of Energean Israel, pari passu with the Energean Israel Limited
notes, non-recourse to Energean and has a bullet repayment in 2035.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the Group\u2019s
debt facilities. The Base case assumes the ECL Group disposal to be completed in Q1 2025 followed by
the receipt of the consideration. This includes a cash payment of $670-675 million (including the
settlement of intragroup debt) and $50 million deferred consideration to be received in March 2026. No
contingent consideration has been included in the assessment.
Whilst post sale completion the company\u2019s revenue sources are concentrated almost entirely from Israel,
the sale of the ECL Group generates additional liquidity and the Group has access to extra funding via
undrawn headroom in its credit facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $75/bbl in 2025 and 2026 with prices for gas sold assumed
at contractually agreed prices for Israel throughout the going concern assessment period. Under the Base
Case, sufficient liquidity is maintained throughout the going concern period.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since most of its borrowings are fixed rate. The Group
also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii) reduced
production; (iii) delayed completion of the transaction with Carlyle and (iv) increase the SOFR forward
curve by 0.5% - these downsides are applied to assess the robustness of the Group\u2019s liquidity position
over the Assessment Period. Although we fully expected the transaction to complete in Q1 2025 at the
reporting date, we have also run an additional scenario whereby this does not in order to understand the
impact on our liquidity position. It resulted in no liquidity issues. Given the status of regulatory approvals
at the time these financial statements were prepared, the probability of this scenario may increase.
In a RWC downside case, there are appropriate and timely mitigation strategies, within the Group\u2019s
control, to manage the risk of funding shortfalls and to ensure the Group\u2019s ability to continue as a going
concern. Mitigation strategies, within management\u2019s control, modelled in the RWC include deferral of
capital expenditure on operated assets and/or management of operating expenses to improve the
liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural hedge\u2019
provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote downside
scenario occurred, prudent mitigating strategies, consistent with those described above, could also be
executed in the necessary timeframe to preserve liquidity. There is no material impact of climate change
within the Assessment Period and therefore it does not form part of the reverse stress testing performed
by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Consolidated Financial Statements on 19 March 2025 to 30 June 2026. For this reason, they
continue to adopt the going concern basis in preparing the Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each reporting
period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-adopted IAS).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 19 March 2025 to 30 June 2026 \u2018the Assessment Period\u2019.
As of 31 December 2024, the Group\u2019s available liquidity was approximately $446.4 million. In addition to
$320.6 million of cash and cash equivalents held by the Group at 31 December 2024, this available
liquidity figure includes: (i) c. $5.8 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023. Both RCFs are set to expire in 2025.
Subsequent to the reporting date, the Group renegotiated the extension of $300 million RCF for another
three years, until September 2028, revising the amount to $200 million from September 2025 onwards.
In February 2025, the Group signed a 10 year, senior-secured term loan with Bank Leumi as the Facility
Agent and Arranger for $750 million. The term loan will be available to refinance the 2026 Energean Israel
Limited Notes and to provide additional liquidity for the Katlan development. It has a 12-month availability
period, during which multiple drawdowns can be made, providing flexibility to optimise finance costs. Up
to $475 million is available in US dollars and up to $275 million is available in New Israeli Shekel. The
interest rate for the loan is floating and has been set at competitive levels versus the current bond market.
The term loan is secured on the assets of Energean Israel, pari passu with the Energean Israel Limited
notes, non-recourse to Energean and has a bullet repayment in 2035.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the Group\u2019s
debt facilities. The Base case assumes the ECL Group disposal to be completed in Q1 2025 followed by
the receipt of the consideration. This includes a cash payment of $670-675 million (including the
settlement of intragroup debt) and $50 million deferred consideration to be received in March 2026. No
contingent consideration has been included in the assessment.
Whilst post sale completion the company\u2019s revenue sources are concentrated almost entirely from Israel,
the sale of the ECL Group generates additional liquidity and the Group has access to extra funding via
undrawn headroom in its credit facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $75/bbl in 2025 and 2026 with prices for gas sold assumed
at contractually agreed prices for Israel throughout the going concern assessment period. Under the Base
Case, sufficient liquidity is maintained throughout the going concern period.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since most of its borrowings are fixed rate. The Group
also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii) reduced
production; (iii) delayed completion of the transaction with Carlyle and (iv) increase the SOFR forward
curve by 0.5% - these downsides are applied to assess the robustness of the Group\u2019s liquidity position
over the Assessment Period. Although we fully expected the transaction to complete in Q1 2025 at the
reporting date, we have also run an additional scenario whereby this does not in order to understand the
impact on our liquidity position. It resulted in no liquidity issues. Given the status of regulatory approvals
at the time these financial statements were prepared, the probability of this scenario may increase.
In a RWC downside case, there are appropriate and timely mitigation strategies, within the Group\u2019s
control, to manage the risk of funding shortfalls and to ensure the Group\u2019s ability to continue as a going
concern. Mitigation strategies, within management\u2019s control, modelled in the RWC include deferral of
capital expenditure on operated assets and/or management of operating expenses to improve the
liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural hedge\u2019
provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote downside
scenario occurred, prudent mitigating strategies, consistent with those described above, could also be
executed in the necessary timeframe to preserve liquidity. There is no material impact of climate change
within the Assessment Period and therefore it does not form part of the reverse stress testing performed
by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Consolidated Financial Statements on 19 March 2025 to 30 June 2026. For this reason, they
continue to adopt the going concern basis in preparing the Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) as detailed in Note 31. Control is achieved when the Group
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 results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal,
as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A. and Enearth Limited, US$ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited,
Energean Morocco Limited and Energean Capital Limited, and GBP for Energean UK Limited and
Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Group's translation
reserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A. and Enearth Limited, US$ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited,
Energean Morocco Limited and Energean Capital Limited, and GBP for Energean UK Limited and
Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Group's translation
reserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "3.2
Investments in Associates and Joint arrangements
A joint arrangement is one in which 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.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
of these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
liabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
are included in the Group\u2019s statement of financial position.
Where another party acts as operator, the
Group\u2019s share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in Note 32.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
of these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
liabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
are included in the Group\u2019s statement of financial position.
Where another party acts as operator, the
Group\u2019s share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in Note 32.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
of these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
liabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
are included in the Group\u2019s statement of financial position.
Where another party acts as operator, the
Group\u2019s share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in Note 32.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "3.3
Exploration and evaluation expenditures
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 directly attributable administration costs are initially capitalised as intangible
assets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
commercial and management review, as well as review for indicators of impairment at least once a year.
This is to confirm the continued intent to develop or otherwise extract value from the discovery. When
this is no longer the case, the costs are written off through the statement of profit or loss. When proved
reserves of oil and gas are identified and development is sanctioned by management, the relevant
capitalised expenditure is first assessed for impairment and (if required) any impairment loss is
recognised, then the remaining balance is transferred to oil and gas properties.
Farm-out arrangements in exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise
any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs
previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the Group as a gain on disposal.
Farm-in arrangements
Farm-in transactions typically occur during the exploration or development phase and involve the
transferor (the farmor) giving up future economic benefits, such as reserves, in exchange for a permanent
reduction in future funding obligations.
Under a carried interest arrangement, the carried party transfers a portion of the risks and rewards of a
property in exchange for a funding commitment from the carrying party. In contrast, a farm-in
arrangement involves the farmor transferring all risks and rewards of a proportion of a property in
exchange for the farmee\u2019s commitment to fund specific expenditures. This effectively represents the
complete disposal of a proportion of the property and is similar to purchase/sale-type carried interest
arrangements.
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
Anchois gas development.
As the farmee, the Group recognises its expenditure under this arrangement in the same way as directly
incurred expenditure. Since the carry of Chariot\u2019s costs is conditional upon the successful
commencement of production, Energean accounts for 100% of the expenses related to appraisal and
other exploration activities concerning the two licences. These costs are fully capitalised on the balance
sheet until the start of production.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is a
subcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future development
of the asset and such development receives appropriate approvals. After transfer of the exploration and
evaluation assets, all subsequent expenditure on the construction, installation or completion of
infrastructure facilities such as platforms, pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019. Proceeds
from any oil and gas produced while bringing an item of property, plant and equipment to the location
and condition necessary for it to be capable of operating in the manner intended by management (such
as samples produced when testing whether the asset is functioning properly) is recognised in profit or
loss in accordance with IFRS 15
Revenue Recognition
. The Group measures the cost of those items
applying the measurement requirements of IAS 2
Inventories
. When a development project moves into
the production stage, all assets included in \u2018Assets in development\u2019 are then transferred to \u2018Producing
assets\u2019 which is also a sub-category of \u2018Oil and gas properties\u2019. The capitalisation of certain
construction/development costs ceases, and costs are either regarded as part of the cost of inventory or
expensed, except for costs which qualify for capitalisation relating to \u2018Oil and gas properties\u2019 asset
additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
data demonstrate with a specified degree of certainty to be recoverable in future years from known
reservoirs and which are considered commercially producible. Commercial reserves have a 50%
statistical probability that the actual quantity of recoverable reserves will be more than the amount
estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
are identified as the smallest identifiable group of assets
that generates cash inflows, which are largely independent of the cash inflows from other assets. This is
usually at the individual royalty, stream, oil and gas or working interest level for each property from which
cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
are identified as the smallest identifiable group of assets
that generates cash inflows, which are largely independent of the cash inflows from other assets. This is
usually at the individual royalty, stream, oil and gas or working interest level for each property from which
cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the lower
of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement
of financial position. The comparative balance sheet and the related notes to the financial statements
have not been restated to reflect this presentation, resulting in significant fluctuations between the two
reporting periods. The post-tax profit or loss of the discontinued operations is shown as a single line on
the face of the consolidated statement of profit or loss, separate from the continuing operating results
of the Group. When an operation is classified as a discontinued operation, the comparative consolidated
statement of profit or loss is represented as if the operation had been discontinued from the start of the
comparative year. Expenses are presented as discontinued if they will cease to be incurred on disposal
of the discontinued operation. Transactions between continuing and discontinued operations have been
consistently eliminated as intragroup balances without any adjustments for both current and
comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which was fully
owned and controlled by the Group. The Group assessed whether ECL meets the definition of being held
for sale and discontinued operations on 31 December 2024 and positively concluded.
Additional disclosures are provided in Note 25. All other notes to the financial statements include
amounts for continuing operations, unless indicated otherwise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the lower
of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement
of financial position. The comparative balance sheet and the related notes to the financial statements
have not been restated to reflect this presentation, resulting in significant fluctuations between the two
reporting periods. The post-tax profit or loss of the discontinued operations is shown as a single line on
the face of the consolidated statement of profit or loss, separate from the continuing operating results
of the Group. When an operation is classified as a discontinued operation, the comparative consolidated
statement of profit or loss is represented as if the operation had been discontinued from the start of the
comparative year. Expenses are presented as discontinued if they will cease to be incurred on disposal
of the discontinued operation. Transactions between continuing and discontinued operations have been
consistently eliminated as intragroup balances without any adjustments for both current and
comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which was fully
owned and controlled by the Group. The Group assessed whether ECL meets the definition of being held
for sale and discontinued operations on 31 December 2024 and positively concluded.
Additional disclosures are provided in Note 25. All other notes to the financial statements include
amounts for continuing operations, unless indicated otherwise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the lower
of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property, plant
and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement
of financial position. The comparative balance sheet and the related notes to the financial statements
have not been restated to reflect this presentation, resulting in significant fluctuations between the two
reporting periods. The post-tax profit or loss of the discontinued operations is shown as a single line on
the face of the consolidated statement of profit or loss, separate from the continuing operating results
of the Group. When an operation is classified as a discontinued operation, the comparative consolidated
statement of profit or loss is represented as if the operation had been discontinued from the start of the
comparative year. Expenses are presented as discontinued if they will cease to be incurred on disposal
of the discontinued operation. Transactions between continuing and discontinued operations have been
consistently eliminated as intragroup balances without any adjustments for both current and
comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which was fully
owned and controlled by the Group. The Group assessed whether ECL meets the definition of being held
for sale and discontinued operations on 31 December 2024 and positively concluded.
Additional disclosures are provided in Note 25. All other notes to the financial statements include
amounts for continuing operations, unless indicated otherwise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. Other
than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\n\n
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
\n
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The
lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered to be low value. Lease payments on short-term leases
and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
iv) Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
appropriate. Please refer to notes 3.3 and 3.4.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
lease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
as the contracting counterparty for such leases. Where the obligations of the non-operator parties under
the joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset is
derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
recoverable from the non-operator parties to the joint operating agreement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment
\u2022
Hedges of a net investment in a foreign operation
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.27.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade receivables and receivables from partners under JOA
112,188
308,078
Allowance for impairment
-
(8,777)
Total
112,188
299,301
\n
There is no expected credit loss provision (ECL) recognised in relation to continuing operations on 31
December 2024. Please refer to Note 25 for details on the ECL recognised in relation to trade and other
receivables associated with discontinued operations.
Trade Receivables by geography
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
United Kingdom
4,012
2,260
Greece
91
189
Israel
108,085
114,139
Total
112,188
116,588
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
142
2023
Aa2
109
895
A1
35,247
30,769
A2
24
313,040
A3
-
75
Baa1
265,295
-
Baa2
12,636
21,098
Ba1
47
-
B2
-
3
B3
1,612
6,488
Caa1
5,660
-
Not applicable
143
17
-
\u00a0
320,647
372,368
\n
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-
settled transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The expense or credit in the statement of profit or loss for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
Shares held by the Employee Benefit Trust
The Energean plc Employee Benefit Trust (\u201cEBT\u201d) provides for the issue of shares to Group employees
under share incentive schemes. The Company controls the EBT and accounts for the EBT as an extension
to the Company in these consolidated financial statements. Accordingly, shares in the Company held by
the EBT are included in the consolidated statement of financial position at cost as a deduction from
equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
principal market for the asset or liability or in the absence of a principal market, in the most advantageous
market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
the Group determines whether transfers have occurred between levels in the hierarchy by reassessing
categorisation (based on the lowest-level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined using
the weighted average cost method. The cost of finished goods and work in progress comprises raw
materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises in
the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
overstated. When the circumstances that previously caused impairment no longer exist or when there is
clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
circumstances, the amount thereof is reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "3.19
Revenue
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the Group
operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has requested
cash payments be made and therefore the Group has not made any royalty payments in kind. As such
the Group obtains control of all the underlying reserves once extracted, sells the production to its
customers and then remits the proceeds to the royalty holder and is therefore considered to be acting as
the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. 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. The revenue is recorded
when the oil or gas has been physically delivered to a vessel or pipeline.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed as
incurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
contributions if the government scheme does not hold sufficient assets to pay all employees benefits
relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
defined benefit liability are included in other comprehensive income and are not reclassified to profit or
loss in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements 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's liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by the
reporting date. 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 taxable profits will be available
against which deductible temporary differences can be utilised. No deferred tax is recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.20)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.20)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.20)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates, assumptions and judgement are based on
management's best knowledge of current events and actions, actual results may ultimately differ.
\n
4.1
Critical judgements in applying the Group\u2019s accounting policies
\n
The following are management judgements in applying the accounting policies of the Group that have
\n
the most significant effect on the consolidated financial statements:
\n
Impairment of intangible exploration and evaluation assets (Note 13)
\n
Amounts carried under intangible exploration and evaluation assets represent active exploration projects.
\n
Capitalised costs will be written off to the income statement as exploration costs unless commercial
\n
reserves are established or the determination process is not completed and there are no indications of
\n
impairment in accordance with the Group\u2019s accounting policy. The process of determining whether there
\n
is an indicator for impairment or impairment reversal and quantifying the amount requires critical
\n
judgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
\n
to proceed with a future work programme; the likelihood of license renewal or extension; the assessment
\n
of whether sufficient data exists to indicate that, although a development in the specific area is likely to
\n
proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
\n
from successful development or by sale; and the success of a well result or geological or
\n
geophysical survey.
\n
In 2024, the Group identified impairment indicators for several of its exploration assets, including: (1) the
\n
Anchois field in Morocco, where unfavorable exploration results and the intention to transfer the license
\n
rights indicated the potential impairment of the asset; (2) the termination of the Ioannina license in
\n
Greece; and (3) unfavorable exploration results for the Orion well in North East Hap\u2019y, Egypt. In response,
\n
the Group held impairment assessments for these assets, which resulted in full impairments. Further
\n
details are provided in Note 13.
\n
Identification of cash generating units (Note 12)
\n
In considering the carrying value of property, plant and equipment the Group has to make a critical
\n
judgement in relation to the identification of the smallest cash generating units to which those assets are
\n
allocated.
\n
In countries except for Italy, Israel and Egypt the cash generating unit is considered to be at the
\n
concession level. In Italy we have identified nine cash generating units (\u2018CGUs\u2019). The Italy Gas CGUs are
\n
as follows: Cassiopea, Clara, Comiso, Calipso, Accettura, Gas Other and the Italy Oil CGUs comprise of:
\n
Vega, Sarago Mare, Rospo, Santa Maria and Tresauro.
\n
In Egypt, we have identified a single CGU that combines the operations of three concessions.
\n
In 2024 Katlan obtained a final investment decision accepting it to the development. Given that
\n
production from all Israeli sites is processed through a single FPSO and transported via one pipeline to
\n
the gas buyers, it is impractical to reliably separate their cash inflows. Therefore, consistently to prior
\n
year, a single CGU has been identified in Israel.
\n
The identification of CGUs across the group is consistent with how the Group monitors the business.
\n
Accounting for Discontinued Operations (Note 25)
\n
Following the Group's decision to sell the ECL portfolio, management has assessed whether the ECL
\n
portfolio meets the criteria for classification as assets held for sale and qualifies as discontinued
\n
operations. Management has affirmatively determined that the ECL portfolio should be presented as
\n
discontinued operations in the Group's financial results for the reporting period.
\n
Although the completion is contingent upon securing regulatory approvals in Italy and Egypt and antitrust
\n
approvals in Italy, Egypt and COMESA, the Group is confident that the transactions would likely be
\n
finalised within 12 months of the announcement date. The disposal group was ready for immediate sale
\n
in its current state, with the exception of the transfer of legal ownership of certain entities outside the
\n
disposal group to other parts of the Energean Group. This transfer, which is customary in such
\n
transactions, was completed in September 2024.
\n
In December 2024, Carlyle received unconditional clearance from the COMESA Competition Commission,
\n
which was the final remaining anti-trust approval.
\n
Additional details supporting this judgement are provided in Note 25.
\n
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (Note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or CGU) may be
\n
impaired. The Group assesses impairment at each reporting date by evaluating conditions specific to the
\n
Group that may lead to impairment of assets. Where indicators of impairments or impairment reversals
\n
are present and an impairment or impairment reversal test is required, the calculation of the recoverable
\n
amount requires estimation of future cash flows within complex impairment models. The recoverable
\n
amount (which is the higher of fair value less costs to sell and value in use) of the cash-generating unit
\n
to which the assets belong is then estimated based on the present value of future discounted cash flows.
\n
Key assumptions and estimates used in both the impairment models and in the calculation of the
\n
recoverable amount are: commodity price assumptions, production profiles, the future impact of risks
\n
associated with climate change, discount rates, commercial reserves and the related cost profiles.
\n
Commercial (proven and probable) reserves are estimates of the amount of oil and gas that can be
\n
economically extracted from the Group\u2019s oil and gas assets as certified by the external qualified
\n
professionals.
\n
The Group's impairment assessment identified an impairment of $95.5 million in Greece, within the
\n
Europe operating segment. The recoverable amount as of 31 December 2024 was based on the value in
\n
use, determined at the level of the cash-generating unit (CGU). This CGU comprises four fields in the
\n
Prinos Basin, offshore Greece: Epsilon, Lydia, Prinos, and Prinos North. Inputs into the value in use, which
\n
are subject to significant estimation by management, are detailed in Note 12, along with the associated
\n
sensitivity analysis.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units in
\n
the impairment assessments. The anticipated extent and nature of the future impact of climate on the
\n
Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\n
across all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\n
to climate change may impact the recoverable value of the Group\u2019s cash-generating units. These include
\n
the impact of future changes in government policies, legislation and regulation, societal responses to
\n
climate change, the future availability of new technologies and changes in supply and demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\n
on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\n
relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the International
\n
Energy Agency\u2019s (IEA) 2024 World Energy Outlook climate projections including Stated Policies Scenario
\n
(STEPS), Announced Pledges Scenario (APS) and Net-Zero Emissions by 2050 Scenario (NZE).
These
\n
specific scenarios were not directly applied in the assets\u2019 valuation for financial reporting purposes. This
\n
is because no single scenario fully aligns with the management consensus on the assumptions market
\n
participants may use in appraising the Group\u2019s assets.
\n
The analysis indicates a slight decline in the recoverable amount. This resilience is largely due to Group
\n
portfolio\u2019s significant weighting towards gas, which shields it from declines in oil prices. In Israel, the
\n
stability of gas revenues is further secured through fixed gas contracts that include minimum price
\n
guarantees. The only scenario where a notable impact was observed is under the NZE, where there is a
\n
minor reduction in the net present value due to the pricing of the liquid components.
\n
Group\u2019s assets in Greece and the UK are more vulnerable to the impact of lower commodity prices under
\n
these scenarios, with the NZE projecting lower prices for Brent and UK NBP than baseline assumptions.
\n
To mitigate this risk, the Group has the option to use commodity price hedges. For more details, please
\n
refer to the TCFD statement on pages 14-32.
\n
Further details about the carrying value of property, plant and equipment are shown in Note 12 to these
\n
financial statements.
\n
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\n
reserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\n
developed facilities using current operating methods, determined in accordance with the Petroleum
\n
Resources Management System published by the Society of Petroleum Engineers, the World Petroleum
\n
Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\n
prices. The level of estimated commercial reserves is also a key determinant in assessing whether the
\n
carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject to
\n
regular revision, both upward or downward, based on changes in economic assumptions used, including
\n
the impact of climate change, additional geological information, updates of development plans and
\n
changes in economic factors, including product prices, contract terms, legislation or development plans.
\n
Such changes may impact the Group\u2019s reported financial position and results which include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities;
\n
and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of
\n
such assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in Note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
The audited statement of reserves is included in the Strategic Report, refer to pages 42-44 of the Annual
\n
Report.
\n
Decommissioning liabilities (Note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing, work
\n
scope, amount of expenditure, discount and inflation rates require estimation. The discount rate applied
\n
to determine the carrying amount of provisions provides a source of estimation uncertainty as referred
\n
to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\n
review are then assessed alongside estimates from operators. Provision for environmental clean-up and
\n
remediation costs is based on current legal and contractual requirements, technology and price levels.
\n
Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (Note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal of
\n
those assets and estimating the availability of sufficient taxable profits to utilise the assets at the point
\n
of reversal. Such assessments necessitate assumptions about future profitability, introducing a degree
\n
of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in future
periods for the recovery of losses, the Group considered approved budgets, forecasts, and business plans
to inform its evaluation.
A deferred tax asset has been recognised in accordance with IAS 12.28 up to the amount available to
offset the deferred tax liabilities arising on timing differences. Then, for the remaining temporary
differences on tax losses and decommissioning expenses, deferred tax was recognised based on future
taxable profits in accordance with IAS 12.29.
Decommissioning expenses and tax losses in the UK are expected to be tax relieved up until 2029 in
accordance with the taxable profits forecasts which are based upon the competent persons reports
(CPR) and approved Group budget.
Both the CPR and the budget are based on estimates including among others the estimated production
volumes and forecasted brent price.
No reasonably possible change in any key assumption would result in a material impairment of the
deferred tax asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "5
Segmental reporting
The information reported to the Group\u2019s Chief Executive Officer and Chief Financial Officer (together the
Chief Operating Decision Makers) for the purposes of resource allocation and assessment of segment
performance is focused on three continuing operating segments: Europe (including Greece and UK),
Israel, and New Ventures. The Group\u2019s reportable segments under IFRS 8
Operating Segments
are Europe
and Israel. Segments that do not exceed the quantitative thresholds for reporting information about
operating segments have been included in Other.
Discontinued operations consist of the Egypt segment, the Italian and Croatian operations previously
included in the Europe reportable segment, which are to be disposed of in H1 2025 (refer to Note 25 for
further detail).
Information regarding the results of each reportable segment is included below and prior periods are
represented to reflect discontinued operations to provide comparability.
Segment revenues, results and reconciliation to profit before tax
The following is an analysis of the Group\u2019s revenue, results and reconciliation to profit/(loss) before tax
by reportable segment:
\n \n
Other & inter-
Year ended 31 December 2024,
segment
Continuing
Discontinued
$\u2019000
Europe
Israel
transactions
operations, total
operations
Total
Revenue from gas sales
1,283
838,881
-
840,164
255,838
1,096,002
Revenue from hydrocarbon liquids sales
-
400,230
-
400,230
41,640
441,870
Revenue from crude oil sales
70,633
-
-
70,633
151,736
222,369
Revenue from LPG sales
-
-
-
-
14,892
14,892
Other
3,707
-
-
3,707
573
4,280
Total revenue
75,623
1,239,111
-
1,314,734
464,679
1,779,413
Adjusted EBITDAX
108
38,634
903,233
(56,591)
885,276
276,775
1,162,051
Reconciliation to profit before tax:
Depreciation and amortisation expenses
(18,304)
(276,444)
(1,112)
(295,860)
(51,894)
(347,754)
Share-based payment charge
(1,354)
(1,207)
(6,530)
(9,091)
12
(9,079)
Exploration and evaluation expenses
(776)
-
(82,870)
(83,646)
(66,087)
(149,733)
Change in decommissioning provision
3,201
-
-
3,201
(25,568)
(22,367)
Expected credit (loss)
(4,928)
-
-
(4,928)
(2,554)
(7,482)
Impairment of oil and gas assets
(95,448)
-
-
(95,448)
(159)
(95,607)
Other expense
(256)
(779)
(5,978)
(7,013)
(4,881)
(11,894)
Other income
2,437
-
(512)
1,925
864
2,789
Finance income
5,852
8,894
65
14,811
575
15,386
Finance costs
(22,450)
(179,779)
(36,894)
(239,123)
(32,405)
(271,528)
Unrealised loss on derivatives
-
(392)
-
(392)
-
(392)
Net foreign exchange gain/(loss)
(523)
(938)
15
(1,446)
14,085
12,639
Profit/(loss) before income tax
(93,915)
452,588
(190,407)
168,266
108,763
277,029
Taxation expense
48,392
(107,579)
6,845
(52,342)
(36,615)
(88,957)
Profit/(loss) for the period
(45,523)
345,009
(183,562)
115,924
72,148
188,072
\n
108
\n
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation, depreciation
\n
and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial instruments and foreign exchange),
\n
net finance costs and exploration and evaluation expenses.
\n \n
Other & inter-
Year ended 31 December 2023 (Restated
109
),
segment
Continuing
Discontinued
$\u2019000
Europe
Israel
transactions
operations, total
operations
Total
Revenue from gas sales
1,608
674,481
-
676,089
246,578
922,667
Revenue from hydrocarbon liquids sales
-
265,355
-
265,355
32,487
297,842
Revenue from crude oil sales
33,567
-
-
33,567
147,137
180,704
Revenue from LPG sales
-
-
-
-
14,376
14,376
Other
9,437
-
(5,953)
3,484
560
4,044
Total revenue
44,612
939,836
(5,953)
978,495
441,138
1,419,633
Adjusted EBITDAX
110
(1,997)
669,894
(691)
667,206
263,292
930,498
Reconciliation to profit before tax:
Depreciation and amortisation expenses
(16,977)
(201,881)
(15)
(218,873)
(87,271)
(306,144)
Share-based payment charge
(1,126)
(730)
(4,573)
(6,429)
(911)
(7,340)
Exploration and evaluation expenses
(27,424)
(50)
(1,718)
(29,192)
(4,896)
(34,088)
Change in decommissioning provision
(18,352)
-
-
(18,352)
35,348
16,996
Expected credit (loss)
-
-
-
-
(4,375)
(4,375)
Other expense
(4,245)
(190)
(89)
(4,524)
(750)
(5,274)
Other income
1,463
37
187
1,687
6,293
7,980
Finance income
6,347
11,319
(3,348)
14,318
5,183
19,501
Finance costs
(25,578)
(169,467)
(36,050)
(231,095)
(19,300)
(250,395)
Unrealised loss on derivatives
-
-
-
-
(6,610)
(6,610)
Net foreign exchange gain/(loss)
2,488
(8,484)
2,986
(3,010)
(13,574)
(16,584)
Profit/(loss) before income tax
(85,401)
300,448
(43,311)
171,736
172,429
344,165
Taxation expense
(1,169)
(68,600)
95
(69,674)
(89,556)
(159,230)
Profit/(loss) for the period
(86,570)
231,848
(43,216)
102,062
82,873
184,935
\n
Other & inter-segment transactions column refer to other segments transactions as well as transactions between the reported reportable segments and
\n
transactions between continuing business and discontinued operations. The latter is eliminated upon consolidation.
\n
Other segment exploration evaluation expenses in 2024 refer to impairment in Morrocco, refer to Note 13 for further detail.
\n
Finance costs, finance income, other income and expenses and share \u2013 based payment charge included in \u201cOther & inter-segment transactions\u201d are not allocated
\n
to individual segments as the underlying instruments are managed on a group basis.
\n
109
\n
Restated for discontinued operations, refer to Note 25 for further detail.
\n
110
\n
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation, depreciation
\n
and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial instruments and foreign exchange),
\n
net finance costs and exploration and evaluation expenses.
Segment financial position
\n
The following table presents assets and liabilities information for the Group\u2019s operating segments as at 31 December 2024 and 31 December 2023, respectively:
\n\n \n
Other & inter-
Year ended 31 December 2024
segment
Continuing
Discontinued
$\u2019000
Europe
Israel
transactions
operations, total
operations
111
Total
Oil & Gas properties
156,792
3,221,613
(19,403)
3,359,002
1,158,700
4,517,702
Other fixed assets
8,681
10,259
810
19,750
42,932
62,682
Intangible assets
45
171,902
13,363
185,310
31,113
216,423
Trade and other receivables
46,978
131,128
(12,679)
165,427
290,273
455,700
Deferred tax asset
128,368
-
-
128,368
121,250
249,618
Other assets
107,667
197,110
(7,916)
296,861
125,638
422,499
Total assets
448,531
3,732,012
(25,825)
4,154,718
1,769,906
5,924,624
Trade and other payables
73,721
329,969
21,434
425,124
545,065
970,189
Borrowings
101,816
2,594,212
573,876
3,269,904
-
3,269,904
Decommissioning provision
206,938
85,357
-
292,295
518,363
810,658
Current tax payable
-
81,034
-
81,034
3,813
84,847
Deferred tax liability
-
144,846
(3,443)
141,403
-
141,403
Other liabilities
113,291
277
(112,705)
863
8,671
9,534
Total liabilities
495,766
3,235,695
479,162
4,210,623
1,075,912
5,286,535
Other segment information
Capital expenditure
112
Property, plant and equipment
32,136
303,290
564
335,990
279,800
615,790
Intangible, exploration
and evaluation assets
654
6,528
64,944
72,126
45,144
117,270
\n
111
\n
Group\u2019s portfolio in Egypt, Italy and Croatia has been identified as assets held for sale in 2024, please refer to Note 25 for further detail.
\n
112
\n
Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets less decommissioning asset additions, right-of-use asset additions,
\n
capitalised share-based payment charge and capitalised borrowing costs.
\n \n
Year ended 31 December 2023
$'000
Other & inter-segment
Europe
Israel
Egypt
transactions
Total
Oil & Gas properties
734,265
3,112,552
473,628
(17,343)
4,303,102
Other fixed assets
35,110
13,918
19,996
(801)
68,223
Intangible assets
20,303
243,965
46,846
14,275
325,389
Trade and other receivables
88,729
130,135
154,095
(19,702)
353,257
Deferred tax asset
219,476
-
-
(1,972)
217,504
Other assets
849,649
245,217
47,601
(626,277)
516,190
Total assets
1,947,532
3,745,787
742,166
(651,820)
5,783,665
Trade and other payables
375,390
391,379
74,893
62,864
904,526
Borrowings
108,392
2,588,491
-
524,314
3,221,197
Decommissioning provision
738,063
92,613
-
6,819
837,495
Current tax payable
7,597
-
-
1,664
9,261
Deferred tax liability
-
125,847
-
(3,062)
122,785
Other liabilities
7,502
-
1,601
(6,817)
2,286
Total liabilities
1,236,944
3,198,330
76,494
585,782
5,097,550
Other segment information
Capital Expenditure
113
:
Property, plant and equipment
220,461
138,490
130,099
(1,630)
487,420
Intangible, exploration
4,152
24,959
26,253
1,288
56,652
and evaluation assets
\n
Other & inter-segment transactions column refer to other segments and transactions between the reportable segments. The oil & gas properties primarily reflect
\n
the fair value assessment by the Group following the acquisition of Israeli oil & gas assets in 2018. Borrowings balance retained in Other & intersegment transactions
\n
113
\n
Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets less decommissioning asset additions, right-of-use asset additions,
\n
capitalised share-based payment charge and capitalised borrowing costs.
column mainly comprises the loan balances held by Energean plc.
Eliminations of cash management transactions within the Group are included in Other liabilities
\n
line in Other & intersegment transactions column.
\n
Segment cash flows
\n
The following tables present cash flow information for the Group\u2019s operating segments for the year ended 31 December:
\n\n \n
Year ended 31
Other & inter-segment
Continuing operations,
Discontinued
December 2024 ($\u2019000)
Europe
Israel
transactions
total
operations
Total
Net cash from / (used
in) operating activities
24,085
888,988
3,784
916,857
204,910
1,121,767
Cash outflow for
investing activities
(42,555)
(436,814)
(30,293)
(509,662)
(299,757)
(809,419)
Net cash from financing
activities
10,838
(583,706)
9,963
(562,905)
136,868
(426,037)
Net increase/(decrease)
in cash and cash
equivalents
(7,632)
(131,532)
(16,546)
(155,710)
42,021
(113,689)
Cash and cash
equivalents at
beginning of the period
17,000
286,625
31,298
334,923
11,849
346,772
Effect of exchange rate
fluctuations on cash
held
(268)
2,635
671
3,038
(851)
2,187
Cash and cash
equivalents at end of
the period
9,100
157,728
15,423
182,251
53,019
235,270
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 December
\u00a0\u00a0\u00a0
Other & inter-segment
\u00a0
2023 ($\u2019000)
Europe
Israel
Egypt
transactions
Total
Net cash from / (used in)
25,737
586,570
52,032
(8,152)
656,187
operating activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash outflow for
(134,681)
(194,833)
(91,238)
4,294
(416,458)
investing activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Net cash from financing
65,012
(129,801)
26,896
(289,461)
(327,354)
activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Net increase/(decrease) in
(43,932)
261,936
(12,310)
(293,319)
(87,625)
cash and cash equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
58,340
24,825
26,825
317,898
427,888
at beginning of the period
\u00a0\u00a0\u00a0\u00a0\u00a0
Effect of exchange rate
775
(136)
(3,281)
9,151
6,509
fluctuations on cash held
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
15,183
286,625
11,234
33,730
346,772
at end of the period
\u00a0\u00a0\u00a0\u00a0\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "6
Revenue
\n\n\n \n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
114
)
Revenue from crude oil sales
70,633
33,567
Revenue from hydrocarbon liquids sales
400,230
265,355
Revenue from gas sales
840,164
681,018
Compensation to gas buyers
-
(4,929)
Rendering of services and other revenue
3,707
3,484
Total Revenue
1,314,734
978,495
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Sales for the year ended 31 December (Kboe)
2024
2023 (Restated
115
)
Israel
\u00a0\u00a0
Gas
35,399
28,416
Hydrocarbon liquids
5,351
3,492
UK
\u00a0\u00a0
Gas
27
23
Crude oil
344
228
Greece
\u00a0\u00a0
Crude oil
572
196
Total
41,693
32,355
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "7.
Operating profit/(loss) before taxation from continuing operations
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
116
)
(a)
Cost of sales
\u00a0\u00a0
Staff costs (Note 8)
28,163
19,544
Energy cost
13,510
13,833
Royalty payable
219,273
167,179
Other operating costs
117
128,761
107,137
Depreciation and amortisation (notes 12,13)
292,753
215,965
Oil stock movement
14,228
(14,142)
Stock overlift/(underlift) movement
5,752
(230)
Total cost of sales
702,440
509,286
(b)
Administration expenses
\u00a0\u00a0
Staff costs (Note 8)
12,296
13,033
Other General & Administration expenses
6,280
2,929
\n
114
Restated for discontinued operations, refer to Note 25 for further detail.
115
Restated for discontinued operations, refer to Note 25 for further detail.
116
Restated for discontinued operations, refer to Note 25 for further detail.
117
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
116
)
Share-based payment charge included in
\u00a0\u00a0
administrative expenses (Note 8)
8,040
6,429
Depreciation and amortisation (Notes 12, 13)
3,107
2,908
Auditor fees
2,246
2,006
\u00a0
31,969
27,305
(c)
Exploration and evaluation expenses
\u00a0\u00a0
Staff costs for Exploration and evaluation activities
\u00a0\u00a0
(Note 8)
506
444
Exploration costs written off (Note 13)
81,737
26,589
Other exploration and evaluation expenses
1,403
2,159
\u00a0
83,646
29,192
(d)
Expected credit loss
\u00a0\u00a0
Expected credit loss
4,928
-
\u00a0
4,928
-
(e)
Other expenses
\u00a0\u00a0
Loss from disposal of property, plant & equipment
-
190
Transaction costs associated with the disposal of
\u00a0\u00a0
the ECL Group (Note 25)
5,188
-
Other expenses
1,825
3,992
\u00a0
7,013
4,182
(f)
Other income
\u00a0\u00a0
Other income
1,925
1,687
\u00a0
1,925
1,687
(g)
Impairment of oil and gas assets
\u00a0\u00a0
Impairment of oil and gas assets (Note 12)
95,448
342
\u00a0
95,448
342
\n
Fees to the Company\u2019s auditor for continuing and discontinued operations together:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
The audit of the Company\u2019s annual accounts
1,375
970
The audit of the Company\u2019s subsidiaries pursuant to legislation
679
838
Total audit services
2,054
1,808
Audit-related assurance services \u2013 half-year review
374
404
Other services
172
189
\u00a0
2,600
2,401
\n
The auditor also provided other services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). In 2023 the Company\u2019s auditor also rendered
services related to the bond issuance (2023: $0.2 million). These services were capitalised as transaction
costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "7.
Operating profit/(loss) before taxation from continuing operations
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
116
)
(a)
Cost of sales
\u00a0\u00a0
Staff costs (Note 8)
28,163
19,544
Energy cost
13,510
13,833
Royalty payable
219,273
167,179
Other operating costs
117
128,761
107,137
Depreciation and amortisation (notes 12,13)
292,753
215,965
Oil stock movement
14,228
(14,142)
Stock overlift/(underlift) movement
5,752
(230)
Total cost of sales
702,440
509,286
(b)
Administration expenses
\u00a0\u00a0
Staff costs (Note 8)
12,296
13,033
Other General & Administration expenses
6,280
2,929
\n
114
Restated for discontinued operations, refer to Note 25 for further detail.
115
Restated for discontinued operations, refer to Note 25 for further detail.
116
Restated for discontinued operations, refer to Note 25 for further detail.
117
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
116
)
Share-based payment charge included in
\u00a0\u00a0
administrative expenses (Note 8)
8,040
6,429
Depreciation and amortisation (Notes 12, 13)
3,107
2,908
Auditor fees
2,246
2,006
\u00a0
31,969
27,305
(c)
Exploration and evaluation expenses
\u00a0\u00a0
Staff costs for Exploration and evaluation activities
\u00a0\u00a0
(Note 8)
506
444
Exploration costs written off (Note 13)
81,737
26,589
Other exploration and evaluation expenses
1,403
2,159
\u00a0
83,646
29,192
(d)
Expected credit loss
\u00a0\u00a0
Expected credit loss
4,928
-
\u00a0
4,928
-
(e)
Other expenses
\u00a0\u00a0
Loss from disposal of property, plant & equipment
-
190
Transaction costs associated with the disposal of
\u00a0\u00a0
the ECL Group (Note 25)
5,188
-
Other expenses
1,825
3,992
\u00a0
7,013
4,182
(f)
Other income
\u00a0\u00a0
Other income
1,925
1,687
\u00a0
1,925
1,687
(g)
Impairment of oil and gas assets
\u00a0\u00a0
Impairment of oil and gas assets (Note 12)
95,448
342
\u00a0
95,448
342
\n
Fees to the Company\u2019s auditor for continuing and discontinued operations together:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
The audit of the Company\u2019s annual accounts
1,375
970
The audit of the Company\u2019s subsidiaries pursuant to legislation
679
838
Total audit services
2,054
1,808
Audit-related assurance services \u2013 half-year review
374
404
Other services
172
189
\u00a0
2,600
2,401
\n
The auditor also provided other services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). In 2023 the Company\u2019s auditor also rendered
services related to the bond issuance (2023: $0.2 million). These services were capitalised as transaction
costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "7.
Operating profit/(loss) before taxation from continuing operations
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
116
)
(a)
Cost of sales
\u00a0\u00a0
Staff costs (Note 8)
28,163
19,544
Energy cost
13,510
13,833
Royalty payable
219,273
167,179
Other operating costs
117
128,761
107,137
Depreciation and amortisation (notes 12,13)
292,753
215,965
Oil stock movement
14,228
(14,142)
Stock overlift/(underlift) movement
5,752
(230)
Total cost of sales
702,440
509,286
(b)
Administration expenses
\u00a0\u00a0
Staff costs (Note 8)
12,296
13,033
Other General & Administration expenses
6,280
2,929
\n
114
Restated for discontinued operations, refer to Note 25 for further detail.
115
Restated for discontinued operations, refer to Note 25 for further detail.
116
Restated for discontinued operations, refer to Note 25 for further detail.
117
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
116
)
Share-based payment charge included in
\u00a0\u00a0
administrative expenses (Note 8)
8,040
6,429
Depreciation and amortisation (Notes 12, 13)
3,107
2,908
Auditor fees
2,246
2,006
\u00a0
31,969
27,305
(c)
Exploration and evaluation expenses
\u00a0\u00a0
Staff costs for Exploration and evaluation activities
\u00a0\u00a0
(Note 8)
506
444
Exploration costs written off (Note 13)
81,737
26,589
Other exploration and evaluation expenses
1,403
2,159
\u00a0
83,646
29,192
(d)
Expected credit loss
\u00a0\u00a0
Expected credit loss
4,928
-
\u00a0
4,928
-
(e)
Other expenses
\u00a0\u00a0
Loss from disposal of property, plant & equipment
-
190
Transaction costs associated with the disposal of
\u00a0\u00a0
the ECL Group (Note 25)
5,188
-
Other expenses
1,825
3,992
\u00a0
7,013
4,182
(f)
Other income
\u00a0\u00a0
Other income
1,925
1,687
\u00a0
1,925
1,687
(g)
Impairment of oil and gas assets
\u00a0\u00a0
Impairment of oil and gas assets (Note 12)
95,448
342
\u00a0
95,448
342
\n
Fees to the Company\u2019s auditor for continuing and discontinued operations together:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
The audit of the Company\u2019s annual accounts
1,375
970
The audit of the Company\u2019s subsidiaries pursuant to legislation
679
838
Total audit services
2,054
1,808
Audit-related assurance services \u2013 half-year review
374
404
Other services
172
189
\u00a0
2,600
2,401
\n
The auditor also provided other services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). In 2023 the Company\u2019s auditor also rendered
services related to the bond issuance (2023: $0.2 million). These services were capitalised as transaction
costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "7.
Operating profit/(loss) before taxation from continuing operations
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
116
)
(a)
Cost of sales
\u00a0\u00a0
Staff costs (Note 8)
28,163
19,544
Energy cost
13,510
13,833
Royalty payable
219,273
167,179
Other operating costs
117
128,761
107,137
Depreciation and amortisation (notes 12,13)
292,753
215,965
Oil stock movement
14,228
(14,142)
Stock overlift/(underlift) movement
5,752
(230)
Total cost of sales
702,440
509,286
(b)
Administration expenses
\u00a0\u00a0
Staff costs (Note 8)
12,296
13,033
Other General & Administration expenses
6,280
2,929
\n
114
Restated for discontinued operations, refer to Note 25 for further detail.
115
Restated for discontinued operations, refer to Note 25 for further detail.
116
Restated for discontinued operations, refer to Note 25 for further detail.
117
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
116
)
Share-based payment charge included in
\u00a0\u00a0
administrative expenses (Note 8)
8,040
6,429
Depreciation and amortisation (Notes 12, 13)
3,107
2,908
Auditor fees
2,246
2,006
\u00a0
31,969
27,305
(c)
Exploration and evaluation expenses
\u00a0\u00a0
Staff costs for Exploration and evaluation activities
\u00a0\u00a0
(Note 8)
506
444
Exploration costs written off (Note 13)
81,737
26,589
Other exploration and evaluation expenses
1,403
2,159
\u00a0
83,646
29,192
(d)
Expected credit loss
\u00a0\u00a0
Expected credit loss
4,928
-
\u00a0
4,928
-
(e)
Other expenses
\u00a0\u00a0
Loss from disposal of property, plant & equipment
-
190
Transaction costs associated with the disposal of
\u00a0\u00a0
the ECL Group (Note 25)
5,188
-
Other expenses
1,825
3,992
\u00a0
7,013
4,182
(f)
Other income
\u00a0\u00a0
Other income
1,925
1,687
\u00a0
1,925
1,687
(g)
Impairment of oil and gas assets
\u00a0\u00a0
Impairment of oil and gas assets (Note 12)
95,448
342
\u00a0
95,448
342
\n
Fees to the Company\u2019s auditor for continuing and discontinued operations together:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
The audit of the Company\u2019s annual accounts
1,375
970
The audit of the Company\u2019s subsidiaries pursuant to legislation
679
838
Total audit services
2,054
1,808
Audit-related assurance services \u2013 half-year review
374
404
Other services
172
189
\u00a0
2,600
2,401
\n
The auditor also provided other services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). In 2023 the Company\u2019s auditor also rendered
services related to the bond issuance (2023: $0.2 million). These services were capitalised as transaction
costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "7.
Operating profit/(loss) before taxation from continuing operations
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
($\u2019000)
2024
2023 (Restated
116
)
(a)
Cost of sales
\u00a0\u00a0
Staff costs (Note 8)
28,163
19,544
Energy cost
13,510
13,833
Royalty payable
219,273
167,179
Other operating costs
117
128,761
107,137
Depreciation and amortisation (notes 12,13)
292,753
215,965
Oil stock movement
14,228
(14,142)
Stock overlift/(underlift) movement
5,752
(230)
Total cost of sales
702,440
509,286
(b)
Administration expenses
\u00a0\u00a0
Staff costs (Note 8)
12,296
13,033
Other General & Administration expenses
6,280
2,929
\n
114
Restated for discontinued operations, refer to Note 25 for further detail.
115
Restated for discontinued operations, refer to Note 25 for further detail.
116
Restated for discontinued operations, refer to Note 25 for further detail.
117
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
116
)
Share-based payment charge included in
\u00a0\u00a0
administrative expenses (Note 8)
8,040
6,429
Depreciation and amortisation (Notes 12, 13)
3,107
2,908
Auditor fees
2,246
2,006
\u00a0
31,969
27,305
(c)
Exploration and evaluation expenses
\u00a0\u00a0
Staff costs for Exploration and evaluation activities
\u00a0\u00a0
(Note 8)
506
444
Exploration costs written off (Note 13)
81,737
26,589
Other exploration and evaluation expenses
1,403
2,159
\u00a0
83,646
29,192
(d)
Expected credit loss
\u00a0\u00a0
Expected credit loss
4,928
-
\u00a0
4,928
-
(e)
Other expenses
\u00a0\u00a0
Loss from disposal of property, plant & equipment
-
190
Transaction costs associated with the disposal of
\u00a0\u00a0
the ECL Group (Note 25)
5,188
-
Other expenses
1,825
3,992
\u00a0
7,013
4,182
(f)
Other income
\u00a0\u00a0
Other income
1,925
1,687
\u00a0
1,925
1,687
(g)
Impairment of oil and gas assets
\u00a0\u00a0
Impairment of oil and gas assets (Note 12)
95,448
342
\u00a0
95,448
342
\n
Fees to the Company\u2019s auditor for continuing and discontinued operations together:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
The audit of the Company\u2019s annual accounts
1,375
970
The audit of the Company\u2019s subsidiaries pursuant to legislation
679
838
Total audit services
2,054
1,808
Audit-related assurance services \u2013 half-year review
374
404
Other services
172
189
\u00a0
2,600
2,401
\n
The auditor also provided other services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). In 2023 the Company\u2019s auditor also rendered
services related to the bond issuance (2023: $0.2 million). These services were capitalised as transaction
costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "8
Staff costs from continuing operations
The average monthly number of employees (including Executive Directors) employed by the Group
worldwide was:
Number
2024
2023
Continuing operations:
\u00a0 \u00a0
Administration
111
115
Technical
258
216
Total
369
331
($\u2019000)
2024
2023 (Restated
118
)
Salaries
119
and social security costs
49,382
43,565
Share-based payments (Note 26)
9,091
6,475
\u00a0
58,473
50,040
Payroll cost capitalised in oil & gas and exploration &
\u00a0\u00a0
evaluation assets
(8,797)
(10,518)
Payroll cost expensed
49,676
39,522
Included in:
\u00a0\u00a0
Cost of sales (Note 7a)
28,163
19,544
Administration expenses (Note 7b)
20,336
19,462
Exploration & evaluation expenses (Note 7c)
506
444
Other expenses
671
72
\u00a0
49,676
39,522
\n
Details of Directors\u2019 remuneration, Directors\u2019 transactions and Directors\u2019 interests are set out in the part
of the Directors\u2019 Remuneration Report described as having been audited, which forms part of these Group
Financial Statements.118
Restated for discontinued operations, refer to Note 25 for further detail.
119
Including $5.2 million of pension costs incurred (2023: $3.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "9
Net finance cost from continuing operations
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Interest on bank borrowings
21
15,957
6,104
Interest on Senior Secured Notes
21
201,254
193,009
Interest expense on long term payables
24
2,091
7,120
Less amounts included in the cost of qualifying assets
12,13
(14,626)
(17,416)
\u00a0\u00a0
204,676
188,817
Finance and arrangement fees
\u00a0
2,553
8,985
Commission charges for bank guarantees
\u00a0
3,575
2,274
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Other finance costs and bank charges
\u00a0
2,099
(110)
Unwinding of discount on right of use asset
\u00a0
958
733
Unwinding of discount on long term trade payables
\u00a0
14,417
8,753
Unwinding of discount on provision for decommissioning
\u00a0
11,567
11,762
Unwinding of discount on deferred consideration
\u00a0
-
5,674
Unwinding of discount on convertible loan
\u00a0
-
4,450
Less amounts included in the cost of qualifying assets
\u00a0
(722)
(243)
Total finance costs
\u00a0
239,123
231,095
Interest income from time deposits
\u00a0
(9,806)
(14,318)
Other finance income
\u00a0
(5,005)
-
Total finance income
\u00a0
(14,811)
(14,318)
Foreign exchange losses
\u00a0
1,446
3,010
Net financing costs
\u00a0
225,758
219,787
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "9
Net finance cost from continuing operations
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Interest on bank borrowings
21
15,957
6,104
Interest on Senior Secured Notes
21
201,254
193,009
Interest expense on long term payables
24
2,091
7,120
Less amounts included in the cost of qualifying assets
12,13
(14,626)
(17,416)
\u00a0\u00a0
204,676
188,817
Finance and arrangement fees
\u00a0
2,553
8,985
Commission charges for bank guarantees
\u00a0
3,575
2,274
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Other finance costs and bank charges
\u00a0
2,099
(110)
Unwinding of discount on right of use asset
\u00a0
958
733
Unwinding of discount on long term trade payables
\u00a0
14,417
8,753
Unwinding of discount on provision for decommissioning
\u00a0
11,567
11,762
Unwinding of discount on deferred consideration
\u00a0
-
5,674
Unwinding of discount on convertible loan
\u00a0
-
4,450
Less amounts included in the cost of qualifying assets
\u00a0
(722)
(243)
Total finance costs
\u00a0
239,123
231,095
Interest income from time deposits
\u00a0
(9,806)
(14,318)
Other finance income
\u00a0
(5,005)
-
Total finance income
\u00a0
(14,811)
(14,318)
Foreign exchange losses
\u00a0
1,446
3,010
Net financing costs
\u00a0
225,758
219,787
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "9
Net finance cost from continuing operations
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Interest on bank borrowings
21
15,957
6,104
Interest on Senior Secured Notes
21
201,254
193,009
Interest expense on long term payables
24
2,091
7,120
Less amounts included in the cost of qualifying assets
12,13
(14,626)
(17,416)
\u00a0\u00a0
204,676
188,817
Finance and arrangement fees
\u00a0
2,553
8,985
Commission charges for bank guarantees
\u00a0
3,575
2,274
\u00a0\u00a0\u00a0
2023
($\u2019000)
Notes
2024
(Restated
120
)
Other finance costs and bank charges
\u00a0
2,099
(110)
Unwinding of discount on right of use asset
\u00a0
958
733
Unwinding of discount on long term trade payables
\u00a0
14,417
8,753
Unwinding of discount on provision for decommissioning
\u00a0
11,567
11,762
Unwinding of discount on deferred consideration
\u00a0
-
5,674
Unwinding of discount on convertible loan
\u00a0
-
4,450
Less amounts included in the cost of qualifying assets
\u00a0
(722)
(243)
Total finance costs
\u00a0
239,123
231,095
Interest income from time deposits
\u00a0
(9,806)
(14,318)
Other finance income
\u00a0
(5,005)
-
Total finance income
\u00a0
(14,811)
(14,318)
Foreign exchange losses
\u00a0
1,446
3,010
Net financing costs
\u00a0
225,758
219,787
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "10
Taxation
(a)
Taxation charge
\u00a0\u00a0
2023
($\u2019000)
2024
(Restated
121
)
Current income tax charge
(81,796)
(2,035)
Adjustments in respect of current income tax of previous year
(s)
(30)
3
Total current tax charge
(81,826)
(2,032)
Deferred tax relating to origination and reversal of temporary
\u00a0\u00a0
differences (Note 14)
29,484
(67,642)
Income tax expense reported in the Group Income statement
(52,342)
(69,674)
\n
(b)
Reconciliation of the total tax charge
The tax rate applied to the Group's profits in preparing the reconciliation below is the main corporation
tax rate of 25.0% applicable in the United Kingdom.
The effective tax rate for the period is 32% (2023: 46%).
The tax (charge) for the period can be reconciled to the accounting profit per the Group Income statement
as follows:
121
Restated for discontinued operations, refer to Note 25 for further detail.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2023
($\u2019000)
2024
(Restated
122
)
Accounting profit before tax from continuing operations
168,266
171,736
Profit before tax from discontinued operations
108,763
172,428
Profit before tax
277,029
344,164
Tax calculated at 25.0% UK standard tax rate (2023: 23.5%)
123
(69,257)
(80,879)
Impact of overseas rate differential
2,891
2,645
Non recognition of deferred tax on current year tax losses and
\u00a0\u00a0
other temporary differences
(11,153)
(42,086)
Recognition of previously unrecognised deferred tax/
\u00a0\u00a0
Derecognition of previously recognised deferred tax
124
15,627
(27,107)
Permanent differences
125
(32,853)
(12,623)
Foreign taxes
(38)
(29)
Tax effect of non-taxable income and allowances
1,359
2,556
Other adjustments
302
(109)
Prior year tax
126
4,165
(1,598)
Income tax expense reported in the statement of profit or loss
(52,342)
(69,674)
Income tax attributable to discontinued operations
(36,615)
(89,556)
Total taxation expense
(88,957)
(159,230)
\n
There are no income tax consequences attached to the payment of dividends in either 2024 or 2023 by
\n
the Group to its shareholders.
\n
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the
\n
Group operates. The Group exceeded the applicable threshold of \u20ac750 million for two subsequent years
\n
(2023 and 2024) and therefore, it shall be within the Pillar Two rules from accounting years starting as of
\n
1 January 2025.
The Group is not expected to have a material exposure to Pillar Two income taxes in
\n
any of the jurisdictions where it operates as the applicable tax rates exceed the minimum tax rate of 15%.
\n
In line with the amendments to IAS 12, the exception from recognising and disclosing information about
\n
deferred tax assets and liabilities related to Pillar Two income taxes has been applied. On 29 July 2024,
\n
the UK Government announced changes in the Energy Profits Levy (EPL) with effective date 1 November
\n
2024. Specifically, the EPL rate increased to 38% from 1 November 2024, bringing the headline rate of
\n
tax on upstream oil and gas activities to 78%. The government removed the investment allowances from
\n
the Energy Profits Levy, including by abolishing the levy\u2019s main 29% investment allowance for qualifying
\n
expenditure incurred on or after 1 November 2024. Based on the taxable profits forecasts, EPL of c. $17.8
\n
million is expected to be paid up until March 2030.
\n
122
\n
Restated for discontinued operations, refer to Note 25 for further detail.
\n
123
\n
During the reporting period the Group changed the tax rate used in the tax reconciliation from a weighted average tax rate to
\n
the UK main corporation tax rate of 25.0%. The ratione behind the change was that the majority of the Group's profits generated
\n
in tax jurisdictions where the statutory tax rate is not materially different to the UK main corporation tax rate of 25.0% providing
\n
a more meaningful reconciliation.
In the comparative period, the weighted average rate of the statutory tax rates in Greece
\n
(22%/25%), Cyprus (12.5%) Israel (23%), Italy (24%), United Kingdom (25%/75%) and Egypt (40.55%) was used weighted
\n
according to the profit or loss before tax earned by the Group in each jurisdiction.
\n
124
\n
In 2024 the Group reassessed the recoverability of its deferred tax asset on the decommissioning provision in Italy which
\n
resulted in a tax credit of c. $8.8 million. This is attributable to the discontinued operations. In addition, the Group adjusted its
\n
UK DTA based on the updated taxable forecasts, which resulted in a tax credit of c. $19.0 million.
\n
125
\n
Permanent differences mainly consisted of non-deductible impairment losses of assets in Egypt, Greece and Morocco ($22.9
\n
million), non-deductible M&A costs ($1.4 million), other non-deductible expenses ($3.2 million) and foreign exchange losses
\n
($5.4 million).
\n
126
\n
Adjustment recognised in the period related to Italian income taxes (IRES/IRAP) of
2023, as a result of the approval of the
\nItalian tax authorities to reinstate certain historic tax attributes which were not available previously.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "11
Earnings per share
Basic earnings per ordinary share amounts are calculated by dividing net income for the year attributable
to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year.
Diluted income per ordinary share is calculated by dividing net income for the year attributable to ordinary
equity holders of the parent by the weighted average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares that would be issued if dilutive employee share
options were converted into ordinary shares.
\u00a0\u00a0
2023
($\u2019000)
2024
(Restated
127
)
Total profit from continuing operations attributable to equity shareholders
115,924
102,062
Effect of dilutive potential ordinary shares
128
-
4,450
\u00a0
115,924
106,512
\u00a0
2024
2023
Basic weighted average number of shares including those
\u00a0 \u00a0
held by Employee Benefit Trust
183,480,959
178,447,141
Dilutive potential ordinary shares
2,282,980
2,041,193
Diluted weighted average number of shares
185,763,939
180,488,334
Basic earnings per share, continuing operations
$0.63/share
$0.57/share
Diluted earnings per share, continuing operations
$0.62/share
$0.59/share
\n127
Restated for discontinued operations, refer to Note 25 for further detail.
128
In 2023 $4.5 million (2022: $4.1million) is the unwinding of the discount on the convertible loan notes (as disclosed in Note 9).
The notes were converted to ordinary shares on 20 December 2023. Refer to Note 19 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "12
Property, plant & equipment
\u00a0 \u00a0 \u00a0
Other property,
\u00a0
\u00a0
Oil and gas
Leased
plant and
\u00a0
($\u2019000)
assets
assets
equipment
Total
Property, Plant & Equipment at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
4,739,424
58,712
60,118
4,858,254
Additions
469,023
38,278
2,203
509,504
Lease modification
-
8,706
-
8,706
Disposal of assets
(111,448)
\u00a0
-
(111,448)
Capitalised borrowing cost
17,658
-
-
17,658
Change in decommissioning provision
(2,504)
-
-
(2,504)
Other movements
(313)
-
(307)
(620)
Foreign exchange impact
89,811
2,582
2,090
94,483
At 31 December 2023
5,201,651
108,278
64,104
5,374,033
Additions
320,754
5,777
5,300
331,831
Lease modification
-
180
-
180
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
assets
equipment
Total
Disposal of assets
-
-
(287)
(287)
Capitalised borrowing cost
15,348
-
-
15,348
Change in decommissioning provision
(30,224)
-
-
(30,224)
Transfer within property, plant and
equipment
(2,939)
-
2,939
-
Transfer to inventory
(448)
-
-
(448)
Transfer from intangible assets
205,324
-
-
205,324
Transfer to assets held for sale
(1,277,911)
(71,939)
(1,001)
(1,350,851)
Foreign exchange impact
(102,273)
(2,776)
(11,240)
(116,289)
At 31 December 2024
4,329,282
39,520
59,815
4,428,617
Accumulated Depreciation and Impairment:
At 1 January 2023
542,894
29,298
54,158
626,350
Charge for the period
287,926
15,432
1,808
305,166
Impairments
342
-
-
342
Foreign exchange impact
67,387
1,607
1,856
70,850
At 31 December 2023
898,549
46,337
57,822
1,002,708
Charge for the period
331,685
13,630
1,516
346,831
Impairment
95,607
-
-
95,607
Disposal
-
-
(170)
(170)
Transfer to assets held for sale
(271,045)
(32,740)
(2,121)
(305,906)
Foreign exchange impact
(84,518)
(1,719)
(2,968)
(89,205)
At 31 December 2024
970,278
25,508
54,079
1,049,865
Net carrying amount:
At 31 December 2023
4,303,102
61,941
6,282
4,371,325
At 31 December 2024
3,359,004
14,012
5,736
3,378,752
\n
Included in the carrying amount of leased assets at 31 December 2024 are right of use assets related to
\n
Oil and gas properties and Other property, plant and equipment of $12.7 million and $1.3 million
\n
respectively (2023: $58.0 million and $3.9 million). The depreciation charged on these classes for the
\n
year ending 31 December 2024 was $13.2 million and $0.4 million respectively (2023: $13.4 million and
\n
$2.0 million).
\n
The lease modification pertains to the finance sublease of leased assets in Italy. A corresponding
\n
financial asset of $0.5 million for the sublet property has been recorded under Other Receivables on the
\n
balance sheet of the disposal group. For more details, refer to Note 25.
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 3.93% for the year ended 31 December 2024 (for the year ended 31 December
\n
2023: 5.52%).
\n
The additions to Oil & gas properties in 2024 are mainly due to development costs of Katlan, Karish North,
\n
the second oil train in Israel at the amount of $172.4 million and the Cassiopea project in Italy at the
\n
amount of $105.2 million before it was moved to assets held for sale.
On 20 June 2024, property, plant, and equipment owned by the disposal group, with a carrying value of
$1,045 million (primarily in Italy and Egypt; see Note 25 for further details), were reclassified as assets
held for sale. Depreciation on these assets ceased once they were classified as held for sale.
In 2024, due to additional delays in the development of Epsilon, a full impairment assessment of the
Prinos CGU was held.
As a result of this assessment, the Group recorded an impairment of $92.3 million
on oil and gas assets within the Prinos CGU (Europe operating segment). The recoverable amount of the
CGU was determined to be $202.6 million as of 31 December 2024, based on a value in use calculation.
This calculation utilised cash flow projections from the annual budget and Group\u2019s five-year mid-term
plan approved by senior management and estimates of proven and probable reserves which is based on
independent competent persons report (CPR). The extended forecast period up to 2049 is justified by the
economic life of the Epsilon oil field, aligning with its expected operational duration and industry practice
for long-term asset evaluation. The key assumptions used in forecasting future cash flows were:
\u2022
A pre-tax discount rate of 9.30%
129
;
\u2022
Extension of the Epsilon license until 2049 under the local legislation with first oil expected in H2
2029;
\u2022
A long-term inflation/growth rate of 2% referencing the Greek inflation forecast as published by
the International Monetary Fund;
\u2022
Brent oil prices were identified based on market forecasts published by leading financial data
providers, with projections set at $73.25 per barrel in 2025, decreasing to $71.00 in 2026, rising
to $73.00 in 2027, and adjusting to $72.30 in 2028, followed by a 2% annual increase thereafter.
We also considered reasonable potential changes to the assumptions that the impairment calculation is
sensitive to, noting the following impacts:
\u2022
A 5% change in the estimated reserves would result in the impairment being higher or lower by
$42.7 million;
\u2022
A 1% variation in the discount rate would lead to an additional impairment or a reduction in
impairment of $20.0 million;
\u2022
A 1% increase in the long-term inflation/growth rate would decrease the impairment by $55.9
million, whereas a 1% decrease would result in an additional impairment of $52.2 million;
\u2022
A 5% change in Brent oil prices would alter the impairment charge by $44.2 million.
The Group assessed the recoverability of its investment in the Katakolo license due to the lack of
progress, resulting in a full impairment of the accumulated capital expenditure up to the reporting date,
totalling $3.3 million.
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023 (Restated
130
)
Cost of sales (Note 7a)
292,753
215,965
Administration expenses (Note 7b)
3,107
2,908
Total
295,860
218,873
\n
Cash flow statement reconciliations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Payment for additions to property, plant and equipment ($\u2019000)
2024
2023
Additions to property, plant and equipment
626,185
533,364
Associated cash flows
\u00a0 \u00a0
Payment for additions to property, plant and equipment
(580,487)
(425,193)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
\n
129
Refer to Note 3.17 for the approach applied by the Group to calculate the WACC.
130
Restated for discontinued operations, refer to Note 25 for further detail.
Payment for additions to property, plant and equipment ($\u2019000)
2024
2023
Borrowing cost capitalised
(15,348)
(17,658)
Impairment
(95,607)
(342)
Right-of-use asset additions/modifications
(11,962)
(46,984)
Lease payments related to capital activities
20,467
16,194
Change in decommissioning provision
(3,535)
2,504
Movement in working capital
60,287
(61,885)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "12
Property, plant & equipment
\u00a0 \u00a0 \u00a0
Other property,
\u00a0
\u00a0
Oil and gas
Leased
plant and
\u00a0
($\u2019000)
assets
assets
equipment
Total
Property, Plant & Equipment at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
4,739,424
58,712
60,118
4,858,254
Additions
469,023
38,278
2,203
509,504
Lease modification
-
8,706
-
8,706
Disposal of assets
(111,448)
\u00a0
-
(111,448)
Capitalised borrowing cost
17,658
-
-
17,658
Change in decommissioning provision
(2,504)
-
-
(2,504)
Other movements
(313)
-
(307)
(620)
Foreign exchange impact
89,811
2,582
2,090
94,483
At 31 December 2023
5,201,651
108,278
64,104
5,374,033
Additions
320,754
5,777
5,300
331,831
Lease modification
-
180
-
180
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
assets
equipment
Total
Disposal of assets
-
-
(287)
(287)
Capitalised borrowing cost
15,348
-
-
15,348
Change in decommissioning provision
(30,224)
-
-
(30,224)
Transfer within property, plant and
equipment
(2,939)
-
2,939
-
Transfer to inventory
(448)
-
-
(448)
Transfer from intangible assets
205,324
-
-
205,324
Transfer to assets held for sale
(1,277,911)
(71,939)
(1,001)
(1,350,851)
Foreign exchange impact
(102,273)
(2,776)
(11,240)
(116,289)
At 31 December 2024
4,329,282
39,520
59,815
4,428,617
Accumulated Depreciation and Impairment:
At 1 January 2023
542,894
29,298
54,158
626,350
Charge for the period
287,926
15,432
1,808
305,166
Impairments
342
-
-
342
Foreign exchange impact
67,387
1,607
1,856
70,850
At 31 December 2023
898,549
46,337
57,822
1,002,708
Charge for the period
331,685
13,630
1,516
346,831
Impairment
95,607
-
-
95,607
Disposal
-
-
(170)
(170)
Transfer to assets held for sale
(271,045)
(32,740)
(2,121)
(305,906)
Foreign exchange impact
(84,518)
(1,719)
(2,968)
(89,205)
At 31 December 2024
970,278
25,508
54,079
1,049,865
Net carrying amount:
At 31 December 2023
4,303,102
61,941
6,282
4,371,325
At 31 December 2024
3,359,004
14,012
5,736
3,378,752
\n
Included in the carrying amount of leased assets at 31 December 2024 are right of use assets related to
\n
Oil and gas properties and Other property, plant and equipment of $12.7 million and $1.3 million
\n
respectively (2023: $58.0 million and $3.9 million). The depreciation charged on these classes for the
\n
year ending 31 December 2024 was $13.2 million and $0.4 million respectively (2023: $13.4 million and
\n
$2.0 million).
\n
The lease modification pertains to the finance sublease of leased assets in Italy. A corresponding
\n
financial asset of $0.5 million for the sublet property has been recorded under Other Receivables on the
\n
balance sheet of the disposal group. For more details, refer to Note 25.
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 3.93% for the year ended 31 December 2024 (for the year ended 31 December
\n
2023: 5.52%).
\n
The additions to Oil & gas properties in 2024 are mainly due to development costs of Katlan, Karish North,
\n
the second oil train in Israel at the amount of $172.4 million and the Cassiopea project in Italy at the
\n
amount of $105.2 million before it was moved to assets held for sale.
On 20 June 2024, property, plant, and equipment owned by the disposal group, with a carrying value of
$1,045 million (primarily in Italy and Egypt; see Note 25 for further details), were reclassified as assets
held for sale. Depreciation on these assets ceased once they were classified as held for sale.
In 2024, due to additional delays in the development of Epsilon, a full impairment assessment of the
Prinos CGU was held.
As a result of this assessment, the Group recorded an impairment of $92.3 million
on oil and gas assets within the Prinos CGU (Europe operating segment). The recoverable amount of the
CGU was determined to be $202.6 million as of 31 December 2024, based on a value in use calculation.
This calculation utilised cash flow projections from the annual budget and Group\u2019s five-year mid-term
plan approved by senior management and estimates of proven and probable reserves which is based on
independent competent persons report (CPR). The extended forecast period up to 2049 is justified by the
economic life of the Epsilon oil field, aligning with its expected operational duration and industry practice
for long-term asset evaluation. The key assumptions used in forecasting future cash flows were:
\u2022
A pre-tax discount rate of 9.30%
129
;
\u2022
Extension of the Epsilon license until 2049 under the local legislation with first oil expected in H2
2029;
\u2022
A long-term inflation/growth rate of 2% referencing the Greek inflation forecast as published by
the International Monetary Fund;
\u2022
Brent oil prices were identified based on market forecasts published by leading financial data
providers, with projections set at $73.25 per barrel in 2025, decreasing to $71.00 in 2026, rising
to $73.00 in 2027, and adjusting to $72.30 in 2028, followed by a 2% annual increase thereafter.
We also considered reasonable potential changes to the assumptions that the impairment calculation is
sensitive to, noting the following impacts:
\u2022
A 5% change in the estimated reserves would result in the impairment being higher or lower by
$42.7 million;
\u2022
A 1% variation in the discount rate would lead to an additional impairment or a reduction in
impairment of $20.0 million;
\u2022
A 1% increase in the long-term inflation/growth rate would decrease the impairment by $55.9
million, whereas a 1% decrease would result in an additional impairment of $52.2 million;
\u2022
A 5% change in Brent oil prices would alter the impairment charge by $44.2 million.
The Group assessed the recoverability of its investment in the Katakolo license due to the lack of
progress, resulting in a full impairment of the accumulated capital expenditure up to the reporting date,
totalling $3.3 million.
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023 (Restated
130
)
Cost of sales (Note 7a)
292,753
215,965
Administration expenses (Note 7b)
3,107
2,908
Total
295,860
218,873
\n
Cash flow statement reconciliations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Payment for additions to property, plant and equipment ($\u2019000)
2024
2023
Additions to property, plant and equipment
626,185
533,364
Associated cash flows
\u00a0 \u00a0
Payment for additions to property, plant and equipment
(580,487)
(425,193)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
\n
129
Refer to Note 3.17 for the approach applied by the Group to calculate the WACC.
130
Restated for discontinued operations, refer to Note 25 for further detail.
Payment for additions to property, plant and equipment ($\u2019000)
2024
2023
Borrowing cost capitalised
(15,348)
(17,658)
Impairment
(95,607)
(342)
Right-of-use asset additions/modifications
(11,962)
(46,984)
Lease payments related to capital activities
20,467
16,194
Change in decommissioning provision
(3,535)
2,504
Movement in working capital
60,287
(61,885)
\n
13
Intangible assets
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
31 December 2023
397,716
101,146
11,543
510,405
Additions
247,794
-
1,196
248,990
Transfer to property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment
(205,324)
\u00a0
-
(205,324)
Transfer to assets held for sale
(99,069)
-
(6,978)
(106,047)
Exchange differences
(6,021)
-
(425)
(6,446)
At 31 December 2024
335,096
101,146
5,336
441,578
Accumulated amortisation and impairments:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Impairment
142,943
-
42
142,985
Transfer to assets held for sale
(63,450)
-
(3,821)
(67,271)
Exchange differences
(5,031)
-
(354)
(5,385)
31 December 2024
232,736
20,485
3,047
256,268
Net carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
239,442
80,661
5,286
325,389
At 31 December 2024
102,360
80,661
2,289
185,310
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
asset has accordingly been reclassified to oil and gas assets (refer to Note 12).
Cash flow statement reconciliations:
Payment for additions to intangible assets ($\u2019000)
2024
2023
Additions to intangible assets
117,270
56,652
Associated cash flows
\u00a0 \u00a0
Payment for additions to intangible assets
(184,851)
(105,024)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
Movement in working capital
67,581
48,372
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination.
During the period, the Group made significant additions to key ongoing projects, including $133.2 million
mainly related to the Katlan project in Israel prior to the final investment decision was taken in July 2024,
$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development,
and $17.1 million for the Orion exploration and $31.0 million for the Location B exploration in Egypt.
During the reporting period, total impairments of $142.9 million were recognised due to several non-viable
projects. Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to
discover commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at
$61.2 million. Additionally, the decision to exit following the expiration of the exploration license in
Ioannina on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover,
the Group has the intention to transfer the license rights in Morocco following exploration results that
identified non-commercial reserves, necessitating a full impairment of the related exploration asset
amounting to $65.2 million.
The Group exited the Isabella license in December 2023, resulting in the full impairment of the related
exploration asset valued at $26.6 million and goodwill of $2.2 million.
On 20 June 2024, intangible assets owned by the disposal group, with a carrying value of $ 43.6 million
(in Italy and Egypt; see Note 25 for further details), were reclassified as assets held for sale. Amortisation
on these assets ceased once they were classified as held for sale.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.
The recoverable amount of the goodwill balances was determined as of 31 December 2024, based on a
value in use calculation for the CGUs to which they relate. This calculation utilised cash flow projections
from the annual budget and Group\u2019s five-year mid-term plan approved by senior management and
estimates of proven and probable reserves which is based on independent competent persons report
(CPR) issued for Israel and UK assets. The key assumptions used in forecasting future cash flows were:
\u00a0
Israel CGU
Sally CGU (UK)
A pre-tax discount rate
8.87% (2023: 7.04%)
6.24% (2023: 6.41%)
(Note 3.17)
\u00a0 \u00a0
Forecasted prices
Brent oil prices were identified based on market forecasts published by
\u00a0
leading financial data providers, with projections set at $73.25 per
\u00a0
barrel in 2025, decreasing to $71.00 in 2026, rising to $73.00 in 2027,
\u00a0
and adjusting to $72.30 in 2028, followed by a 2% annual increase
\u00a0
thereafter.
Forecasted period
Until 2044, aligned with the life of
Until 2029, aligned with the life of
\u00a0
the assets
the assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023 (Restated
130
)
Cost of sales (Note 7a)
292,753
215,965
Administration expenses (Note 7b)
3,107
2,908
Total
295,860
218,873
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "13
Intangible assets
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
31 December 2023
397,716
101,146
11,543
510,405
Additions
247,794
-
1,196
248,990
Transfer to property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment
(205,324)
\u00a0
-
(205,324)
Transfer to assets held for sale
(99,069)
-
(6,978)
(106,047)
Exchange differences
(6,021)
-
(425)
(6,446)
At 31 December 2024
335,096
101,146
5,336
441,578
Accumulated amortisation and impairments:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Impairment
142,943
-
42
142,985
Transfer to assets held for sale
(63,450)
-
(3,821)
(67,271)
Exchange differences
(5,031)
-
(354)
(5,385)
31 December 2024
232,736
20,485
3,047
256,268
Net carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
239,442
80,661
5,286
325,389
At 31 December 2024
102,360
80,661
2,289
185,310
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
asset has accordingly been reclassified to oil and gas assets (refer to Note 12).
Cash flow statement reconciliations:
Payment for additions to intangible assets ($\u2019000)
2024
2023
Additions to intangible assets
117,270
56,652
Associated cash flows
\u00a0 \u00a0
Payment for additions to intangible assets
(184,851)
(105,024)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
Movement in working capital
67,581
48,372
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination.
During the period, the Group made significant additions to key ongoing projects, including $133.2 million
mainly related to the Katlan project in Israel prior to the final investment decision was taken in July 2024,
$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development,
and $17.1 million for the Orion exploration and $31.0 million for the Location B exploration in Egypt.
During the reporting period, total impairments of $142.9 million were recognised due to several non-viable
projects. Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to
discover commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at
$61.2 million. Additionally, the decision to exit following the expiration of the exploration license in
Ioannina on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover,
the Group has the intention to transfer the license rights in Morocco following exploration results that
identified non-commercial reserves, necessitating a full impairment of the related exploration asset
amounting to $65.2 million.
The Group exited the Isabella license in December 2023, resulting in the full impairment of the related
exploration asset valued at $26.6 million and goodwill of $2.2 million.
On 20 June 2024, intangible assets owned by the disposal group, with a carrying value of $ 43.6 million
(in Italy and Egypt; see Note 25 for further details), were reclassified as assets held for sale. Amortisation
on these assets ceased once they were classified as held for sale.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.
The recoverable amount of the goodwill balances was determined as of 31 December 2024, based on a
value in use calculation for the CGUs to which they relate. This calculation utilised cash flow projections
from the annual budget and Group\u2019s five-year mid-term plan approved by senior management and
estimates of proven and probable reserves which is based on independent competent persons report
(CPR) issued for Israel and UK assets. The key assumptions used in forecasting future cash flows were:
\u00a0
Israel CGU
Sally CGU (UK)
A pre-tax discount rate
8.87% (2023: 7.04%)
6.24% (2023: 6.41%)
(Note 3.17)
\u00a0 \u00a0
Forecasted prices
Brent oil prices were identified based on market forecasts published by
\u00a0
leading financial data providers, with projections set at $73.25 per
\u00a0
barrel in 2025, decreasing to $71.00 in 2026, rising to $73.00 in 2027,
\u00a0
and adjusting to $72.30 in 2028, followed by a 2% annual increase
\u00a0
thereafter.
Forecasted period
Until 2044, aligned with the life of
Until 2029, aligned with the life of
\u00a0
the assets
the assets
\n32
Exploration, development and production interests
Development and Production
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Group\u2019s
\u00a0 \u00a0
\u00a0
Licence/unit
\u00a0 \u00a0
working
Joint
\u00a0
Country
area
Fields
Fiscal regime
interest
operation
Operator
Israel
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Karish
Karish North,
Concession
100%
No
NA
\u00a0 \u00a0
Karish Main
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Tanin
Tanin
Concession
100%
No
NA
\u00a0
Katlan
Katlan
Concession
100%
No
NA
Egypt
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Abu Qir
Abu Qir, Abu
PSC
100%
No
NA
\u00a0 \u00a0
Qir North, Abu
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Qir West,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Yazzi
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
(32.75%)
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
NEA
Yazzi
PSC
100%
No
NA
\u00a0 \u00a0
(67.25%),
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Python
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
NI
Field A (NI-
PSC
100%
No
NA
\u00a0 \u00a0
1X), Field B
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
(NI-3X), NI-2X,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Viper (NI-4X)
\u00a0 \u00a0 \u00a0 \u00a0
Greece
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Prinos
Prinos,
Concession
100%
No
NA
\u00a0 \u00a0
Epsilon
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
South Kavala
\u00a0
Concession
100%
No
NA
\u00a0
Katakolo
Katakolo
Concession
100%
No
NA
\u00a0 \u00a0
(undeveloped)
\u00a0 \u00a0 \u00a0 \u00a0
Italy
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
C.C6.EO
Vega A (Vega
Concession
100%
144
Yes
Energean
\u00a0 \u00a0
B,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
undeveloped)
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
B.C8.LF
Rospo Mare
Concession
100%
145
Yes
Energean
\u00a0
Fiume tenna
Verdicchio
Concession
100%
No
Energean
\u00a0
B.C7.LF
Sarago,
Concession
95%
Yes
Energean
\u00a0 \u00a0
cozza,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
vongola
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
B.C11.AS
Gianna
Concession
49%
Yes
ENI
\u00a0
GIANNA
(undeveloped)
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Garaguso
Accettura
Concession
50%
Yes
Energean
\u00a0
A.c14.AS
Rosanna and
Concession
50%
Yes
ENI
\u00a0 \u00a0
Gaia
\u00a0 \u00a0 \u00a0 \u00a0
\n
144
Energean has agreed with ENI to acquire the latter's WI and the request is pending approval from the Italian authorities. However by means of an
agreement between ENI and Energean Italy all the production and cost are retained by Energean from 1 January 2021 and, according to the JOA,
the decommissioning costs will be borne by both parties according to their initial WI (Energean 60%, ENI 40%).
145
Energean has requested to exit the licence.
\n \n
Group\u2019s
Licence/unit
working
Joint
Country
area
Fields
Fiscal regime
interest
operation
Operator
A.C15.AX
Valentina,
Concession
10%
Yes
ENI
Raffaella,
Emanuela,
Melania
A.c16.AG
Delia,
Concession
30%
Yes
ENI
Demetra,
Sara, Dacia,
Nicoletta
A.C8.ME
Anemone and
Concession
19% and
Yes
ENI
Azelea
146
15.675%
Masseria
Appia and
Concession
50%
Yes
Energean
Monaco
Salacaro
(undeveloped)
G.C1.AG
Cassiopea ,
Concession
40%
Yes
ENI
Gemini,
Centauro
B.C14.AS
Calipso and
Concession
49%
Yes
ENI
Clara West
B.C20.AS
Carlo, Clotilde
Concession
49%
Yes
ENI
e Didone
(undeveloped)
Montignano
Cassiano and
Concession
50%
Yes
Energean
Castellaro
B.C13.AS
Clara Est,
Concession
49%
Yes
ENI
Clara Nord,
Clara NW,
(Cecilia
undeveloped)
Comiso (EIS)
Comiso
Concession
100%
No
NA
A.c13.AS
Daria, (
Concession
49%
Yes
ENI
Manuela
,Arabella,
Ramona
undeveloped)
B.C10.AS
Emma West
Concession
49%
Yes
ENI
and Giovanna
A.C36.AG
Fauzia
Concession
40%
Yes
ENI
Torrente
Grottammare
Concession
76%
Yes
Petrorep
menocchia
(undeveloped)
Montegranaro
Leoni
Concession
50%
Yes
Gas Plus
Lucera
Lucera
Concession
4.8%
Yes
GPI
Monte Urano
San Lorenzo
Concession
40%
Yes
Energean
A.C21.AG
Naide
Concession
49%
Yes
ENI
Colle di lauro
Portocannone
Concession
83.32%
Yes
Energean
\n
146
\n
Energean has requested from the operator to exit the licence.
\n \n
Group\u2019s
Licence/unit
working
Joint
Country
area
Fields
Fiscal regime
interest
operation
Operator
Porto
Porto
Concession
40%
Yes
GPI
civitanova
civitanova
Quarto
Quarto
Concession
33%
Yes
Padana
Energia
A.C17.AG
Regina
Concession
25%
Yes
ENI
S. Andrea
Concession
50%
Yes
Canoel
B.C2.LF
San Giorgio
Concession
100%
Yes
Energean
Mare
San Marco
San Marco
Concession
20%
No
ENI
B.C1.LF
Santo Stefano
Concession
95%
Yes
Energean
Mafalda
Sinarca
Concession
40%
Yes
Gas Plus
B.C9.AS
Squalo
Concession
33%
Yes
ENI
Centrale
Massignano
Talamonti
Concession
50%
Yes
Energean
Masseria
Traetta
Concession
14%
Yes
Canoel
Grottavecchia
S. Anna (EIS)
Tresauro
Concession
25%
Yes
Enimed
Torrente
Vigna Nocelli
Concession
50%
Yes
Rockhopper
Celone
(Masseria
Italia
Conca
undeveloped)
UK
Tors
Garrow,
Concession
68%
Yes
Energean
Kilmar
Markham
Concession
3%
Yes
Spirit Energy
Scott
Concession
10%
Yes
CNOOC
Telford
Concession
16%
Yes
CNOOC
Wenlock
Concession
80%
Yes
Energean
Croatia
Izabela
PSC
70%
No
NA
Exploration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Country
Concession
Fields
Fiscal regime
Group\u2019s
Joint
Operator
\u00a0 \u00a0 \u00a0 \u00a0
working
operation
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
interest
\u00a0 \u00a0
Israel
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Blocks 12,
Hermes and
Concession
100%
No
N/A
\u00a0
21
147
, 23, 31
Hercules
\u00a0 \u00a0 \u00a0 \u00a0
Egypt
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
East North
\u00a0
PSC
50%
Yes
Energean
\u00a0
Bir El Nus
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Greece
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Block-2
\u00a0
Concession
75%
Yes
Energean
\u00a0
Prinos
Prinos CO2 Storage
Concession
100%
No
N/A
Italy
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
G.R13.AG
Lince prospect
Concession
40%
Yes
ENI
\u00a0
G.R.14.AG
Panda, Vela prospect
Concession
40%
Yes
ENI
Croatia
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Irena
\u00a0
PSC
70%
No
NA
Morocco
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Anchois
Lixus
Concession
45%
No
Energean
\u00a0
Anchois
Rissana
Concession
37.5%
No
Energean
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "13
Intangible assets
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
31 December 2023
397,716
101,146
11,543
510,405
Additions
247,794
-
1,196
248,990
Transfer to property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment
(205,324)
\u00a0
-
(205,324)
Transfer to assets held for sale
(99,069)
-
(6,978)
(106,047)
Exchange differences
(6,021)
-
(425)
(6,446)
At 31 December 2024
335,096
101,146
5,336
441,578
Accumulated amortisation and impairments:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Impairment
142,943
-
42
142,985
Transfer to assets held for sale
(63,450)
-
(3,821)
(67,271)
Exchange differences
(5,031)
-
(354)
(5,385)
31 December 2024
232,736
20,485
3,047
256,268
Net carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
239,442
80,661
5,286
325,389
At 31 December 2024
102,360
80,661
2,289
185,310
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
asset has accordingly been reclassified to oil and gas assets (refer to Note 12).
Cash flow statement reconciliations:
Payment for additions to intangible assets ($\u2019000)
2024
2023
Additions to intangible assets
117,270
56,652
Associated cash flows
\u00a0 \u00a0
Payment for additions to intangible assets
(184,851)
(105,024)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
Movement in working capital
67,581
48,372
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination.
During the period, the Group made significant additions to key ongoing projects, including $133.2 million
mainly related to the Katlan project in Israel prior to the final investment decision was taken in July 2024,
$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development,
and $17.1 million for the Orion exploration and $31.0 million for the Location B exploration in Egypt.
During the reporting period, total impairments of $142.9 million were recognised due to several non-viable
projects. Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to
discover commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at
$61.2 million. Additionally, the decision to exit following the expiration of the exploration license in
Ioannina on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover,
the Group has the intention to transfer the license rights in Morocco following exploration results that
identified non-commercial reserves, necessitating a full impairment of the related exploration asset
amounting to $65.2 million.
The Group exited the Isabella license in December 2023, resulting in the full impairment of the related
exploration asset valued at $26.6 million and goodwill of $2.2 million.
On 20 June 2024, intangible assets owned by the disposal group, with a carrying value of $ 43.6 million
(in Italy and Egypt; see Note 25 for further details), were reclassified as assets held for sale. Amortisation
on these assets ceased once they were classified as held for sale.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.
The recoverable amount of the goodwill balances was determined as of 31 December 2024, based on a
value in use calculation for the CGUs to which they relate. This calculation utilised cash flow projections
from the annual budget and Group\u2019s five-year mid-term plan approved by senior management and
estimates of proven and probable reserves which is based on independent competent persons report
(CPR) issued for Israel and UK assets. The key assumptions used in forecasting future cash flows were:
\u00a0
Israel CGU
Sally CGU (UK)
A pre-tax discount rate
8.87% (2023: 7.04%)
6.24% (2023: 6.41%)
(Note 3.17)
\u00a0 \u00a0
Forecasted prices
Brent oil prices were identified based on market forecasts published by
\u00a0
leading financial data providers, with projections set at $73.25 per
\u00a0
barrel in 2025, decreasing to $71.00 in 2026, rising to $73.00 in 2027,
\u00a0
and adjusting to $72.30 in 2028, followed by a 2% annual increase
\u00a0
thereafter.
Forecasted period
Until 2044, aligned with the life of
Until 2029, aligned with the life of
\u00a0
the assets
the assets
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "13
Intangible assets
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
31 December 2023
397,716
101,146
11,543
510,405
Additions
247,794
-
1,196
248,990
Transfer to property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment
(205,324)
\u00a0
-
(205,324)
Transfer to assets held for sale
(99,069)
-
(6,978)
(106,047)
Exchange differences
(6,021)
-
(425)
(6,446)
At 31 December 2024
335,096
101,146
5,336
441,578
Accumulated amortisation and impairments:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Impairment
142,943
-
42
142,985
Transfer to assets held for sale
(63,450)
-
(3,821)
(67,271)
Exchange differences
(5,031)
-
(354)
(5,385)
31 December 2024
232,736
20,485
3,047
256,268
Net carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
239,442
80,661
5,286
325,389
At 31 December 2024
102,360
80,661
2,289
185,310
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
asset has accordingly been reclassified to oil and gas assets (refer to Note 12).
Cash flow statement reconciliations:
Payment for additions to intangible assets ($\u2019000)
2024
2023
Additions to intangible assets
117,270
56,652
Associated cash flows
\u00a0 \u00a0
Payment for additions to intangible assets
(184,851)
(105,024)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
Movement in working capital
67,581
48,372
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination.
During the period, the Group made significant additions to key ongoing projects, including $133.2 million
mainly related to the Katlan project in Israel prior to the final investment decision was taken in July 2024,
$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development,
and $17.1 million for the Orion exploration and $31.0 million for the Location B exploration in Egypt.
During the reporting period, total impairments of $142.9 million were recognised due to several non-viable
projects. Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to
discover commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at
$61.2 million. Additionally, the decision to exit following the expiration of the exploration license in
Ioannina on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover,
the Group has the intention to transfer the license rights in Morocco following exploration results that
identified non-commercial reserves, necessitating a full impairment of the related exploration asset
amounting to $65.2 million.
The Group exited the Isabella license in December 2023, resulting in the full impairment of the related
exploration asset valued at $26.6 million and goodwill of $2.2 million.
On 20 June 2024, intangible assets owned by the disposal group, with a carrying value of $ 43.6 million
(in Italy and Egypt; see Note 25 for further details), were reclassified as assets held for sale. Amortisation
on these assets ceased once they were classified as held for sale.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.
The recoverable amount of the goodwill balances was determined as of 31 December 2024, based on a
value in use calculation for the CGUs to which they relate. This calculation utilised cash flow projections
from the annual budget and Group\u2019s five-year mid-term plan approved by senior management and
estimates of proven and probable reserves which is based on independent competent persons report
(CPR) issued for Israel and UK assets. The key assumptions used in forecasting future cash flows were:
\u00a0
Israel CGU
Sally CGU (UK)
A pre-tax discount rate
8.87% (2023: 7.04%)
6.24% (2023: 6.41%)
(Note 3.17)
\u00a0 \u00a0
Forecasted prices
Brent oil prices were identified based on market forecasts published by
\u00a0
leading financial data providers, with projections set at $73.25 per
\u00a0
barrel in 2025, decreasing to $71.00 in 2026, rising to $73.00 in 2027,
\u00a0
and adjusting to $72.30 in 2028, followed by a 2% annual increase
\u00a0
thereafter.
Forecasted period
Until 2044, aligned with the life of
Until 2029, aligned with the life of
\u00a0
the assets
the assets
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "13
Intangible assets
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
31 December 2023
397,716
101,146
11,543
510,405
Additions
247,794
-
1,196
248,990
Transfer to property, plant and
\u00a0 \u00a0 \u00a0 \u00a0
equipment
(205,324)
\u00a0
-
(205,324)
Transfer to assets held for sale
(99,069)
-
(6,978)
(106,047)
Exchange differences
(6,021)
-
(425)
(6,446)
At 31 December 2024
335,096
101,146
5,336
441,578
Accumulated amortisation and impairments:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Impairment
142,943
-
42
142,985
Transfer to assets held for sale
(63,450)
-
(3,821)
(67,271)
Exchange differences
(5,031)
-
(354)
(5,385)
31 December 2024
232,736
20,485
3,047
256,268
Net carrying amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
239,442
80,661
5,286
325,389
At 31 December 2024
102,360
80,661
2,289
185,310
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
asset has accordingly been reclassified to oil and gas assets (refer to Note 12).
Cash flow statement reconciliations:
Payment for additions to intangible assets ($\u2019000)
2024
2023
Additions to intangible assets
117,270
56,652
Associated cash flows
\u00a0 \u00a0
Payment for additions to intangible assets
(184,851)
(105,024)
Non-cash movements/presented in other cash flow lines
\u00a0 \u00a0
Movement in working capital
67,581
48,372
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination.
During the period, the Group made significant additions to key ongoing projects, including $133.2 million
mainly related to the Katlan project in Israel prior to the final investment decision was taken in July 2024,
$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development,
and $17.1 million for the Orion exploration and $31.0 million for the Location B exploration in Egypt.
During the reporting period, total impairments of $142.9 million were recognised due to several non-viable
projects. Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to
discover commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at
$61.2 million. Additionally, the decision to exit following the expiration of the exploration license in
Ioannina on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover,
the Group has the intention to transfer the license rights in Morocco following exploration results that
identified non-commercial reserves, necessitating a full impairment of the related exploration asset
amounting to $65.2 million.
The Group exited the Isabella license in December 2023, resulting in the full impairment of the related
exploration asset valued at $26.6 million and goodwill of $2.2 million.
On 20 June 2024, intangible assets owned by the disposal group, with a carrying value of $ 43.6 million
(in Italy and Egypt; see Note 25 for further details), were reclassified as assets held for sale. Amortisation
on these assets ceased once they were classified as held for sale.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.
The recoverable amount of the goodwill balances was determined as of 31 December 2024, based on a
value in use calculation for the CGUs to which they relate. This calculation utilised cash flow projections
from the annual budget and Group\u2019s five-year mid-term plan approved by senior management and
estimates of proven and probable reserves which is based on independent competent persons report
(CPR) issued for Israel and UK assets. The key assumptions used in forecasting future cash flows were:
\u00a0
Israel CGU
Sally CGU (UK)
A pre-tax discount rate
8.87% (2023: 7.04%)
6.24% (2023: 6.41%)
(Note 3.17)
\u00a0 \u00a0
Forecasted prices
Brent oil prices were identified based on market forecasts published by
\u00a0
leading financial data providers, with projections set at $73.25 per
\u00a0
barrel in 2025, decreasing to $71.00 in 2026, rising to $73.00 in 2027,
\u00a0
and adjusting to $72.30 in 2028, followed by a 2% annual increase
\u00a0
thereafter.
Forecasted period
Until 2044, aligned with the life of
Until 2029, aligned with the life of
\u00a0
the assets
the assets
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "14
Net deferred tax (liability)/asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Prepaid
\u00a0\u00a0\u00a0\u00a0
Accrued
\u00a0
\u00a0
Property,
Right of
\u00a0
expenses and
\u00a0\u00a0
Deferred
Retirement
expenses and
\u00a0
Deferred tax (liabilities)/assets
plant and
use asset
Decom-
other
\u00a0
Tax
expenses
benefit
other short-term
\u00a0
($\u2019000)
equipment
IFRS 16
missioning
receivables
Inventory
losses
for tax
liability
liabilities
Total
At 1 January 2023
(148,923)
(1,078)
126,246
186
440
197,008
6,208
165
5,860
186,112
Increase / (decrease) for the period through:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit or loss (Note 10)
(13,874)
(2,644)
(26,955)
(2,225)
(440)
(57,185)
(630)
163
3,958
(99,832)
Other comprehensive income
-
-
-
-
-
-
-
38
-
38
Exchange difference
(1,197)
(15)
4,269
(12)
6
5,043
\u00a0
3
304
8,401
31 December 2023
(163,994)
(3,737)
103,560
(2,051)
6
144,866
5,578
369
10,122
94,719
Increase / (decrease) for the period through:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Continuing operations:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit or loss (Note 10)
8,976
634
8,509
(764)
413
14,714
(633)
(39)
(2,327)
29,483
Other comprehensive income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
79
-
79
Exchange difference
1,250
44
(300)
35
(17)
(7,027)
\u00a0
(7)
(287)
(6,309)
Discontinued operations:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
-
Profit or loss
(16,708)
\u00a0
8,787
\u00a0\u00a0
5,866
\u00a0\u00a0
231
(1,824)
Other comprehensive income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
1
10
11
Exchange difference
(511)
\u00a0
(6,015)
\u00a0\u00a0
(1,406)
\u00a0\u00a0
(11)
(7,943)
Transfer to assets / (liabilities)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
held for sale:
448
\u00a0
(97,421)
\u00a0\u00a0
(24,042)
\u00a0
9
(245)
(121,251)
31 December 2024
(170,539)
(3,059)
17,120
(2,780)
402
132,971
4,945
412
7,493
(13,035)
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023
Deferred tax liabilities
(141,403)
(122,785)
Deferred tax assets
128,368
217,504
\u00a0
(13,035)
94,719
\n
The Group transferred to \"Asset and Liabilities held for sale\" deferred tax assets amounting to the total
of $121.3 million coming from Italy, as further described in Note 25.
As of December 2024, the Group had gross total unused tax losses of $957.0 million (as of 31 December
2023: $907.4 million), of which $160.1 million related to discontinued operations, available to offset
against future profits and other temporary differences. The Group has not recognised deferred tax on tax
losses and other differences of $686.1 million, of which $168.2 million related to discontinued operations.
In Greece and the UK, the net DTA for carried forward losses recognised in excess of the other net taxable
temporary differences was $101.5 million and $29.8 million (2023: $77.8 million and $8.7 million)
respectively.
Greek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession
agreement expires (by 2049), whereas the tax losses in Israel, Italy and the United Kingdom can be carried
forward indefinitely. Based on the Prinos area forecasts (including the Epsilon development with first oil
anticipated in H2 2029), the deferred tax asset is fully utilised by 2037. Finally, in the UK, decommissioning
expenses and tax losses are expected to be tax relieved up until 2029 in accordance with the latest
taxable profits forecasts. The latter are based on the competent persons report (CPR) and the Group
budget.
At December 2024, the gross amount and expiry dates of losses available for carry forward are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Expiring
Expiring
\u00a0 \u00a0
\u00a0
within 5
beyond 6
\u00a0 \u00a0
($'000)
years
years
Unlimited
Total
Losses for which a deferred tax asset is recognised
\u00a0
412,786
(2)
146,238
(3)
559,024
Losses for which no deferred tax asset is recognised
75,403
(1)
\u00a0
322,559
(4)
397,962
Total
75,403
412,786
468,797
956,986
\n
(1) Mainly tax losses generated in the Republic of Cyprus ($60 million) and Greece ($15.4 million of
trading losses which cannot be utilised against profits from Prinos asset)
(2) Tax losses ring-fenced to the Prinos asset in Greece which can be carried forward until the expiry of
the relevant licences i.e. by 2049.
(3) Italian tax losses of $100 million and UK tax losses of $46 million which can be carried forward
indefinitely.
(4) Remaining UK tax losses
There are no income tax consequences attached to the payment of dividends by the Group to its
shareholders. As a result of exemptions on dividend from subsidiaries and capital gains on disposal there
are no significant taxable temporary differences associated with investments in subsidiaries, branches,
associates and interests in joint arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "15
Cash and cash equivalents
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023
Cash and bank deposits
182,251
346,772
\u00a0
182,251
346,772
\n
Bank demand deposits comprise deposits and other short-term money market deposit accounts that are
readily convertible into known amounts of cash. The effective interest rate on short-term bank deposits
was 4.82% for the year ended 31 December 2024 (2023: 4.371%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "16
Restricted cash
Restricted cash comprises cash retained under the Israel Senior Secured Notes and the Greek State Loan
requirement as follows:
Current
The current portion of restricted cash at 31 December 2024 was $82.43 million. It mainly relates to the
March 2025 coupon payment on Senior Secured Notes (at 31 December 2023 was $22.48 million)
Non-Current
The cash restricted for more than 12 months after the reporting date was $2.95 million (2023: $3.1
million) mainly comprising $2.15 million (2023: $2.3 million) held on the Interest Service Reserve Account
(\u2018ISRA\u2019) in relation to the Greek Loan Notes and $0.8 million (2023: $0.8 million) for Prinos Guarantee.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "17
Inventories
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Crude oil
3,202
55,414
Hydrocarbon liquids
3,581
1,685
Gas
502
553
Raw materials and supplies
21,948
52,474
Total inventories
29,233
110,126
\n
The Group\u2019s raw materials and supplies consumption for the year ended 31 December 2024 was $6.97
million (2023, restated: $3.9 million).
In 2024 the Group wrote off $0.67 million of materials (2023: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "18
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade and other receivables \u2013 Current
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Trade receivables
111,898
297,305
Receivables from partners under JOA
290
1,996
Other receivables
131
5,722
9,561
Refundable VAT
2,993
19,273
Accrued interest income
1,048
1,016
\u00a0
121,951
329,151
Non-financial items:
\u00a0 \u00a0
Deposits and prepayments
132
10,311
19,174
Other deferred expense
192
4,932
\u00a0
10,503
24,106
\u00a0
132,454
353,257
Trade and other receivables - Non-Current
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Other tax recoverable
15,693
15,544
\u00a0
15,693
15,544
Non-financial items:
\u00a0 \u00a0
Deposits and prepayments
15,399
17,612
Other non-current assets
1,881
526
\u00a0
17,280
18,138
\u00a0
32,973
33,682
\n
The movements in trade and other receivables reported above include both cash and non-cash
movements during the period. The increase in trade and other receivables reported in the Consolidated
Cash Flow Statements within operating activities refers exclusively to cash movements. These are
related to trade and other receivables from operating activities and exclude any non-cash movements
such as compensation to gas buyers and the expected credit loss (ECL) on trade receivables. They also
exclude movements related to trade and other receivables from investing activities during the reporting
period.
131
Other receivables in 2023 mainly comprise the consideration receivable from INGL as discussed in Note 24.
132
Included in deposits and prepayments, are mainly prepayments for goods and services under the GSP Engineering,
Procurement, Construction and Installation Contract (EPCIC) for Epsilon project.
The table below summarises the maturity profile of the Group receivables recorded as financial items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
3
\u00a0 \u00a0 \u00a0
More
31
December
Carrying
Contractual
months
3-12
1-2
2-5
than 5
2024 ($\u2019000)
amounts
cash flows
or less
months
years
years
years
Trade receivables
111,898
111,898
111,807
91
-
-
-
Government
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
subsidies
-
-
-
-
-
-
-
Refundable VAT
2,993
2,993
1,955
1,038
-
-
-
Receivables from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
partners
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
under JOA
290
290
67
223
-
-
-
Other receivables
6,770
6,770
1,742
5,028
-
-
-
Other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
tax recoverable
15,693
15,317
-
-
-
4,094
11,223
Total
137,644
137,268
115,571
6,380
-
4,094
11,223
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
3
\u00a0 \u00a0 \u00a0
More
31 December
Carrying
Contractual
months
3-12
1-2
2-5
than 5
2023 ($\u2019000)
amounts
cash flows
or less
months
years
years
years
Trade receivables
297,305
305,436
237,559
56,781
11,096
-
\u00a0
Government
82
82
-
82
-
-
\u00a0
subsidies
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Refundable VAT
19,273
19,273
1,196
18,077
-
-
\u00a0
Receivables from
1,996
1,996
1,996
-
-
-
\u00a0
partners
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
under JOA
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other receivables
9,479
9,479
6,994
2,485
-
-
\u00a0
Other
15,544
15,544
-
-
15,544
\u00a0 \u00a0
tax recoverable
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
343,679
351,810
247,745
77,425
26,640
-
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "19
Share capital
On 30 June 2017, the Company became the parent company of the Group through the acquisition of the
full share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013) shares in
the Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
from \u00a350 thousand ($65 thousand) to \u00a3706 thousand ($917 thousand). From that point, in the
consolidated financial statements, the share capital became that of Energean plc. The previously
recognised share capital of $14.9 million and share premium of $125.8 million was eliminated with a
corresponding positive merger reserve recognised of $139.9 million. The below tables outline the share
capital of the Company.
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Equity share
\u00a0 \u00a0
\u00a0
capital allotted
Share capital
Share premium
Issued and authorised
and fully paid
($\u2019000)
($\u2019000)
At 1 January 2023
178,040,505
2,380
415,388
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
4,422,013
57
49,943
- Share based payment
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
\n
The issuance of new shares in 2023 pertains to the settlement of the convertible loan note on 20
December 2023, as detailed in Note 21.
Shares held by the Energean Oil & Gas plc Employee Benefit Trust (EBT), established for the settlement
of awards granted under employee share schemes, are recorded within the Share Premium Reserve. As
of 31 December 2024, the EBT held 179,461 shares at a cost of $2,294.3 (they were subscribed at the
nominal value of \u00a30.01 per share). The market value of these shares was $2.4 million. These shares
represent deferred awards granted to executive directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "19
Share capital
On 30 June 2017, the Company became the parent company of the Group through the acquisition of the
full share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013) shares in
the Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
from \u00a350 thousand ($65 thousand) to \u00a3706 thousand ($917 thousand). From that point, in the
consolidated financial statements, the share capital became that of Energean plc. The previously
recognised share capital of $14.9 million and share premium of $125.8 million was eliminated with a
corresponding positive merger reserve recognised of $139.9 million. The below tables outline the share
capital of the Company.
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Equity share
\u00a0 \u00a0
\u00a0
capital allotted
Share capital
Share premium
Issued and authorised
and fully paid
($\u2019000)
($\u2019000)
At 1 January 2023
178,040,505
2,380
415,388
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
4,422,013
57
49,943
- Share based payment
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
\n
The issuance of new shares in 2023 pertains to the settlement of the convertible loan note on 20
December 2023, as detailed in Note 21.
Shares held by the Energean Oil & Gas plc Employee Benefit Trust (EBT), established for the settlement
of awards granted under employee share schemes, are recorded within the Share Premium Reserve. As
of 31 December 2024, the EBT held 179,461 shares at a cost of $2,294.3 (they were subscribed at the
nominal value of \u00a30.01 per share). The market value of these shares was $2.4 million. These shares
represent deferred awards granted to executive directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "20
Dividends
In line with its dividend policy, Energean paid dividends of US$1.2 per share in 2024, covering four
quarters of payments. Similarly, in 2023, the company also distributed US$1.2 per share over four
quarters.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
US$ cents per share
$\u2019 000
\u00a0
2024
2023
2024
2023
Dividends announced and paid in cash
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares
\u00a0 \u00a0 \u00a0 \u00a0
March
30
30
54,844
53,252
June
30
30
54,991
53,411
September
30
30
54,990
53,518
December
30
30
54,990
53,517
Total
120
120
219,815
213,698
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "21
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Non-current
\u00a0 \u00a0
Bank borrowings \u2013 after one year but within five years
\u00a0 \u00a0
4.875% Senior Secured notes due 2026 ($625 million)
622, 102
619,932
Bank borrowings - more than five years
\u00a0 \u00a0
6.5% Senior Secured notes due 2027 ($450 million)
445,797
444,313
5.375% Senior Secured notes due 2028 ($625 million)
619,602
618,145
5.875% Senior Secured notes due 2031 ($625 million)
617,689
616,762
8.50% Senior Secured notes due 2033 ($750 million)
734,820
733,653
BSTDB Loan and Greek State Loan Notes
101,894
108,392
Carrying value of non-current borrowings
3,141,904
3,141,197
Current
\u00a0 \u00a0
Revolving credit facility
128,000
80,000
Carrying value of current borrowings
128,000
80,000
Carrying value of total borrowings
3,269,904
3,221,197
\n
The Group has provided security in respect of certain borrowings in the form of share pledges, as well as
fixed and floating charges over certain assets of the Group.
At 31 December 2024 the Group holds US$2.625 billion in aggregate principal amount of senior secured
notes, issued in four series as follows:
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2026, with a fixed annual
interest rate of 4. 875%.
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2028, with a fixed annual
interest rate of 5.375%.
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2031, with a fixed annual
interest rate of 5.875%.
\u2022
US$750 million, issued on 11 July 2023, maturing on 30 September 2033, with a fixed annual
interest rate of 8.5%.
The interest on each series is paid semi-annually on 30 March and 30 September. The notes are listed
for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd (TASE), and the TASE-UP for the
2023 issuance.
The Group has provided various collateral, including fixed charges over shares, leases, sales agreements,
bank accounts, operating permits, insurance policies, exploration licenses, and the Energean Power
FPSO. Floating charges cover present and future assets of relevant subsidiaries.
Additionally, the Group issued US$450 million in senior secured notes on 18 November 2021, maturing
on 30 April 2027 with a fixed annual interest rate of 6.5%. These notes are listed on the Official List of the
International Stock Exchange (TISE), with interest paid semi-annually on 30 April and 30 October.
Energean Oil and Gas SA entered into a loan agreement on 27 December 2021 with Black Sea Trade and
Development Bank for \u20ac90.5 million for the development of the Epsilon Oil Field, with an interest rate of
EURIBOR plus margins, and another agreement with the Greek State for \u20ac9.5 million maturing in 8 years
with a fixed rate plus margin.
Finally, the Group signed a three-year $275 million Revolving Credit Facility (RCF) on 8 September 2022,
increased to $300 million in May 2023, led by ING Bank N.V. The RCF provides additional liquidity for
corporate needs, with an interest rate of 5% plus SOFR on drawn amounts. During the reporting period,
the Company utilised $65 million from this facility at an average interest rate of 10.3%, with $30 million
repaid subsequent to the reporting date. In March 2025, the Group extended its $300 million RCF until
September 2028, at a revised amount of $200 million effective September 2025.
Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
($\u2019000)
(Continuing operations)
2023
Current borrowings
128,000
80,000
Non-current borrowings
3,141,904
3,141,197
Total borrowings
3,269,904
3,221,197
Less: Cash and cash equivalents
(182,251)
(346,772)
Restricted cash
(85,377)
(25,606)
Net Debt
3,002,276
2,848,819
Total equity
663,857
686,115
\n
Reconciliation of liabilities arising from financing activities
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowing
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
costs including
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
amortisation of
Foreign
Transfer to
\u00a0
\u00a0\u00a0\u00a0
Cash
Reclass-
\u00a0
Lease
arrangement
exchange
liabilities held
\u00a0
($'000)
1 January
Cash inflows
outflows
ification
Additions
modification
fees
impact
for sale
31 December
2024
3,423,522
118,000
(357,217)
13,428
5,782
180
227,392
(9,346)
(137,030)
3,284,711
Senior Secured Notes
3,032,783
-
(207,842)
13,815
-
-
201,254
-
\u00a0
3,040,010
Current borrowings RCF
80,000
118,000
(79,587)
(949)
-
-
10,536
\u00a0\u00a0
128,000
Long - term borrowings
108,414
-
(7,595)
(64)
-
-
7,842
(6,703)
\u00a0
101,894
Lease liabilities
65,096
-
(14,793)
626
5,782
180
2,156
(2,643)
(41,597)
14,807
Deferred licence payments
46,154
-
(47,400)
-
-
-
1,246
-
\u00a0
-
Contingent Consideration
91,075
-
-
-
\u00a0
-
4,358
-
(95,433)
-
2023
3,335,646
905,038
(1,018,175)
(71,261)
38,222
8,860
224,123
1,069
\u00a0
3,423,522
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Senior Secured Notes
2,913,909
750,000
(800,522) (23,613)
\u00a0
133
-
-
193,009
-
\u00a0
3,032,783
Convertible loan notes
45,550
-
-
(50,000)
-
-
4,450
-
\u00a0
-
Current borrowings RCF
-
110,000
(30,000)
-
-
-
-
-
\u00a0
80,000
Long - term borrowings
61,437
45,038
(5,576)
1,257
-
-
6,104
154
\u00a0
108,414
Lease liabilities
32,272
-
(18,732)
1,095
38,222
8,860
2,464
915
\u00a0
65,096
Deferred licence payments
51,832
-
(13,345)
-
-
-
7,667
-
\u00a0
46,154
Contingent Consideration
86,320
-
-
-
-
-
4,755
-
\u00a0
91,075
Deferred consideration of acquisition of minority
144,326
-
(150,000)
-
-
-
5,674
-
\u00a0
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "21
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Non-current
\u00a0 \u00a0
Bank borrowings \u2013 after one year but within five years
\u00a0 \u00a0
4.875% Senior Secured notes due 2026 ($625 million)
622, 102
619,932
Bank borrowings - more than five years
\u00a0 \u00a0
6.5% Senior Secured notes due 2027 ($450 million)
445,797
444,313
5.375% Senior Secured notes due 2028 ($625 million)
619,602
618,145
5.875% Senior Secured notes due 2031 ($625 million)
617,689
616,762
8.50% Senior Secured notes due 2033 ($750 million)
734,820
733,653
BSTDB Loan and Greek State Loan Notes
101,894
108,392
Carrying value of non-current borrowings
3,141,904
3,141,197
Current
\u00a0 \u00a0
Revolving credit facility
128,000
80,000
Carrying value of current borrowings
128,000
80,000
Carrying value of total borrowings
3,269,904
3,221,197
\n
The Group has provided security in respect of certain borrowings in the form of share pledges, as well as
fixed and floating charges over certain assets of the Group.
At 31 December 2024 the Group holds US$2.625 billion in aggregate principal amount of senior secured
notes, issued in four series as follows:
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2026, with a fixed annual
interest rate of 4. 875%.
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2028, with a fixed annual
interest rate of 5.375%.
\u2022
US$625 million, issued on 24 March 2021, maturing on 30 March 2031, with a fixed annual
interest rate of 5.875%.
\u2022
US$750 million, issued on 11 July 2023, maturing on 30 September 2033, with a fixed annual
interest rate of 8.5%.
The interest on each series is paid semi-annually on 30 March and 30 September. The notes are listed
for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd (TASE), and the TASE-UP for the
2023 issuance.
The Group has provided various collateral, including fixed charges over shares, leases, sales agreements,
bank accounts, operating permits, insurance policies, exploration licenses, and the Energean Power
FPSO. Floating charges cover present and future assets of relevant subsidiaries.
Additionally, the Group issued US$450 million in senior secured notes on 18 November 2021, maturing
on 30 April 2027 with a fixed annual interest rate of 6.5%. These notes are listed on the Official List of the
International Stock Exchange (TISE), with interest paid semi-annually on 30 April and 30 October.
Energean Oil and Gas SA entered into a loan agreement on 27 December 2021 with Black Sea Trade and
Development Bank for \u20ac90.5 million for the development of the Epsilon Oil Field, with an interest rate of
EURIBOR plus margins, and another agreement with the Greek State for \u20ac9.5 million maturing in 8 years
with a fixed rate plus margin.
Finally, the Group signed a three-year $275 million Revolving Credit Facility (RCF) on 8 September 2022,
increased to $300 million in May 2023, led by ING Bank N.V. The RCF provides additional liquidity for
corporate needs, with an interest rate of 5% plus SOFR on drawn amounts. During the reporting period,
the Company utilised $65 million from this facility at an average interest rate of 10.3%, with $30 million
repaid subsequent to the reporting date. In March 2025, the Group extended its $300 million RCF until
September 2028, at a revised amount of $200 million effective September 2025.
Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
($\u2019000)
(Continuing operations)
2023
Current borrowings
128,000
80,000
Non-current borrowings
3,141,904
3,141,197
Total borrowings
3,269,904
3,221,197
Less: Cash and cash equivalents
(182,251)
(346,772)
Restricted cash
(85,377)
(25,606)
Net Debt
3,002,276
2,848,819
Total equity
663,857
686,115
\n
Reconciliation of liabilities arising from financing activities
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowing
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
costs including
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
amortisation of
Foreign
Transfer to
\u00a0
\u00a0\u00a0\u00a0
Cash
Reclass-
\u00a0
Lease
arrangement
exchange
liabilities held
\u00a0
($'000)
1 January
Cash inflows
outflows
ification
Additions
modification
fees
impact
for sale
31 December
2024
3,423,522
118,000
(357,217)
13,428
5,782
180
227,392
(9,346)
(137,030)
3,284,711
Senior Secured Notes
3,032,783
-
(207,842)
13,815
-
-
201,254
-
\u00a0
3,040,010
Current borrowings RCF
80,000
118,000
(79,587)
(949)
-
-
10,536
\u00a0\u00a0
128,000
Long - term borrowings
108,414
-
(7,595)
(64)
-
-
7,842
(6,703)
\u00a0
101,894
Lease liabilities
65,096
-
(14,793)
626
5,782
180
2,156
(2,643)
(41,597)
14,807
Deferred licence payments
46,154
-
(47,400)
-
-
-
1,246
-
\u00a0
-
Contingent Consideration
91,075
-
-
-
\u00a0
-
4,358
-
(95,433)
-
2023
3,335,646
905,038
(1,018,175)
(71,261)
38,222
8,860
224,123
1,069
\u00a0
3,423,522
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Senior Secured Notes
2,913,909
750,000
(800,522) (23,613)
\u00a0
133
-
-
193,009
-
\u00a0
3,032,783
Convertible loan notes
45,550
-
-
(50,000)
-
-
4,450
-
\u00a0
-
Current borrowings RCF
-
110,000
(30,000)
-
-
-
-
-
\u00a0
80,000
Long - term borrowings
61,437
45,038
(5,576)
1,257
-
-
6,104
154
\u00a0
108,414
Lease liabilities
32,272
-
(18,732)
1,095
38,222
8,860
2,464
915
\u00a0
65,096
Deferred licence payments
51,832
-
(13,345)
-
-
-
7,667
-
\u00a0
46,154
Contingent Consideration
86,320
-
-
-
-
-
4,755
-
\u00a0
91,075
Deferred consideration of acquisition of minority
144,326
-
(150,000)
-
-
-
5,674
-
\u00a0
-
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
($\u2019000)
(Continuing operations)
2023
Current borrowings
128,000
80,000
Non-current borrowings
3,141,904
3,141,197
Total borrowings
3,269,904
3,221,197
Less: Cash and cash equivalents
(182,251)
(346,772)
Restricted cash
(85,377)
(25,606)
Net Debt
3,002,276
2,848,819
Total equity
663,857
686,115
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "22
Retirement benefit liability
The Group operates defined benefit pension plans in Greece (continuing operations) and Italy
(discontinued operations).
Under Italian law, Energean Italy Spa is required to operate a Target Retirement Fund \u201cTFR\u201d for its local
employees. This is technically a defined benefit scheme, though has no pension assets, with the liability
measured by independent actuaries.
In accordance with the provisions of Greek labour law, employees are entitled to compensation in case
of dismissal or retirement. The amount of compensation varies depending on salary, years of service and
the manner of termination (dismissal or retirement). Employees who resign are not entitled to
compensation. The compensation payable in case of retirement is equal to 40% of the compensation
which would be payable in case of unjustified dismissal.
These plans are not funded and are defined benefit plans in accordance with IAS 19. The Group charges
the accrued benefits in each period with a corresponding increase in the relative actuarial liability. The
payments made to retirees in every period are charged against this liability. The liabilities of the Group
arising from the obligation to pay termination indemnities are determined through actuarial studies,
conducted by independent actuaries.
22.1
Provision for retirement benefits
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Defined benefit obligation
518
1,595
Provision for retirement benefits recognised
518
1,595
Allocated as:
\u00a0 \u00a0
Non-current portion
518
1,595
\u00a0
518
1,595
\n
22.2
Defined benefit obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
At 1 January
1,595
1,675
Transfer to liabilities held for sale
(1,133)
-
Current service cost
110
88
Interest cost
33
59
Extra payments or expenses
19
1
Actuarial losses - from changes in financial assumptions
102
161
Benefits paid
(141)
(433)
Exchange differences
(67)
44
At 31 December
518
1,595
22.3
Actuarial assumptions and risks
\n
The most recent actuarial valuation was carried out as of 31 December 2024 and it was based on the
\n
following key assumptions:
\n\n \n
2024
2023
Greece, continuing operations
Discount rate
3.28%
3.57%
Expected rate of salary increases
3.54%
3.54%
Average life expectancy over retirement age
21.3 years
24.0 years
Inflation rate
2.00%
2.10%
Italy, discontinued operations
Discount rate
2.77%
3.20%
Expected rate of salary increases
1.00%
n/a
Average life expectancy over retirement age
20.1 years
17.1 years
Inflation rate
2.00%
2.00%
\n
Sensitivity analysis
\n
The sensitivity analysis below shows the impact on the defined benefit obligation of changing each
\n
assumption while not changing all other assumptions. This analysis may not be representative of the
\n
actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would
\n
occur in isolation of one another as some of the assumptions may be correlated.
\n\n \n
2024
2023
Greece, continuing operations
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-3%
-3%
Change \u2013 0.5% in Discount rate
3%
3%
Change +0.5% in Expected rate of salary increases
3%
3%
Change -0.5% in Expected rate of salary increases
-3%
-3%
Italy, discontinued operations
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-1%
-1%
Change \u2013 0.5% in Discount rate
1%
1%
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Greece, continuing operations
\u00a0 \u00a0
Percentage Effect on current service cost
\u00a0 \u00a0
Change + 0.5% in Discount rate
-4%
-4%
Change \u2013 0.5% in Discount rate
4%
4%
Change +0.5% in Expected rate of salary increases
4%
4%
Change -0.5% in Expected rate of salary increases
-4%
-4%
\n
The amounts presented reflect the impact from the percentage increase / (decrease) in the given
assumption by +/- 0.5% on the defined benefit obligation and current service cost, while holding all other
assumptions constant.
The plan exposes the Group to actuarial risks such as interest rate risk, longevity changes and
inflation risk.
Interest rate risk
The present value of the defined benefit liability is calculated using a discount rate determined by
reference to market yields of high-quality corporate bonds. The estimated term of the bonds is consistent
with the estimated term of the defined benefit obligation and it is denominated in Euro. A decrease in
market yield on high quality corporate bonds will increase the Group\u2019s defined benefit liability.
Longevity of members
Any increase in the life expectancy of the members will increase the defined benefit liability.
Inflation risk
A significant proportion of the defined benefit liability is linked to inflation. An increase in the inflation rate
will increase the Group\u2019s defined benefit liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "23
Provisions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Provision for
\u00a0
\u00a0 \u00a0
litigation and
\u00a0
($'000)
Decommissioning
other claims
Total
At 1 January 2023
808,757
9,346
818,103
New provisions
4,913
-
4,913
Change in estimates
(24,413)
(2,076)
(26,489)
Recognised in property, plant and
(7,417)
-
(7,417)
equipment
\u00a0 \u00a0 \u00a0
Recognised in profit& loss
(16,996)
(2,076)
(19,072)
Spend
(18,697)
-
(18,697)
Reclassification
(1,023)
-
(1,023)
Unwinding of discount
31,255
-
31,255
Currency translation adjustment
29,884
240
30,124
At 31 December 2023
830,676
7,510
838,186
Current provisions
51,824
-
51,824
Non-current provisions
778,852
7,510
786,362
\n \n
Provision for
litigation and
($'000)
Decommissioning
other claims
Total
At 1 January 2024
830,676
7,510
838,186
New provisions
-
-
-
Change in estimates
(36,447)
355
(36,092)
Recognised in property, plant and
equipment
(30,224)
-
(30,224)
Recognised in profit& loss
(6,223)
355
(5,868)
Spend
(23,179)
-
(23,179)
Unwinding of discount
22,107
-
22,107
Transfer to liabilities held for sale
(481,161)
(7,678)
(488,839)
Currency translation adjustment
(19,700)
(187)
(19,887)
At 31 December 2024
292,295
-
292,295
Current provisions
58,260
-
58,260
Non-current provisions
234,035
-
234,035
\n
Decommissioning provision
\n
The decommissioning provision represents the present value of decommissioning costs relating to oil
\n
and gas properties, which are expected to be incurred up to 2042 when the producing oil and gas
\n
properties are expected to cease operations. The future costs are based on a combination of estimates
\n
from an external study completed in previous years and internal estimates. These estimates are reviewed
\n
annually to take into account any material changes to the assumptions. However, actual
\n
decommissioning costs will ultimately depend upon future market prices for the necessary
\n
decommissioning works required that will reflect market conditions at the relevant time. Furthermore,
\n
the timing of decommissioning is likely to depend on when the fields cease to produce at economically
\n
viable rates. This, in turn, will depend upon future oil and gas prices and the impact of energy transition
\n
and the pace at which it progresses which are inherently uncertain.
\n
The decommissioning provision represents the present value of decommissioning costs relating to
\n
assets in Greece, UK, and Israel.
\n
The decommissioning provision related to Italy and Croatia has been reclassified to liabilities held for
\n
sale; see Note 25 for further details. No provision has been recognized for Egypt as there is no legal or
\n
constructive obligation as of 31 December 2024.
The principal assumptions used in determining decommissioning obligations for the Group are shown
below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Cessation
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Discount
of
\u00a0 \u00a0 \u00a0
\u00a0
Inflation
rate
production
Spend
\u00a0 \u00a0
\u00a0
assumption
assumption
assumption
in 2024
2024 ($'000)
2023 ($'000)
Continuing operations:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Greece
2%- 2.04%
3.59%
2049
-
12,966
19,359
UK
2.02%
4.46%
2029
12,394
181,616
202,874
Israel
2.15%- 2.7%
4.86%
2044
-
85,357
92,613
Discontinued operations:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Italy
1.78%- 2.2%
3.88%
2024-2038
29,358
459,781
497,827
Croatia
1.78%- 2.2%
3.88%
2025
-
21,380
18,003
Total
\u00a0 \u00a0 \u00a0
41,752
761,100
830,676
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "24
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade and other payables-Current
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Trade accounts payable
177,476
225,451
Payables to partners under JOA
134
9,601
170,470
Deferred licence payments due within one year
135
-
46,154
Other payables
136
35,627
53,756
Contingent consideration (Note 27.1)
-
91,075
Short term lease liability
6,336
16,498
Deferred income
-
548
VAT payable
4,228
20
\u00a0
233,268
603,972
Non-financial items:
\u00a0 \u00a0
Accrued expenses
137
48,871
65,033
Other finance costs accrued (Note 9)
51,460
63,893
Social insurance and other taxes
2,243
4,705
\u00a0
102,574
133,631
\u00a0
335,842
737,603
\n
134
Payables to partners under the JOA include both payables and working capital estimates provided by the operators. The
decrease in 2024 is due to the payables to partners for JOAs in Italy and Egypt being classified as held for sale. Refer to Note
25 for further details.
135
In December 2016, Energean Israel acquired the Karish and Tanin offshore gas fields for an initial payment of $40.0 million,
with an additional obligation of $108.5 million plus interest, to be paid in ten equal annual instalments at an annual inflation rate
of 4.6%. In November 2023, a settlement agreement was reached, allowing the remaining balance to be settled in two
instalments, both completed in the first half of 2024. As of 31 December 2024, the full consideration has been paid.
136
Other payables primarily consist of royalties accrued in Israel ($35.5 million as of 31 December 2024, $32 million as of 31
December 2023) and in Italy ($18 million as of 31 December 2023, with no inclusion as of 31 December 2024).
137
Accrued expenses mainly relate to development expenditure incurred in Israel (Katlan) and Morocco (Anchois).
($\u2019000)
2024
2023
Trade and other payables- Non- Current
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Trade and other payables
138
80,020
117,796
Long term lease liability
8,471
48,598
\u00a0
88,491
166,394
Non-financial items:
\u00a0 \u00a0
Social insurance
792
529
\u00a0
792
529
\u00a0
89,283
166,923
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "25
Discontinued operations
On 20 June 2024, the Group publicly announced the decision of its Board of Directors to sell its portfolio
in Egypt, Italy and Croatia (together referred to as \u201cEnergean Capital Limited Group\u201d, \u201cECL\u201d or \u201cECL Group\u201d),
fully owned and controlled by the Group.
The sale of ECL is expected to be completed in Q2 2025 and is contingent upon securing regulatory
approvals in Italy and Egypt and antitrust approvals in Italy, Egypt and the Common Market for Eastern
and Southern Africa (\u201cCOMESA\u201d). In December, Carlyle received unconditional clearance from the
COMESA Competition Commission, which was the final remaining anti-trust approval.
Upon completion of the disposal, the Group will receive:
\u2022
$504 million in upfront cash consideration at the closing of the transaction;
\u2022
Adjustments for working capital and cash between 31 December 2023, and the closing date;
\u2022
A $139 million Vendor Loan with a tenor of 6 years and 3 months, accruing interest at SOFR +
7% in the first year, increasing by 0.5% annually thereafter;
\u2022
Up to $125 million in contingent consideration, adjusted for inflation based on the US CPI index
from 1 January
2024, contingent upon:
\u2022
Italian oil and gas production exceeding annual reference volumes from 2025-2028, as
outlined in the YE23 Competent Person\u2019s Report (CPR).
\u2022
Brent and Italian PSV gas prices exceeding annual reference prices from 2025-2028.
\u2022
The contingent payment is calculated as 25% of the incremental commodity price multiplied by
actual production, payable annually from 2025 to 2028.
At 31 December 2024, ECL Group was classified as a disposal group held for sale (\u201cHFS\u201d) and as a
discontinued operation. The business of ECL Group represented the entirety of the Group\u2019s Egypt
operating segment until 20 June 2024. With ECL being classified as discontinued operations, the Egypt
segment is no longer presented in the segment note. ECL operations in Italy and Croatia were previously
included in the Group\u2019s Europe operating segment, they are no longer presented within this segment. The
results of ECL for the twelve months ended 31 December 2024 are presented below:
138
The amount comprise the following long-term amounts payable:
(1)
$61.8 million refers to EPCIC contract. Following the amendment to the terms of the deferred payment agreement with
Technip informally reached by the parties in December 2023 and unchanged upon signing in February 2024 the remaining
amount payable under the EPCIC contract reduced to $210 million. The amount is payable in twelve equal quarterly
deferred payments starting in March 2024 and therefore has been discounted at 8.668%. p.a. (being the yield rate of the
senior secured loan notes, maturing in 2026, at the date of agreeing the payment terms). As of 31 December 2024, four
instalments have been paid.
(2)
$18.3 million refers to Public Power Corporation Contract (PPC). In July 2024, the parties entered into a settlement
agreement regarding the PPC contract, with an agreed balance of $28 million payable in 48 monthly instalments.
Consequently, this liability has been discounted at an annual rate of 7.9%, which corresponds to the actual interest rate
on the Group's Greek loan at the time the payment terms were set. As of 31 December 2024, seven instalments have
been paid.
Note A:
The tables below present the ECL Group's financial results, showing financial results from discontinued operations before and
\n
after adjustments for the reporting periods. The adjustments include (1) intra-group transactions such as interest income and
\n
expenses, allowances for related party loans, and costs from transactions between the disposal group and other entities within the
\n
Energean plc Group (continuing operations) and (2) adjustments made by the Group related to discontinued operations classification
\n
including the adjustment to depreciation and amortisation following the HFS classification date.
These items were not eliminated in
\n
the carve-out view (refer to \u201cDiscontinued operations, before adjustments\u201d), thereby reflecting the related party transactions for the
\n
ECL Group before consolidation adjustments for discontinued operations. Financial results presented for discontinued operations
\n
before the mentioned adjustments are non-IFRS measures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
2023
Discontinued
operations,
Discontinued
before
Discontinued
operations, before
Discontinued
(Note A) , $'000
adjustments
operations, total
adjustments
operations, total
Revenue
470,030
464,679
447,237
441,138
Cost of Sales
(290,888)
(222,348)
(254,268)
(250,260)
Gross profit
179,142
242,331
192,969
190,878
Administration
expenses
(20,399)
(17,438)
(17,206)
(15,768)
Change in
decommissioning
(25,568)
(25,568)
35,348
35,348
provision
Exploration and
evaluation
(66,087)
(66,087)
(4,896)
(4,896)
expenses
Impairment of oil
and gas assets
(159)
(159)
-
-
Expected credit
loss
(2,554)
(2,554)
(4,375)
(4,375)
Other expenses
(4,881)
(4,881)
(770)
(750)
Other income
864
864
6,293
6,293
Operating profit
60,358
126,508
207,363
206,730
Finance Income
2,572
575
5,423
5,183
Finance Costs
(44,547)
(32,405)
(30,857)
(19,300)
Unrealised loss on
derivatives
-
-
(6,610)
(6,610)
Net foreign
exchange loss
14,116
14,085
(13,574)
(13,574)
Profit before tax
from discontinuing
32,499
108,763
161,745
172,429
operations
Taxation
(expense)/ income:
-
Related to pre-
tax
profit/(loss)
from the
(32,169)
(36,615)
(89,556)
(89,556)
ordinary
activities for
the period
-
Related to
remeasureme
nt to fair value
-
-
-
-
less costs to
sell
\n \n
2024
2023
Discontinued
operations,
Discontinued
before
Discontinued
operations, before
Discontinued
(Note A) , $'000
adjustments
operations, total
adjustments
operations, total
(Loss)/ Profit for
the period from
discontinuing
330
72,148
72,189
82,873
operations
\n
The major classes of assets and liabilities of ECL Group classified as held for sale as at 31 December
\n
are, as follows:
\n\n \n
2024
2023
Discontinued
Discontinued
Discontinued
Discontinued
operations, before
operations,
operations, before
operations,
(Note A) , $'000
adjustments
total
adjustments
total
ASSETS
Property, plant
and equipment
1,136,606
1,201,632
1,000,748
1,000,748
Intangible assets
31,068
31,113
54,667
54,667
Equity-accounted
investments
4
4
4
4
Deferred tax
asset
125,697
121,250
131,018
131,018
Inventories
72,615
72,615
75,123
75,123
Loans receivable
from related party
102,435
-
77,389
-
Trade and other
receivables
292,343
290,273
221,799
213,872
Cash and cash
equivalents
53,014
53,019
11,849
11,849
Total assets
1,813,782
1,769,906
1,572,597
1,487,281
LIABILITIES
Retirement
benefit liability
1,033
1,033
1,188
1,188
Provisions
526,001
526,001
523,339
523,339
Trade and other
payables
547,826
545,065
470,713
456,671
Loans payable to
related party
354,271
-
172,294
-
Current tax
Liability
3,813
3,813
7,597
7,597
Total liabilities
1,432,944
1,075,912
1,175,131
988,795
Net assets
directly
associated with
380,838
693,994
397,466
498,486
disposal group
\n
Trade receivables include balances from EGPC, the Egyptian governmental body that are
\n
significantly aged.
\n \n
2024
2023
Trade
Trade
($\u2019000)
receivables
Allowance
receivables
Allowance
Not yet due
59,720
(3,050)
38,309
(2,022)
Past due by less than one month
8,971
(458)
14,200
(750)
Past due by one to three months
49,663
(2,537)
34,411
(1,816)
Past due by three to six months
30,279
(1,546)
33,684
(1,778)
Past due by more than six months
56,440
(2,883)
34,004
(1,795)
Total
205,073
(10,474)
154,608
(8,161)
\n
Egypt has faced considerable inflationary pressures, largely driven by economic reforms, reductions in
\n
subsidies, and fluctuations in the foreign exchange market. These factors have influenced the rate at
\n
which trade receivables are recovered. The estimation of expected credit losses has taken into account
\n
the country's risk of default, considering the maturity profile of overdue receivables.
\n
The net cashflows incurred by ECL during twelve months are, as follows:
\n\n \n
$'000
2024
2023
Operating
205,583
78,029
Investing
(299,747)
(173,825)
Financing
139,333
25,151
Net cash (outflow)/inflow
45,169
(70,645)
\n\n \n
Earnings per share ($ cents)
2024
2023
Basic, (loss)/profit for the year from
discontinued operations
$0.39/share
$0.46/share
Diluted, (loss)/profit for the year from
discontinued operations
$0.39/share
$0.46/share
\n
As at 31 December 2024, there was no write-down as the fair value less costs to sell did not fall below
\n
the carrying amount of the disposal group.
\n
The average monthly number of employees (including Executive Directors) employed by the Group
\n
worldwide was:
\n\n \n
Number
2024
2023
Discontinued operations:
Administration
84
83
Technical
141
145
Total
225
228
In addition, the Group consolidates the personnel costs of its Operating Company, Abu Qir Petroleum
Company (\u2018AQP\u2019), for which 100% of the personnel costs are borne by the Group. The table below details
the average number of employees related to AQP employees:
Number
2024
2023
AQP employee (excluding Energean employees)
594
612
\u00a0
594
612
\n
As of 31 December 2024, the disposal group has capital commitments totalling $42.6 million, to be
fulfilled by the end of 2025, and $2.1 million by the end of 2026. These commitments mainly relate to the
non-operated Cassiopea and Fauzia developments in Italy, with the remaining $2.0 million concerning
capital commitments in Egypt to the government
139
.
As of 31 December 2024, the disposal group has $7.7 million in litigation and other provisions. This
includes a \u20ac3.3 million (approximately $3.5 million) provision for ongoing litigation with the Termoli Port
Authority in Italy regarding fees for the marine concession for FSO Alba Marina, currently under appeal in
the Campobasso Court of Appeal.
Additionally, Energean Italy Spa is involved in litigation with three municipalities in Italy over real estate
municipality taxes (IMU/TASI), interest, and penalties for 2016 to 2019. Under the sale and purchase
agreement, Edison S.p.A. bears liability for pre-2019 taxes, while Energean is liable for 2019. Appeals have
been filed with strong legal arguments, and the likelihood of outflow beyond the $2.1 million provision
recognised is considered remote.
The remaining balance in other provisions relates to a potential claim in Egypt. The timing of the
settlement and any cash outflows is uncertain, so these provisions are classified as non-current liabilities
based on expected court hearing dates beyond 12 months from 31 December 2024.
The Group will indemnify at completion, the prospective buyer of the ECL Group against risks associated
with the failure of specific legal cases mentioned above.
\u00a0
2024
2023
Performance guarantees:
\u00a0 \u00a0
Greece (relates to Energean
\u00a0 \u00a0
Italy exploration license)
-
1,558
Egypt
140
6,000
-
Italy
22,710
16,140
\u00a0
28,710
17,698
\n
139
The total capital commitments in Egypt amounted to $6.0 million, with $4.0 million already spent as of 31 December 2024. The
Group is awaiting clearance from EGPC, which is expected upon the completion of all commitments.
140
Is held in the form of blocked invoices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "26
Employee share schemes
Analysis of share-based payment charge
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023 (Restated
141
)
Energean Deferred Share Bonus Plan (DSBP)
2,231
1,619
Energean Long Term Incentive Plan (LTIP)
6,848
4,838
Total share-based payment charge
9,079
6,457
Expensed as administration and other expenses (Note 8)
9,079
6,457
Total share-based payment charge
9,079
6,457
\n
Energean Long Term Incentive Plan (LTIP)
Under the Energean plc's 2018 LTIP rules, senior executives may be granted conditional awards of shares
or nil cost options.
Nil cost options are normally exercisable from three to ten years following grant
provided an individual remains in employment. Awards are subject to performance conditions (including
Total Shareholder Return (TSR) normally measured over a period of three years. Vesting of awards or
exercise of nil cost options is generally subject to an individual remaining in employment except in certain
circumstances such as good leaver and change of control.
Awards may be subject to a holding period
following vesting.
No dividends are paid over the vesting period; however, Energean's Board may decide
at any time prior to the issue or transfer of the shares in respect of which an award is released that the
participant will receive an amount (in cash and/or additional Shares) equal in value to any dividends that
would have been paid on those shares on such terms and over such period (ending no later than the
Release Date) as the Board may determine. This amount may assume the reinvestment of dividends (on
such basis as the Board may determine) and may exclude or include special dividends.
The weighted average remaining contractual life for LTIP awards outstanding at 31 December 2024 was
1.1 year, number of shares outstanding 1,945,992 and weighted average price at grant date \u00a311.32 (or
$14.19).
There are further details of the LTIP in the Remuneration Report on pages 125-143.
Deferred Share Bonus Plan (DSBP)
Under the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration
Committee may be deferred into shares.
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award although
may vest early on leaving employment or on a change of control.
The weighted average remaining contractual life for DSBP awards outstanding at 31 December 2024 was
0.7 year, number of shares outstanding 336,988 and weighted price at grant date \u00a310.90 (or $13.66).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "27
Financial instruments
The Group is exposed to a variety of risks including commodity price risk, interest rate risk, credit risk,
foreign currency risk and liquidity risk. The use of derivative financial instruments is governed by the
Group\u2019s policies approved by the Board of Directors. Compliance with policies and exposure limits are
monitored and reviewed internally on a regular basis. The Group does not enter into or trade financial
instruments, including derivatives, for speculative purposes.
141
Restated for discontinued operations, refer to Note 25 for further detail.
27.1
Fair values of financial assets and liabilities
The section below outlines the methodology the Group employs to come up with the fair values of various
financial assets and liabilities.
Deferred consideration
In accordance with the Share Purchase Agreement (SPA) dated 4 July 2019 between Energean and
Edison SpA, a contingent consideration up to $100 million is linked to the commissioning of the
Cassiopea gas development in Italy. This consideration is dependent on the recorded future gas prices
(PSV) at the time of the first gas production.
The first gas production commenced in August 2024, with four wells fully operational by the end of
December 2024. This operational milestone led to a payable recognition of $97.9 million as of 31
December 2024, which is due for payment in H1 2025. The deferred consideration is not contingent on
31 December 2024 and is included in liabilities held for sale recorded by the Group at the reporting date.
As of 31 December 2023, based on the observed increase in the two-year future curve of PSV prices
which indicates an average exceeding \u20ac20/MWh, the fair value of the contingent consideration was
estimated at $91.1 million. This estimation utilised a Monte Carlo simulation method and reflects an
adjustment in the projected fair value from the previous year\u2019s estimation. The fair value of this contingent
consideration was recognised at level 3 of the fair value hierarchy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contingent and deferred consideration
2024
2023
1 January
91,075
86,320
Fair value adjustment including
\u00a0
4,755
Discount unwinding
6,840
(1,855)
Unrealised loss on derivates
-
6,610
31 December
97,915
91,075
\n
Fair values of other financial instruments
The following financial instruments are measured at amortised cost and are considered to have fair
values different to their book values:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
$\u2019000
2024
2023
\u00a0
Carrying value
Fair value
Carrying value
Fair value
\u00a0
at 31 December
\u00a0
at 31 December
\u00a0
Senior Secured notes (Note 21)
3,040,010
2,934,170
3,032,783
2,775,135
\n
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
discounting future cash flows by the relevant market yield curve at the balance sheet date.
The fair values of other financial instruments not measured at fair value including cash and short-term
deposits, trade receivables and trade and other payables equate approximately to their carrying amounts.
27.2
Commodity price risk
The Group considers hedging activities as part of the ongoing financial risk management to protect
against commodity price volatility and to ensure the availability of cash flow for re-investment in capital
programmes that are driving business delivery.
No hedging contracts were entered into in 2024 and 2023.
27.3
Interest rate risk
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
term borrowings are therefore usually at fixed rates.
As of 31 December 2024, the Group\u2019s exposure to interest rate risk primarily pertains to Greek borrowings
and the Revolving Credit Facility (RCF), as all other borrowings are at fixed interest rates (refer to Note 21
for details). This exposure is solely related to the continuing operations of the Group. Additionally, the
exposure to interest rates for the Group\u2019s money market funds is considered immaterial.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023
Impact on finance costs
\u00a0 \u00a0
Interest rates increase +0.5%
485
401
Interest rates decrease -0.5%
(485)
(401)
\n
27.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade receivables and receivables from partners under JOA
112,188
308,078
Allowance for impairment
-
(8,777)
Total
112,188
299,301
\n
There is no expected credit loss provision (ECL) recognised in relation to continuing operations on 31
December 2024. Please refer to Note 25 for details on the ECL recognised in relation to trade and other
receivables associated with discontinued operations.
Trade Receivables by geography
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
United Kingdom
4,012
2,260
Greece
91
189
Israel
108,085
114,139
Total
112,188
116,588
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
142
2023
Aa2
109
895
A1
35,247
30,769
A2
24
313,040
A3
-
75
Baa1
265,295
-
Baa2
12,636
21,098
Ba1
47
-
B2
-
3
B3
1,612
6,488
Caa1
5,660
-
Not applicable
143
17
-
\u00a0
320,647
372,368
\n
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.
142
Continuing and discontinued operations together
143
Refers to petty cash and cash in transit.
27.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
are additionally denominated in US$.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2024
2023
2024
2023
United Kingdom Pounds (GBP)
130,199
134,415
151,914
104,371
Euro
892,469
862,698
796,430
1,175,741
CAD
17
18
-
-
NOK
21
22
-
1
ILS
4,324
7,874
31,058
30,441
SGD
-
-
-
-
MAD
358
-
47
\u00a0
EGP
231
263
7,765
4,951
Total
1,027,619
1,005,290
987,214
1,315,505
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
\u00a0
USD
GBP
Euro
ILS
NOK
MAD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2023
\u00a0
USD
GBP
Euro
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\n
The above calculations assume that interest rates remain the same as at the reporting date.
27.6
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset.
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of
existing debt and other payables. As at 31 December 2024, the Group had available $125.8 million (2022:
$235.0 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (Refer to Note 21 for
details for further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2024
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
14,807
15,710
1,516
5,358
4,565
2,430
1,841
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
306,952
321,227
162,256
70,915
69,794
18,262
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,591,663
4,762,646
374,116
194,349
1,018,393
1,410,032
1,765,756
\n \n
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2023
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
65,096
74,656
4,279
14,302
27,919
12,378
15,778
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
705,270
740,980
251,215
349,765
140,000
-
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
\u00a0
910,945
1,918,789
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "27.1
Fair values of financial assets and liabilities
The section below outlines the methodology the Group employs to come up with the fair values of various
financial assets and liabilities.
Deferred consideration
In accordance with the Share Purchase Agreement (SPA) dated 4 July 2019 between Energean and
Edison SpA, a contingent consideration up to $100 million is linked to the commissioning of the
Cassiopea gas development in Italy. This consideration is dependent on the recorded future gas prices
(PSV) at the time of the first gas production.
The first gas production commenced in August 2024, with four wells fully operational by the end of
December 2024. This operational milestone led to a payable recognition of $97.9 million as of 31
December 2024, which is due for payment in H1 2025. The deferred consideration is not contingent on
31 December 2024 and is included in liabilities held for sale recorded by the Group at the reporting date.
As of 31 December 2023, based on the observed increase in the two-year future curve of PSV prices
which indicates an average exceeding \u20ac20/MWh, the fair value of the contingent consideration was
estimated at $91.1 million. This estimation utilised a Monte Carlo simulation method and reflects an
adjustment in the projected fair value from the previous year\u2019s estimation. The fair value of this contingent
consideration was recognised at level 3 of the fair value hierarchy.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Contingent and deferred consideration
2024
2023
1 January
91,075
86,320
Fair value adjustment including
\u00a0
4,755
Discount unwinding
6,840
(1,855)
Unrealised loss on derivates
-
6,610
31 December
97,915
91,075
\n
Fair values of other financial instruments
The following financial instruments are measured at amortised cost and are considered to have fair
values different to their book values:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
$\u2019000
2024
2023
\u00a0
Carrying value
Fair value
Carrying value
Fair value
\u00a0
at 31 December
\u00a0
at 31 December
\u00a0
Senior Secured notes (Note 21)
3,040,010
2,934,170
3,032,783
2,775,135
\n
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
discounting future cash flows by the relevant market yield curve at the balance sheet date.
The fair values of other financial instruments not measured at fair value including cash and short-term
deposits, trade receivables and trade and other payables equate approximately to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "27.2
Commodity price risk
The Group considers hedging activities as part of the ongoing financial risk management to protect
against commodity price volatility and to ensure the availability of cash flow for re-investment in capital
programmes that are driving business delivery.
No hedging contracts were entered into in 2024 and 2023.
27.3
Interest rate risk
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
term borrowings are therefore usually at fixed rates.
As of 31 December 2024, the Group\u2019s exposure to interest rate risk primarily pertains to Greek borrowings
and the Revolving Credit Facility (RCF), as all other borrowings are at fixed interest rates (refer to Note 21
for details). This exposure is solely related to the continuing operations of the Group. Additionally, the
exposure to interest rates for the Group\u2019s money market funds is considered immaterial.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
2023
Impact on finance costs
\u00a0 \u00a0
Interest rates increase +0.5%
485
401
Interest rates decrease -0.5%
(485)
(401)
\n
27.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade receivables and receivables from partners under JOA
112,188
308,078
Allowance for impairment
-
(8,777)
Total
112,188
299,301
\n
There is no expected credit loss provision (ECL) recognised in relation to continuing operations on 31
December 2024. Please refer to Note 25 for details on the ECL recognised in relation to trade and other
receivables associated with discontinued operations.
Trade Receivables by geography
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
United Kingdom
4,012
2,260
Greece
91
189
Israel
108,085
114,139
Total
112,188
116,588
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
142
2023
Aa2
109
895
A1
35,247
30,769
A2
24
313,040
A3
-
75
Baa1
265,295
-
Baa2
12,636
21,098
Ba1
47
-
B2
-
3
B3
1,612
6,488
Caa1
5,660
-
Not applicable
143
17
-
\u00a0
320,647
372,368
\n
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.
142
Continuing and discontinued operations together
143
Refers to petty cash and cash in transit.
27.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
are additionally denominated in US$.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2024
2023
2024
2023
United Kingdom Pounds (GBP)
130,199
134,415
151,914
104,371
Euro
892,469
862,698
796,430
1,175,741
CAD
17
18
-
-
NOK
21
22
-
1
ILS
4,324
7,874
31,058
30,441
SGD
-
-
-
-
MAD
358
-
47
\u00a0
EGP
231
263
7,765
4,951
Total
1,027,619
1,005,290
987,214
1,315,505
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
\u00a0
USD
GBP
Euro
ILS
NOK
MAD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2023
\u00a0
USD
GBP
Euro
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\n
The above calculations assume that interest rates remain the same as at the reporting date.
27.6
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset.
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of
existing debt and other payables. As at 31 December 2024, the Group had available $125.8 million (2022:
$235.0 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (Refer to Note 21 for
details for further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2024
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
14,807
15,710
1,516
5,358
4,565
2,430
1,841
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
306,952
321,227
162,256
70,915
69,794
18,262
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,591,663
4,762,646
374,116
194,349
1,018,393
1,410,032
1,765,756
\n \n
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2023
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
65,096
74,656
4,279
14,302
27,919
12,378
15,778
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
705,270
740,980
251,215
349,765
140,000
-
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
\u00a0
910,945
1,918,789
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "27.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Trade receivables and receivables from partners under JOA
112,188
308,078
Allowance for impairment
-
(8,777)
Total
112,188
299,301
\n
There is no expected credit loss provision (ECL) recognised in relation to continuing operations on 31
December 2024. Please refer to Note 25 for details on the ECL recognised in relation to trade and other
receivables associated with discontinued operations.
Trade Receivables by geography
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
United Kingdom
4,012
2,260
Greece
91
189
Israel
108,085
114,139
Total
112,188
116,588
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($'000)
2024
142
2023
Aa2
109
895
A1
35,247
30,769
A2
24
313,040
A3
-
75
Baa1
265,295
-
Baa2
12,636
21,098
Ba1
47
-
B2
-
3
B3
1,612
6,488
Caa1
5,660
-
Not applicable
143
17
-
\u00a0
320,647
372,368
\n
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "27.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
are additionally denominated in US$.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2024
2023
2024
2023
United Kingdom Pounds (GBP)
130,199
134,415
151,914
104,371
Euro
892,469
862,698
796,430
1,175,741
CAD
17
18
-
-
NOK
21
22
-
1
ILS
4,324
7,874
31,058
30,441
SGD
-
-
-
-
MAD
358
-
47
\u00a0
EGP
231
263
7,765
4,951
Total
1,027,619
1,005,290
987,214
1,315,505
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
\u00a0
USD
GBP
Euro
ILS
NOK
MAD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2023
\u00a0
USD
GBP
Euro
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\nThe above calculations assume that interest rates remain the same as at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "27.6
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
financial liabilities that are settled by delivering cash or another financial asset.
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of
existing debt and other payables. As at 31 December 2024, the Group had available $125.8 million (2022:
$235.0 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (Refer to Note 21 for
details for further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2024
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
14,807
15,710
1,516
5,358
4,565
2,430
1,841
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
306,952
321,227
162,256
70,915
69,794
18,262
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,591,663
4,762,646
374,116
194,349
1,018,393
1,410,032
1,765,756
\n \n
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
2023
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
($'000)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank loans
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
Lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
65,096
74,656
4,279
14,302
27,919
12,378
15,778
Trade and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other
705,270
740,980
251,215
349,765
140,000
-
-
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
\u00a0
910,945
1,918,789
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "28
Related parties
28.1
Related party relationships
Balances and transactions between the Company and its subsidiaries, which are related parties, have
been eliminated on consolidation and are not disclosed in this note.
The Directors of Energean Plc are considered to be the only key management personnel as defined by
IAS 24.
The following information is provided in relation to the related party transaction disclosures provided in
Note 28.2 below:
Seven Maritime Company was a related party company controlled by one of the Energean\u2019 s executive
directors. Seven Marine owns the offshore supply ship Energean Wave which support the Group\u2019s
operations in Northern Greece. It ceased to be a related party in 2024 due to the change in controllership.
28.2
Related party transactions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
$'000
2024
2023
Purchase of services: Vessel leasing
-
2,013
Payables to related party
-
-
\n
28.3
Key management compensation
The Directors of Energean plc are considered to be the only key management personnel as defined by
IAS 24 Related Party Disclosures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2024 ($\u2019000)
Salary and fees
Benefits
Annual bonus paid in cash
Total
Executive Directors
1,726
162
2,485
4,374
Non-Executive Directors
1,023
-
-
1,023
Total
2,749
162
2,485
5,397
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2023 ($\u2019000)
Salary and fees
Benefits
Annual bonus paid in cash
Total
Executive Directors
1,561
75
1,909
3,545
Non-Executive Directors
761
-
-
761
Total
2,322
75
1,909
4,306
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "28.3
Key management compensation
The Directors of Energean plc are considered to be the only key management personnel as defined by
IAS 24 Related Party Disclosures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2024 ($\u2019000)
Salary and fees
Benefits
Annual bonus paid in cash
Total
Executive Directors
1,726
162
2,485
4,374
Non-Executive Directors
1,023
-
-
1,023
Total
2,749
162
2,485
5,397
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2023 ($\u2019000)
Salary and fees
Benefits
Annual bonus paid in cash
Total
Executive Directors
1,561
75
1,909
3,545
Non-Executive Directors
761
-
-
761
Total
2,322
75
1,909
4,306
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "29
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Capital Commitments
\u00a0 \u00a0
Due within one year
8,425
195,903
Due later than one year but within two years
-
20,963
Due later than two years but within five years
-
6,230
\u00a0
8,425
223,096
\n
For capital commitments related to discontinued operations as of 31 December 2024, please refer to
Note 25.
As of 31 December 2024, there are no capital commitments towards Governments (31 December 2023:
$16.7 million). An amount of $8.4 million (31 December 2023: $206.4 million) pertains to capital
commitments with partners based on future work programs. These capital commitments relate to
remaining minimum exploration activities committed to in Morocco and asset integrity commitments in
the United Kingdom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Performance guarantees
2024
2023
Greece
1,009
4,522
Israel
50,629
53,006
UK
134,056
95,743
Morocco
375
-
Greece (relates to Energean Italy exploration license)
-
1,558
\u00a0
186,069
154,829
\n
Open guarantees at the reporting date mainly relate to:
\u2022
United Kingdom ($134.1 million)-
The Group has issued letters of credit for United Kingdom
decommissioning obligations and other obligations under the United Kingdom licenses.
\u2022
Israel ($50.6 million)
-
The majority of the balance, totalling US$ 48.6 million as of 31 December 2024
and US$ 46.2 million as of 31 December 2023, is associated with performance bank guarantees that
the company has provided to the Ministry of Energy in Israel, as required under its oil and gas licenses
and leases. The remaining balance is attributed to the company's ongoing operations in Israel.
\u2022
Greece ($1.0 million)
- The Group issued letters of credit to cover obligations under the Block 2
licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2024 and 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "29
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Capital Commitments
\u00a0 \u00a0
Due within one year
8,425
195,903
Due later than one year but within two years
-
20,963
Due later than two years but within five years
-
6,230
\u00a0
8,425
223,096
\n
For capital commitments related to discontinued operations as of 31 December 2024, please refer to
Note 25.
As of 31 December 2024, there are no capital commitments towards Governments (31 December 2023:
$16.7 million). An amount of $8.4 million (31 December 2023: $206.4 million) pertains to capital
commitments with partners based on future work programs. These capital commitments relate to
remaining minimum exploration activities committed to in Morocco and asset integrity commitments in
the United Kingdom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Performance guarantees
2024
2023
Greece
1,009
4,522
Israel
50,629
53,006
UK
134,056
95,743
Morocco
375
-
Greece (relates to Energean Italy exploration license)
-
1,558
\u00a0
186,069
154,829
\n
Open guarantees at the reporting date mainly relate to:
\u2022
United Kingdom ($134.1 million)-
The Group has issued letters of credit for United Kingdom
decommissioning obligations and other obligations under the United Kingdom licenses.
\u2022
Israel ($50.6 million)
-
The majority of the balance, totalling US$ 48.6 million as of 31 December 2024
and US$ 46.2 million as of 31 December 2023, is associated with performance bank guarantees that
the company has provided to the Ministry of Energy in Israel, as required under its oil and gas licenses
and leases. The remaining balance is attributed to the company's ongoing operations in Israel.
\u2022
Greece ($1.0 million)
- The Group issued letters of credit to cover obligations under the Block 2
licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2024 and 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "29
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2024
2023
Capital Commitments
\u00a0 \u00a0
Due within one year
8,425
195,903
Due later than one year but within two years
-
20,963
Due later than two years but within five years
-
6,230
\u00a0
8,425
223,096
\n
For capital commitments related to discontinued operations as of 31 December 2024, please refer to
Note 25.
As of 31 December 2024, there are no capital commitments towards Governments (31 December 2023:
$16.7 million). An amount of $8.4 million (31 December 2023: $206.4 million) pertains to capital
commitments with partners based on future work programs. These capital commitments relate to
remaining minimum exploration activities committed to in Morocco and asset integrity commitments in
the United Kingdom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Performance guarantees
2024
2023
Greece
1,009
4,522
Israel
50,629
53,006
UK
134,056
95,743
Morocco
375
-
Greece (relates to Energean Italy exploration license)
-
1,558
\u00a0
186,069
154,829
\n
Open guarantees at the reporting date mainly relate to:
\u2022
United Kingdom ($134.1 million)-
The Group has issued letters of credit for United Kingdom
decommissioning obligations and other obligations under the United Kingdom licenses.
\u2022
Israel ($50.6 million)
-
The majority of the balance, totalling US$ 48.6 million as of 31 December 2024
and US$ 46.2 million as of 31 December 2023, is associated with performance bank guarantees that
the company has provided to the Ministry of Energy in Israel, as required under its oil and gas licenses
and leases. The remaining balance is attributed to the company's ongoing operations in Israel.
\u2022
Greece ($1.0 million)
- The Group issued letters of credit to cover obligations under the Block 2
licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2024 and 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Open guarantees at the reporting date mainly relate to:
\u2022
United Kingdom ($134.1 million)-
The Group has issued letters of credit for United Kingdom
decommissioning obligations and other obligations under the United Kingdom licenses.
\u2022
Israel ($50.6 million)
-
The majority of the balance, totalling US$ 48.6 million as of 31 December 2024
and US$ 46.2 million as of 31 December 2023, is associated with performance bank guarantees that
the company has provided to the Ministry of Energy in Israel, as required under its oil and gas licenses
and leases. The remaining balance is attributed to the company's ongoing operations in Israel.
\u2022
Greece ($1.0 million)
- The Group issued letters of credit to cover obligations under the Block 2
licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2024 and 31 December 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "30
Subsequent events
New term loan
In February 2025, the Group has signed a 10-year, senior-secured term loan with Bank Leumi as the
Facility Agent and Arranger for $750 million. The term loan will be available to refinance the 2026
Energean Israel Limited Notes and to provide additional liquidity for the Katlan development. Refer to
Note 2.1 for further detail.
Sale of Egypt, Italy and Croatia portfolio
The Group remains committed to completing the sale of the ECL Group under the terms of the Sale and
Purchase Agreement (SPA) signed on 19 June 2024. However, as of the date of these financial
statements, some of the necessary regulatory approvals have not yet been obtained by Carlyle.
Additionally, as of the date of these financial statements, the Group has not been able to reach agreement
with Carlyle to extend the longstop date beyond 20 March 2025, as outlined in the SPA. Accordingly, there
is uncertainty regarding the completion of the sale.
This information became available to the Group subsequent to the reporting date and does not alter the
accounting approach applied to the ECL Group in these financial statements, presenting it as a disposal
group held for sale and a discontinued operation. At the reporting date, the disposal was deemed highly
probable to be completed within 12 months from the classification date. This assessment was based on
the status of approvals as of 31 December 2024, which included:
\u2022
Unconditional clearance from the Italian Competition Authority obtained in August 2024;
\u2022
Approval from the Italian Presidency of the Council of Ministers under the Italian Golden Power
Law received in September 2024; and
\u2022
Unconditional clearance from the COMESA Competition Commission received in December
2024.
Should the Group reassess and reclassify the ECL Group to assets held-for-use and continuing operations
in 2025, it would result in an additional depreciation charge of $65.1 million, as detailed in Note 25, being
reflected in the 2024 full year results when reported as restated comparative figures for 2025.
Other events
In February 2025 the Group renegotiated the extension of the $300 million RCF for another three years,
until September 2028. The total available commitments step down to $200 million from September 2025
onwards.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "31
Subsidiary undertakings
At 31 December 2024, the Group had investments in the following subsidiaries:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of
Country of
Principal activities
Shareholding
Shareholding
subsidiary
incorporation /
\u00a0
At 31 December
At 31 December
\u00a0
registered office
\u00a0
2024 (%)
2023 (%)
Energean E&P
22 Lefkonos
Holding Company
100
100
Holdings Ltd.
Street, 2064
\u00a0 \u00a0 \u00a0
\u00a0
Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Energean Capital
22 Lefkonos
Holding Company
100
100
Ltd.
Street, 2064
\u00a0 \u00a0 \u00a0
\u00a0
Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Energean Group
44 Baker Street,
Oil and gas
100
100
Services Ltd.
London W1U 7AL,
exploration,
\u00a0 \u00a0
\u00a0
United Kingdom
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Oil &
32 Kifissias
Oil and gas
100
100
Gas S.A.
Avenue, Marousi
exploration,
\u00a0 \u00a0
\u00a0
Athens, 151 25,
development and
\u00a0 \u00a0
\u00a0
Greece
production
\u00a0 \u00a0
Energean
22 Lefkonos
Oil and gas
100
100
International Ltd.
Street, 2064
exploration,
\u00a0 \u00a0
\u00a0
Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Israel
22 Lefkonos
Oil and gas
100
100
Ltd.
Street, 2064
exploration,
\u00a0 \u00a0
\u00a0
Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of
Country of
Principal activities
Shareholding
Shareholding
subsidiary
incorporation /
\u00a0
At 31 December
At 31 December
\u00a0
registered office
\u00a0
2024 (%)
2023 (%)
Energean
22 Lefkonos
Oil and gas
100
100
Montenegro Ltd.
Street, 2064
exploration,
\u00a0 \u00a0
\u00a0
Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Israel
Andre Sakharov
Gas transportation
100
100
Transmission Ltd.
9, Haifa, Israel
license holder
\u00a0 \u00a0
Energean Israel
Andre Sakharov
Financing
100
100
Finance Ltd.
9, Haifa, Israel
activities
\u00a0 \u00a0
Energean Egypt
22 Lefkonos
Oil and gas
100
100
Ltd.
Street, 2064
exploration,
\u00a0 \u00a0
\u00a0
Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Hellas
22 Lefkonos
Oil and gas
100
100
Ltd.
Street, 2064
exploration,
\u00a0 \u00a0
\u00a0
Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Italy
31 Foro
Oil and gas
100
100
S.p.a.
Buonaparte,
exploration,
\u00a0 \u00a0
\u00a0
20121 Milano,
development and
\u00a0 \u00a0
\u00a0
Italy
production
\u00a0 \u00a0
Energean Sicilia
Via Salvatore
Oil and gas
100
100
S.r.l.
Quasimodo 2 \u2013
exploration,
\u00a0 \u00a0
\u00a0
97100 Ragusa
development and
\u00a0 \u00a0
\u00a0
(Ragusa)
production
\u00a0 \u00a0
Energean
44 Baker Street,
Oil and gas
100
100
Exploration Ltd.
London W1U 7AL,
exploration,
\u00a0 \u00a0
\u00a0
United Kingdom
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean UK Ltd.
44 Baker Street,
Oil and gas
100
100
\u00a0
London W1U 7AL,
exploration,
\u00a0 \u00a0
\u00a0
United Kingdom
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Egypt
Block #17, City
Oil and gas
100
100
Energy Services
Center, 5th
exploration,
\u00a0 \u00a0
JSC
Settlement, New
development and
\u00a0 \u00a0
\u00a0
Cairo, 11835,
production
\u00a0 \u00a0
\u00a0
Egypt
\u00a0 \u00a0 \u00a0
Energean
44 Baker Street,
Oil and gas
100
100
Investments Ltd.
London W1U 7AL,
exploration,
\u00a0 \u00a0
\u00a0
United Kingdom
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean
44 Baker Street,
Oil and gas
100
100
Morocco Ltd.
London W1U 7AL,
exploration,
\u00a0 \u00a0
\u00a0
United Kingdom
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Enearth Limited
22 Lefkonos
Holding Company
100
-
\u00a0
Street, 2064
\u00a0 \u00a0 \u00a0
\u00a0
Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Enearth Greece
32 Kifissias
Carbon Capture
100
-
S.A.
Avenue, Marousi
Storage
\u00a0 \u00a0
\u00a0
Athens, 151 25,
\u00a0 \u00a0 \u00a0
\u00a0
Greece
\u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Company Statement of Financial Position
As at 31 December 2024
($\u2019000)
Notes
2024
2023
Assets
Non-current assets
Investment in subsidiaries
3
1,289,585
1,289,481
Property, plant and equipment
119
34
Other intangible assets
57
47
Loans and other intercompany receivables
5
263,646
173,509
1,553,407
1,463,071
Current assets
Trade and other receivables
6
39,312
23,414
Cash and cash equivalents
13,328
1,202
52,640
24,616
Total assets
1,606,047
1,487,687
Equity and liabilities
Shareholders\u2019 Equity
Share capital
9
2,449
2,449
Share premium
9
465,331
465,331
Other reserves
54
-
Share based payment reserve
42,016
32,939
Retained earnings
504,219
447,626
1,014,069
948,345
Non-current liabilities
Other payables
775
516
Borrowings
8
445,797
444,313
446,572
444,829
Current liabilities
Trade and other payables
7
17,406
14,513
Borrowings
8
128,000
80,000
Total Current Liabilities
145,406
94,513
Total Liabilities
591,978
539,342
Total equity and liabilities
1,606,047
1,487,687
During the year the Company made a profit of $ 276.4 million (31 December 2023: $35.7 million).
Approved by Board and authorised for issuance on 19 March 2025.
Matthaios Rigas
Chief Executive Officer
Panagiotis Benos
Chief Financial Officer
Company Statement of Changes in Equity
\n
Year ended 31 December 2024
\n\n \n
Equity
Share based
component
Share
Share
payment
of convertible
Other
Retained
($'000)
Capital
Premium
reserve
bonds
Reserves
earnings
Total equity
At 1 January 2023
2,380
415,388
25,611
10,459
-
615,200
1,069,038
Profit for the period
-
-
-
-
-
35,665
35,665
Transactions with owners of the company
Share based payment charges
-
-
7,340
-
-
-
7,340
Exercise of Share Options
12
-
(12)
-
-
-
-
Conversion of the loan note
57
49,943
-
(10,459)
-
10,459
50,000
Dividend Paid
-
-
-
-
-
(213,698)
(213,698)
At 31 December 2023
2,449
465,331
32,939
-
447,626
948,345
Profit for the period
-
-
-
-
-
276,374
276,374
Exchange difference on the translation of foreign
operations
-
-
-
-
54
34
88
Transactions with owners of the company
Share based payment charges
-
9,077
-
-
9,077
Dividend Paid
-
-
-
-
(219,815)
(219,815)
At 31 December 2024
2,449
465,331
42,016
-
54
504,219
1,014,069
1. General information
\n
Energean plc (\u2018the Company') was incorporated in England & Wales on 8 May 2017 as a public company
\n
with limited liability, under the Companies Act 2006. Its registered office is at 44 Baker Street, London
\n
W1U 7AL, United Kingdom. The Financial Statements are presented in US dollars and all values are
\n
rounded to the nearest US$ thousands ($\u2018000), except where otherwise stated. Energean plc is the
\n
ultimate Parent of the Energean Group.
\n
2. Basis of preparation
\n
The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS
\n
100) issued by the Financial Reporting Council. The parent company Financial Statements have therefore
\n
been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United
\n
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 (FRS
\n
101) \u201cReduced Disclosure Framework\u201d as issued by the Financial Reporting Council. As permitted by FRS
\n
101, the Company has taken advantage of the following disclosure exemptions under FRS 101:
\n
a.
the requirements of IFRS 7 Financial Instruments: Disclosures;
\n
b.
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
\n
c.
the requirement in paragraph 38 of IAS 1 \u2018Presentation of Financial Statements\u2019 to present
\n
comparative information in respect of paragraph 79(a) (iv) of IAS 1 and (ii) paragraph 73(e) of
\n
IAS 16 Property Plant and Equipment;
\n
d.
the requirements of paragraphs 10(d), 16, 38A to 38D, 111 and 134 to 136 of IAS 1 Presentation
\n
of Financial Statements;
\n
e.
the requirements of paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash
\n
Flows;
\n
f.
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
\n
g.
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payments
\n
h.
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures;
\n
i.
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
\n
entered into between two or more members of a group, provided that any subsidiary which is a
\n
party to the transaction is wholly owned by such a member; and
\n
j.
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
\n
Estimates and Errors.
\n
As of 2024, the Energean plc Group does not fall under the scope of the Pillar Two Model Rules, as its
\n
consolidated revenues have not exceeded the \u20ac750 million threshold in at least two of the four preceding
\n
fiscal years. Consequently, the temporary exception to recognising and disclosing deferred tax assets
\n
and liabilities related to Pillar Two income taxes, as specified in the Amendments to IAS 12
International
\n
Tax Reform: Pillar Two Model Rules
issued by the IASB in May 2023, remains applicable. This confirms
\n
that neither the mandatory recognition and disclosure exception in IAS 12.4A nor the detailed disclosure
\n
requirements in IAS 12.88A-88D apply to the Group for the current reporting period. It is anticipated that
\n
the Group will come under the purview of the Pillar Two rules for accounting years beginning on or after
\n
1 January 2025.
\n
Where applicable, equivalent disclosures are provided in the Energean plc consolidated financial
\n
statements, which are included in the Annual Report and available to the public.
\n
The Company has applied the exemption from the requirement to publish a separate income statement
\n
for the parent company set out in section 408 of the Companies Act 2006.
\n
2.1 Going concern
\n
The Directors have performed an assessment and concluded that the preparation of the financial
\n
statements on a going concern basis is appropriate. In making this assessment a number of factors were
\n
considered, refer to Note 2.1 of the Energean plc consolidated financial statements. Accordingly, the
\n
Directors have a reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future and consider it appropriate to adopt the going concern
\n
basis in preparing these financial statements.
\n
2.2 Foreign currencies
\n
The US dollar is the functional currency of the Company. Transactions in foreign currencies are translated
\n
at the rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in
\n
foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date,
\n
with a corresponding charge or credit to the income statement.
\n
2.3 Investments
\n
Fixed asset investments, representing investments in subsidiaries, are stated at cost and reviewed for
\n
impairment if there are indications that the carrying value may not be recoverable.
\n
2.4 Trade and other receivables
\n
Receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e. only the
\n
passage of time is required before payment of the consideration is due). The Company is required to
\n
assess the carrying values of each of the amounts due from subsidiary undertakings, considering the
\n
requirements established by IFRS 9
Financial Instruments
. The IFRS 9 impairment model requires the
\n
recognition of \u2018expected credit losses\u2019. If the subsidiary has sufficient liquid assets to repay the loan if
\n
demanded at the reporting date, the expected credit loss is likely to be immaterial. However, if the
\n
subsidiary could not demonstrate the ability to repay the loan, if demanded at the reporting date, the
\n
Company calculated an expected credit loss.
\n
2.5 Trade and other payables
\n
Trade and other payables are carried at amortised cost. They represent liabilities for goods and services
\n
provided to the Company prior to the end of the financial year that are unpaid and arise when the
\n
Company becomes obligated to make future payments in respect of the purchase of those goods and
\n
services.
\n
2.6 Loans and borrowings
\n
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
\n
cost using the effective interest rate (EIR)
method. Gains and losses are recognised in profit or loss when
\n
the liabilities are derecognised, modified and through the EIR amortisation process.
Amortised cost is
\n
calculated by taking into account any discount or premium on acquisition and fees or costs that are an
\n
integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\n
loss.
\n
2.7 Cash and cash equivalents
\n
Cash and cash equivalents comprise cash at bank, demand and time deposits and other short-term
\n
highly liquid investments with a maturity of less than 3 months that are readily convertible to a known
\n
amount of cash and are subject to an insignificant risk of changes in value.
\n
2.8 Other Expenses
\n
Other expenses of $ 5.2 million relates to the anticipated sale of the Group\u2019s portfolio in Egypt, Italy, and
\n
Croatia (\u201cECL Group\u201d). The decision to sell was announced in June 2024, and the transaction is likely to
\n
be completed in Q1 2025. Pre-sale activities have resulted in additional expenses recognized during the
\n
reporting period, including consulting ($2.7 million) and legal fees ($2.5 million). Energean is subject to
\n
additional charges contigent on completion of the sale.
2.9 Capital management
\n
The Company defines capital as the total equity of the Company. Capital is managed in order to provide
\n
returns for shareholders and benefits to stakeholders and to safeguard the Company\u2019s ability to continue
\n
as a going concern. The Company is not subject to any externally imposed capital requirements. To
\n
maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
\n
return capital, issue new shares for cash, repay debt, and put in place new debt facilities.
\n
2.10 Share-based payments
\n
The Company has share-based awards that are equity settled as defined by IFRS 2. The cost of equity-
\n
settled transactions is determined by the fair value at the date when the grant is made using an
\n
appropriate valuation model.That cost is recognised in employee remuneration expense together with a
\n
corresponding increase in equity (share-based payment reserve), over the period in which the service and,
\n
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense
\n
recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent
\n
to which the vesting period has expired and the Group\u2019s best estimate of the number of equity
\n
instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period
\n
represents the movement in cumulative expense recognised as at the beginning and end of that period.
\n
Service and non-market performance conditions are not taken into account when determining the grant
\n
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
\n
best estimate of the number of equity instruments that will ultimately vest. Market performance
\n
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
\n
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
\n
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
\n
unless there are also service and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance
\n
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
\n
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant
\n
date fair value of the unmodified award, provided the original vesting terms of the award are met. An
\n
additional expense, measured as at the date of modification, is recognised for any modification that
\n
increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the
\n
employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of
\n
the fair value of the award is expensed immediately through profit or loss.
\n
2.11 Critical accounting judgements and key sources of estimation uncertainty
\n
The preparation of these financial statements in conformity with FRS 101 requires management to
\n
exercise its judgement in applying its accounting policies. Management considered the recoverability of
\n
investments in subsidiaries to determine if there were any indicators of impairment. Following the
\n
decision to exit Morocco (further details are provided in Note 3), an impairment indicator was identified
\n
for the investment in the Energean Investments Limited. This prompted an impairment assessment,
\n
which resulted in a full impairment of the investment amounting to $14.4 million.
\n
In addition to the impairment of the investment, the Company assessed the recoverability of the loan
\n
issued to Energean Morocco Limited and estimated the expected credit loss to be accounted for. This
\n
assessment concluded that the loan should be fully provided for at the reporting date, amounting to $20.0
\n
million (as discussed further in Note 5).
3. Investments in subsidiaries
\n
The following table shows the movement in the investment in subsidiaries during the year
\n\n \n
$\u2019000
At 1 January 2024
1,289,481
Additions
14,208
Impairment
(14,104)
At 31 December 2024
1,289,585
\n
On 14 November 2023, the company invested in a newly formed subsidiary, Energean Investments
\n
Limited, based in the United Kingdom. This subsidiary was established to support the Group's exploration
\n
activities in Morocco, specifically the Anchois gas development. Energean partnered with Chariot Limited,
\n
acquiring a 45% stake in the Lixus license and a 37.5% stake in the Rissana license, and took operatorship
\n
of both licenses. On 2 April 2024, the company made an investment of $10.9 million into the subsidiary
\n
to finance the initial consideration for the acquired licenses and some pre-acquisition expenses. In 2024
\n
the company also issued an interest free loan to Energean Morocco Limited, fully owned subsidiary of
\n
Energean Investments Limited, with 3 years maturity resulting in an increase of investment by $3.2
\n
million.
\n
Subsequent drilling at Anchois-3 in 2024, however, revealed reserves smaller than anticipated, causing a
\n
full impairment of the investment in Energean Investments Limited recognised during the year, totaling
\n
$14.1 million. The loan has been also provided in full, refer to Note 5 for further detail.
\n
In 2024, the company invested \u20ac102 thousand to establish a new subsidiary, EnEarth Limited, based in
\n
Cyprus. This subsidiary has been set up to manage the CO2 storage project in the Prinos field in Greece.
\n
In anticipation of the disposal of the ECL Group, Energean plc acquired two subsidiaries previously held
\n
within the ECL Group but not included in the disposal. Energean plc purchased 100% ownership of
\n
Energean UK Limited and Energean Exploration Limited for $1 each, effectively carving them out from
\n
the transaction perimeter.
\n
A complete list of Energean plc Group companies on 31 December 2024, and the Company\u2019s percentage
\n
of share capital are set out in the Note 31 of the Group financial statements.
\n
4. Equity
\n
Dividends
\n
Four dividends of 30 US$ cents per ordinary share were declared during the period, on 22 February 2024,
\n
23 May 2024, 11 September 2024 and 27 November 2024. The first dividend was paid on 29 March 2024,
\n
the second dividend on 28 June 2024, third dividend on 30 September 2024 and fourth dividend on 30
\n
December 2024.
\n
A dividend of 30 US$ cents per ordinary share was declared on 9 February 2023 and paid on 30 March
\n
2023. A second dividend of 30 US$ cents per ordinary share was declared on 18 May 2023 and paid on
\n
30 June 2023. A third dividend of 30 US$ cents per ordinary share was declared on 14 September 2023
\n
and paid at the end of September 2023. A final dividend of 30 US$ cents per ordinary share was declared
\n
on 16 November 2023 and paid on 29 December 2023.
\n \n
Cents per share
$\u2019000
Period ended
Year ended
Period ended
Year ended
31 December
31 December
31 December
31 December
2024
2023
2024
2023
Dividends announced and
paid in cash
February / March
30
30
54,844
53,252
May/ June
30
30
54,991
53,411
September
30
30
54,990
53,518
November/ December
30
30
54,990
53,517
Total
120
120
219,815
213,698
\n\n \n
Distributable Reserves
$\u2019000
31 December 2024
31 December 2023
Total Equity
1,014,130
948,345
Non-Distributable
Share Capital
(2,449)
(2,449)
Share Premium (Note 9)
(465,331)
(465,331)
Exchange differences on translation of foreign operations
(54)
-
Unrealised profits included in retained earnings reserve
(228,306)
(228,326)
Unrealised share based payment reserve
148
(21,319)
(16,431)
Total Distributable Reserves
296,671
235,808
\n
5. Loans and other intercompany receivables, non-current
\n\n \n
$\u2019000
31 December 2024
31 December 2023
Loans to subsidiaries
262,566
172,294
Receivables from share-based plan to subsidiary
1,080
1,215
undertakings
Total
263,646
173,509
\n
The loans to subsidiaries consist of one loan to Energean Capital Limited (\u2018ECL\u2019) loan which incurs a fixed
\n
rate of interest at 5.5% per annum and matures on 18 May 2027.
\n
On 31 December 2024 the company fully provided for a loan issued to Energean Morocco Limited in 2024
\n
(2024: $20 million, 2023: $nil).
\n
148
\n
Unrealised portion of the share-based payment reserve included in total equity
6. Trade and other receivables
\n\n \n
$\u2019000
31 December 2024
31 December 2023
Financial items:
Due from subsidiary undertakings
25,070
22,519
Short term loan due from subsidiaries
13,910
-
Refundable VAT
35
315
39,015
22,834
Non-financial items:
Deposits and prepayments
297
580
297
580
Total trade and other receivables
39,312
23,414
\n
At 31 December 2024 no expected credit loss allowances (2023: $nil) were held in respect of the
\n
recoverability of amounts due from subsidiary undertakings, except for the loan provision discussed in
\n
Note 5.
\n
The amounts due from subsidiaries accrue no interest and relate to intragroup recharges for subsidiaries\u2019
\n
employees share-based payments and management services provided by the Company to its
\n
subsidiaries under a \u201cMaster Intercompany Services Agreement\u201d.
\n
7. Trade and other payables
\n\n \n
$\u2019000
31 December 2024
31 December 2023
Staff costs accrued
3,105
2,636
Trade payables
518
2,534
Due to subsidiary undertakings
1,119
900
Finance costs accrued
9,173
7,215
Accrued expenses
3,196
913
Income taxes
68
52
Social insurance and other taxes
177
206
Other creditors
50
57
Total trade and other payables
17,406
14,513
\n
The amounts are unsecured and are usually paid within 30 days of recognition.
\n
8. Borrowings
\n
On 18 November 2021, the Company completed the issuance of senior secured notes totalling $450
\n
million in aggregate principal amount. These notes, due to mature in 2027, carry a fixed interest rate of
\n
6.5%.
\n
On 8 September 2022, the Company secured a three-year, $275 million multicurrency revolving credit
\n
facility (RCF) with a syndicate of four banks, spearheaded by ING Bank N.V. In May 2023, this facility's
\n
limit was increased to $300 million. The RCF is designed to provide additional liquidity for general
\n
corporate needs as necessary. The interest rate applied to any amounts drawn as loans is set at 5% plus
\n
the SOFR rate.
During the reporting period, the Company drew $118 million from its revolving credit line at an average
\n
interest rate of 10.3%. Of the borrowed amount, $70 million was repaid within the reporting period, with
\n
no additional repayments after the reporting date resulting in $128 million payable balance at 31
\n
December 2024 (2023: $80 million).
\n\n \n
$\u2019000
31 December 2024
31 December 2023
Non-current
6.5% Senior Secured notes
445,797
444,313
Carrying value of non-current borrowings
445,797
444,313
Current
Revolving credit line facility
128,000
80,000
Carrying value of current borrowings
128,000
80,000
\n
9. Share capital
\n\n \n
Equity share
capital allotted
$\u2019000
and fully paid
Share capital
Share premium
Authorised
At 1 January 2023
178,040,505
2,380
415,388
Issued during the period
- New Shares
4,422,013
57
49,943
- Employee share schemes
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
Issued during the period
-
-
-
- New Shares
-
-
-
- Employee share schemes
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
\n
As at 31 December 2024, the Company\u2019s issued share capital consisted of 183,480,959 ordinary shares
\n
of \u00a30.01 each. The Company has only one class of share, which carries no right to fixed income. Each
\n
share carries the right to one vote at General Meetings of the Company.
\n
No new shares were issued in 2024, as there were sufficient shares available in the trust to cover the
\n
issuances under the employee share scheme during the year.
10. Staff costs
\n\n \n
$\u2019000
2024
2023
Salaries
149
8,135
7,327
Social insurance costs and other funds
1,460
2,033
Share-based payments
6,019
4,249
Total Staff Costs
15,614
13,609
\n
11. Share-based payment
\n
Energean Long Term Incentive Plan (LTIP)
\n
Under the LTIP, senior management can be granted nil exercise price options, normally at the end of a
\n
period of at least three years following grant and normally have a holding period taking the time horizon
\n
to no earlier than five years following grant. The size of awards depends on both annual performance
\n
measures and Total Shareholder Return (TSR) over a period of up to three years. There are no other post-
\n
grant performance conditions.
\n
No dividends are paid over the vesting period; however, Energean\u2019s Board may decide at any time prior
\n
to the issue or transfer of the shares in respect of which an award is released that the participant will
\n
receive an amount (in cash and/or additional Shares) equal in value to any dividends that would have
\n
been paid on those shares on such terms and over such period (ending no later than the release date) as
\n
the Board may determine. This amount may assume the reinvestment of dividends (on such basis as the
\n
Board may determine) and may exclude or include special dividends.1
\n
The weighted average remaining contractual life for LTIP awards outstanding at 31 December 2024 was
\n
1.1 years (2023: 1.2 years), number of shares outstanding 1,945,992 and weighted average price at grant
\n
date \u00a311.32 (or $14.19).
\n
There are further details of the LTIP in the Remuneration Committee Report section of the Annual Report
\n
and Note 26 in the Energean plc consolidated financial statements.
\n
Deferred Share Bonus Plan (DSBP)
\n
Under the DSBP, the portion of any annual bonus above 30 per cent of the base salary of a Senior
\n
Executive nominated by the Remuneration Committee is deferred into shares.
\n
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
\n
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award although
\n
may vest early on leaving employment or on a change of control.
\n
The weighted average remaining contractual life for DSBP awards outstanding at 31 December 2024 was
\n
0.7 years (2023: 0.8 years), number of shares outstanding 336,988 and weighted price at grant date
\n
\u00a310.90 (or $13.66).
\n
There are further details refer to Note 26 in the Energean plc consolidated financial statements.
\n
12. Related party transactions
\n
The Company\u2019s subsidiaries at 31 December 2024 and the Group\u2019s percentage of share capital are set
\n
out are in Note 31 of the Group financial statements. The following table provides the Company\u2019s
\n
balances which are outstanding with subsidiary companies at the balance sheet date:
\n
149
\n
Including directors\u2019 remuneration.
\n \n
$\u2019000
2024
2023
Loans to subsidiaries
276,476
172,294
Receivables from share-based awards to
subsidiary undertakings
1,080
1,215
Trade and other receivables
25,071
22,519
Total amounts receivable from
subsidiary undertakings
302,627
196,028
Amounts payable to subsidiary
undertakings
1,119
900
Total amounts outstanding
301,508
195,128
The amounts outstanding are unsecured and will be settled in cash.
In 2024 the Company also purchased services for $2.0 million from other related parties, ultimately
controlled by the Company (2023: $2.7 million).
13. Directors\u2019 Remuneration
Directors\u2019 remuneration has been provided in the remuneration report within the Annual Report. Please
refer to pages 125-143 of the Annual Report.
14. Auditor\u2019s Remuneration
Auditors\u2019 remuneration has been provided in the Energean plc Consolidated Financial Statements. Please
refer to Note 7 of the consolidated financial statements, included in the Annual Report, for details of the
remuneration of the company\u2019s auditor on a group basis.
15. Subsequent Events
In January 2025, the Company received further dividends totaling $33 million from Energean E&P
Holdings Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }