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"value": "NOTE 1: CORPORATE INFORMATION The parent company, Panoro Energy ASA (\u201cthe Company\u201d), was incorporated on 28 April 2009 as a public limited company under the Norwegian Public Limited Companies Act. The registered organisation number of the Company is 994 051 067 and its registered office is c/o Advokatfirmaet Schj\u00f8dt AS, Tordenskiolds gate 12, P.O. Box 2444 Solli, 0201 Oslo, Norway. The Company and its subsidiaries (\u201cPanoro\u201d or the \u201cGroup\u201d) are engaged in the exploration and production of oil and gas resources in North, West and Southern Africa. The consolidated financial statements of the Group for the year ended 31 December 2023 were authorised for issue by the Board of Directors on 23 April 2024. The Board of Directors confirms that the annual financial statements have been prepared pursuant to the going concern assumption, in accordance with \u00a73-3a of the Norwegian Accounting Act, and that this assumption was realistic as at the balance sheet date. The going concern assumption is based upon the financial position of the Company and the development plans currently in place. In the Board of Directors\u2019 view, the annual accounts give a true and fair view of the group\u2019s asset s and liabilities, financial position and results. Panoro Energy ASA is the parent company of the Panoro Group. Its financial statements have been prepared on the assumption that Panoro Energy will continue as a going concern. As of 31 December 2023, the Group had USD 27.8 million in cash and bank balances and debt of USD 69.4 million resulting in a net debt position of approximately USD 41.6 million (this excludes any oil revenue advances outstanding at year end). In addition to Block G and Dussafu capital expenditure, the Company is committed to progress activities on Block EG-01 and Block S in Equatorial Guinea. Although the Company is well funded to undertake upcoming capital expenditure, there is risk that additional funding may be required to conclude such activities. Should additional funding be required in the future for additional capital expenditure for new development phases or working capital requirements, the Company has various alternatives available which it can explore to fulfil such additional requirements. Options include, amongst others, offtake prepayment structures, utilisation of undrawn financing facility and the issuance of shares. As a result, these financial statements have been prepared under the assumption of going concern and realisation of assets and settlement of debt in normal operations. The Company\u2019s shares are traded on the Oslo Stock Exchange under the ticker symbol PEN. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3352": {
"value": "Panoro Energy ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3353": {
"value": "Panoro Energy ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
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"value": "Panoro Energy ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"value": "public limited company",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3362": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3363": {
"value": "Norway",
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"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3365": {
"value": "The Company and its subsidiaries (\u201cPanoro\u201d or the \u201cGroup\u201d) are engaged in the exploration and production of oil and gas",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
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"value": "North, West and Southern Africa.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3368": {
"value": " The consolidated financial statements of the Group for the year ended 31 December 2023 were authorised for issue by the Board of Directors on 23 April 2024. The Board of Directors confirms that t",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3371": {
"value": "The Board of Directors confirms that the annual financial statements have been prepared pursuant to the going concern assumption, in accordance with \u00a73-3a of the Norwegian Accounting Act, and that this assumption was realistic as at the balance sheet date. The going concern assumption is based upon the financial position of the Company and the development plans currently in place. In the Board of Directors\u2019 view, the annual accounts give a true and fair view of the group\u2019s asset s and liabilities, financial position and results. Panoro Energy ASA is the parent company of the Panoro Group. Its financial statements have been prepared on the assumption that Panoro Energy will continue as a going concern. As of 31 December 2023, the Group had USD 27.8 million in cash and bank balances and debt of USD 69.4 million resulting in a net debt position of approximately USD 41.6 million (this excludes any oil revenue advances outstanding at year end). In addition to Block G and Dussafu capital expenditure, the Company is committed to progress activities on Block EG-01 and Block S in Equatorial Guinea. Although the Company is well funded to undertake upcoming capital expenditure, there is risk that additional funding may be required to conclude such activities. Should additional funding be required in the future for additional capital expenditure for new development phases or working capital requirements, the Company has various alternatives available which it can explore to fulfil such additional requirements. Options include, amongst others, offtake prepayment structures, utilisation of undrawn financing facility and the issuance of shares. As a result, these financial statements have been prepared under the assumption of going concern and realisation of assets and settlement of debt in normal operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3391": {
"value": "NOTE 2: BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Statndards) as adopted by the European Union (\u201cEU\u201d). The consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. The consolidated financial statements are presented in USD, which is the functional currency of Panoro Energy ASA. The amounts in these financial statements have been rounded to the nearest USD thousand unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3393": {
"value": "NOTE 2: BASIS OF PREPARATIONThe consolidated financial statements include Panoro Energy ASA and its subsidiaries as of December 31 for each year.Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions and unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: \u2022 derecognises the assets (including goodwill) and liabilities of the subsidiary \u2022 derecognises the carrying amount of any non-controlling interest (NCI) \u2022 derecognises the cumulative translation differences recognised in equity \u2022 recognises the fair value of the consideration received \u2022 recognises the fair value of any investment retained \u2022 recognises any surplus or deficit in profit or loss \u2022 reclassifies the parent\u2019s share of components previously recognised in other comprehensive income to profit or loss or retained earnings, as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3394": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Statndards) as adopted by the European Union (\u201cEU\u201d).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3402": {
"value": "The consolidated financial statements are presented in USD, which is the functional currency of Panoro Energy ASA. The amounts in these financial statements have been rounded to the nearest USD thousand unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3403": {
"value": "The consolidated financial statements are presented in USD, which is the functional currency of Panoro Energy ASA. The amounts in these financial statements have been rounded to the nearest USD thousand unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3406": {
"value": "Note 2.1: Changes in significant accounting policies Standards, amendments to standards, and interpretations of standards, issued but not yet effective, are either not expected to materially impact the Company\u2019s consolidated financial statements, or are not expected to be relevant to the Company's consolidated financial statements upon adoption. Note 2.5: New and amended standards and interpretations No standard amendments or interpretations of standards effective as of 1 January 2023 and adopted by Panoro, were material to the Group\u2019s Consolidated financial statements upon adoption. Note 2.6: Standards issued but not yet effective At the date of these Consolidated financial statements, standards amendments to standards, and interpretations of standards, issued but not yet effective, are either not expected to materially impact Panoro\u2019s Consolidated financial statements, or are not expected to be relevant to Panoro's Consolidated financial statements upon adoption. The Group has not early adopted any other standard, interpretation or amendment that was issued but is not yet effective. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3411": {
"value": "Note 2.2: Basis of consolidation The consolidated financial statements include Panoro Energy ASA and its subsidiaries as of December 31 for each year. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions and unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: \u2022 derecognises the assets (including goodwill) and liabilities of the subsidiary \u2022 derecognises the carrying amount of any non-controlling interest (NCI) \u2022 derecognises the cumulative translation differences recognised in equity \u2022 recognises the fair value of the consideration received \u2022 recognises the fair value of any investment retained \u2022 recognises any surplus or deficit in profit or loss \u2022 reclassifies the parent\u2019s share of components previously recognised in other comprehensive income to profit or loss or retained earnings, as appropriate. The purchase method of accounting is applied for business combinations. The cost of the acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquirer. If the initial accounting for a business combination can only be determined provisionally, then provisional values are used. However, these provisional values may be adjusted within 12 months from the date of the combination. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3432": {
"value": "Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3453": {
"value": "The purchase method of accounting is applied for business combinations. The cost of the acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer, in exchange for control of the acquirer. If the initial accounting for a business combination can only be determined provisionally, then provisional values are used. However, these provisional values may be adjusted within 12 months from the date of the combination. Business combinations and goodwill Acquisitions are accounted for as described in 2.4.3 Business combinations and goodwill Significant areas requiring judgement, estimate and assumption to apply to establish the appropriate accounting treatment of such acquisitions include fair value of contingent consideration, assessment and appropriate classification of assumed assets and liabilities and recognition of goodwill where fair values cannot reliably be measured. 2.4.3 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the Group achieves control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. Comparative figures are not adjusted for acquired, sold or liquidated businesses. On acquisition of a licence that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination or an asset purchase. Generally, purchases of licences in a development or production phase will be regarded as a business combination. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. For each business combination, the Group elects whether to measure NCI in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Those acquired petroleum reserves and resources that can be reliably measured are recognised separately in the assessment of fair values on acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognised separately, but instead are subsumed in goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value, with changes in fair value recognised either in the statement of profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS Accounting Standards. Contingent consideration that is classified as equity is not re- measured, and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets acquired is in excess of the aggregate consideration transferred (bargain purchase), before recognising a gain, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the statement of profit or loss and other comprehensive income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a CGU and part of the operation in that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3459": {
"value": "Note 2.3: Significant accounting judgments, estimates and assumptions 2.3.1. Estimates and assumptions The preparation of the financial statements in conformity with IFRS Accounting Standards as adopted by the EU and application of the Group\u2019s accounting policies require management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Judgements, estimates and assumptions are continuously evaluated and are based on management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. In particular, significant areas of uncertainty considered by management in preparing the consolidated financial statements are as follows: Business combinations and goodwill Acquisitions are accounted for as described in 2.4.3 Business combinations and goodwill Significant areas requiring judgement, estimate and assumption to apply to establish the appropriate accounting treatment of such acquisitions include fair value of contingent consideration, assessment and appropriate classification of assumed assets and liabilities and recognition of goodwill where fair values cannot reliably be measured. Hydrocarbon reserve estimates Hydrocarbon reserves are estimates of the amounts of hydrocarbons that can be economically and legally extracted from the Group\u2019s oil and gas properties. The Group estimates its commercial reserves based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the hydrocarbon body and suitable production techniques and recovery rates. Commercial reserves are determined using estimates of oil and gas in place, recovery factors and future commodity prices, the latter having an impact on the total amount of recoverable reserves and the proportion of the gross reserves which are attributable to the host government under the terms of the Production- Sharing Agreements. Future development costs are estimated using assumptions as to the number of wells required to produce the commercial reserves, the cost of such wells and associated production facilities, and other capital costs. The Group estimates and reports hydrocarbon reserves in line with the principles contained in the SPE Petroleum Resources Management Reporting System (PRMS) framework and generally obtains independent evaluations for each asset whenever new information becomes available that materially influences the reported results. As the economic assumptions used may change and as additional geological information is obtained during the operation of a field, estimates of recoverable reserves may change. Such changes may impact the Group\u2019s reported financial position and results, which include: \u2022 The carrying value of exploration and evaluation assets; oil and gas properties; property, plant and equipment; and goodwill may be affected due to changes in estimated future cash flows \u2022 Depreciation and amortisation charges in the statement of profit or loss and other comprehensive income may change where such charges are determined using the UOP method, or where the useful life of the related assets change \u2022 Provisions for decommissioning may change \u2014 where changes to the reserve estimates affect expectations about when such activities will occur and the associated cost of these activities \u2022 The recognition and carrying value of deferred tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. Risk relating to outbreak of war The estimation of future oil and gas prices and discount rates is used in determining the recoverable amounts of cash- generating units, individual assets and the Group\u2019s asset retirement costs. Risks related to the outbreak of war could result in higher energy prices amid concerns for regional energy shortages, inflationary pressures, and higher interest rates affecting discount rates. Income and deferred taxes The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction, to the extent that future cash flows and taxable income differ significantly from estimates. The ability of the Group to realise the net deferred tax assets recorded at the date of the statement of financial position could be impacted. In addition, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. The Group is also subject to taxes under profit sharing contracts which are paid in kind as State share of profit oil. The value assigned to such taxes is subject to estimation, which may be different to the Company\u2019s realised oil prices for revenue recognition. Impairment indicators The Group assesses each cash-generating unit annually to determine whether an indication of impairment exists. When an indication of impairment exists, a formal estimate of the recoverable amount is made. The recoverable amounts of cash-generating units and individual assets have been determined based on the higher of value- in-use calculations and fair values less costs to sell, or if relevant, a combination of these two models. These calculations require the use of estimates and assumptions. It is reasonably possible that the oil price assumption may change which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of tangible assets. The impacts of energy transition and climate considerations are embedded in the long-term price assumptions. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets. Asset retirement obligations Asset retirement costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The Group assesses its retirement obligation at each reporting date. The ultimate asset retirement costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other production sites. The expected timing, extent and amount of expenditure can also change, for example in response to changes in reserves or changes in laws and regulations or their interpretation. Therefore, significant estimates and assumptions are made in determining the provision for asset retirement obligation. As a result, there could be significant adjustments to the provisions established which would affect future financial results. The provision at reporting date represents management\u2019s best estimate of the present value of the future asset retirement costs required. Technical risk in development of oil and gas fields The development of the oil and gas fields, in which the Group has an ownership, is associated with significant technical risk and uncertainty with regards to timing of additional production from new development activities. Risks include, but are not limited to, cost overruns, production disruptions as well as delays compared to initial plans laid out by the operator. Some of the most important risk factors are related to the determination of reserves, the recoverability of reserves, and the planning of a cost efficient and suitable production method. There are also technical risks present in the production phase that may cause cost overruns, failed investment and destruction of wells and reservoirs. Estimates have been made after taking into account information available to management and factors in unknown uncertainties as of the date of the balance sheet. Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. 2.3.2. Judgments In the process of applying the Group\u2019s accounting policies, the directors have made the following judgments, apart from those involving estimates, which have the most significant effect on the amounts recognised in the consolidated financial statements: Exploration and evaluation expenditures The application of the Group\u2019s accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits are likely, from future either exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The determination of reserves and resources is itself an estimation process that requires varying degrees of uncertainty depending on how the resources are classified. These estimates directly impact when the Group defers exploration and evaluation expenditure. The deferral policy requires management to make certain estimates and assumptions about future events and circumstances, in particular, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of the expenditure is unlikely, the relevant capitalised amount is written off in the statement of profit or loss and other comprehensive income in the period when the new information becomes available. Climate considerations in impairment assessment Climate change and transition to a lower carbon economy is considered in the impairment assessments. In the context of assessing the potential impact on the book values related to the Group\u2019s oil and gas assets, certain climate considerations a re factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation in jurisdictions where the Group has operations and estimation of future levels of environmental taxes, if any. An energy transition is likely to impact the future oil and gas prices which in turn may affect the recoverable amount of the oil and gas assets. Indirectly, climate considerations are also assessed in the forecasting of oil and gas prices where supply and demand are considered. A significant reduction in the Company\u2019s oil and gas price assumptions would result in impairments on certain production and development assets including intangible assets that are subject to impairment assessment under IAS 36, but an opposite revision in the price assumptions would lead to limited impairment reversals as most of the impairments recognized were related to impairment of goodwill which cannot be reversed under IFRS Accounting Standards. In the context of testing robustness of the oil and gas assets against the scenarios from the International Energy Agency (IEA), the Company has applied the Net Zero Emissions Scenario, Stated Policies Scenario and Sustainable Development Scenario as published by the IEA as part of the World Energy Outlook (WEO) reports. These scenarios are commonly applied by peer companies and the Company believes are useful to investors and other stakeholders in assessing portfolio resilience across companies in the industry. For more details, see Note 10.2: Impairment in Oil and Gas Interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3590": {
"value": "Note 2.4: Material accounting policy information 2.4.1 Interests in associated companies and joint arrangements A joint arrangement is an arrangement over 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 (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. Associated companies are those entities in which the Group has significant influence, but not control or joint control over the financial and operating policies. Investments in associated companies are accounted for in the consolidated financial statements using the equity method of accounting. Equity accounting involves recording investments in associated companies initially at cost and recognising the Group\u2019s share of its associated companies\u2019 post -acquisition results and its share of post- acquisition movements in reserves against the carrying amount of the investments. When the Group\u2019s share of losses in an associated company equals or exceeds its interest in the associated company, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company. Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. For joint operations, the Group\u2019s share of all assets, liabilities, income and expenses is included in the consolidated financial statements. Acquisitions of interests in a joint operation, in which the activity of the joint operation constitutes a business, are accounted for according to the relevant IFRS 3 principles of accounting for business combinations. On 11 December 2018, the Company entered into a joint arrangement through a shareholder agreement with Beender Petroleum Tunisia Limited (\u201cBeender\u201d), whereby Panoro and Beender jointly own and control 60% and 40% respectively of Sfax Petroleum Corporation AS (\u201cSfax\u201d). Sfax, through its subsidiaries holds 100% shares of Panoro Tunisia Production AS (\u201cPTP\u201d) and Panoro Tunisia Exploration AS (\u201cPTE\u201d). As such, the arrangement is a joint operation and all numbers and volume information relating to the Company\u2019s Tunisian operations and transactions represents the Group\u2019s 60% interest, unless otherwise stated. On 24 April 2023 (the \u201cCompletion Date\u201d), Panoro acquired Beender\u2019s 40% of the shares of Sfax and as a result of the transaction, Sfax became a wholly owned subsidiary of Panoro. The Tunisian operations were accounted for at 60% as outlined above up to the Completion Date and as a fully owned subsidiary at 100% thereafter. Further details can be found in Note 14: Business Combinations. Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Group recognises its: \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 Expenses, including its share of any expenses incurred jointly Reimbursement of costs of the operator of the joint arrangement When the Group, acting as an operator or manager of a joint arrangement, receives reimbursement of direct costs recharged to the joint arrangement, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint arrangement and therefore have no effect on profit or loss. 2.4.2 Foreign Currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The functional currency of the Group\u2019s subsidiaries and jointly controlled companies incorporated in Gabon, Nigeria, Cyprus, Netherlands, Norway, Austria and the Cayman Islands is the US dollar (\u2018USD\u2019). In the consolidated financial statements, the assets and liabilities of non-USD functional currency balances are translated into USD at the rate of exchange ruling at the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries are translated into USD using applicable average rates as an approximation for the exchange rates prevailing at the dates of the different transactions. Foreign exchange adjustments arising when the opening net assets and the profits for the year retained by non-USD functional currency subsidiaries are translated into USD are taken to a separate component of equity. The foreign exchange rates applied were: 2023 2022 Average rate Reporting date rate Average rate Reporting date rate Norwegian Kroner / USD 10.5614 10.1566 9.6149 9.8394 USD / British Pound Sterling 1.2436 1.2747 1.2367 1.2039 USD / Tunisian Dinar 3.1069 3.0657 3.0838 3.2482 Transactions in foreign currencies are initially recorded at the functional currency spot rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. All differences are taken to the income statement. Non-monetary items that are measured in terms of historical cost in foreign currency are translated using the spot exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. 2.4.3 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the Group achieves control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. Comparative figures are not adjusted for acquired, sold or liquidated businesses. On acquisition of a licence that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination or an asset purchase. Generally, purchases of licences in a development or production phase will be regarded as a business combination. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. For each business combination, the Group elects whether to measure NCI in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Those acquired petroleum reserves and resources that can be reliably measured are recognised separately in the assessment of fair values on acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognised separately, but instead are subsumed in goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value, with changes in fair value recognised either in the statement of profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS Accounting Standards. Contingent consideration that is classified as equity is not re- measured, and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets acquired is in excess of the aggregate consideration transferred (bargain purchase), before recognising a gain, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the statement of profit or loss and other comprehensive income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a CGU and part of the operation in that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. 2.4.4 License interests, exploration and evaluation assets, and field investments, and depreciation The Group applies the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation (\u2018E&E\u2019) costs, in accordance with IFRS 6 \u2018Exploration for and Evaluation of Mineral Resources\u2019. E&E expenditure is capitalised when it is considered probable that future economic benefits will be recoverable. Costs that are known at the time of incurrence to fail to meet this criterion are generally charged to expense in the period they are incurred. E&E expenditure capitalised as intangible assets includes license acquisition costs, and exploration drilling, geological and geophysical costs and any other directly attributable costs. E&E expenditure, which is not sufficiently related to a specific mineral resource to support capitalisation, is expensed as incurred. E&E assets are carried forward, until the existence, or otherwise, of commercial reserves have been determined subject to certain limitations including review for indications of impairment. If no reserves are found the costs to drill exploratory wells, including exploratory geological and geophysical costs and costs of carrying and retaining unproved properties, are written off. Once commercial reserves have been discovered, the carrying value after any impairment loss of the relevant E&E assets is transferred to development tangible and intangible assets. No depreciation and/or amortisation are charged during the exploration and development phase. If however, commercial reserves have not been discovered, the capitalised costs are charged to expense after the conclusion of appraisal activities. Development tangible and intangible assets Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines and the drilling of commercially proven development wells, is capitalised within property, plant and equipment and intangible assets according to nature. When development is completed on a specific field, these costs are transferred to production assets. No depreciation or amortisation is charged during the Exploration and Evaluation phase. Farm-outs \u2013 in the 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. Development costs 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 oil and gas properties. Oil & gas production assets Development and production assets are accumulated on a cash-generating unit basis and represent the cost of developing the commercial reserves discovered and bringing them into production together with E&E expenditures incurred in finding commercial reserves transferred from intangible E&E assets as outlined in accounting policy above. The cost of development and production assets also includes the cost of acquisitions and purchases of such assets, directly attributable overheads and the cost of recognising provisions for future restoration and decommissioning. Where major and identifiable parts of the production assets have different useful lives, they are accounted for as separate items of property, plant and equipment. Costs of minor repairs and maintenance are expensed as incurred. Depreciation/amortisation Oil and gas properties are not depleted until production commences. Costs relating to each single field cost centre are depleted on a unit of production method based on the commercial proved and probable reserves for that cost centre. The depletion calculation takes account of the estimated future costs of development of management\u2019s assessment of proved and probable reserves, reflecting risks applicable to the specific assets. Changes in reserve quantities and cost estimates are recognised prospectively from the last reporting date. Field infrastructure exceeding beyond the life of the field is depreciated over the useful life of the infrastructure using a straight- line method. Depreciation/amortisation on assets held for sale is ceased from the date of such classification. Impairment \u2013 exploration and evaluation assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount and when they are reclassified to PP&E assets. For the purpose of impairment testing, E&E assets are grouped by concession or field with other E&E and PP&E assets belonging to the same CGU. The impairment loss will be calculated as the excess of the carrying value over recoverable amount of the E&E impairment grouping and any resulting impairment loss is recognised in profit or loss. The recoverable amount of a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. Fair value less costs to sell is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved and probable reserves. Impairment \u2013 proved oil and gas production properties and intangible assets Proven oil and gas properties and intangible assets are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The carrying value is compared against the expected recoverable amount of the asset, generally by net present value of the future net cash flows, expected to be derived from production of commercial reserves or consideration expected to be achieved through the sale of its interest in an arms-length transaction, less any associated costs to sell. The cash generating unit applied for impairment test purposes is generally the field, except that a number of field interests may be grouped together where there are common facilities. Climate considerations in impairment assessment Climate change and transition to a lower carbon economy is considered in the impairment assessments. In the context of assessing the potential impact on the book values related to the Group\u2019s oil and gas assets, certain climate considerations a re factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation in jurisdictions where the Group has operations and estimation of future levels of environmental taxes, if any. An energy transition is likely to impact the future oil and gas prices which in turn may affect the recoverable amount of the oil and gas assets. Indirectly, climate considerations are also assessed in the forecasting of oil and gas prices where supply and demand are considered. A significant reduction in the Company\u2019s oil and gas price assumptions would result in impairments on certain production and development assets including intangible assets that are subject to impairment assessment under IAS 36, but an opposite revision in the price assumptions would lead to limited impairment reversals as most of the impairments recognized were related to impairment of goodwill which cannot be reversed under IFRS Accounting Standards. In the context of testing robustness of the oil and gas assets against the scenarios from the International Energy Agency (IEA), the Company has applied the Net Zero Emissions Scenario, Stated Policies Scenario and Sustainable Development Scenario as published by the IEA as part of the World Energy Outlook (WEO) reports. These scenarios are commonly applied by peer companies and the Company believes are useful to investors and other stakeholders in assessing portfolio resilience across companies in the industry. For more details, see Note 10.2: Impairment in Oil and Gas Interests. 2.4.5 Financial instruments 2.4.5.1 Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments including zero cost collars and commodity swaps to manage its exposure to volatility in the commodity prices realised for a proportion of its crude oil production. All derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value at each period end. Apart from those derivatives designated as qualifying cash flow hedging instruments, all changes in fair value are recorded as financial income or expense in the year in which they arise, otherwise they are recognised in other comprehensive income. For derivatives not designed as qualifying for cash flow hedging, the fair value at balance sheet date is based on fair value provided by the counterparties with whom the trades have been entered into. The derivatives are valued using a Black- Scholes based methodology. The inputs to these valuations include price of oil and its volatility. Fair value is the amount for which a financial asset, liability or instrument could be exchanged between knowledgeable and willing parties in an arm\u2019s length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models and estimated discounted values of cash flows. 2.4.5.2 Financial assets Financial assets are recognised initially at fair value, normally being the transaction price. In the case of financial assets not at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The group derecognises financial assets when the contractual rights to the cash flows expire or the financial asset is transferred to a third party. This includes the derecognition of receivables for which discounting arrangements are entered into. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets measured at amortised cost Financial assets are classified as measured at amortised cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired and when interest is recognised using the effective interest method. This category of financial assets includes trade and other receivables. Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives and listed equity investments, other than those designated as effective hedging instruments, are included in this category. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortised cost. Cash held for Bank guarantee - restricted Cash held for Bank guarantee relates to resources or collateral held by a bank which can only be accessed through fulfilment of conditions imposed by counter parties. Funds are only classified from restricted cash status to cash equivalents when funds are transferred to and under the control of the Group. Impairment of financial assets measured at amortised cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortised cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. Since this is typically less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group's in-scope financial assets. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset\u2019s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset\u2019s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognised in the income statement. A financial asset or group of financial assets classified as measured at amortised cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. 2.4.5.3 Financial liabilities The measurement of financial liabilities depends on their classification as follows: Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Financial liabilities measured at amortised cost Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. This category of financial liabilities includes trade and other payables and finance debt. 2.4.7 Fair value measurement and hierarchy The Group measures derivatives at fair value at each balance sheet date and, for the purposes of impairment testing, uses fair value less costs of disposal to determine the recoverable amount of some of its non-financial assets. 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: \u2022 In the principal market for the asset or liability, or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. 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 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: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. For assets and liabilities that are recognised in the 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. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. 2.4.8 Provisions General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of the 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 expense relating to any provision is recognised through profit and 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, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as interest expense. The present obligation under onerous contracts is recognised as a provision. 2.4.9 Asset retirement obligation An asset retirement liability is recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. A corresponding amount equivalent to the obligation is also recognised as part of the cost of the related production plant and equipment. The amount recognised in the estimated cost of asset retirement, discounted to its present value. Changes in the estimated timing of asset retirement or asset retirement cost estimates are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment to production plant and equipment. The unwinding of the discount on the asset retirement provision is included as a finance cost. 2.4.10 Income tax Income tax expense represents the sum of the tax currently payable and movement in deferred tax. Current tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date, in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations which applicable tax regulations are subject to interpretation and established provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affect neither the accounting profit nor taxable profit or loss; and \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences; carry forward to unused tax credits and unused tax losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 In respect of deductible temporary differences associate with investments in subsidiaries, associate and interest in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient future taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognised subsequently if new information about facts and circumstances arose. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurred during the measurement period or in profit or loss. Production-sharing arrangements According to the production-sharing arrangement (PSA) in certain licenses, the share of the profit oil to which the government is entitled in any calendar year in accordance with the PSA is deemed to include a portion representing the corporate income tax imposed upon and due by the Group. This amount will be paid directly by the government on behalf of Group to the appropriate tax authorities. This portion of income tax and revenue are presented separately in income statement. Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: Sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable if the sales tax incurred on a purchase of assets or services is not recoverable from taxation authorities. Receivables and payables that are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, taxation authorities is included as part of receivables or payables in the statement of financial position. 2.4.11 Revenue recognition Revenue from petroleum products Revenue from the sale of crude oil is recognised when a customer obtains control (\u201csales\u201d or \u201clifting\u201d method), normally this is when title passes at point of delivery. Revenues from production of oil properties are recognised based on actual volumes lifted and sold to customers during the period. Where the Group has lifted and sold more than the ownership interest, an accrual is recognised for the cost of the overlift. Where the Group has lifted and sold less than the ownership interest, costs are deferred for the underlift. Overlift and underlift on the Consolidated statement of financial position date are valued at production costs. Lifting imbalances are a part of the operating cycle and as such classified as other current liabilities/assets. Under a production sharing contract, where the group is required to pay profit oil tax on production of crude oil, such payment can either be settled (i) in kind (where the government lift the crude it is entitled to); or (ii) in cash (where the Group sells the crude and pays the taxes in cash). The group presents a gross-up of the profit oil tax as an income tax expense with a corresponding increase in oil and gas revenues. Interest income and financial instruments measured at amortised cost Interest income is recognised on an accruals basis. For all financial instruments measured at amortised cost and interest- bearing financial assets measured at fair value through profit and loss, interest income or expense is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest revenue is included in finance income in income statement. 2.4.14 Inventories Inventories, consisting of crude oil, and drilling and maintenance materials, are stated at the lower of cost and net realisable value. Costs comprise costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of ordinarily inter-changeable items. 2.4.16 Share-based payment transactions Employees (including senior executives) of the Group may receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is recognised, together with a corresponding increase in additional paid in capital reserve in equity, over the period in which the performance and/or service conditions are fulfilled. 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 income statement expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in share-based payments expense. No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions for which vesting are conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled transaction award are modified, the minimum expense recognised is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. 2.4.17 Impairment of non-oil and gas interests Non-financial assets Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed for impairment on an annual basis. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the asset\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the income statement. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Financial assets Assets carried at amortised cost If there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset\u2019s original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss shall be recognised in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date, any subsequent reversal of an impairment loss is recognised in the income statement. 2.4.18 Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is either: \u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle \u2022 Held primarily for the purpose of trading \u2022 Expected to be realised within 12 months after the reporting period \u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period All other assets are classified as non-current. A liability is current when either: \u2022 It is expected to be settled in the normal operating cycle \u2022 It is held primarily for the purpose of trading \u2022 It is due to be settled within 12 months after the reporting period \u2022 There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3591": {
"value": "Note 2.4: Material accounting policy information Associated companies are those entities in which the Group has significant influence, but not control or joint control over the financial and operating policies. Investments in associated companies are accounted for in the consolidated financial statements using the equity method of accounting. Equity accounting involves recording investments in associated companies initially at cost and recognising the Group\u2019s share of its associated companies\u2019 post -acquisition results and its share of post- acquisition movements in reserves against the carrying amount of the investments. When the Group\u2019s share of losses in an associated company equals or exceeds its interest in the associated company, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3594": {
"value": "2.4.1 Interests in associated companies and joint arrangements A joint arrangement is an arrangement over 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 (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. Associated companies are those entities in which the Group has significant influence, but not control or joint control over the financial and operating policies. Investments in associated companies are accounted for in the consolidated financial statements using the equity method of accounting. Equity accounting involves recording investments in associated companies initially at cost and recognising the Group\u2019s share of its associated companies\u2019 post -acquisition results and its share of post- acquisition movements in reserves against the carrying amount of the investments. When the Group\u2019s share of losses in an associated company equals or exceeds its interest in the associated company, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company. Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. For joint operations, the Group\u2019s share of all assets, liabilities, income and expenses is included in the consolidated financial statements. Acquisitions of interests in a joint operation, in which the activity of the joint operation constitutes a business, are accounted for according to the relevant IFRS 3 principles of accounting for business combinations. On 11 December 2018, the Company entered into a joint arrangement through a shareholder agreement with Beender Petroleum Tunisia Limited (\u201cBeender\u201d), whereby Panoro and Beender jointly own and control 60% and 40% respectively of Sfax Petroleum Corporation AS (\u201cSfax\u201d). Sfax, through its subsidiaries holds 100% shares of Panoro Tunisia Production AS (\u201cPTP\u201d) and Panoro Tunisia Exploration AS (\u201cPTE\u201d). As such, the arrangement is a joint operation and all numbers and volume information relating to the Company\u2019s Tunisian operations and transactions represents the Group\u2019s 60% interest, unless otherwise stated. On 24 April 2023 (the \u201cCompletion Date\u201d), Panoro acquired Beender\u2019s 40% of the shares of Sfax and as a result of the transaction, Sfax became a wholly owned subsidiary of Panoro. The Tunisian operations were accounted for at 60% as outlined above up to the Completion Date and as a fully owned subsidiary at 100% thereafter. Further details can be found in Note 14: Business Combinations. Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Group recognises its: \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 Expenses, including its share of any expenses incurred jointly Reimbursement of costs of the operator of the joint arrangement When the Group, acting as an operator or manager of a joint arrangement, receives reimbursement of direct costs recharged to the joint arrangement, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint arrangement and therefore have no effect on profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3644": {
"value": "Joint operations A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Group recognises its: \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 Expenses, including its share of any expenses incurred jointly Reimbursement of costs of the operator of the joint arrangement When the Group, acting as an operator or manager of a joint arrangement, receives reimbursement of direct costs recharged to the joint arrangement, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint arrangement and therefore have no effect on profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3661": {
"value": "2.4.2 Foreign Currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The functional currency of the Group\u2019s subsidiaries and jointly controlled companies incorporated in Gabon, Nigeria, Cyprus, Netherlands, Norway, Austria and the Cayman Islands is the US dollar (\u2018USD\u2019). In the consolidated financial statements, the assets and liabilities of non-USD functional currency balances are translated into USD at the rate of exchange ruling at the balance sheet date. The results and cash flows of non-USD functional currency subsidiaries are translated into USD using applicable average rates as an approximation for the exchange rates prevailing at the dates of the different transactions. Foreign exchange adjustments arising when the opening net assets and the profits for the year retained by non-USD functional currency subsidiaries are translated into USD are taken to a separate component of equity. The foreign exchange rates applied were: 2023 2022 Average rate Reporting date rate Average rate Reporting date rate Norwegian Kroner / USD 10.5614 10.1566 9.6149 9.8394 USD / British Pound Sterling 1.2436 1.2747 1.2367 1.2039 USD / Tunisian Dinar 3.1069 3.0657 3.0838 3.2482 Transactions in foreign currencies are initially recorded at the functional currency spot rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. All differences are taken to the income statement. Non-monetary items that are measured in terms of historical cost in foreign currency are translated using the spot exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3712": {
"value": "2.4.3 Business combinations and goodwill In order to consider an acquisition as a business combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the financial statements from the transaction date. The transaction date is defined as the date on which the Group achieves control over the financial and operating assets. This date may differ from the actual date on which the assets are transferred. Comparative figures are not adjusted for acquired, sold or liquidated businesses. On acquisition of a licence that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination or an asset purchase. Generally, purchases of licences in a development or production phase will be regarded as a business combination. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. For each business combination, the Group elects whether to measure NCI in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Those acquired petroleum reserves and resources that can be reliably measured are recognised separately in the assessment of fair values on acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognised separately, but instead are subsumed in goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value, with changes in fair value recognised either in the statement of profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS Accounting Standards. Contingent consideration that is classified as equity is not re- measured, and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets acquired is in excess of the aggregate consideration transferred (bargain purchase), before recognising a gain, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the statement of profit or loss and other comprehensive income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a CGU and part of the operation in that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3755": {
"value": "2.4.4 License interests, exploration and evaluation assets, and field investments, and depreciation The Group applies the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation (\u2018E&E\u2019) costs, in accordance with IFRS 6 \u2018Exploration for and Evaluation of Mineral Resources\u2019. E&E expenditure is capitalised when it is considered probable that future economic benefits will be recoverable. Costs that are known at the time of incurrence to fail to meet this criterion are generally charged to expense in the period they are incurred. E&E expenditure capitalised as intangible assets includes license acquisition costs, and exploration drilling, geological and geophysical costs and any other directly attributable costs. E&E expenditure, which is not sufficiently related to a specific mineral resource to support capitalisation, is expensed as incurred. E&E assets are carried forward, until the existence, or otherwise, of commercial reserves have been determined subject to certain limitations including review for indications of impairment. If no reserves are found the costs to drill exploratory wells, including exploratory geological and geophysical costs and costs of carrying and retaining unproved properties, are written off. Once commercial reserves have been discovered, the carrying value after any impairment loss of the relevant E&E assets is transferred to development tangible and intangible assets. No depreciation and/or amortisation are charged during the exploration and development phase. If however, commercial reserves have not been discovered, the capitalised costs are charged to expense after the conclusion of appraisal activities. Impairment \u2013 exploration and evaluation assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount and when they are reclassified to PP&E assets. For the purpose of impairment testing, E&E assets are grouped by concession or field with other E&E and PP&E assets belonging to the same CGU. The impairment loss will be calculated as the excess of the carrying value over recoverable amount of the E&E impairment grouping and any resulting impairment loss is recognised in profit or loss. The recoverable amount of a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. Fair value less costs to sell is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved and probable reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3756": {
"value": "2.4.4 License interests, exploration and evaluation assets, and field investments, and depreciation The Group applies the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation (\u2018E&E\u2019) costs, in accordance with IFRS 6 \u2018Exploration for and Evaluation of Mineral Resources\u2019. E&E expenditure is capitalised when it is considered probable that future economic benefits will be recoverable. Costs that are known at the time of incurrence to fail to meet this criterion are generally charged to expense in the period they are incurred. E&E expenditure capitalised as intangible assets includes license acquisition costs, and exploration drilling, geological and geophysical costs and any other directly attributable costs. E&E expenditure, which is not sufficiently related to a specific mineral resource to support capitalisation, is expensed as incurred. E&E assets are carried forward, until the existence, or otherwise, of commercial reserves have been determined subject to certain limitations including review for indications of impairment. If no reserves are found the costs to drill exploratory wells, including exploratory geological and geophysical costs and costs of carrying and retaining unproved properties, are written off. Once commercial reserves have been discovered, the carrying value after any impairment loss of the relevant E&E assets is transferred to development tangible and intangible assets. No depreciation and/or amortisation are charged during the exploration and development phase. If however, commercial reserves have not been discovered, the capitalised costs are charged to expense after the conclusion of appraisal activities. Development tangible and intangible assets Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines and the drilling of commercially proven development wells, is capitalised within property, plant and equipment and intangible assets according to nature. When development is completed on a specific field, these costs are transferred to production assets. No depreciation or amortisation is charged during the Exploration and Evaluation phase. Farm-outs \u2013 in the 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. Development costs 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 oil and gas properties. Oil & gas production assets Development and production assets are accumulated on a cash-generating unit basis and represent the cost of developing the commercial reserves discovered and bringing them into production together with E&E expenditures incurred in finding commercial reserves transferred from intangible E&E assets as outlined in accounting policy above. The cost of development and production assets also includes the cost of acquisitions and purchases of such assets, directly attributable overheads and the cost of recognising provisions for future restoration and decommissioning. Where major and identifiable parts of the production assets have different useful lives, they are accounted for as separate items of property, plant and equipment. Costs of minor repairs and maintenance are expensed as incurred. Depreciation/amortisation Oil and gas properties are not depleted until production commences. Costs relating to each single field cost centre are depleted on a unit of production method based on the commercial proved and probable reserves for that cost centre. The depletion calculation takes account of the estimated future costs of development of management\u2019s assessment of proved and probable reserves, reflecting risks applicable to the specific assets. Changes in reserve quantities and cost estimates are recognised prospectively from the last reporting date. Field infrastructure exceeding beyond the life of the field is depreciated over the useful life of the infrastructure using a straight- line method. Depreciation/amortisation on assets held for sale is ceased from the date of such classification. Impairment \u2013 exploration and evaluation assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount and when they are reclassified to PP&E assets. For the purpose of impairment testing, E&E assets are grouped by concession or field with other E&E and PP&E assets belonging to the same CGU. The impairment loss will be calculated as the excess of the carrying value over recoverable amount of the E&E impairment grouping and any resulting impairment loss is recognised in profit or loss. The recoverable amount of a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. Fair value less costs to sell is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved and probable reserves. Impairment \u2013 proved oil and gas production properties and intangible assets Proven oil and gas properties and intangible assets are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The carrying value is compared against the expected recoverable amount of the asset, generally by net present value of the future net cash flows, expected to be derived from production of commercial reserves or consideration expected to be achieved through the sale of its interest in an arms-length transaction, less any associated costs to sell. The cash generating unit applied for impairment test purposes is generally the field, except that a number of field interests may be grouped together where there are common facilities. Climate considerations in impairment assessment Climate change and transition to a lower carbon economy is considered in the impairment assessments. In the context of assessing the potential impact on the book values related to the Group\u2019s oil and gas assets, certain climate considerations a re factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation in jurisdictions where the Group has operations and estimation of future levels of environmental taxes, if any. An energy transition is likely to impact the future oil and gas prices which in turn may affect the recoverable amount of the oil and gas assets. Indirectly, climate considerations are also assessed in the forecasting of oil and gas prices where supply and demand are considered. A significant reduction in the Company\u2019s oil and gas price assumptions would result in impairments on certain production and development assets including intangible assets that are subject to impairment assessment under IAS 36, but an opposite revision in the price assumptions would lead to limited impairment reversals as most of the impairments recognized were related to impairment of goodwill which cannot be reversed under IFRS Accounting Standards. In the context of testing robustness of the oil and gas assets against the scenarios from the International Energy Agency (IEA), the Company has applied the Net Zero Emissions Scenario, Stated Policies Scenario and Sustainable Development Scenario as published by the IEA as part of the World Energy Outlook (WEO) reports. These scenarios are commonly applied by peer companies and the Company believes are useful to investors and other stakeholders in assessing portfolio resilience across companies in the industry. For more details, see Note 10.2: Impairment in Oil and Gas Interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3785": {
"value": "Development tangible and intangible assets Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines and the drilling of commercially proven development wells, is capitalised within property, plant and equipment and intangible assets according to nature. When development is completed on a specific field, these costs are transferred to production assets. No depreciation or amortisation is charged during the Exploration and Evaluation phase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3791": {
"value": "Farm-outs \u2013 in the 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. Development costs 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 oil and gas properties. Oil & gas production assets Development and production assets are accumulated on a cash-generating unit basis and represent the cost of developing the commercial reserves discovered and bringing them into production together with E&E expenditures incurred in finding commercial reserves transferred from intangible E&E assets as outlined in accounting policy above. The cost of development and production assets also includes the cost of acquisitions and purchases of such assets, directly attributable overheads and the cost of recognising provisions for future restoration and decommissioning. Where major and identifiable parts of the production assets have different useful lives, they are accounted for as separate items of property, plant and equipment. Costs of minor repairs and maintenance are expensed as incurred. Depreciation/amortisation Oil and gas properties are not depleted until production commences. Costs relating to each single field cost centre are depleted on a unit of production method based on the commercial proved and probable reserves for that cost centre. The depletion calculation takes account of the estimated future costs of development of management\u2019s assessment of proved and probable reserves, reflecting risks applicable to the specific assets. Changes in reserve quantities and cost estimates are recognised prospectively from the last reporting date. Field infrastructure exceeding beyond the life of the field is depreciated over the useful life of the infrastructure using a straight- line method. Depreciation/amortisation on assets held for sale is ceased from the date of such classification. Impairment \u2013 proved oil and gas production properties and intangible assets Proven oil and gas properties and intangible assets are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The carrying value is compared against the expected recoverable amount of the asset, generally by net present value of the future net cash flows, expected to be derived from production of commercial reserves or consideration expected to be achieved through the sale of its interest in an arms-length transaction, less any associated costs to sell. The cash generating unit applied for impairment test purposes is generally the field, except that a number of field interests may be grouped together where there are common facilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3811": {
"value": "Depreciation/amortisation Oil and gas properties are not depleted until production commences. Costs relating to each single field cost centre are depleted on a unit of production method based on the commercial proved and probable reserves for that cost centre. The depletion calculation takes account of the estimated future costs of development of management\u2019s assessment of proved and probable reserves, reflecting risks applicable to the specific assets. Changes in reserve quantities and cost estimates are recognised prospectively from the last reporting date. Field infrastructure exceeding beyond the life of the field is depreciated over the useful life of the infrastructure using a straight- line method. Depreciation/amortisation on assets held for sale is ceased from the date of such classification. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3823": {
"value": "Impairment \u2013 exploration and evaluation assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount and when they are reclassified to PP&E assets. For the purpose of impairment testing, E&E assets are grouped by concession or field with other E&E and PP&E assets belonging to the same CGU. The impairment loss will be calculated as the excess of the carrying value over recoverable amount of the E&E impairment grouping and any resulting impairment loss is recognised in profit or loss. The recoverable amount of a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. Fair value less costs to sell is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved and probable reserves. Impairment \u2013 proved oil and gas production properties and intangible assets Proven oil and gas properties and intangible assets are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The carrying value is compared against the expected recoverable amount of the asset, generally by net present value of the future net cash flows, expected to be derived from production of commercial reserves or consideration expected to be achieved through the sale of its interest in an arms-length transaction, less any associated costs to sell. The cash generating unit applied for impairment test purposes is generally the field, except that a number of field interests may be grouped together where there are common facilities. Climate considerations in impairment assessment Climate change and transition to a lower carbon economy is considered in the impairment assessments. In the context of assessing the potential impact on the book values related to the Group\u2019s oil and gas assets, certain climate considerations a re factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation in jurisdictions where the Group has operations and estimation of future levels of environmental taxes, if any. An energy transition is likely to impact the future oil and gas prices which in turn may affect the recoverable amount of the oil and gas assets. Indirectly, climate considerations are also assessed in the forecasting of oil and gas prices where supply and demand are considered. A significant reduction in the Company\u2019s oil and gas price assumptions would result in impairments on certain production and development assets including intangible assets that are subject to impairment assessment under IAS 36, but an opposite revision in the price assumptions would lead to limited impairment reversals as most of the impairments recognized were related to impairment of goodwill which cannot be reversed under IFRS Accounting Standards. In the context of testing robustness of the oil and gas assets against the scenarios from the International Energy Agency (IEA), the Company has applied the Net Zero Emissions Scenario, Stated Policies Scenario and Sustainable Development Scenario as published by the IEA as part of the World Energy Outlook (WEO) reports. These scenarios are commonly applied by peer companies and the Company believes are useful to investors and other stakeholders in assessing portfolio resilience across companies in the industry. For more details, see Note 10.2: Impairment in Oil and Gas Interests. Non-financial assets Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed for impairment on an annual basis. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the asset\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the income statement. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3824": {
"value": "Impairment \u2013 exploration and evaluation assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount and when they are reclassified to PP&E assets. For the purpose of impairment testing, E&E assets are grouped by concession or field with other E&E and PP&E assets belonging to the same CGU. The impairment loss will be calculated as the excess of the carrying value over recoverable amount of the E&E impairment grouping and any resulting impairment loss is recognised in profit or loss. The recoverable amount of a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In assessing fair value less costs to sell, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. Fair value less costs to sell is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved and probable reserves. Impairment \u2013 proved oil and gas production properties and intangible assets Proven oil and gas properties and intangible assets are reviewed annually for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The carrying value is compared against the expected recoverable amount of the asset, generally by net present value of the future net cash flows, expected to be derived from production of commercial reserves or consideration expected to be achieved through the sale of its interest in an arms-length transaction, less any associated costs to sell. The cash generating unit applied for impairment test purposes is generally the field, except that a number of field interests may be grouped together where there are common facilities. Climate considerations in impairment assessment Climate change and transition to a lower carbon economy is considered in the impairment assessments. In the context of assessing the potential impact on the book values related to the Group\u2019s oil and gas assets, certain climate considerations a re factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation in jurisdictions where the Group has operations and estimation of future levels of environmental taxes, if any. An energy transition is likely to impact the future oil and gas prices which in turn may affect the recoverable amount of the oil and gas assets. Indirectly, climate considerations are also assessed in the forecasting of oil and gas prices where supply and demand are considered. A significant reduction in the Company\u2019s oil and gas price assumptions would result in impairments on certain production and development assets including intangible assets that are subject to impairment assessment under IAS 36, but an opposite revision in the price assumptions would lead to limited impairment reversals as most of the impairments recognized were related to impairment of goodwill which cannot be reversed under IFRS Accounting Standards. In the context of testing robustness of the oil and gas assets against the scenarios from the International Energy Agency (IEA), the Company has applied the Net Zero Emissions Scenario, Stated Policies Scenario and Sustainable Development Scenario as published by the IEA as part of the World Energy Outlook (WEO) reports. These scenarios are commonly applied by peer companies and the Company believes are useful to investors and other stakeholders in assessing portfolio resilience across companies in the industry. For more details, see Note 10.2: Impairment in Oil and Gas Interests. Impairment of financial assets measured at amortised cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortised cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. Since this is typically less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group's in-scope financial assets. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset\u2019s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset\u2019s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognised in the income statement. A financial asset or group of financial assets classified as measured at amortised cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. 2.4.17 Impairment of non-oil and gas interests Non-financial assets Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed for impairment on an annual basis. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the asset\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the income statement. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset\u2019s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Financial assets Assets carried at amortised cost If there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset\u2019s original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss shall be recognised in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date, any subsequent reversal of an impairment loss is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3887": {
"value": "2.4.5 Financial instruments 2.4.5.1 Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments including zero cost collars and commodity swaps to manage its exposure to volatility in the commodity prices realised for a proportion of its crude oil production. All derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value at each period end. Apart from those derivatives designated as qualifying cash flow hedging instruments, all changes in fair value are recorded as financial income or expense in the year in which they arise, otherwise they are recognised in other comprehensive income. For derivatives not designed as qualifying for cash flow hedging, the fair value at balance sheet date is based on fair value provided by the counterparties with whom the trades have been entered into. The derivatives are valued using a Black- Scholes based methodology. The inputs to these valuations include price of oil and its volatility. Fair value is the amount for which a financial asset, liability or instrument could be exchanged between knowledgeable and willing parties in an arm\u2019s length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models and estimated discounted values of cash flows. 2.4.5.2 Financial assets Financial assets are recognised initially at fair value, normally being the transaction price. In the case of financial assets not at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The group derecognises financial assets when the contractual rights to the cash flows expire or the financial asset is transferred to a third party. This includes the derecognition of receivables for which discounting arrangements are entered into. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets measured at amortised cost Financial assets are classified as measured at amortised cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired and when interest is recognised using the effective interest method. This category of financial assets includes trade and other receivables. Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives and listed equity investments, other than those designated as effective hedging instruments, are included in this category. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortised cost. Cash held for Bank guarantee - restricted Cash held for Bank guarantee relates to resources or collateral held by a bank which can only be accessed through fulfilment of conditions imposed by counter parties. Funds are only classified from restricted cash status to cash equivalents when funds are transferred to and under the control of the Group. Impairment of financial assets measured at amortised cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortised cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. Since this is typically less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group's in-scope financial assets. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset\u2019s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset\u2019s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognised in the income statement. A financial asset or group of financial assets classified as measured at amortised cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. 2.4.5.3 Financial liabilities The measurement of financial liabilities depends on their classification as follows: Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Financial liabilities measured at amortised cost Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. This category of financial liabilities includes trade and other payables and finance debt. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3889": {
"value": "2.4.5.1 Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments including zero cost collars and commodity swaps to manage its exposure to volatility in the commodity prices realised for a proportion of its crude oil production. All derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value at each period end. Apart from those derivatives designated as qualifying cash flow hedging instruments, all changes in fair value are recorded as financial income or expense in the year in which they arise, otherwise they are recognised in other comprehensive income. For derivatives not designed as qualifying for cash flow hedging, the fair value at balance sheet date is based on fair value provided by the counterparties with whom the trades have been entered into. The derivatives are valued using a Black- Scholes based methodology. The inputs to these valuations include price of oil and its volatility. Fair value is the amount for which a financial asset, liability or instrument could be exchanged between knowledgeable and willing parties in an arm\u2019s length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models and estimated discounted values of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3890": {
"value": "2.4.5.1 Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments including zero cost collars and commodity swaps to manage its exposure to volatility in the commodity prices realised for a proportion of its crude oil production. All derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value at each period end. Apart from those derivatives designated as qualifying cash flow hedging instruments, all changes in fair value are recorded as financial income or expense in the year in which they arise, otherwise they are recognised in other comprehensive income. For derivatives not designed as qualifying for cash flow hedging, the fair value at balance sheet date is based on fair value provided by the counterparties with whom the trades have been entered into. The derivatives are valued using a Black- Scholes based methodology. The inputs to these valuations include price of oil and its volatility. Fair value is the amount for which a financial asset, liability or instrument could be exchanged between knowledgeable and willing parties in an arm\u2019s length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models and estimated discounted values of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3891": {
"value": "2.4.5.1 Derivative financial instruments and hedge accounting The Group enters into derivative financial instruments including zero cost collars and commodity swaps to manage its exposure to volatility in the commodity prices realised for a proportion of its crude oil production. All derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value at each period end. Apart from those derivatives designated as qualifying cash flow hedging instruments, all changes in fair value are recorded as financial income or expense in the year in which they arise, otherwise they are recognised in other comprehensive income. For derivatives not designed as qualifying for cash flow hedging, the fair value at balance sheet date is based on fair value provided by the counterparties with whom the trades have been entered into. The derivatives are valued using a Black- Scholes based methodology. The inputs to these valuations include price of oil and its volatility. Fair value is the amount for which a financial asset, liability or instrument could be exchanged between knowledgeable and willing parties in an arm\u2019s length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models and estimated discounted values of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3906": {
"value": "2.4.5.2 Financial assets Financial assets are recognised initially at fair value, normally being the transaction price. In the case of financial assets not at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The group derecognises financial assets when the contractual rights to the cash flows expire or the financial asset is transferred to a third party. This includes the derecognition of receivables for which discounting arrangements are entered into. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets measured at amortised cost Financial assets are classified as measured at amortised cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired and when interest is recognised using the effective interest method. This category of financial assets includes trade and other receivables. Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives and listed equity investments, other than those designated as effective hedging instruments, are included in this category. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortised cost. Cash held for Bank guarantee - restricted Cash held for Bank guarantee relates to resources or collateral held by a bank which can only be accessed through fulfilment of conditions imposed by counter parties. Funds are only classified from restricted cash status to cash equivalents when funds are transferred to and under the control of the Group. Impairment of financial assets measured at amortised cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortised cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. Since this is typically less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group's in-scope financial assets. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset\u2019s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset\u2019s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognised in the income statement. A financial asset or group of financial assets classified as measured at amortised cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3911": {
"value": "The group derecognises financial assets when the contractual rights to the cash flows expire or the financial asset is transferred to a third party. This includes the derecognition of receivables for which discounting arrangements are entered into. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3934": {
"value": "Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives and listed equity investments, other than those designated as effective hedging instruments, are included in this category. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3942": {
"value": "Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3947": {
"value": "Cash held for Bank guarantee - restricted Cash held for Bank guarantee relates to resources or collateral held by a bank which can only be accessed through fulfilment of conditions imposed by counter parties. Funds are only classified from restricted cash status to cash equivalents when funds are transferred to and under the control of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3953": {
"value": "Impairment of financial assets measured at amortised cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortised cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. Since this is typically less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group's in-scope financial assets. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset\u2019s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset\u2019s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognised in the income statement. A financial asset or group of financial assets classified as measured at amortised cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. Financial assets Assets carried at amortised cost If there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the assets\u2019 carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset\u2019s original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss shall be recognised in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date, any subsequent reversal of an impairment loss is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3968": {
"value": "2.4.5.3 Financial liabilities The measurement of financial liabilities depends on their classification as follows: Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognised in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Financial liabilities measured at amortised cost Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. This category of financial liabilities includes trade and other payables and finance debt. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3980": {
"value": "2.4.7 Fair value measurement and hierarchy The Group measures derivatives at fair value at each balance sheet date and, for the purposes of impairment testing, uses fair value less costs of disposal to determine the recoverable amount of some of its non-financial assets. 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: \u2022 In the principal market for the asset or liability, or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. 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 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: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. For assets and liabilities that are recognised in the 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. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4027": {
"value": "2.4.8 Provisions General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of the 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 expense relating to any provision is recognised through profit and 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, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as interest expense. The present obligation under onerous contracts is recognised as a provision. 2.4.9 Asset retirement obligation An asset retirement liability is recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. A corresponding amount equivalent to the obligation is also recognised as part of the cost of the related production plant and equipment. The amount recognised in the estimated cost of asset retirement, discounted to its present value. Changes in the estimated timing of asset retirement or asset retirement cost estimates are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment to production plant and equipment. The unwinding of the discount on the asset retirement provision is included as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4039": {
"value": "2.4.9 Asset retirement obligation An asset retirement liability is recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. A corresponding amount equivalent to the obligation is also recognised as part of the cost of the related production plant and equipment. The amount recognised in the estimated cost of asset retirement, discounted to its present value. Changes in the estimated timing of asset retirement or asset retirement cost estimates are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment to production plant and equipment. The unwinding of the discount on the asset retirement provision is included as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4058": {
"value": "2.4.10 Income tax Income tax expense represents the sum of the tax currently payable and movement in deferred tax. Current tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date, in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations which applicable tax regulations are subject to interpretation and established provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affect neither the accounting profit nor taxable profit or loss; and \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences; carry forward to unused tax credits and unused tax losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 In respect of deductible temporary differences associate with investments in subsidiaries, associate and interest in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient future taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognised subsequently if new information about facts and circumstances arose. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurred during the measurement period or in profit or loss. Production-sharing arrangements According to the production-sharing arrangement (PSA) in certain licenses, the share of the profit oil to which the government is entitled in any calendar year in accordance with the PSA is deemed to include a portion representing the corporate income tax imposed upon and due by the Group. This amount will be paid directly by the government on behalf of Group to the appropriate tax authorities. This portion of income tax and revenue are presented separately in income statement. Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: Sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable if the sales tax incurred on a purchase of assets or services is not recoverable from taxation authorities. Receivables and payables that are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, taxation authorities is included as part of receivables or payables in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4069": {
"value": "Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2022 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affect neither the accounting profit nor taxable profit or loss; and \u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences; carry forward to unused tax credits and unused tax losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 In respect of deductible temporary differences associate with investments in subsidiaries, associate and interest in joint ventures, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient future taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognised subsequently if new information about facts and circumstances arose. The adjustment would either be treated as a reduction to goodwill (as long as it does not exceed goodwill) if it occurred during the measurement period or in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4124": {
"value": "Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: Sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable if the sales tax incurred on a purchase of assets or services is not recoverable from taxation authorities. Receivables and payables that are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, taxation authorities is included as part of receivables or payables in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4132": {
"value": "2.4.11 Revenue recognition Revenue from petroleum products Revenue from the sale of crude oil is recognised when a customer obtains control (\u201csales\u201d or \u201clifting\u201d method), normally this is when title passes at point of delivery. Revenues from production of oil properties are recognised based on actual volumes lifted and sold to customers during the period. Where the Group has lifted and sold more than the ownership interest, an accrual is recognised for the cost of the overlift. Where the Group has lifted and sold less than the ownership interest, costs are deferred for the underlift. Overlift and underlift on the Consolidated statement of financial position date are valued at production costs. Lifting imbalances are a part of the operating cycle and as such classified as other current liabilities/assets. Under a production sharing contract, where the group is required to pay profit oil tax on production of crude oil, such payment can either be settled (i) in kind (where the government lift the crude it is entitled to); or (ii) in cash (where the Group sells the crude and pays the taxes in cash). The group presents a gross-up of the profit oil tax as an income tax expense with a corresponding increase in oil and gas revenues. Interest income and financial instruments measured at amortised cost Interest income is recognised on an accruals basis. For all financial instruments measured at amortised cost and interest- bearing financial assets measured at fair value through profit and loss, interest income or expense is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest revenue is included in finance income in income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4146": {
"value": "Interest income and financial instruments measured at amortised cost Interest income is recognised on an accruals basis. For all financial instruments measured at amortised cost and interest- bearing financial assets measured at fair value through profit and loss, interest income or expense is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest revenue is included in finance income in income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4153": {
"value": "2.4.14 Inventories Inventories, consisting of crude oil, and drilling and maintenance materials, are stated at the lower of cost and net realisable value. Costs comprise costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of ordinarily inter-changeable items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4158": {
"value": "2.4.16 Share-based payment transactions Employees (including senior executives) of the Group may receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is recognised, together with a corresponding increase in additional paid in capital reserve in equity, over the period in which the performance and/or service conditions are fulfilled. 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 income statement expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in share-based payments expense. No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions for which vesting are conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled transaction award are modified, the minimum expense recognised is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4275": {
"value": "NOTE 3: OPERATING SEGMENTS The Group operated predominantly in four business segments being the exploration and production of oil and gas in Equatorial Guinea, Gabon, Tunisia and South Africa. The Group\u2019s reportable segments, for both management and financial reporting purposes, are as follows: \u2022 The Equatorial Guinea segment holds: - Block G, consisting of the Ceiba Field and Okume Complex in which the Group owns a 14.25% working interest. This interest was acquired from Tullow Overseas Holdings B.V. on 31 March 2021; - Exploration blocks S and EG-01 in which the Group owns working interests of 12% and 56% respectively. \u2022 The Gabon segment holds the Dussafu licence representing the Group\u2019s 17.4997% working interest in the Dussafu Marin exploration licence in Gabon. \u2022 The Tunisia segment holds the following assets: - Sfax Offshore Exploration Permit: Panoro Tunisia Exploration AS (Operator, 87.5% interest net to Panoro (2022: 52.5%*)) - The Hammamet Offshore Exploration Permit: Medco (Operator), Panoro Tunisia Exploration AS (46% interest net to Panoro (2022: 27.6%*)), under relinquishment - TPS Assets: ETAP, 51% and Panoro TPS (UK) Production Limited, 49% (2022: 29.4%* interest net to Panoro). * Figures represent net participation interest in proportion to Panoro\u2019s equity holding in Sfax Petroleum Corporation AS (\u201cSfax\u201d) before the acquisition of the remaining 40% interest in Sfax described in Note 14: Business Combinations. \u2022 The \u2018South Africa\u2019 segment holds 100% interest in Technical Cooperation Permit 218 (in process of conversion to Exploration Right 376), South African Karoo region. The Block 2B licence represented the Group\u2019s 12.5% working interest up to relinquishment on 6 December 2023. \u2022 The \u2018Corporate and others\u2019 category consists of head office and service company operations that are not directly attributable to the other segments. Further, it also includes the residual corporate business in Brazil which is expected to be dormant in the foreseeable future. \u2022 Discontinued Operations: - OML113-Aje represents the Group\u2019s 12.1913% revenue interest, 16.255% paying interest and 6.502% participating interest) in the OML113-Aje exploration licence in Nigeria. These operations were discontinued in 2022. Management monitors the operating results of business segments separately for the purpose of making decisions about resources to be allocated and of assessing performance. Segment performance is evaluated based on capital and general expenditure. Details of Group segments are reported below: 2023 USD 000 Equatorial Guinea Gabon Tunisia South Africa Corporate Total - continuing operations Aje-OML 113 discontinued operations Total Revenue (net) * 110,843 71,270 45,363 - - 227,476 - 227,476 EBITDA 69,204 43,672 27,764 (695) (4,831) 135,114 - 135,114 Depreciation (15,280) (17,684) (6,463) - (260) (39,687) - (39,687) Impairment (charge)/reversal - - - - - - - - Segment assets ** 243,174 257,906 74,349 151 36,801 612,381 - 612,381 Additions to licences, production, E&E and development assets *** 20,942 45,239 36,958 - - 103,139 - 103,139 2022 USD 000 Equatorial Guinea Gabon Tunisia South Africa Corporate Total - continuing operations Aje-OML 113 discontinued operations Total Revenue (net) * 80,953 67,537 40,136 - - 188,626 1,181 189,807 EBITDA 66,106 37,835 28,780 (596) (4,937) 127,188 1,498 128,686 Depreciation (23,778) (7,068) (4,002) - (316) (35,164) - (35,164) Impairment (charge)/reversal - - - - - - 1,497 1,497 Segment assets ** 240,423 219,544 60,849 17 18,512 539,345 - 539,345 Additions to licences, production, E&E and development assets *** 6,985 37,447 597 - - 45,029 - 45,029 * Revenue excludes any intercompany revenue. ** Refer to Note 15: Discontinued Operations for segment assets related to discontinued operations (OML 113, Aje). *** Excludes effect on production assets and equipment of the reassessment of decommissioning liabilities of USD 10.2 million (2022: USD 16.9 million), refer to Note 16: Asset Retirement Obligation. Includes additions from acquisitions, see Note 14: Business Combinations, but excludes a 2022 reversal of impairment of USD 1.2 million. Revenue from major sources from continuing operations: USD 000 2023 2022 Oil revenue (net) 217,985 180,267 Other revenue 9,491 8,359 Total revenue 227,476 188,626 There are no differences in the nature of measurement methods used on segment level compared with the consolidated financial statements. The oil revenue from continuing operations relates to sale of hydrocarbons from three assets, Block G in Equatorial Guinea, Dussafu in Gabon and TPS in Tunisia. The Group has local obligations in Tunisia and 20% of produced volumes are sold to the Tunisian State Oil Company, Entreprise Tunisienne D\u2019 Activites Petrolieres (ETAP) in order to fulfil the Group\u2019s domestic market obligations. All sales in 2023 from the Group\u2019s production arose from two key customers. Other revenue consists of estimated State profit oil of USD 10.9 million (2022: USD 8.4 million) with a corresponding amount as income tax (see Note 2.4.10 Income tax) and the loss of domestic market obligation transactions USD 1.4 million (2022: nil) consisting of cost of crude oil bought in at a cost of USD 11.4 million offset by the sale of this oil for USD10 million. State profit oil and domestic market obligations are conditions specified under the terms of the Dussafu PSC. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4496": {
"value": "Revenue from major sources from continuing operations: USD 000 2023 2022 Oil revenue (net) 217,985 180,267 Other revenue 9,491 8,359 Total revenue 227,476 188,626 There are no differences in the nature of measurement methods used on segment level compared with the consolidated financial statements. The oil revenue from continuing operations relates to sale of hydrocarbons from three assets, Block G in Equatorial Guinea, Dussafu in Gabon and TPS in Tunisia. The Group has local obligations in Tunisia and 20% of produced volumes are sold to the Tunisian State Oil Company, Entreprise Tunisienne D\u2019 Activites Petrolieres (ETAP) in order to fulfil the Group\u2019s domestic market obligations. All sales in 2023 from the Group\u2019s production arose from two key customers. Other revenue consists of estimated State profit oil of USD 10.9 million (2022: USD 8.4 million) with a corresponding amount as income tax (see Note 2.4.10 Income tax) and the loss of domestic market obligation transactions USD 1.4 million (2022: nil) consisting of cost of crude oil bought in at a cost of USD 11.4 million offset by the sale of this oil for USD10 million. State profit oil and domestic market obligations are conditions specified under the terms of the Dussafu PSC. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4497": {
"value": "Revenue from major sources from continuing operations: USD 000 2023 2022 Oil revenue (net) 217,985 180,267 Other revenue 9,491 8,359 Total revenue 227,476 188,626 There are no differences in the nature of measurement methods used on segment level compared with the consolidated financial statements. The oil revenue from continuing operations relates to sale of hydrocarbons from three assets, Block G in Equatorial Guinea, Dussafu in Gabon and TPS in Tunisia. The Group has local obligations in Tunisia and 20% of produced volumes are sold to the Tunisian State Oil Company, Entreprise Tunisienne D\u2019 Activites Petrolieres (ETAP) in order to fulfil the Group\u2019s domestic market obligations. All sales in 2023 from the Group\u2019s production arose from two key customers. Other revenue consists of estimated State profit oil of USD 10.9 million (2022: USD 8.4 million) with a corresponding amount as income tax (see Note 2.4.10 Income tax) and the loss of domestic market obligation transactions USD 1.4 million (2022: nil) consisting of cost of crude oil bought in at a cost of USD 11.4 million offset by the sale of this oil for USD10 million. State profit oil and domestic market obligations are conditions specified under the terms of the Dussafu PSC. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4533": {
"value": "NOTE 4: OPERATING RESULT Operating profit is stated after charging: USD 000 Note 2023 2022 Employee benefits expense 6,067 5,332 Depreciation 8, 9 39,687 35,164 Acquisition and project related costs (i) 811 1,054 (i) Acquisition and project related costs of USD 0.4 million relate to restructure of debt, USD 0.3 million to business combination transaction costs (see Note 14: Business Combinations) and the remaining USD 0.1 million to business development activities. Note 4.1: Exploration related costs Non-capitalisable exploration costs of USD 0.4 million (2022: USD 0.2 million) was incurred during the year. The Company was awarded a 56% participating interest (70% cost bearing) and operatorship of Block EG-01, offshore Equatorial Guinea and farmed-in to the Kosmos Energy operated Block S offshore Equatorial Guinea with a 12% non-operated interest. Costs incurred on these new interests are capitalised as exploration assets. The Gazania-1 exploration well located at Block 2B offshore the Northern Cape in Orange Basin, South Africa, was drilled without incident in 2022, but did not encounter commercial hydrocarbons. As a result capitalised exploration costs of USD 9.2 million were written off during that year. Note 4.2: Employee benefit expenses General and administrative expenses include wages, employer\u2019s contribution and other compensation as detailed below: USD 000 2023 2022 Salaries 4,843 4,283 Employers' contribution 640 588 Pension costs 280 235 Other compensation 304 226 Total 6,067 5,332 The number of employees in the Group as at year end is detailed below: 2023 2022 Number of employees 24 25 The number of employees does not include temporary contract staff and personnel employed by joint ventures where the group is participating as non-operated partner. Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4534": {
"value": "NOTE 4: OPERATING RESULT Operating profit is stated after charging: USD 000 Note 2023 2022 Employee benefits expense 6,067 5,332 Depreciation 8, 9 39,687 35,164 Acquisition and project related costs (i) 811 1,054 (i) Acquisition and project related costs of USD 0.4 million relate to restructure of debt, USD 0.3 million to business combination transaction costs (see Note 14: Business Combinations) and the remaining USD 0.1 million to business development activities. Note 4.1: Exploration related costs Non-capitalisable exploration costs of USD 0.4 million (2022: USD 0.2 million) was incurred during the year. The Company was awarded a 56% participating interest (70% cost bearing) and operatorship of Block EG-01, offshore Equatorial Guinea and farmed-in to the Kosmos Energy operated Block S offshore Equatorial Guinea with a 12% non-operated interest. Costs incurred on these new interests are capitalised as exploration assets. The Gazania-1 exploration well located at Block 2B offshore the Northern Cape in Orange Basin, South Africa, was drilled without incident in 2022, but did not encounter commercial hydrocarbons. As a result capitalised exploration costs of USD 9.2 million were written off during that year. Note 4.2: Employee benefit expenses General and administrative expenses include wages, employer\u2019s contribution and other compensation as detailed below: USD 000 2023 2022 Salaries 4,843 4,283 Employers' contribution 640 588 Pension costs 280 235 Other compensation 304 226 Total 6,067 5,332 The number of employees in the Group as at year end is detailed below: 2023 2022 Number of employees 24 25 The number of employees does not include temporary contract staff and personnel employed by joint ventures where the group is participating as non-operated partner. Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. Note 4.6: Pension plan The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Company contributes to an external defined contribution scheme and therefore no pension liability is recognised in the statement of financial position. As of 31 December 2023, the Company had no employees at parent company level and this pension plan is no longer in operation (31 December 2022: Nil). In the UK, the Company\u2019s subsidiary that employs staff, contributes a fixed amount per Company policy in an external defined contribution scheme. As such, no pension liability is recognised in the statement of financial position in relation to the Company\u2019s London based employees. No occupational pension scheme is mandated in Tunisia. Companies are required to pay a fixed percentage of gross salary of each employee as \u201csocial security\u201d to the government authorities, in addition to a fixed deduction from gross monthly salary as employee contribution. As such, no pension liability is recognised in the statement of financial position for these deductions. For contributions made to the external defined scheme 2023 and 2022, refer to Note 4.2: Employee benefit expenses. Note 4.7: Auditors\u2019 remuneration Fees, excluding VAT, to the auditors are included in general and administrative expense and are shown below: USD 000 2023 2022 Ernst & Young Statutory Audit 272 281 Total Audit Services 272 281 Non-audit Services Corporate financial services including pre-acquisition due diligence - - Total non-audit services - - Total 272 281 Note 9.2: Production rights USD 000 2023 2022 Acquisition cost At 1 January 173,975 188,832 Depreciation charge for the year (17,602) (18,307) Additions through Acquisition (Note 14) 25,160 - Other additions 26 3,450 At 31 December 181,559 173,975 Note 10.1: Production Assets and Equipment USD 000 2023 2022 Historical cost At 1 January 134,747 141,362 Additions 33,199 15,732 Write-offs (238) (184) Adjustments to asset retirement estimates (11,604) (22,163) Transfer from Development Assets 69,460 - Additions through Acquisition (Note 14) 8,438 - At 31 December 234,002 134,747 Accumulated depreciation At 1 January 37,388 21,093 Transfer to Assets held for Sale - - Write-offs (238) (184) Depreciation charge for the year 21,785 16,479 At 31 December 58,935 37,388 Net carrying value at 31 December 175,067 97,359 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4535": {
"value": "NOTE 4: OPERATING RESULT Operating profit is stated after charging: USD 000 Note 2023 2022 Employee benefits expense 6,067 5,332 Depreciation 8, 9 39,687 35,164 Acquisition and project related costs (i) 811 1,054 (i) Acquisition and project related costs of USD 0.4 million relate to restructure of debt, USD 0.3 million to business combination transaction costs (see Note 14: Business Combinations) and the remaining USD 0.1 million to business development activities. Note 4.1: Exploration related costs Non-capitalisable exploration costs of USD 0.4 million (2022: USD 0.2 million) was incurred during the year. The Company was awarded a 56% participating interest (70% cost bearing) and operatorship of Block EG-01, offshore Equatorial Guinea and farmed-in to the Kosmos Energy operated Block S offshore Equatorial Guinea with a 12% non-operated interest. Costs incurred on these new interests are capitalised as exploration assets. The Gazania-1 exploration well located at Block 2B offshore the Northern Cape in Orange Basin, South Africa, was drilled without incident in 2022, but did not encounter commercial hydrocarbons. As a result capitalised exploration costs of USD 9.2 million were written off during that year. Note 4.2: Employee benefit expenses General and administrative expenses include wages, employer\u2019s contribution and other compensation as detailed below: USD 000 2023 2022 Salaries 4,843 4,283 Employers' contribution 640 588 Pension costs 280 235 Other compensation 304 226 Total 6,067 5,332 The number of employees in the Group as at year end is detailed below: 2023 2022 Number of employees 24 25 The number of employees does not include temporary contract staff and personnel employed by joint ventures where the group is participating as non-operated partner. Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. Note 4.6: Pension plan The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Company contributes to an external defined contribution scheme and therefore no pension liability is recognised in the statement of financial position. As of 31 December 2023, the Company had no employees at parent company level and this pension plan is no longer in operation (31 December 2022: Nil). In the UK, the Company\u2019s subsidiary that employs staff, contributes a fixed amount per Company policy in an external defined contribution scheme. As such, no pension liability is recognised in the statement of financial position in relation to the Company\u2019s London based employees. No occupational pension scheme is mandated in Tunisia. Companies are required to pay a fixed percentage of gross salary of each employee as \u201csocial security\u201d to the government authorities, in addition to a fixed deduction from gross monthly salary as employee contribution. As such, no pension liability is recognised in the statement of financial position for these deductions. For contributions made to the external defined scheme 2023 and 2022, refer to Note 4.2: Employee benefit expenses. Note 4.7: Auditors\u2019 remuneration Fees, excluding VAT, to the auditors are included in general and administrative expense and are shown below: USD 000 2023 2022 Ernst & Young Statutory Audit 272 281 Total Audit Services 272 281 Non-audit Services Corporate financial services including pre-acquisition due diligence - - Total non-audit services - - Total 272 281 NOTE 15: DISCONTINUED OPERATIONS On 21 October 2019, the Company entered into a sale and purchase agreement with PetroNor E&P Limited (\u201cPetroNor\u201d), an exploration & production oil and gas company listed on the Oslo Axess, to divest all outstanding shares in its fully owned subsidiaries Pan-Petroleum Services Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as \u201cDivested Subsidiaries\u201d) for an upfront consideration consisting of the allotment and issue of new PetroNor shares with a fixed value o f USD 10 million (the \u201cShare Consideration\u201d) plus a revised contingent consideration agreed in December 2020 of up to USD 16.67 million based on future gas production volumes. The transaction completed on 13 July 2022 (the \u201cCompletion Date\u201d) with the upfront consideration of USD 10 million paid via the allotment and issue of 96,577,537 new PetroNor shares (the \u201cConsideration Shares\u201d), determined with reference to the contractually determined 30-day volume weighted average price (\u201cVWAP\u201d) of PetroNor\u2019s shares which are listed on the Oslo B\u00f8rs with the Ticker \u201cPNOR\u201d. The operations of the Group\u2019s Divested Subsidiaries were classified as discontinued operations under IFRS 5 since 2019 and the results of the Nigerian segment presented as discontinued operations up to the Completion Date are as follows: Amounts in USD 000, unless otherwise stated 2023 2022 DISCONTINUED OPERATIONS Oil revenue - 1,181 Total revenues - 1,181 Operating costs - (1,129) General and administrative costs - (51) Depreciation, depletion and amortisation - - (Impairment) / reversal of impairment for Oil and gas assets - 1,497 EBIT - Operating income/(loss) - 1,498 Interest costs net of income - (192) Net foreign exchange gain / (loss) - (2) Other financial costs net of income - (46) Net income/(loss) before tax - 1,258 Income tax benefit/(expense) - - Net income/(loss) for the period from discontinued operations - 1,258 EARNINGS PER SHARE Basic EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 Diluted EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 ",
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"f4567": {
"value": "Note 4.2: Employee benefit expenses General and administrative expenses include wages, employer\u2019s contribution and other compensation as detailed below: USD 000 2023 2022 Salaries 4,843 4,283 Employers' contribution 640 588 Pension costs 280 235 Other compensation 304 226 Total 6,067 5,332 The number of employees in the Group as at year end is detailed below: 2023 2022 Number of employees 24 25 The number of employees does not include temporary contract staff and personnel employed by joint ventures where the group is participating as non-operated partner. Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. Note 4.6: Pension plan The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Company contributes to an external defined contribution scheme and therefore no pension liability is recognised in the statement of financial position. As of 31 December 2023, the Company had no employees at parent company level and this pension plan is no longer in operation (31 December 2022: Nil). In the UK, the Company\u2019s subsidiary that employs staff, contributes a fixed amount per Company policy in an external defined contribution scheme. As such, no pension liability is recognised in the statement of financial position in relation to the Company\u2019s London based employees. No occupational pension scheme is mandated in Tunisia. Companies are required to pay a fixed percentage of gross salary of each employee as \u201csocial security\u201d to the government authorities, in addition to a fixed deduction from gross monthly salary as employee contribution. As such, no pension liability is recognised in the statement of financial position for these deductions. For contributions made to the external defined scheme 2023 and 2022, refer to Note 4.2: Employee benefit expenses. ",
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"f4568": {
"value": "Note 4.2: Employee benefit expenses General and administrative expenses include wages, employer\u2019s contribution and other compensation as detailed below: USD 000 2023 2022 Salaries 4,843 4,283 Employers' contribution 640 588 Pension costs 280 235 Other compensation 304 226 Total 6,067 5,332 The number of employees in the Group as at year end is detailed below: 2023 2022 Number of employees 24 25 The number of employees does not include temporary contract staff and personnel employed by joint ventures where the group is participating as non-operated partner. Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. Note 4.6: Pension plan The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Company contributes to an external defined contribution scheme and therefore no pension liability is recognised in the statement of financial position. As of 31 December 2023, the Company had no employees at parent company level and this pension plan is no longer in operation (31 December 2022: Nil). In the UK, the Company\u2019s subsidiary that employs staff, contributes a fixed amount per Company policy in an external defined contribution scheme. As such, no pension liability is recognised in the statement of financial position in relation to the Company\u2019s London based employees. No occupational pension scheme is mandated in Tunisia. Companies are required to pay a fixed percentage of gross salary of each employee as \u201csocial security\u201d to the government authorities, in addition to a fixed deduction from gross monthly salary as employee contribution. As such, no pension liability is recognised in the statement of financial position for these deductions. For contributions made to the external defined scheme 2023 and 2022, refer to Note 4.2: Employee benefit expenses. ",
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"f4598": {
"value": "Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. Note 4.6: Pension plan The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Company contributes to an external defined contribution scheme and therefore no pension liability is recognised in the statement of financial position. As of 31 December 2023, the Company had no employees at parent company level and this pension plan is no longer in operation (31 December 2022: Nil). In the UK, the Company\u2019s subsidiary that employs staff, contributes a fixed amount per Company policy in an external defined contribution scheme. As such, no pension liability is recognised in the statement of financial position in relation to the Company\u2019s London based employees. No occupational pension scheme is mandated in Tunisia. Companies are required to pay a fixed percentage of gross salary of each employee as \u201csocial security\u201d to the government authorities, in addition to a fixed deduction from gross monthly salary as employee contribution. As such, no pension liability is recognised in the statement of financial position for these deductions. For contributions made to the external defined scheme 2023 and 2022, refer to Note 4.2: Employee benefit expenses. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4599": {
"value": "Note 4.3: Board of Directors statement on remuneration of executives Statement for the current year (2023) In accordance with the Norwegian Public Limited Liability Companies Act \u00a76-16a, the Board of Directors must prepare a statement on remuneration of executives. These statements can be referred to on page 100 of this report. Note 4.4: Management remuneration Executive management consists of the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and two other Named Executives as described below. Executive management remuneration is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2023 Fair value of RSUs expensed John Hamilton, CEO 534 187 12 11 744 195,419 527 Qazi Qadeer, CFO 348 123 5 11 487 96,371 239 Other Named Executives (vi) 677 240 10 13 940 188,362 468 Total 1,559 550 27 35 2,171 480,152 1,234 2022 Short term benefits USD 000 (unless stated otherwise) Salary Bonus Benefits Pension costs Total Number of RSUs awarded in 2022 Fair value of RSUs expensed John Hamilton, CEO 472 181 11 5 669 131,772 512 Qazi Qadeer, CFO 311 119 5 5 440 64,983 195 Other Named Executives (vi) 596 227 10 12 845 127,014 382 Total 1,379 527 26 22 1,954 323,769 1,089 (i) Under the terms of employment, the CEO and the CFO in general are required to give at least six month\u2019s written notice prior to leaving Panoro. Other Named Executives have notice periods between three and six months. (ii) Per the respective terms of employment, the CEO is entitled to 12 months of base salary in the event of a change of control; whereby a tender offer is made or consummated for the ownership of more than 50% or more of the outstanding voting securities of the Company; or the Company is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50.1% of the outstanding voting securities of the surviving entity or resulting corporation are owned in the aggregate by the persons, by the entities or persons who were shareholders of the Company immediately prior to such merger or consolidation; or the Company sells substantially all of its assets to another corporation that is not a wholly owned subsidiary. The CFO is entitled to 6 months of base salary in the event of a change of control. (iii) In June 2023, 719,615 Restricted Share Units were awarded under and in accordance with the Company\u2019s RSU scheme to the employees of the Company under the long-term incentive compensation plan approved by the shareholders. One Restricted Share Unit (\u201cRSU\u201d) entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years, and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period which was the case in some prior year awards. RSUs vest automatically at the respective vesting dates and the holder will be issued the applicable number of shares as soon as possible thereafter. (iv) All salaries, bonuses and benefit payments have been expensed as incurred. (v) All bonuses were approved by the Board of Directors. (vi) Remuneration details for Other Named Executives include Mr. Richard Morton (Technical Director) and Mr. Nigel McKim (Projects Director). Refer to Note 19: Share based payments for further information on the Restricted Share Units scheme. Note 4.5: Board of Directors remuneration The remuneration of the members of the Board is determined on a yearly basis by the Company at its Annual General Meeting. The directors may also be reimbursed for, inter alia, travelling, hotel and other expenses incurred by them in attending meetings of the directors or in connection with the business of Panoro Energy ASA. A director who has been given a special assignment, besides his/her normal duties as a director of the Board, in relation to the business of Panoro Energy ASA may be paid such extra remuneration as the directors may determine. Remuneration to members of the Board of Directors is summarised below: 2023 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2023 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 106 - 9 Torstein Sanness (Deputy Chairman of the Board of Directors) 74 - 5 Grace Reksten Skaugen (resigned during the year) 25 - 6 Alexandra Herger 66 - 11 Hilde \u00c5dland (resigned during the year) 24 - 5 Garrett Soden 67 - 6 Gunnvor Ellingsen 43 24,000 5 Total 405 24,000 47 2022 Short term benefits USD 000 (unless stated otherwise) Salary Number of share options awarded in 2022 Fair value of share options expensed Julien Balkany (Chairman of the Board of Directors) 102 - 19 Torstein Sanness (Deputy Chairman of the Board of Directors) 68 - 9 Grace Reksten Skaugen 38 24,000 10 Alexandra Herger 62 - 9 Hilde \u00c5dland 58 - 9 Garrett Soden 61 - 9 Gunnvor Ellingsen - - - Total 389 24,000 65 The Chairman of the Board of Directors\u2019 annual remuneration is USD 88,000 and the annual remuneration for the Deputy Chairman of the Board is USD 55,000. The remaining Directors\u2019 annual remuneration is USD 48,000. Members of the Audit Committee, the Remuneration Committee and the Sustainability Committee each receive USD 6,000 annually per committee, whereas the Chairman of each committee receives USD 9,000 annually. No loans have been given to, or guarantees given on the behalf of, any members of the Management Group, the Board or other elected corporate bodies. NOTE 24: RELATED PARTIES TRANSACTIONS Details of related party transactions are set out in the parent stand-alone financial statements, Note 8: Related party transactions and balances. ",
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}
},
"f4892": {
"value": "Note 4.7: Auditors\u2019 remuneration Fees, excluding VAT, to the auditors are included in general and administrative expense and are shown below: USD 000 2023 2022 Ernst & Young Statutory Audit 272 281 Total Audit Services 272 281 Non-audit Services Corporate financial services including pre-acquisition due diligence - - Total non-audit services - - Total 272 281 ",
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}
},
"f4917": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 Note 5.1: Loans and borrowings Note 5.1.1 Senior Secured Borrowing Base facility On 29 March 2021, Panoro signed a fully underwritten acquisition finance loan facility of up to USD 90 million arranged by Trafigura, one of the world\u2019s leading independent commodity trading and logistics houses, with Mauritius Commercial Bank as mandated lead arranger and facility agent. The loan was made available in two tranches, Tranche A of up to USD 55 million which was drawn down in full on 30 March 2021 and Tranche B of up to USD 35 million which was drawn down in full on 9 June 2021. The drawn-down amount under the loan amortises over a 5 year term from 31 March 2021 and carries an annual interest rate of USD 3-month LIBOR plus 7.5%. On 18 April 2023, Panoro finalised an amendment to the Senior Secured Reserve Based Borrowing facility for an additional USD 15.3 million Tranche C funding against the Tunisian TPS assets, USD 15 million was drawn down on completion and the remaining USD 0.3 million utilised to cover arrangement fees. This additional tranche will amortise over the remaining period of the original loan ending on 30 March 2026. As part of the amendment, the annual interest rate for the entire facility was changed from 3-month LIBOR plus 7.5% to 3-month SOFR plus 7.5%. Key financial covenants are required to be tested 30 September and 31 March. These covenants, applicable at levels of the borrower group as defined in the loan documentation, include the following: (i) Group Net debt/EBITDA: \u22643.0 (ii) Minimum cash balance of USD 7.0 million to be maintained in the account of the Borrower (iii) Field life coverage ratio: 1.5x (iv) Loan life coverage ratio: 1.3x (v) Group Liquidity Test: 1.2x (Borrower and subsidiaries) The Group was not in breach of any financial covenants as at 31 December 2023. Un-amortised borrowing costs include structuring fees and directly attributable third-party costs. During the current quarter, these costs are expensed using an effective interest rate of 13.4% per annum over the remaining term of the facility. Current and non-current portion of the outstanding balance of the Senior Secured Borrowing Base facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Senior Secured Borrowing Base facility Principal outstanding 26,420 44,033 70,453 16,200 57,600 73,800 Accumulated interest accrued - - - - - - Unamortised borrowing costs (349) (615) (964) (918) (950) (1,868) 26,071 43,418 69,489 15,282 56,650 71,932 The Group has an advance facility of USD 25 million with Trafigura. At 31 December 2023 the total drawn down was USD 23.8 million. The advance is short term and settled from the upcoming crude liftings proceeds. Note 5.1.2 Mercuria senior secured loan In 2018, the Group entered into an agreement with Mercuria Assets Holdings (Hong Kong) Ltd (\u201cMercuria\u201d) for a Senior Secured Loan facility of USD 16.2 million (USD 27 million), with an initial term of 5 years and interest charged at USD 3-month LIBOR plus 6% with repayments due each quarter. In June 2019, the Group and Mercuria mutually agreed to increase the facility to USD 18.7 million (USD 30 million gross) with a revised term of 5 years from 30 June 2019. The Mercuria loan was repaid in full on 15 March 2023 by the Group and all security held in relation to the loan was released at that date. Current and non-current portion of the outstanding balance of the Mercuria Senior Secured facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Mercuria Senior Secured loan facility Principal outstanding - - - 5,100 1,740 6,840 Accumulated interest accrued - - - 170 - 170 Unamortised borrowing costs - - - (55) (8) (63) - - - 5,215 1,732 6,947 ",
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"f4918": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 Note 5.1: Loans and borrowings Note 5.1.1 Senior Secured Borrowing Base facility On 29 March 2021, Panoro signed a fully underwritten acquisition finance loan facility of up to USD 90 million arranged by Trafigura, one of the world\u2019s leading independent commodity trading and logistics houses, with Mauritius Commercial Bank as mandated lead arranger and facility agent. The loan was made available in two tranches, Tranche A of up to USD 55 million which was drawn down in full on 30 March 2021 and Tranche B of up to USD 35 million which was drawn down in full on 9 June 2021. The drawn-down amount under the loan amortises over a 5 year term from 31 March 2021 and carries an annual interest rate of USD 3-month LIBOR plus 7.5%. On 18 April 2023, Panoro finalised an amendment to the Senior Secured Reserve Based Borrowing facility for an additional USD 15.3 million Tranche C funding against the Tunisian TPS assets, USD 15 million was drawn down on completion and the remaining USD 0.3 million utilised to cover arrangement fees. This additional tranche will amortise over the remaining period of the original loan ending on 30 March 2026. As part of the amendment, the annual interest rate for the entire facility was changed from 3-month LIBOR plus 7.5% to 3-month SOFR plus 7.5%. Key financial covenants are required to be tested 30 September and 31 March. These covenants, applicable at levels of the borrower group as defined in the loan documentation, include the following: (i) Group Net debt/EBITDA: \u22643.0 (ii) Minimum cash balance of USD 7.0 million to be maintained in the account of the Borrower (iii) Field life coverage ratio: 1.5x (iv) Loan life coverage ratio: 1.3x (v) Group Liquidity Test: 1.2x (Borrower and subsidiaries) The Group was not in breach of any financial covenants as at 31 December 2023. Un-amortised borrowing costs include structuring fees and directly attributable third-party costs. During the current quarter, these costs are expensed using an effective interest rate of 13.4% per annum over the remaining term of the facility. Current and non-current portion of the outstanding balance of the Senior Secured Borrowing Base facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Senior Secured Borrowing Base facility Principal outstanding 26,420 44,033 70,453 16,200 57,600 73,800 Accumulated interest accrued - - - - - - Unamortised borrowing costs (349) (615) (964) (918) (950) (1,868) 26,071 43,418 69,489 15,282 56,650 71,932 The Group has an advance facility of USD 25 million with Trafigura. At 31 December 2023 the total drawn down was USD 23.8 million. The advance is short term and settled from the upcoming crude liftings proceeds. Note 5.1.2 Mercuria senior secured loan In 2018, the Group entered into an agreement with Mercuria Assets Holdings (Hong Kong) Ltd (\u201cMercuria\u201d) for a Senior Secured Loan facility of USD 16.2 million (USD 27 million), with an initial term of 5 years and interest charged at USD 3-month LIBOR plus 6% with repayments due each quarter. In June 2019, the Group and Mercuria mutually agreed to increase the facility to USD 18.7 million (USD 30 million gross) with a revised term of 5 years from 30 June 2019. The Mercuria loan was repaid in full on 15 March 2023 by the Group and all security held in relation to the loan was released at that date. Current and non-current portion of the outstanding balance of the Mercuria Senior Secured facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Mercuria Senior Secured loan facility Principal outstanding - - - 5,100 1,740 6,840 Accumulated interest accrued - - - 170 - 170 Unamortised borrowing costs - - - (55) (8) (63) - - - 5,215 1,732 6,947 Note 5.2: Changes in liabilities with cash flow movements from Financing Activities The changes in liabilities whose cash flow movements are disclosed as part of financing activities in the cash flow statement are as follows: USD 000 2023 2022 At 1 January 79,625 99,756 Cash flows: Drawdown of Secured Loans, net of fees 15,000 - Repayment of Secured Loans (25,450) (14,730) Repayment of non-recourse loan (653) (4,065) Realised gain/(loss) on commodity hedges - (7,689) Borrowing costs, including arrangement fees (10,382) (8,141) Lease liability payments (230) (231) Non-cash changes: Unwinding of unamortised borrowing cost and finance charges 1,701 1,324 Interest accrued 9,973 8,232 Movement in unrealised hedges - 5,200 Initial recognition lease under IFRS 16 377 - Foreign exchange movements (141) (32) At 31 December 69,820 79,625 ",
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},
"f4919": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 Note 5.1: Loans and borrowings Note 5.1.1 Senior Secured Borrowing Base facility On 29 March 2021, Panoro signed a fully underwritten acquisition finance loan facility of up to USD 90 million arranged by Trafigura, one of the world\u2019s leading independent commodity trading and logistics houses, with Mauritius Commercial Bank as mandated lead arranger and facility agent. The loan was made available in two tranches, Tranche A of up to USD 55 million which was drawn down in full on 30 March 2021 and Tranche B of up to USD 35 million which was drawn down in full on 9 June 2021. The drawn-down amount under the loan amortises over a 5 year term from 31 March 2021 and carries an annual interest rate of USD 3-month LIBOR plus 7.5%. On 18 April 2023, Panoro finalised an amendment to the Senior Secured Reserve Based Borrowing facility for an additional USD 15.3 million Tranche C funding against the Tunisian TPS assets, USD 15 million was drawn down on completion and the remaining USD 0.3 million utilised to cover arrangement fees. This additional tranche will amortise over the remaining period of the original loan ending on 30 March 2026. As part of the amendment, the annual interest rate for the entire facility was changed from 3-month LIBOR plus 7.5% to 3-month SOFR plus 7.5%. Key financial covenants are required to be tested 30 September and 31 March. These covenants, applicable at levels of the borrower group as defined in the loan documentation, include the following: (i) Group Net debt/EBITDA: \u22643.0 (ii) Minimum cash balance of USD 7.0 million to be maintained in the account of the Borrower (iii) Field life coverage ratio: 1.5x (iv) Loan life coverage ratio: 1.3x (v) Group Liquidity Test: 1.2x (Borrower and subsidiaries) The Group was not in breach of any financial covenants as at 31 December 2023. Un-amortised borrowing costs include structuring fees and directly attributable third-party costs. During the current quarter, these costs are expensed using an effective interest rate of 13.4% per annum over the remaining term of the facility. Current and non-current portion of the outstanding balance of the Senior Secured Borrowing Base facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Senior Secured Borrowing Base facility Principal outstanding 26,420 44,033 70,453 16,200 57,600 73,800 Accumulated interest accrued - - - - - - Unamortised borrowing costs (349) (615) (964) (918) (950) (1,868) 26,071 43,418 69,489 15,282 56,650 71,932 The Group has an advance facility of USD 25 million with Trafigura. At 31 December 2023 the total drawn down was USD 23.8 million. The advance is short term and settled from the upcoming crude liftings proceeds. Note 5.1.2 Mercuria senior secured loan In 2018, the Group entered into an agreement with Mercuria Assets Holdings (Hong Kong) Ltd (\u201cMercuria\u201d) for a Senior Secured Loan facility of USD 16.2 million (USD 27 million), with an initial term of 5 years and interest charged at USD 3-month LIBOR plus 6% with repayments due each quarter. In June 2019, the Group and Mercuria mutually agreed to increase the facility to USD 18.7 million (USD 30 million gross) with a revised term of 5 years from 30 June 2019. The Mercuria loan was repaid in full on 15 March 2023 by the Group and all security held in relation to the loan was released at that date. Current and non-current portion of the outstanding balance of the Mercuria Senior Secured facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Mercuria Senior Secured loan facility Principal outstanding - - - 5,100 1,740 6,840 Accumulated interest accrued - - - 170 - 170 Unamortised borrowing costs - - - (55) (8) (63) - - - 5,215 1,732 6,947 Note 5.2: Changes in liabilities with cash flow movements from Financing Activities The changes in liabilities whose cash flow movements are disclosed as part of financing activities in the cash flow statement are as follows: USD 000 2023 2022 At 1 January 79,625 99,756 Cash flows: Drawdown of Secured Loans, net of fees 15,000 - Repayment of Secured Loans (25,450) (14,730) Repayment of non-recourse loan (653) (4,065) Realised gain/(loss) on commodity hedges - (7,689) Borrowing costs, including arrangement fees (10,382) (8,141) Lease liability payments (230) (231) Non-cash changes: Unwinding of unamortised borrowing cost and finance charges 1,701 1,324 Interest accrued 9,973 8,232 Movement in unrealised hedges - 5,200 Initial recognition lease under IFRS 16 377 - Foreign exchange movements (141) (32) At 31 December 69,820 79,625 ",
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},
"f4920": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 Note 5.1: Loans and borrowings Note 5.1.1 Senior Secured Borrowing Base facility On 29 March 2021, Panoro signed a fully underwritten acquisition finance loan facility of up to USD 90 million arranged by Trafigura, one of the world\u2019s leading independent commodity trading and logistics houses, with Mauritius Commercial Bank as mandated lead arranger and facility agent. The loan was made available in two tranches, Tranche A of up to USD 55 million which was drawn down in full on 30 March 2021 and Tranche B of up to USD 35 million which was drawn down in full on 9 June 2021. The drawn-down amount under the loan amortises over a 5 year term from 31 March 2021 and carries an annual interest rate of USD 3-month LIBOR plus 7.5%. On 18 April 2023, Panoro finalised an amendment to the Senior Secured Reserve Based Borrowing facility for an additional USD 15.3 million Tranche C funding against the Tunisian TPS assets, USD 15 million was drawn down on completion and the remaining USD 0.3 million utilised to cover arrangement fees. This additional tranche will amortise over the remaining period of the original loan ending on 30 March 2026. As part of the amendment, the annual interest rate for the entire facility was changed from 3-month LIBOR plus 7.5% to 3-month SOFR plus 7.5%. Key financial covenants are required to be tested 30 September and 31 March. These covenants, applicable at levels of the borrower group as defined in the loan documentation, include the following: (i) Group Net debt/EBITDA: \u22643.0 (ii) Minimum cash balance of USD 7.0 million to be maintained in the account of the Borrower (iii) Field life coverage ratio: 1.5x (iv) Loan life coverage ratio: 1.3x (v) Group Liquidity Test: 1.2x (Borrower and subsidiaries) The Group was not in breach of any financial covenants as at 31 December 2023. Un-amortised borrowing costs include structuring fees and directly attributable third-party costs. During the current quarter, these costs are expensed using an effective interest rate of 13.4% per annum over the remaining term of the facility. Current and non-current portion of the outstanding balance of the Senior Secured Borrowing Base facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Senior Secured Borrowing Base facility Principal outstanding 26,420 44,033 70,453 16,200 57,600 73,800 Accumulated interest accrued - - - - - - Unamortised borrowing costs (349) (615) (964) (918) (950) (1,868) 26,071 43,418 69,489 15,282 56,650 71,932 The Group has an advance facility of USD 25 million with Trafigura. At 31 December 2023 the total drawn down was USD 23.8 million. The advance is short term and settled from the upcoming crude liftings proceeds. Note 5.1.2 Mercuria senior secured loan In 2018, the Group entered into an agreement with Mercuria Assets Holdings (Hong Kong) Ltd (\u201cMercuria\u201d) for a Senior Secured Loan facility of USD 16.2 million (USD 27 million), with an initial term of 5 years and interest charged at USD 3-month LIBOR plus 6% with repayments due each quarter. In June 2019, the Group and Mercuria mutually agreed to increase the facility to USD 18.7 million (USD 30 million gross) with a revised term of 5 years from 30 June 2019. The Mercuria loan was repaid in full on 15 March 2023 by the Group and all security held in relation to the loan was released at that date. Current and non-current portion of the outstanding balance of the Mercuria Senior Secured facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Mercuria Senior Secured loan facility Principal outstanding - - - 5,100 1,740 6,840 Accumulated interest accrued - - - 170 - 170 Unamortised borrowing costs - - - (55) (8) (63) - - - 5,215 1,732 6,947 Note 5.2: Changes in liabilities with cash flow movements from Financing Activities The changes in liabilities whose cash flow movements are disclosed as part of financing activities in the cash flow statement are as follows: USD 000 2023 2022 At 1 January 79,625 99,756 Cash flows: Drawdown of Secured Loans, net of fees 15,000 - Repayment of Secured Loans (25,450) (14,730) Repayment of non-recourse loan (653) (4,065) Realised gain/(loss) on commodity hedges - (7,689) Borrowing costs, including arrangement fees (10,382) (8,141) Lease liability payments (230) (231) Non-cash changes: Unwinding of unamortised borrowing cost and finance charges 1,701 1,324 Interest accrued 9,973 8,232 Movement in unrealised hedges - 5,200 Initial recognition lease under IFRS 16 377 - Foreign exchange movements (141) (32) At 31 December 69,820 79,625 ",
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},
"f4921": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4922": {
"value": "NOTE 5: FINANCE, INTEREST AND OTHER INCOME AND EXPENSE P- USD 000 2023 2022 Unrealised (gain) / loss on commodity hedges (Note 20) 133 (2,622) Realised (gain) / loss on commodity hedges (Note 20) 595 8,534 Interest income from placements and deposits (81) (57) Interest expense - Loans and borrowings 11,604 9,536 Unrealised (gain) / loss on listed equity investments (Note 12) (75) 75 Realised (gain) / loss on listed equity investments (Note 12) 101 652 Other financial costs - Bank charges and ARO unwinding 6,907 4,193 Total - Net (income) / expense 19,184 20,311 ",
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"entity": "scheme:5967007LIEEXZXGWM030",
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},
"f4953": {
"value": "Note 5.1: Loans and borrowings Note 5.1.1 Senior Secured Borrowing Base facility On 29 March 2021, Panoro signed a fully underwritten acquisition finance loan facility of up to USD 90 million arranged by Trafigura, one of the world\u2019s leading independent commodity trading and logistics houses, with Mauritius Commercial Bank as mandated lead arranger and facility agent. The loan was made available in two tranches, Tranche A of up to USD 55 million which was drawn down in full on 30 March 2021 and Tranche B of up to USD 35 million which was drawn down in full on 9 June 2021. The drawn-down amount under the loan amortises over a 5 year term from 31 March 2021 and carries an annual interest rate of USD 3-month LIBOR plus 7.5%. On 18 April 2023, Panoro finalised an amendment to the Senior Secured Reserve Based Borrowing facility for an additional USD 15.3 million Tranche C funding against the Tunisian TPS assets, USD 15 million was drawn down on completion and the remaining USD 0.3 million utilised to cover arrangement fees. This additional tranche will amortise over the remaining period of the original loan ending on 30 March 2026. As part of the amendment, the annual interest rate for the entire facility was changed from 3-month LIBOR plus 7.5% to 3-month SOFR plus 7.5%. Key financial covenants are required to be tested 30 September and 31 March. These covenants, applicable at levels of the borrower group as defined in the loan documentation, include the following: (i) Group Net debt/EBITDA: \u22643.0 (ii) Minimum cash balance of USD 7.0 million to be maintained in the account of the Borrower (iii) Field life coverage ratio: 1.5x (iv) Loan life coverage ratio: 1.3x (v) Group Liquidity Test: 1.2x (Borrower and subsidiaries) The Group was not in breach of any financial covenants as at 31 December 2023. Un-amortised borrowing costs include structuring fees and directly attributable third-party costs. During the current quarter, these costs are expensed using an effective interest rate of 13.4% per annum over the remaining term of the facility. Current and non-current portion of the outstanding balance of the Senior Secured Borrowing Base facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Senior Secured Borrowing Base facility Principal outstanding 26,420 44,033 70,453 16,200 57,600 73,800 Accumulated interest accrued - - - - - - Unamortised borrowing costs (349) (615) (964) (918) (950) (1,868) 26,071 43,418 69,489 15,282 56,650 71,932 The Group has an advance facility of USD 25 million with Trafigura. At 31 December 2023 the total drawn down was USD 23.8 million. The advance is short term and settled from the upcoming crude liftings proceeds. Note 5.1.2 Mercuria senior secured loan In 2018, the Group entered into an agreement with Mercuria Assets Holdings (Hong Kong) Ltd (\u201cMercuria\u201d) for a Senior Secured Loan facility of USD 16.2 million (USD 27 million), with an initial term of 5 years and interest charged at USD 3-month LIBOR plus 6% with repayments due each quarter. In June 2019, the Group and Mercuria mutually agreed to increase the facility to USD 18.7 million (USD 30 million gross) with a revised term of 5 years from 30 June 2019. The Mercuria loan was repaid in full on 15 March 2023 by the Group and all security held in relation to the loan was released at that date. Current and non-current portion of the outstanding balance of the Mercuria Senior Secured facility as of the date of the statement of financial position is as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-current Total Mercuria Senior Secured loan facility Principal outstanding - - - 5,100 1,740 6,840 Accumulated interest accrued - - - 170 - 170 Unamortised borrowing costs - - - (55) (8) (63) - - - 5,215 1,732 6,947 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5103": {
"value": "Note 5.2: Changes in liabilities with cash flow movements from Financing Activities The changes in liabilities whose cash flow movements are disclosed as part of financing activities in the cash flow statement are as follows: USD 000 2023 2022 At 1 January 79,625 99,756 Cash flows: Drawdown of Secured Loans, net of fees 15,000 - Repayment of Secured Loans (25,450) (14,730) Repayment of non-recourse loan (653) (4,065) Realised gain/(loss) on commodity hedges - (7,689) Borrowing costs, including arrangement fees (10,382) (8,141) Lease liability payments (230) (231) Non-cash changes: Unwinding of unamortised borrowing cost and finance charges 1,701 1,324 Interest accrued 9,973 8,232 Movement in unrealised hedges - 5,200 Initial recognition lease under IFRS 16 377 - Foreign exchange movements (141) (32) At 31 December 69,820 79,625 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5152": {
"value": "NOTE 6: LICENCE AND CONTINGENT OBLIGATIONS Licence obligations and contingent obligations were acquired by the Group as part of the acquisition of the Tunisian operations from DNO ASA in July 2018 and consist of provisions for deferred consideration and licence obligations as follows: USD 000 31 December 2023 31 December 2022 Current Non-current Total Current Non-Current Total Deferred consideration - 6,827 6,827 - 4,726 4,726 Licence obligations 1,944 - 1,944 1,166 - 1,166 1,944 6,827 8,771 1,166 4,726 5,892 Deferred consideration represents the fair value of potential future payments to DNO ASA which may become payable once oil is produced from the Sfax Offshore Exploration Permit. This estimate has been determined using probabilistic outcome of the potential recoverable volumes. The total liability, in any event, is capped at USD 13.2 million. Licence obligations represent liability recognised in connection with minimum work program on the Hammamet permit. The increase in the deferred consideration and licence obligations is the result of the business combination for the acquisition of 40% of the shares of Sfax Petroleum Corporation AS, as outlined in Note 14: Business Combinations. NOTE 22: GUARANTEES, PLEDGES AND CONTINGENT LIABILITIES Brazil The Company has provided a performance guarantee to the Brazilian directorate Ag\u00eancia Nacional do Petr\u00f3leo,G\u00e1s Natural e Biocombust\u00edveis (the \u201cANP\u201d), in terms of which the Company is liable for the commitments of Coral. Estela do Mar and Cavalo Marinho licenses in accordance with concession agreements. The guarantee is unlimited. Further, in Brazil, termination agreements for the surrender of all licences have been signed between the JV partners and the ANP to conclude the relinquishment formalities on each licence and as such the guarantee no longer has a significant exposure to the Company. The Company\u2019s formal exit from its historical Brazilian business is still ongoing with slow progress towards the approval of abandonment by the Brazilian regulators. Management is working actively with advisers and where relevant, the operator Petrobras, to bring matters to a close and to ensure that the ongoing costs are kept to a minimum. However, the timing and eventual costs of such conclusion is uncertain at this stage. Netherlands Under section 403(1)(f) Book 2 of the Dutch Civil Code, Pan-Petroleum Gabon B.V. (Chamber of Commerce number 27166816), a subsidiary of the Company have availed exemption for audit of its statutory financial statements pursuant to guarantees issued by the Company to indemnify the subsidiary of any losses towards third parties that may arise in the financial year ended 31 December 2023. The Company can make an annual election to support such guarantee for each financial year. Gabon The Company has a guarantee issued to the State of Gabon to fulfil all obligations under the Dussafu Production Sharing Contract. There is no potential claim against these performance guarantee and all license obligations are already accounted for in the statement of financial position. Other The Company has issued a parent company guarantee in favour of The Mauritius Commercial Bank Ltd. To guarantee the obligations of Panoro Energy Holding B.V. as borrower. Further details can be found in Note 5: Finance, interest and other income and expense. The Company has issued a performance guarantee on behalf of its jointly owned company Panoro Energy AS to fulfil the payment obligation of deferred consideration of up to USD 13.2 million to DNO ASA once the milestones, as agreed by parties, are met. As part of the production sharing contract (\u201cPSC\u201d) in EG-01, the Company entered into a guarantee agreement with The Republic Of Equatorial Guinea (\u201cthe State\u201d) whereby the Company has guaranteed the performance of the contract by Panoro EG Exploration Limited (a wholly owned subsidiary) and the payment and timely compliance with all and any debts and obligations under the PSC to the State. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5204": {
"value": "NOTE 7: INCOME TAX Income tax The major components of income tax in the consolidated statement of comprehensive income related to continuing and discontinued operations were: USD 000 2023 2022 Income Taxes Current income tax (i) 13,730 12,834 PSC based Profit Oil allocation \u2013 current (ii) 10,885 8,359 PSC based income tax - current (iii) 17,027 27,420 Deferred tax expense / (benefit) (iv) (528) (6,827) Tax relating to prior years income (149) 3 Tax charge / (benefit) for the period 40,965 41,789 (i) Current income tax primarily comprises of tax on income from Tunisian operation. (ii) Under the terms of the Dussafu PSC, the estimated value of the State profit oil is reflected in other revenue, with a corresponding amount as income tax. See Note 3: Operating segments. (iii) PSC based income tax represents tax on income from Block G. See Note 3: Operating segments. (iv) Deferred tax liability recognised has arisen on temporary differences between tax base and accounting base of the production assets in Equatorial Guinea, Gabon and Tunisia and have been calculated using the effective tax rate applicable to the concessions. (v) Tax rates in Tunisia vary by permit and concession and ranges between 50% to 60% applicable to the respective concession\u2019s taxable income. A reconciliation of the income tax expense applicable to the accounting profit before tax at the statutory income tax rate to the expense at the Group\u2019s effective income tax rate is as follows: USD 000 2023 2022 Profit/ (loss) before taxation \u2013 continuing operations 74,342 60,424 Profit / (loss) before taxation \u2013 discontinued operations - 1,258 Profit / (loss) before taxation - total 74,342 61,682 Tax/ (tax loss) calculated at domestic tax rates applicable to profits in the respective countries 33,665 54,456 Expenses not deductible (20,684) (43,919) Expenses deductible for tax - (3) Deferred tax arising on taxable temporary differences (528) (1,088) PSC based Profit Oil allocation 27,912 35,779 Tax effect of prior years' losses utilised in the period - (5,739) Tax effect of losses not utilised in the period 749 2,300 Prior year adjustment (149) 3 Tax charge / (benefit) 40,965 41,789 Tax Liabilities Tax liabilities payable of USD 34.4 million as of 31 December 2023 comprised of taxes payable in Equatorial Guinea of USD 21.3 million and Tunisia of USD 13.1 million for production from various concessions (31 December 2022: USD 35.6 million comprised of taxes payable in Equatorial Guinea of USD 25.8 million and Tunisia of USD 9.7 million). Advantage was taken in Tunisia of incentives with a tax value of USD 14.8 million that require investment in government approved projects within four years. Investment plans are being considered and formalised for implementation within the allowed timeframe. Deferred tax Deferred tax benefit of USD 0.5 million recognised during the year comprises of USD 2.6 million expense in Equatorial Guinea, offset by a USD 1.5 million benefit in Tunisia and USD 1.7 million benefit in Gabon arising on taxable temporary differences between accounting and tax bases of property, plant and equipment. Effective tax rate of the respective petroleum concessions has been used to calculate such liability. The deferred tax liability of USD 72.9 million as of 31 December 2023 is classified as non-current based on the current expectation of timing of such taxes. These are ring fenced against taxable income from the respective concessions in Equatorial Guinea, Gabon and Tunisia. There are no recognised deferred tax assets in the Group financial statements as of 31 December 2023 (31 December 2022: Nil). Deferred tax assets are recognised for tax losses carry-forwards to the extent that the realisation of the related tax benefits through future taxable profits is probable. The Group did not recognise deferred income tax assets of USD 7.3 million (2022: USD 6.9 million) in respect of losses that can be carried forward against future taxable income. The Group has provisional accumulated tax losses as of year-end that may be available to offset against future taxable income; all losses are available indefinitely and have been included in the table below. USD 000 2023 2022 Panoro Energy ASA - 12,839 Panoro Energy 2B Limited 922 - Panoro Gabon Exploration Limited 11 - Sfax Petroleum Corporation 32,455 18,530 Total 33,388 31,369 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5304": {
"value": "Deferred tax Deferred tax benefit of USD 0.5 million recognised during the year comprises of USD 2.6 million expense in Equatorial Guinea, offset by a USD 1.5 million benefit in Tunisia and USD 1.7 million benefit in Gabon arising on taxable temporary differences between accounting and tax bases of property, plant and equipment. Effective tax rate of the respective petroleum concessions has been used to calculate such liability. The deferred tax liability of USD 72.9 million as of 31 December 2023 is classified as non-current based on the current expectation of timing of such taxes. These are ring fenced against taxable income from the respective concessions in Equatorial Guinea, Gabon and Tunisia. There are no recognised deferred tax assets in the Group financial statements as of 31 December 2023 (31 December 2022: Nil). Deferred tax assets are recognised for tax losses carry-forwards to the extent that the realisation of the related tax benefits through future taxable profits is probable. The Group did not recognise deferred income tax assets of USD 7.3 million (2022: USD 6.9 million) in respect of losses that can be carried forward against future taxable income. The Group has provisional accumulated tax losses as of year-end that may be available to offset against future taxable income; all losses are available indefinitely and have been included in the table below. USD 000 2023 2022 Panoro Energy ASA - 12,839 Panoro Energy 2B Limited 922 - Panoro Gabon Exploration Limited 11 - Sfax Petroleum Corporation 32,455 18,530 Total 33,388 31,369 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5348": {
"value": "NOTE 8: BASIC AND DILUTED EARNINGS PER SHARE Basic earnings or loss per ordinary share amounts are calculated using net profit or loss for the period attributable to ordinary equity holders of the parent divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share amounts are calculated using the net profit attributable to ordinary equity holders of the Company divided by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of dilutive potential ordinary shares into ordinary shares. Amounts in USD 000, unless otherwise stated 2023 2022 Net profit/(loss) attributable to equity holders - Total 33,377 19,893 Weighted average number of shares outstanding - in thousands 116,142 113,538 Diluted weighted average number of shares outstanding - in thousands 117,452 115,890 Basic earnings/(loss) per share (USD) - Total 0.29 0.18 Diluted earnings/(loss) per share (USD) - Total 0.28 0.17 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5383": {
"value": "NOTE 9: INTANGIBLE ASSETS Note 9.1: Licenses, Exploration and Evaluation Assets, Development Assets 2023 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2023 2,595 122,823 Additions 5,960 27,742 Transfer to Production Assets - (69,460) Additions through Acquisition (Note 14) 1,756 1,985 At 31 December 2023 10,311 83,090 Net carrying value at 31 December 2023 10,311 83,090 2022 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2022 51,752 46,361 Additions 168 27,137 Transfer to Development Assets (49,325) 49,325 At 31 December 2022 2,595 122,823 Net carrying value at 31 December 2022 2,595 122,823 Licence area Panoro\u2019s interest Country Expiry of current phase Block G 15% Equatorial Guinea December 2040 Dussafu Marin permit* 17.4997% Gabon September 2028* Sfax Offshore Exploration Permit 87.5% (Operator) Tunisia December 2024 Hammamet Offshore Exploration Permit 46% Tunisia Under relinquishment Block S 12% Equatorial Guinea December 2024 Block EG-01 56% Equatorial Guinea February 2026 TCP 12/2/218 *** 100% South Africa June 2023 Block 2B 12.5% South Africa Under relinquishment TPS Assets: Cercina ** February 2024 Cercina South November 2034 Gremda / El Ain 49.0% Tunisia December 2034 Guebiba June 2033 Rhemoura ** January 2023 * The Ruche area Exclusive Exploitation Authorisation (\u201cEEA\u201d) under the Dussafu Marin PSC is effective from commencement of production for a period of 10 years. If, at the end of this ten-year term commercial exploitation is still possible from the Ruche area, the EEA shall be renewed at the contractor\u2019s request for a further period of five years. Subsequent to this, the EEA may be renewed a second time for a further period of five years. ** In process of being renewed. *** In process of conversion to ER 376. Note 9.2: Production rights USD 000 2023 2022 Acquisition cost At 1 January 173,975 188,832 Depreciation charge for the year (17,602) (18,307) Additions through Acquisition (Note 14) 25,160 - Other additions 26 3,450 At 31 December 181,559 173,975 Note 9.3: Goodwill USD 000 2023 2022 Acquisition cost At 1 January 47,762 47,762 Additions through Acquisition (Note 14) 4,362 - At 31 December 52,124 47,762 The Group acquired 40% of the shares of Sfax Petroleum Corporation AS from Beender Petroleum Tunisia Limited during 2023, assets and liabilities were taken on at fair value and Goodwill of USD 4.4 million recognised as described in Note 14: Business Combinations. Goodwill of USD 47.8 million at the beginning of the year was a result of the acquisition of the interest in Block G, Equatorial Guinea during 2021. Annual impairment assessments were carried out in December 2023 at which time the total carrying value of the Sfax Petroleum sub-group and Block G at 31 December 2023 was USD 34.9 million and USD 62.1 million respectively. The net recoverable value was determined on a Value in Use ('VIU') basis using a discounted cash flow model, which exceeded the carrying value. Based on a VIU analysis, performed using the profiles from third party reserves report, using the discount rate of 10% and oil price assumptions using a price deck of USD 78/bbl in 2024, increasing to USD 80/bbl in 2028 and USD 107/bbl in 2037. The resultant recoverable amounts exceed the current carrying value of the asset on the Group\u2019s balance sheet. This discount rate was derived from the Group\u2019s estimate of discount rates that might be applied by active market participants and adjusted, where applicable, to take into account any risks specific to the asset and the region where the asset is located. In determining VIU it is necessary to make a series of assumptions to estimate future cash flows including volumes, price assumption and cost estimates. Economically recoverable reserves and resources are based on NSAI and project plans based on Operator sourced information, supported by the evaluation work undertaken by appropriately qualified persons within the Joint Venture. The impairment test is most sensitive to the following assumptions: discount rates, oil and gas prices, reserve estimates and project risk. As of the date of the financial statements there is no expectation of possible changes in any of the above key assumptions that would cause the carrying value of the TPS or Block G assets to materially exceed its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5386": {
"value": "Note 9.1: Licenses, Exploration and Evaluation Assets, Development Assets 2023 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2023 2,595 122,823 Additions 5,960 27,742 Transfer to Production Assets - (69,460) Additions through Acquisition (Note 14) 1,756 1,985 At 31 December 2023 10,311 83,090 Net carrying value at 31 December 2023 10,311 83,090 2022 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2022 51,752 46,361 Additions 168 27,137 Transfer to Development Assets (49,325) 49,325 At 31 December 2022 2,595 122,823 Net carrying value at 31 December 2022 2,595 122,823 Licence area Panoro\u2019s interest Country Expiry of current phase Block G 15% Equatorial Guinea December 2040 Dussafu Marin permit* 17.4997% Gabon September 2028* Sfax Offshore Exploration Permit 87.5% (Operator) Tunisia December 2024 Hammamet Offshore Exploration Permit 46% Tunisia Under relinquishment Block S 12% Equatorial Guinea December 2024 Block EG-01 56% Equatorial Guinea February 2026 TCP 12/2/218 *** 100% South Africa June 2023 Block 2B 12.5% South Africa Under relinquishment TPS Assets: Cercina ** February 2024 Cercina South November 2034 Gremda / El Ain 49.0% Tunisia December 2034 Guebiba June 2033 Rhemoura ** January 2023 * The Ruche area Exclusive Exploitation Authorisation (\u201cEEA\u201d) under the Dussafu Marin PSC is effective from commencement of production for a period of 10 years. If, at the end of this ten-year term commercial exploitation is still possible from the Ruche area, the EEA shall be renewed at the contractor\u2019s request for a further period of five years. Subsequent to this, the EEA may be renewed a second time for a further period of five years. ** In process of being renewed. *** In process of conversion to ER 376. Note 9.2: Production rights USD 000 2023 2022 Acquisition cost At 1 January 173,975 188,832 Depreciation charge for the year (17,602) (18,307) Additions through Acquisition (Note 14) 25,160 - Other additions 26 3,450 At 31 December 181,559 173,975 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5387": {
"value": "Note 9.1: Licenses, Exploration and Evaluation Assets, Development Assets 2023 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2023 2,595 122,823 Additions 5,960 27,742 Transfer to Production Assets - (69,460) Additions through Acquisition (Note 14) 1,756 1,985 At 31 December 2023 10,311 83,090 Net carrying value at 31 December 2023 10,311 83,090 2022 USD 000 Licenses and exploration assets Development assets Historical cost At 1 January 2022 51,752 46,361 Additions 168 27,137 Transfer to Development Assets (49,325) 49,325 At 31 December 2022 2,595 122,823 Net carrying value at 31 December 2022 2,595 122,823 Licence area Panoro\u2019s interest Country Expiry of current phase Block G 15% Equatorial Guinea December 2040 Dussafu Marin permit* 17.4997% Gabon September 2028* Sfax Offshore Exploration Permit 87.5% (Operator) Tunisia December 2024 Hammamet Offshore Exploration Permit 46% Tunisia Under relinquishment Block S 12% Equatorial Guinea December 2024 Block EG-01 56% Equatorial Guinea February 2026 TCP 12/2/218 *** 100% South Africa June 2023 Block 2B 12.5% South Africa Under relinquishment TPS Assets: Cercina ** February 2024 Cercina South November 2034 Gremda / El Ain 49.0% Tunisia December 2034 Guebiba June 2033 Rhemoura ** January 2023 * The Ruche area Exclusive Exploitation Authorisation (\u201cEEA\u201d) under the Dussafu Marin PSC is effective from commencement of production for a period of 10 years. If, at the end of this ten-year term commercial exploitation is still possible from the Ruche area, the EEA shall be renewed at the contractor\u2019s request for a further period of five years. Subsequent to this, the EEA may be renewed a second time for a further period of five years. ** In process of being renewed. *** In process of conversion to ER 376. Note 9.2: Production rights USD 000 2023 2022 Acquisition cost At 1 January 173,975 188,832 Depreciation charge for the year (17,602) (18,307) Additions through Acquisition (Note 14) 25,160 - Other additions 26 3,450 At 31 December 181,559 173,975 Note 9.3: Goodwill USD 000 2023 2022 Acquisition cost At 1 January 47,762 47,762 Additions through Acquisition (Note 14) 4,362 - At 31 December 52,124 47,762 The Group acquired 40% of the shares of Sfax Petroleum Corporation AS from Beender Petroleum Tunisia Limited during 2023, assets and liabilities were taken on at fair value and Goodwill of USD 4.4 million recognised as described in Note 14: Business Combinations. Goodwill of USD 47.8 million at the beginning of the year was a result of the acquisition of the interest in Block G, Equatorial Guinea during 2021. Annual impairment assessments were carried out in December 2023 at which time the total carrying value of the Sfax Petroleum sub-group and Block G at 31 December 2023 was USD 34.9 million and USD 62.1 million respectively. The net recoverable value was determined on a Value in Use ('VIU') basis using a discounted cash flow model, which exceeded the carrying value. Based on a VIU analysis, performed using the profiles from third party reserves report, using the discount rate of 10% and oil price assumptions using a price deck of USD 78/bbl in 2024, increasing to USD 80/bbl in 2028 and USD 107/bbl in 2037. The resultant recoverable amounts exceed the current carrying value of the asset on the Group\u2019s balance sheet. This discount rate was derived from the Group\u2019s estimate of discount rates that might be applied by active market participants and adjusted, where applicable, to take into account any risks specific to the asset and the region where the asset is located. In determining VIU it is necessary to make a series of assumptions to estimate future cash flows including volumes, price assumption and cost estimates. Economically recoverable reserves and resources are based on NSAI and project plans based on Operator sourced information, supported by the evaluation work undertaken by appropriately qualified persons within the Joint Venture. The impairment test is most sensitive to the following assumptions: discount rates, oil and gas prices, reserve estimates and project risk. As of the date of the financial statements there is no expectation of possible changes in any of the above key assumptions that would cause the carrying value of the TPS or Block G assets to materially exceed its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5505": {
"value": "Note 9.2: Production rights USD 000 2023 2022 Acquisition cost At 1 January 173,975 188,832 Depreciation charge for the year (17,602) (18,307) Additions through Acquisition (Note 14) 25,160 - Other additions 26 3,450 At 31 December 181,559 173,975 Note 10.1: Production Assets and Equipment USD 000 2023 2022 Historical cost At 1 January 134,747 141,362 Additions 33,199 15,732 Write-offs (238) (184) Adjustments to asset retirement estimates (11,604) (22,163) Transfer from Development Assets 69,460 - Additions through Acquisition (Note 14) 8,438 - At 31 December 234,002 134,747 Accumulated depreciation At 1 January 37,388 21,093 Transfer to Assets held for Sale - - Write-offs (238) (184) Depreciation charge for the year 21,785 16,479 At 31 December 58,935 37,388 Net carrying value at 31 December 175,067 97,359 Note 10.3: Property, Furniture, Fixtures and Equipment 2023 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2023 143 946 162 946 2,197 Additions 35 12 13 377 437 At 31 December 2023 178 958 175 1,323 2,634 Accumulated depreciation At 1 January 2023 100 888 160 849 1,997 Depreciation charge for the year 56 42 8 194 300 At 31 December 2023 156 930 168 1,043 2,297 Net carrying value at 31 December 2023 22 28 7 280 337 2022 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2022 138 923 162 946 2,169 Additions 5 23 - - 28 At 31 December 2022 143 946 162 946 2,197 Accumulated depreciation At 1 January 2022 14 825 122 658 1,619 Depreciation charge for the year 86 63 38 191 378 At 31 December 2022 100 888 160 849 1,997 Net carrying value at 31 December 2022 43 58 2 97 200 Depreciation method and rates Category Straight-line depreciation Useful life Leasehold Remaining period of lease Remaining period of lease Furniture, fixtures and fittings 10 - 33.33% 3 - 10 years Computer equipment 20 - 33.33% 3 - 5 years Right of use asset - London office Period of lease Period of lease Information related to right of use assets The right of use assets are included within the line item Property, plant and equipment in the Consolidated balance sheet. See Note 10: Tangible Assets. USD 000 2023 2022 Right of use asset recognised at 1 January 97 288 Add: new leases, including remeasurements and cancellations 377 - Less: depreciation and impairment (194) (191) Net book value of right of use asset at 31 December 280 97 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5527": {
"value": "Note 9.3: Goodwill USD 000 2023 2022 Acquisition cost At 1 January 47,762 47,762 Additions through Acquisition (Note 14) 4,362 - At 31 December 52,124 47,762 The Group acquired 40% of the shares of Sfax Petroleum Corporation AS from Beender Petroleum Tunisia Limited during 2023, assets and liabilities were taken on at fair value and Goodwill of USD 4.4 million recognised as described in Note 14: Business Combinations. Goodwill of USD 47.8 million at the beginning of the year was a result of the acquisition of the interest in Block G, Equatorial Guinea during 2021. Annual impairment assessments were carried out in December 2023 at which time the total carrying value of the Sfax Petroleum sub-group and Block G at 31 December 2023 was USD 34.9 million and USD 62.1 million respectively. The net recoverable value was determined on a Value in Use ('VIU') basis using a discounted cash flow model, which exceeded the carrying value. Based on a VIU analysis, performed using the profiles from third party reserves report, using the discount rate of 10% and oil price assumptions using a price deck of USD 78/bbl in 2024, increasing to USD 80/bbl in 2028 and USD 107/bbl in 2037. The resultant recoverable amounts exceed the current carrying value of the asset on the Group\u2019s balance sheet. This discount rate was derived from the Group\u2019s estimate of discount rates that might be applied by active market participants and adjusted, where applicable, to take into account any risks specific to the asset and the region where the asset is located. In determining VIU it is necessary to make a series of assumptions to estimate future cash flows including volumes, price assumption and cost estimates. Economically recoverable reserves and resources are based on NSAI and project plans based on Operator sourced information, supported by the evaluation work undertaken by appropriately qualified persons within the Joint Venture. The impairment test is most sensitive to the following assumptions: discount rates, oil and gas prices, reserve estimates and project risk. As of the date of the financial statements there is no expectation of possible changes in any of the above key assumptions that would cause the carrying value of the TPS or Block G assets to materially exceed its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f5548": {
"value": "Annual impairment assessments were carried out in December 2023 at which time the total carrying value of the Sfax Petroleum sub-group and Block G at 31 December 2023 was USD 34.9 million and USD 62.1 million respectively. The net recoverable value was determined on a Value in Use ('VIU') basis using a discounted cash flow model, which exceeded the carrying value. Based on a VIU analysis, performed using the profiles from third party reserves report, using the discount rate of 10% and oil price assumptions using a price deck of USD 78/bbl in 2024, increasing to USD 80/bbl in 2028 and USD 107/bbl in 2037. The resultant recoverable amounts exceed the current carrying value of the asset on the Group\u2019s balance sheet. This discount rate was derived from the Group\u2019s estimate of discount rates that might be applied by active market participants and adjusted, where applicable, to take into account any risks specific to the asset and the region where the asset is located. In determining VIU it is necessary to make a series of assumptions to estimate future cash flows including volumes, price assumption and cost estimates. Economically recoverable reserves and resources are based on NSAI and project plans based on Operator sourced information, supported by the evaluation work undertaken by appropriately qualified persons within the Joint Venture. The impairment test is most sensitive to the following assumptions: discount rates, oil and gas prices, reserve estimates and project risk. As of the date of the financial statements there is no expectation of possible changes in any of the above key assumptions that would cause the carrying value of the TPS or Block G assets to materially exceed its recoverable amount. Note 10.1: Production Assets and Equipment USD 000 2023 2022 Historical cost At 1 January 134,747 141,362 Additions 33,199 15,732 Write-offs (238) (184) Adjustments to asset retirement estimates (11,604) (22,163) Transfer from Development Assets 69,460 - Additions through Acquisition (Note 14) 8,438 - At 31 December 234,002 134,747 Accumulated depreciation At 1 January 37,388 21,093 Transfer to Assets held for Sale - - Write-offs (238) (184) Depreciation charge for the year 21,785 16,479 At 31 December 58,935 37,388 Net carrying value at 31 December 175,067 97,359 Note 10.2: Impairment in Oil and Gas Interests Block G, Equatorial Guinea The Group has a 14.25% working interest in Block G, Equatorial Guinea. An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Dussafu, Gabon The Group has a 17.4997% interest in the Dussafu Permit, offshore Gabon. An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Sfax Offshore Exploration Permit, Tunisia The Group has an interest in Sfax Offshore Exploration Permit (SOEP). Qualifying directly attributable costs have been capitalised as licence and exploration assets during the year in line with Group\u2019s intention to drill an exploration well and extend the licence. TPS Assets, Tunisia The Group completed the acquisition of its share of interest in TPS Assets, comprising of Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba concessions in December 2018. The Group assesses each cash-generating unit annually to determine whether an indication of impairment exists An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Sensitivities to change in assumptions In general, adverse changes in key assumptions could result in recognition of impairment charges. Since there are no charges during the year, the sensitivities have not been presented in these financial statements. The Group will continue to test its assets for impairment where indications are identified and may in future recognise impairment charges or reversals. There were no net impairment (reversal)/expense for continuing operations. Climate considerations in impairment assessment Certain climate considerations are factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation (e.g., environmental taxes/fees) and estimation of future levels of environmental taxes. The Group\u2019s participation in the current licenses and concessions in various jurisdictions are not currently subject to specific carbon pricing. At the recent COP26 UN climate conference, member states explicitly acknowledged the importance of limiting global warming to less than 1.5\u00b0C, rather than the previous Paris Agreement target of \u2018well below 2\u00b0C\u2019. Despite these targets, global energy demand is projected to continue to grow rapidly, and emerging economies in Africa and other geographies are increasingly looking to their fossil resources to underpin economic growth, finance their own energy transition, and help to pay for urgently needed climate adaptation measures. Our strategy therefore aims to balance environmental, energy security and economic objectives by investing in efficient producing assets in North, West and South Africa, and working with our partners to support the transition to a low-carbon business. The company has run sensitivities for its West and North African oil assets in order to test the resilience of the Company\u2019s business, using three of the four scenarios examining future energy trends published by the International Energy Agency (IEA) in their World Energy Outlook 2023 publication. The scenarios with their key features are as follows: Net Zero Emissions (NZE) NZE requires global greenhouse gas (GHG) emissions to drop by around 50% by 2030, or 7% per year from 2021, implying a rapid drop in oil and gas consumption, a massive push into renewable energy, big gains in energy efficiency, and rapid development and scaling-up of new technologies, including carbon capture. Another major focus is reducing methane emissions from fossil fuel operations. It also demands no further fossil fuel exploration and no new oil and gas production from fields beyond those already approved for development. Oil demand in NZE falls to 77 mb/d in 2030. The electrification of cars and trucks makes a bigger contribution than anything else to reduce oil use, but efficiency improvements and low-emissions fuels also play an important roe, especially in aviation and shipping. Oil demand falls to just under 25 mb/din 2050; around 70% of this is accounted for by the use of oil as a petrochemical feedstock and in products such as paraffin waxes, asphalt and bitumen where the oil is not combusted. Prices fall along with demand to USD 44/bbl in 2030 and USD 26/bbl in 2050. Announced Pledges (APS) In the APS scenario, there is a much more pronounced decline in demand, which falls to 93 mb/din 2030 and to 55 mb/d in 2050. Oil demand in road transport modes falls more sharply, with EVs accounting for more than 75% if passenger car and truck sales in 2050. Only in petrochemicals and aviation is more oil used in 2050 than in 2022. There are plans to restrict or ban the production and utilisation of single-use plastics and to scale up plastics recycling, but these do not prevent an overall increase in global demand for plastics. The use of sustainable aviation fuels increases, but oil use for aviation nevertheless grows to the mid-2030s and then only declines slowly. Maritime oil use falls by 55% between 2022 and 2050, however, half of the fuels used in ships in 2050 are low-emissions fuels. Oil prices decline from USD 77/bbl in 2030 to USD 62/bbl in 2050. Stated Policies (STEPS) In the STEPS scenario, oil demand reaches its maximum level of 102 mb/d in the late 2020s before declining slightly to 97 mb/d in 2050, with reduced demand in road transport as a result of the rise of EVs offset by increased oil use in petrochemicals and in aviation. In practice, this would probably mean an undulating plateau lasting for many years with demand moving slightly above and below a long-term average from year to year. Oil prices decline slightly, reaching USD 88/bbl in 2030 and USD 86/bbl in 2050. Key findings Sensitivity analysis conducted show that the Company\u2019s portfolio remains resilient under each of the above mentioned scenarios. Even under the most demanding NZE scenario, all segments remain economic, even though NPVs are negatively impacted and would result in an illustrative impairment of USD 81 million. A summary of the impact of the different future oil price scenarios on NPV and reserves are as follows: Percentage reduction/(increase) Net Zero Emissions (NZE) Announced Pledges (APS) Stated Policies (STEPS) NPV10 48% 5% (13%) Reserves 34% 10% 4% These illustrative impairment sensitivities assume no changes to assumptions other than oil and gas prices. However, significant reduction in the oil and gas prices, offset by foreign currency effects, would likely impact the Group\u2019s investme nt levels. The illustrative sensitivities on climate change are not considered to represent a best estimate of an expected impairment impact. Moreover, a significant and prolonged reduction in oil and gas prices would likely result in mitigating actions by the Group and its license partners; for example, it could have an impact on drilling plans and production profiles for new and existing assets. Quantifying such impacts is considered impracticable, as it requires detailed evaluations based on hypothetical scenarios and not based on existing business or development plans. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5579": {
"value": "NOTE 10: TANGIBLE ASSETS Note 10.1: Production Assets and Equipment USD 000 2023 2022 Historical cost At 1 January 134,747 141,362 Additions 33,199 15,732 Write-offs (238) (184) Adjustments to asset retirement estimates (11,604) (22,163) Transfer from Development Assets 69,460 - Additions through Acquisition (Note 14) 8,438 - At 31 December 234,002 134,747 Accumulated depreciation At 1 January 37,388 21,093 Transfer to Assets held for Sale - - Write-offs (238) (184) Depreciation charge for the year 21,785 16,479 At 31 December 58,935 37,388 Net carrying value at 31 December 175,067 97,359 Note 10.2: Impairment in Oil and Gas Interests Block G, Equatorial Guinea The Group has a 14.25% working interest in Block G, Equatorial Guinea. An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Dussafu, Gabon The Group has a 17.4997% interest in the Dussafu Permit, offshore Gabon. An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Sfax Offshore Exploration Permit, Tunisia The Group has an interest in Sfax Offshore Exploration Permit (SOEP). Qualifying directly attributable costs have been capitalised as licence and exploration assets during the year in line with Group\u2019s intention to drill an exploration well and extend the licence. TPS Assets, Tunisia The Group completed the acquisition of its share of interest in TPS Assets, comprising of Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba concessions in December 2018. The Group assesses each cash-generating unit annually to determine whether an indication of impairment exists An assessment was performed using an oil price assumption price deck of USD 78/bbl in 2024, increasing each year with prices of USD 80/bbl in 2028 and USD 107/bbl in 2037. No indication of impairment was identified and no impairment was therefore recognised during the year 2023. Sensitivities to change in assumptions In general, adverse changes in key assumptions could result in recognition of impairment charges. Since there are no charges during the year, the sensitivities have not been presented in these financial statements. The Group will continue to test its assets for impairment where indications are identified and may in future recognise impairment charges or reversals. There were no net impairment (reversal)/expense for continuing operations. Climate considerations in impairment assessment Certain climate considerations are factored into the Group\u2019s estimation of cash flows that are applied in the calculation of recoverable amount. This includes factoring in current legislation (e.g., environmental taxes/fees) and estimation of future levels of environmental taxes. The Group\u2019s participation in the current licenses and concessions in various jurisdictions are not currently subject to specific carbon pricing. At the recent COP26 UN climate conference, member states explicitly acknowledged the importance of limiting global warming to less than 1.5\u00b0C, rather than the previous Paris Agreement target of \u2018well below 2\u00b0C\u2019. Despite these targets, global energy demand is projected to continue to grow rapidly, and emerging economies in Africa and other geographies are increasingly looking to their fossil resources to underpin economic growth, finance their own energy transition, and help to pay for urgently needed climate adaptation measures. Our strategy therefore aims to balance environmental, energy security and economic objectives by investing in efficient producing assets in North, West and South Africa, and working with our partners to support the transition to a low-carbon business. The company has run sensitivities for its West and North African oil assets in order to test the resilience of the Company\u2019s business, using three of the four scenarios examining future energy trends published by the International Energy Agency (IEA) in their World Energy Outlook 2023 publication. The scenarios with their key features are as follows: Net Zero Emissions (NZE) NZE requires global greenhouse gas (GHG) emissions to drop by around 50% by 2030, or 7% per year from 2021, implying a rapid drop in oil and gas consumption, a massive push into renewable energy, big gains in energy efficiency, and rapid development and scaling-up of new technologies, including carbon capture. Another major focus is reducing methane emissions from fossil fuel operations. It also demands no further fossil fuel exploration and no new oil and gas production from fields beyond those already approved for development. Oil demand in NZE falls to 77 mb/d in 2030. The electrification of cars and trucks makes a bigger contribution than anything else to reduce oil use, but efficiency improvements and low-emissions fuels also play an important roe, especially in aviation and shipping. Oil demand falls to just under 25 mb/din 2050; around 70% of this is accounted for by the use of oil as a petrochemical feedstock and in products such as paraffin waxes, asphalt and bitumen where the oil is not combusted. Prices fall along with demand to USD 44/bbl in 2030 and USD 26/bbl in 2050. Announced Pledges (APS) In the APS scenario, there is a much more pronounced decline in demand, which falls to 93 mb/din 2030 and to 55 mb/d in 2050. Oil demand in road transport modes falls more sharply, with EVs accounting for more than 75% if passenger car and truck sales in 2050. Only in petrochemicals and aviation is more oil used in 2050 than in 2022. There are plans to restrict or ban the production and utilisation of single-use plastics and to scale up plastics recycling, but these do not prevent an overall increase in global demand for plastics. The use of sustainable aviation fuels increases, but oil use for aviation nevertheless grows to the mid-2030s and then only declines slowly. Maritime oil use falls by 55% between 2022 and 2050, however, half of the fuels used in ships in 2050 are low-emissions fuels. Oil prices decline from USD 77/bbl in 2030 to USD 62/bbl in 2050. Stated Policies (STEPS) In the STEPS scenario, oil demand reaches its maximum level of 102 mb/d in the late 2020s before declining slightly to 97 mb/d in 2050, with reduced demand in road transport as a result of the rise of EVs offset by increased oil use in petrochemicals and in aviation. In practice, this would probably mean an undulating plateau lasting for many years with demand moving slightly above and below a long-term average from year to year. Oil prices decline slightly, reaching USD 88/bbl in 2030 and USD 86/bbl in 2050. Key findings Sensitivity analysis conducted show that the Company\u2019s portfolio remains resilient under each of the above mentioned scenarios. Even under the most demanding NZE scenario, all segments remain economic, even though NPVs are negatively impacted and would result in an illustrative impairment of USD 81 million. A summary of the impact of the different future oil price scenarios on NPV and reserves are as follows: Percentage reduction/(increase) Net Zero Emissions (NZE) Announced Pledges (APS) Stated Policies (STEPS) NPV10 48% 5% (13%) Reserves 34% 10% 4% These illustrative impairment sensitivities assume no changes to assumptions other than oil and gas prices. However, significant reduction in the oil and gas prices, offset by foreign currency effects, would likely impact the Group\u2019s investme nt levels. The illustrative sensitivities on climate change are not considered to represent a best estimate of an expected impairment impact. Moreover, a significant and prolonged reduction in oil and gas prices would likely result in mitigating actions by the Group and its license partners; for example, it could have an impact on drilling plans and production profiles for new and existing assets. Quantifying such impacts is considered impracticable, as it requires detailed evaluations based on hypothetical scenarios and not based on existing business or development plans. Note 10.3: Property, Furniture, Fixtures and Equipment 2023 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2023 143 946 162 946 2,197 Additions 35 12 13 377 437 At 31 December 2023 178 958 175 1,323 2,634 Accumulated depreciation At 1 January 2023 100 888 160 849 1,997 Depreciation charge for the year 56 42 8 194 300 At 31 December 2023 156 930 168 1,043 2,297 Net carrying value at 31 December 2023 22 28 7 280 337 2022 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2022 138 923 162 946 2,169 Additions 5 23 - - 28 At 31 December 2022 143 946 162 946 2,197 Accumulated depreciation At 1 January 2022 14 825 122 658 1,619 Depreciation charge for the year 86 63 38 191 378 At 31 December 2022 100 888 160 849 1,997 Net carrying value at 31 December 2022 43 58 2 97 200 Depreciation method and rates Category Straight-line depreciation Useful life Leasehold Remaining period of lease Remaining period of lease Furniture, fixtures and fittings 10 - 33.33% 3 - 10 years Computer equipment 20 - 33.33% 3 - 5 years Right of use asset - London office Period of lease Period of lease ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5771": {
"value": "Note 10.3: Property, Furniture, Fixtures and Equipment 2023 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2023 143 946 162 946 2,197 Additions 35 12 13 377 437 At 31 December 2023 178 958 175 1,323 2,634 Accumulated depreciation At 1 January 2023 100 888 160 849 1,997 Depreciation charge for the year 56 42 8 194 300 At 31 December 2023 156 930 168 1,043 2,297 Net carrying value at 31 December 2023 22 28 7 280 337 2022 USD 000 Leasehold Furniture, fixtures and fittings Computer equipment Right of use asset - London office Total Historical cost At 1 January 2022 138 923 162 946 2,169 Additions 5 23 - - 28 At 31 December 2022 143 946 162 946 2,197 Accumulated depreciation At 1 January 2022 14 825 122 658 1,619 Depreciation charge for the year 86 63 38 191 378 At 31 December 2022 100 888 160 849 1,997 Net carrying value at 31 December 2022 43 58 2 97 200 Depreciation method and rates Category Straight-line depreciation Useful life Leasehold Remaining period of lease Remaining period of lease Furniture, fixtures and fittings 10 - 33.33% 3 - 10 years Computer equipment 20 - 33.33% 3 - 5 years Right of use asset - London office Period of lease Period of lease NOTE 23: LEASES As noted above, Panoro leases certain assets, notably office facilities for operational activities. Panoro is mostly a lessee and the use of leases serves operational purposes rather than as a tool for financing. These lease liabilities are recognised on a gross basis in the balance sheet, income statement and statement of cash flows when Panoro is considered to have the primary responsibility for the full lease payments. In establishing Panoro\u2019s lease liabilities, the incremental borrowing rates used as discount factors in discounting payments have been established based on a consistent approach reflecting the Group\u2019s borrowing rate, the currency of the obligation, the duration of the lease term, and the credit spread for the legal entity entering into the lease contract. The London office lease contract has a reasonably certain non-cancellable period, was initially extended to June 2023, further extended to June 2025 during the year and the liability and the right of use asset determined using an incremental rate of return of 12% per annum which is deemed appropriate. Information related to lease payments and lease liabilities Lease liability is classified as current or non-current depending on maturity profile at balance sheet date. At 31 December 2023, USD 119 thousand was current and USD 211 thousand was non-current (31 December 2022: USD 114 thousand current). USD 000 2023 2022 Lease liability recognised at 1 January 114 358 Add: new leases, including remeasurements and cancellations 377 - Add: lease interest 210 19 Less: gross lease payments (371) (263) Lease liability at 31 December 330 114 The following table shows the maturity profile of lease liabilities based on contractual undiscounted lease payments. USD 000 2023 2022 Within 1 year 211 47 2 to 5 years 119 - After 5 years - - Lease liability at 31 December 330 47 Information related to right of use assets The right of use assets are included within the line item Property, plant and equipment in the Consolidated balance sheet. See Note 10: Tangible Assets. USD 000 2023 2022 Right of use asset recognised at 1 January 97 288 Add: new leases, including remeasurements and cancellations 377 - Less: depreciation and impairment (194) (191) Net book value of right of use asset at 31 December 280 97 ",
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"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5912": {
"value": "NOTE 11: ACCOUNTS AND OTHER RECEIVABLES USD 000 2023 2022 Trade receivables 21,487 16,516 Other receivables and prepayments 6,023 8,273 Underlift - Block G, Equatorial Guinea 3,840 10,320 At 31 December 31,350 35,109 Accounts receivables are non-interest bearing and generally on 30 to 120 days payment terms. At 31 December 2023 and 2022, the allowance for impairment of receivables was USD Nil. Risk information for the receivable balances is disclosed in Note 21: Financial risk management. Other receivables and prepayments amount to joint venture account balances of USD 4.3 million (2022: USD 7 million), prepayments of USD 1.6 million (31 December 2022: USD 1.2 million) and USD 0.1 million tenancy deposit for the UK office premises for both reporting periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5913": {
"value": "NOTE 11: ACCOUNTS AND OTHER RECEIVABLES USD 000 2023 2022 Trade receivables 21,487 16,516 Other receivables and prepayments 6,023 8,273 Underlift - Block G, Equatorial Guinea 3,840 10,320 At 31 December 31,350 35,109 Accounts receivables are non-interest bearing and generally on 30 to 120 days payment terms. At 31 December 2023 and 2022, the allowance for impairment of receivables was USD Nil. Risk information for the receivable balances is disclosed in Note 21: Financial risk management. Other receivables and prepayments amount to joint venture account balances of USD 4.3 million (2022: USD 7 million), prepayments of USD 1.6 million (31 December 2022: USD 1.2 million) and USD 0.1 million tenancy deposit for the UK office premises for both reporting periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5938": {
"value": "NOTE 12: LISTED EQUITY INVESTMENTS On completion of the disposal of Panoro\u2019s fully owned subsidiaries Pan-Petroleum Services Holdings BV and Pan-Petroleum Nigeria Holding BV described in Note 15: Discontinued Operations below, Panoro received upfront consideration of USD 10 million in the form of 96,577,537 newly allotted and issued shares in PetroNor E&P ASA (\u201cConsideration Shares\u201d). The Board of Directors resolved on 1 August 2022 to use its authorisation to approve a dividend in the form of the Consideration Shares. Each Panoro shareholder as at the record date received 0.849 PetroNor shares for each share held in Panoro, rounded downwards to the nearest whole share. Fraction shares were not distributed. The remaining investment of 4,451,249 PetroNor shares (\u201cRetained Shares\u201d) was retained and represented a holding of approximately 0.31% of PetroNor share capital. The Retained Shares were in connection with obligation to withhold tax on dividends and such taxes have since been settled in cash by the Company. The Retained Shares are accounted for as financial assets at fair value through profit and loss and disclosed as current financial asset, valued at the published market price at the end of the reporting period, with revaluation differences disclosed as other income or expense in the statement of comprehensive income. The Retained Shares were sold during 2023 for USD 0.3 million and a loss of USD 0.1 million was recognised on the sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5939": {
"value": "NOTE 12: LISTED EQUITY INVESTMENTS On completion of the disposal of Panoro\u2019s fully owned subsidiaries Pan-Petroleum Services Holdings BV and Pan-Petroleum Nigeria Holding BV described in Note 15: Discontinued Operations below, Panoro received upfront consideration of USD 10 million in the form of 96,577,537 newly allotted and issued shares in PetroNor E&P ASA (\u201cConsideration Shares\u201d). The Board of Directors resolved on 1 August 2022 to use its authorisation to approve a dividend in the form of the Consideration Shares. Each Panoro shareholder as at the record date received 0.849 PetroNor shares for each share held in Panoro, rounded downwards to the nearest whole share. Fraction shares were not distributed. The remaining investment of 4,451,249 PetroNor shares (\u201cRetained Shares\u201d) was retained and represented a holding of approximately 0.31% of PetroNor share capital. The Retained Shares were in connection with obligation to withhold tax on dividends and such taxes have since been settled in cash by the Company. The Retained Shares are accounted for as financial assets at fair value through profit and loss and disclosed as current financial asset, valued at the published market price at the end of the reporting period, with revaluation differences disclosed as other income or expense in the statement of comprehensive income. The Retained Shares were sold during 2023 for USD 0.3 million and a loss of USD 0.1 million was recognised on the sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5964": {
"value": "NOTE 13: CASH AND BANK BALANCES USD 000 2023 2022 Cash and cash equivalents 27,821 32,670 At 31 December 27,821 32,670 The majority of Panoro\u2019s cash balance was denominated in USD and was held in different jurisdictions including Norway, UK, Tunisia and Mauritius. Overdraft facilities The Group had no bank overdraft facilities as at 31 December 2023 (31 December 2022: Nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5990": {
"value": "NOTE 14: BUSINESS COMBINATIONS Note 14.1: Sfax Transaction On 24 April 2023, Panoro acquired the remaining 40% of the shares of Sfax Petroleum Corporation AS (\u201cSfax\u201d) from Beender Petroleum Tunisia Limited (\u201cBeender\u201d) for a total consideration of approximately USD 18.1 million in a mix of cash and shares (the \u201cTransaction\u201d). This transaction related to an acquisition of additional interest in a joint operation where the joint operator retains joint control. Thus, this is a business combination and according to IFRS 11B33c, the additional interest acquired is measured at fair value. The previously held interests in the joint operation is not remeasured given that joint operator retains joint control. Cash consideration comprises upfront consideration of USD 4.9 million paid on completion and USD 5 million deferred consideration payable by the end of 2023. Share consideration of USD 8.3 million was paid via the allotment and issue of 2,945,034 new Panoro shares on 25 April 2023 (\u201cShare Consideration\u201d), at an issue price of NOK 29.18 per share (issue value NOK 85,936,092.12). Half of the Share Consideration shares have an agreed lock-up period of six months from the issue date, whereas the remaining 50 percent are subject to a lock-up period of 12 months. In addition, certain contingent consideration amounts are payable which are mostly linked to average annual oil prices in excess of USD 100 per barrel. The fair value of such consideration payments is recognised on the date of acquisition at USD 64 thousand. If the combination had taken place at the beginning of the year, total revenue from continuing operations would have been USD 72.1 million and profit before tax from continuing operations for the Group would have been USD 16.2 million. The purchase consideration, as set out above, is summarised in the following table: Shares acquired Cost of Business Combination Amounts in USD 000 Purchase price paid on completion 40% - Paid in cash 4,848 - Issue of shares 8,334 Deferred consideration (1) 4,859 Contingent consideration (2) 64 Total consideration 18,105 Carrying value of net assets acquired 4,012 Excess value to be allocated 14,093 1. Deferred consideration of USD 5 million payable by 30 December 2023. 2. Fair value estimate of the contingent consideration, payable only upon meeting agreed criteria linked to high oil prices with a possible range between USD Nil and USD 2 million. At period end the probability that the thresholds will be met is remote. However, the estimate will be reviewed on an ongoing basis. The preliminary fair values of the identifiable assets and liabilities of Sfax and the Purchase Price Allocation (\u201cPPA\u201d) at t he date of acquisition were as follows: Amounts in USD 000 Balance sheet of Sfax Group at acquisition pre PPA 40% portion of asset acquired / liabilities assumed pre PPA Adjustment 1 Adjustment 2 Balance sheet acquired at 40% post PPA ASSETS Production rights 34,738 13,895 11,265 - 25,160 Goodwill - - 1,618 - 1,618 Goodwill related to step up / deferred tax - - - 2,744 2,744 Intangible fixed assets 34,738 13,895 12,883 2,744 29,522 Tangible fixed assets 30,504 12,202 - - 12,202 Inventories, trade and other receivables 24,025 9,610 - - 9,610 Cash and cash equivalents 4,702 1,881 - - 1,881 Total non-current assets 59,231 23,692 - - 23,692 LIABILITIES Decommissioning liability 29,535 11,814 - - 11,814 Other non-current liabilities 13,278 5,311 (1,210) - 4,101 Deferred tax liabilities 8,460 3,384 - 2,744 6,128 Trade and other current liabilities 13,987 5,595 - - 5,595 Current and deferred taxes 18,680 7,472 - - 7,472 Total liabilities 83,940 33,576 (1,210) 2,744 35,110 Net assets (liabilities) acquired 10,029 4,012 14,093 - 18,105 Adjustment 1 relates to fair value adjustments identified and allocated to individual items in the analysis of the purchase price allocation analysis. Adjustment 2 contains deferred tax following from the previous adjustments, using a tax rate of 22% applicable to Norwegian companies. Since the acquisition date, the acquired business contributed revenue of USD 7.7 million and USD 3.9 million profit before tax to the consolidated statement of comprehensive income. The carrying value of trade and other receivables acquired approximates their fair value. No provision is required for expected credit losses as the full amount is expected to be collected. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6186": {
"value": "NOTE 15: DISCONTINUED OPERATIONS On 21 October 2019, the Company entered into a sale and purchase agreement with PetroNor E&P Limited (\u201cPetroNor\u201d), an exploration & production oil and gas company listed on the Oslo Axess, to divest all outstanding shares in its fully owned subsidiaries Pan-Petroleum Services Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as \u201cDivested Subsidiaries\u201d) for an upfront consideration consisting of the allotment and issue of new PetroNor shares with a fixed value o f USD 10 million (the \u201cShare Consideration\u201d) plus a revised contingent consideration agreed in December 2020 of up to USD 16.67 million based on future gas production volumes. The transaction completed on 13 July 2022 (the \u201cCompletion Date\u201d) with the upfront consideration of USD 10 million paid via the allotment and issue of 96,577,537 new PetroNor shares (the \u201cConsideration Shares\u201d), determined with reference to the contractually determined 30-day volume weighted average price (\u201cVWAP\u201d) of PetroNor\u2019s shares which are listed on the Oslo B\u00f8rs with the Ticker \u201cPNOR\u201d. The operations of the Group\u2019s Divested Subsidiaries were classified as discontinued operations under IFRS 5 since 2019 and the results of the Nigerian segment presented as discontinued operations up to the Completion Date are as follows: Amounts in USD 000, unless otherwise stated 2023 2022 DISCONTINUED OPERATIONS Oil revenue - 1,181 Total revenues - 1,181 Operating costs - (1,129) General and administrative costs - (51) Depreciation, depletion and amortisation - - (Impairment) / reversal of impairment for Oil and gas assets - 1,497 EBIT - Operating income/(loss) - 1,498 Interest costs net of income - (192) Net foreign exchange gain / (loss) - (2) Other financial costs net of income - (46) Net income/(loss) before tax - 1,258 Income tax benefit/(expense) - - Net income/(loss) for the period from discontinued operations - 1,258 EARNINGS PER SHARE Basic EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 Diluted EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6187": {
"value": "NOTE 15: DISCONTINUED OPERATIONS On 21 October 2019, the Company entered into a sale and purchase agreement with PetroNor E&P Limited (\u201cPetroNor\u201d), an exploration & production oil and gas company listed on the Oslo Axess, to divest all outstanding shares in its fully owned subsidiaries Pan-Petroleum Services Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as \u201cDivested Subsidiaries\u201d) for an upfront consideration consisting of the allotment and issue of new PetroNor shares with a fixed value o f USD 10 million (the \u201cShare Consideration\u201d) plus a revised contingent consideration agreed in December 2020 of up to USD 16.67 million based on future gas production volumes. The transaction completed on 13 July 2022 (the \u201cCompletion Date\u201d) with the upfront consideration of USD 10 million paid via the allotment and issue of 96,577,537 new PetroNor shares (the \u201cConsideration Shares\u201d), determined with reference to the contractually determined 30-day volume weighted average price (\u201cVWAP\u201d) of PetroNor\u2019s shares which are listed on the Oslo B\u00f8rs with the Ticker \u201cPNOR\u201d. The operations of the Group\u2019s Divested Subsidiaries were classified as discontinued operations under IFRS 5 since 2019 and the results of the Nigerian segment presented as discontinued operations up to the Completion Date are as follows: Amounts in USD 000, unless otherwise stated 2023 2022 DISCONTINUED OPERATIONS Oil revenue - 1,181 Total revenues - 1,181 Operating costs - (1,129) General and administrative costs - (51) Depreciation, depletion and amortisation - - (Impairment) / reversal of impairment for Oil and gas assets - 1,497 EBIT - Operating income/(loss) - 1,498 Interest costs net of income - (192) Net foreign exchange gain / (loss) - (2) Other financial costs net of income - (46) Net income/(loss) before tax - 1,258 Income tax benefit/(expense) - - Net income/(loss) for the period from discontinued operations - 1,258 EARNINGS PER SHARE Basic EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 Diluted EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6188": {
"value": "NOTE 15: DISCONTINUED OPERATIONS On 21 October 2019, the Company entered into a sale and purchase agreement with PetroNor E&P Limited (\u201cPetroNor\u201d), an exploration & production oil and gas company listed on the Oslo Axess, to divest all outstanding shares in its fully owned subsidiaries Pan-Petroleum Services Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as \u201cDivested Subsidiaries\u201d) for an upfront consideration consisting of the allotment and issue of new PetroNor shares with a fixed value o f USD 10 million (the \u201cShare Consideration\u201d) plus a revised contingent consideration agreed in December 2020 of up to USD 16.67 million based on future gas production volumes. The transaction completed on 13 July 2022 (the \u201cCompletion Date\u201d) with the upfront consideration of USD 10 million paid via the allotment and issue of 96,577,537 new PetroNor shares (the \u201cConsideration Shares\u201d), determined with reference to the contractually determined 30-day volume weighted average price (\u201cVWAP\u201d) of PetroNor\u2019s shares which are listed on the Oslo B\u00f8rs with the Ticker \u201cPNOR\u201d. The operations of the Group\u2019s Divested Subsidiaries were classified as discontinued operations under IFRS 5 since 2019 and the results of the Nigerian segment presented as discontinued operations up to the Completion Date are as follows: Amounts in USD 000, unless otherwise stated 2023 2022 DISCONTINUED OPERATIONS Oil revenue - 1,181 Total revenues - 1,181 Operating costs - (1,129) General and administrative costs - (51) Depreciation, depletion and amortisation - - (Impairment) / reversal of impairment for Oil and gas assets - 1,497 EBIT - Operating income/(loss) - 1,498 Interest costs net of income - (192) Net foreign exchange gain / (loss) - (2) Other financial costs net of income - (46) Net income/(loss) before tax - 1,258 Income tax benefit/(expense) - - Net income/(loss) for the period from discontinued operations - 1,258 EARNINGS PER SHARE Basic EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 Diluted EPS on profit for the period attributable to equity holders of the parent (USD) from discontinued operations - 0.01 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6270": {
"value": "NOTE 16: ASSET RETIREMENT OBLIGATION In accordance with the agreements and legislation, the wellheads, production assets, pipelines and other installations may have to be dismantled and removed from oil and natural gas fields when the production ceases. The following table presents amounts of the estimated obligations associated with the retirement of oil and natural gas properties: USD 000 Equatorial Guinea Gabon Tunisia Total At 1 January 2023 97,954 8,208 17492 123,654 Unwinding of discount 3,915 334 998 5,247 Change in inflation and discount rate (9,806) (869) (2,546) (13,221) Change in licence term - 259 - 259 Additions - 534 - 534 Acquisitions - - 11,814 11,814 Change in cost estimate - 824 - 824 Balance at 31 December 2023 92,063 9,290 27,758 129,111 At 1 January 2022 113,862 8,150 18827 140,839 Unwinding of discount 2,848 204 469 3,521 Change in inflation and discount rate (14,313) (1,603) (1,804) (17,720) Change in licence term (11,390) - - (11,390) Additions - 1,457 - 1,457 Change in cost estimate 6,947 - - 6,947 Balance at 31 December 2022 97,954 8,208 17,492 123,654 All amounts are classified as non-current. The exact timing of the obligations is uncertain and depends on the rate the reserves of the field are depleted. However, based on the existing production profile of the assets, the following assumptions have been applied in order to calculate the liability: It is expected that expenditure on retirement is likely to be after more than five years. The current bases for the provision at 31 December 2023 are a discount rate of 4.75% and an inflation rate of 2% (31 December 2022: 4% and 2% respectively). Discount rate sensitivity has been calculated by assuming a reasonably possible change of 1.2 percentage points. An increase in the discount rate of 1.2 percent would reduce the ARO liability by USD 18 million and a corresponding reduction would increase the liability by USD 21.3 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6365": {
"value": "NOTE 17: EQUITY Share capital Amounts in USD 000 unless otherwise stated Number of shares Nominal Share Capital As at 1 January 2023 113,689,372 723 Share issue for business combination (Note 14) 2,945,034 14 Share issue under RSU Plan (Note 19) 309,642 1 As at 31 December 2023 116,944,048 738 Panoro Energy was formed through the merger of Norse Energy\u2019s former Brazilian business and Pan-Petroleum on 29 June 2010. The Company is incorporated in Norway and the share capital is denominated in NOK. The share capital given above is translated to USD at the foreign exchange rate in effect at the time of each share issue. All shares are fully paid-up and carry equal voting rights. In connection with the Company's Restricted Share Units Plan announced on 29 June 2023, the Company issued 309,642 new shares to employees. As of 31 December 2023, the Company had a registered share capital of NOK 5,847,202 divided into 116,944,048 shares, each with a nominal value of NOK 0.05 (31 December 2022: NOK 5,684,469 divided into 113,689,372 shares, each with a nominal value of NOK 0.05). The Company\u2019s twenty largest shareholders and the shares owned by the CEO, Board Members and key management are referenced in the Parent Company Accounts below, please refer to Note 9: Shareholders\u2019 equity and shareholder information. Reserves Share premium Share premium reserve of USD 434 million (31 December 2022: USD 428.5 million) represents excess of subscription value of the shares over the nominal amount. Other reserves Other reserves of negative USD 43.4 million in 2023 and 2022 represent an item arising on accounting for the historical merger with Company\u2019s subsidiary Panoro Energy do Brasil Ltda. Additional paid-in capital Additional paid-in capital of USD 122 million (31 December 2022: USD 121.8 million) represent reserves created under the continuity principle on demerger. Share-based payments credit is also recorded under this reserve and so is the credit from reduction of share capital by reducing the par value of shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6368": {
"value": "Share capital Amounts in USD 000 unless otherwise stated Number of shares Nominal Share Capital As at 1 January 2023 113,689,372 723 Share issue for business combination (Note 14) 2,945,034 14 Share issue under RSU Plan (Note 19) 309,642 1 As at 31 December 2023 116,944,048 738 Panoro Energy was formed through the merger of Norse Energy\u2019s former Brazilian business and Pan-Petroleum on 29 June 2010. The Company is incorporated in Norway and the share capital is denominated in NOK. The share capital given above is translated to USD at the foreign exchange rate in effect at the time of each share issue. All shares are fully paid-up and carry equal voting rights. In connection with the Company's Restricted Share Units Plan announced on 29 June 2023, the Company issued 309,642 new shares to employees. As of 31 December 2023, the Company had a registered share capital of NOK 5,847,202 divided into 116,944,048 shares, each with a nominal value of NOK 0.05 (31 December 2022: NOK 5,684,469 divided into 113,689,372 shares, each with a nominal value of NOK 0.05). The Company\u2019s twenty largest shareholders and the shares owned by the CEO, Board Members and key management are referenced in the Parent Company Accounts below, please refer to Note 9: Shareholders\u2019 equity and shareholder information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6411": {
"value": "Reserves Share premium Share premium reserve of USD 434 million (31 December 2022: USD 428.5 million) represents excess of subscription value of the shares over the nominal amount. Other reserves Other reserves of negative USD 43.4 million in 2023 and 2022 represent an item arising on accounting for the historical merger with Company\u2019s subsidiary Panoro Energy do Brasil Ltda. Additional paid-in capital Additional paid-in capital of USD 122 million (31 December 2022: USD 121.8 million) represent reserves created under the continuity principle on demerger. Share-based payments credit is also recorded under this reserve and so is the credit from reduction of share capital by reducing the par value of shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6423": {
"value": "NOTE 18: ACCOUNTS PAYABLE, ACCRUALS AND OTHER LIABILITIES USD 000 2023 2022 Accounts payable 25,543 9,087 Accrued and other liabilities 3,532 4,899 Other non-current liabilities 8,852 6,956 At 31 December 37,927 20,942 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6424": {
"value": "NOTE 18: ACCOUNTS PAYABLE, ACCRUALS AND OTHER LIABILITIES USD 000 2023 2022 Accounts payable 25,543 9,087 Accrued and other liabilities 3,532 4,899 Other non-current liabilities 8,852 6,956 At 31 December 37,927 20,942 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6425": {
"value": "NOTE 18: ACCOUNTS PAYABLE, ACCRUALS AND OTHER LIABILITIES USD 000 2023 2022 Accounts payable 25,543 9,087 Accrued and other liabilities 3,532 4,899 Other non-current liabilities 8,852 6,956 At 31 December 37,927 20,942 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6426": {
"value": "NOTE 18: ACCOUNTS PAYABLE, ACCRUALS AND OTHER LIABILITIES USD 000 2023 2022 Accounts payable 25,543 9,087 Accrued and other liabilities 3,532 4,899 Other non-current liabilities 8,852 6,956 At 31 December 37,927 20,942 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6427": {
"value": "NOTE 18: ACCOUNTS PAYABLE, ACCRUALS AND OTHER LIABILITIES USD 000 2023 2022 Accounts payable 25,543 9,087 Accrued and other liabilities 3,532 4,899 Other non-current liabilities 8,852 6,956 At 31 December 37,927 20,942 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6445": {
"value": "NOTE 19: SHARE BASED PAYMENTS Restricted Share Unit (\u201cRSU\u201d) scheme At the Annual General Meeting held on 27 May 2021, the existing RSU scheme (as originally presented and approved in the 27 May 2015 Annual General Meeting), was approved for another three years up to the general meeting to be held in the year 2024. Under this approved employee incentive scheme, the Company may issue RSUs to executive and key employees. Awards under the RSU scheme will normally be considered one time per year and grant of share-based incentives will, in value (calculated at the time of grant), be capped levels defined in the plan. One RSU will entitle the holder to receive one share of capital stock of the Company against payment in cash of the par value for the share. Grant of RSUs will be subject to a set of performance metrics with threshold and factors reviewed annually by the Board of Directors. Such metrics will be set as objectives based on sustained performance results including mostly share price increases and achievement of specific financial performance measures related to a group of oil and gas exploration and production peers that has been defined and adopted by a committee established by the Board. The movement of RSUs during the year are tabled below: 2023 2022 All amounts in Number of units, unless stated otherwise Outstanding RSUs as of 1 January 1,049,991 1,162,434 Add: Grants during the year 719,615 487,434 Less: Vested during the year - Settled in cash to cover taxes / settlement through purchase of shares from the market (256,587) (264,819) - Settled through issue of new shares (309,642) (305,682) Less: Terminated without vesting - (29,376) Outstanding RSUs as of 31 December 1,203,377 1,049,991 The cash settlement of RSUs is the Board of Directors\u2019 unilateral decision and such settlement is only to cover employee withholding taxes originating from vesting of RSUs. The Company, at its discretion, may also elect to settle the RSUs by delivering equity shares purchased from the market. RSUs vested on 13 June 2023 when the share price of the Company was NOK 26.95 per share. In June 2023, 719,615 Restricted Share Units (RSU) were awarded under the Company\u2019s RSU scheme to key employees of the Company under the long-term incentive plan approved by the shareholders. One RSU entitles the holder to receive one share of capital stock of the Company against payment in cash of the par value of the share. The par value is currently NOK 0.05 per share. Vesting of the RSUs is time based. The standard vesting period is 3 years, where 1/3 of the RSUs vest after one year, 1/3 vest after 2 years and the final 1/3 vest after 3 years from grant. The Board of Directors, at its discretion can grant a non-standard vesting period. RSUs vest automatically at the respective vesting dates, provided the unit holder continues to be an employee throughout the vesting period. The holder will be issued the applicable number of shares as soon as possible thereafter. The Company calculates the value of share-based compensation using a Black-Scholes option pricing model to estimate the fair value of the RSUs at the date of grant. The estimated fair value of RSUs is amortised to expense over the respective vesting period of USD 1.8 million (2022: USD 1.6 million) has been charged to the statement of comprehensive income for the proportion of vesting during the respective years and the same amount credited to additional paid-in capital. Upon vesting, the settlement value is reversed from the additional paid-in capital. USD 1.6 million relating to the 2023 vesting was reversed during the year (2022: USD 2.1 million). The assumptions made for the valuation of the RSUs granted during the year is as follows: Key assumptions 2023 2022 Weighted average risk-free interest rate 3.25% 0.75% Dividend yield Nil Nil Weighted average expected life of RSUs (vesting in Tranches) 1-3 years 1-3 years Volatility range based on Company's historical share performance 41% 58% Weighted average remaining contractual life of RSUs at year end 1.2 Years 1.1 Years Share price at grant date \u2013 per share NOK 27.18 NOK 32.84 The weighted average fair value of RSUs granted during the period was NOK 27.18 per unit (2022: NOK 32.84 per unit) based on 719,615 units granted (2022: 487,434 units granted). The following table illustrates the maturity profile and Weighted Average Exercise Price (\"WAEP\") of the RSUs outstanding as of 31 December and vesting: 2023 2022 WAEP 2023 2022 Number of Units NOK/share Exercise value in NOK Within 1 year 566,406 566,229 0.05 28,320 28,311 Between 1 and 2 years 397,102 326,533 0.05 19,855 16,327 Between 2 and 3 years 239,869 157,229 0.05 11,993 7,861 Total 1,203,377 1,049,991 60,169 52,499 As of the year ended 2023 the unvested RSUs were outstanding for 21 employees including key management personnel (2022: 18 employees). The distribution of outstanding RSUs as of 31 December 2023 amongst the employees is as follows: No of Units Exercise price NOK/share Exercise period Fair value expensed USD 000 John Hamilton, CEO 338,875 0.05 June 2024 to June 2026 463 Qazi Qadeer, CFO 157,975 0.05 June 2024 to June 2026 210 Other Named Executives (i) 308,772 0.05 June 2024 to June 2026 411 Other Employees 397,755 0.05 June 2024 to June 2026 580 Total 1,203,377 1,814 (i) Other Named Executives include Richard Morton (Technical Director) and Nigel McKim (Projects Director). Under the RSU scheme in an event where there is a change of control, all outstanding RSUs will vest immediately, and the Company will cash settle by compensating the difference between the fair market value of the RSUs and the exercise value. A change of control is defined in the RSU scheme terms and means (i) a change of control in the ownership of the Company which gives a person (individual or corporate) the right and the obligation to make a mandatory offer for all the shares in the Company pursuant to the Norwegian Securities Trading Act of 2007, (ii) if (i) is not applicable; a change of control in the ownership of the Company which gives a person (individual or corporate) ownership to or control over more than 50% of the votes in the Company, (iii) a merger in which the Company is not the surviving entity or (iv) a sale of all or substantially all of the Company\u2019s assets to another corporation, partnership or other entity that is not a wholly owned Subsidiary of the Company. In the case of (i) and (ii) above, the change of control Is deemed to occur at the time when the relevant ownership or control occurs and in the case of (iii) and (iv) above at completion of the merger or the sale. Share Options to Board of Directors Pursuant to the recommendation of the Nominations Committee and the resolutions passed in the Annual General Meeting (\u201c2021 AGM\u201d) of the Company, held on 27 May 2021, a share option plan to award share options to the Company\u2019s existing members of the Board of Directors, were approved and implemented (\u201cBoard Options\u201d). One Board Option entitles the holder to receive one share of capital stock of the Company against payment in cash of the Exercise Price of the option which has been set at NOK 17.34 each for 2021 awards, NOK 31.91 for the 2022 award and NOK 27.40 for the 2023 award, in line with the mechanism prescribed in the 2021 AGM. Vesting of the Board Options is time based and the vesting period specific to these grants is between 27 May 2021 to 26 May 2026, where 1/3 of the Board Options vest each year, starting one year after award on the date of the Company\u2019s AGM which is generally held in the last week of May each year. The movement of Board Options during the year are tabled below: All amounts in Number of units, unless stated otherwise 2023 2022 Outstanding options as of 1 January 168,000 144,000 Add: Grants during the year 24,000 24,000 Outstanding options as of 31 December 192,000 168,000 The outstanding options as of 31 December 2023 included 112,000 options that had already vested but not exercised (2022: 48,000). The Company calculates the value of share-based compensation using a Black-Scholes option pricing model to estimate the fair value of the Board Options at the date of grant. The estimated fair value of RSUs is amortised to expense over the respective vesting period of USD 0.1 million has been charged to the statement of comprehensive income for the proportion of vesting during the respective years and the same amount credited to additional paid-in capital. Upon vesting, the settlement value is reversed from the additional paid-in capital. The assumptions made for the valuation of the Board Options granted during the year is as follows: Key assumptions 2023 2022 Weighted average risk-free interest rate 3.25% 0.75% Dividend yield Nil Nil Weighted average expected life of RSUs (vesting in Tranches) 1-3 years 1-3 years Volatility range based on Company's historical share performance 41% 58% Weighted average remaining contractual life of RSUs at year end 0.8 Years 1 Years Share price at grant date \u2013 per share NOK 28.10 NOK 32.40 The weighted average fair value of Board Options granted during the period was NOK 28.10 per unit (2022: NOK 32.40 per unit) based on 24,000 units granted (2022: 24,000 units granted). The following table illustrates the maturity profile and Weighted Average Exercise Price (\"WAEP\") of the Board Options outstanding as of 31 December and vesting: 2023 2022 WAEP 2023 2022 Number of Units NOK/share Exercise value in NOK Within 1 year 168,000 104,000 19.21 3,227,280 2,019,829 Between 1 and 2 years 16,000 56,000 29.66 474,560 1,087,600 Between 2 and 3 years 8,000 8,000 27.40 219,200 255,280 Total 192,000 168,000 3,921,040 3,362,709 As of the year ended 2023 the unvested Board Options were outstanding for 6 members of the Board of Directors (2022: 6 members of the Board of Directors) which includes a number of ex-directors who are allowed to retain their Board Options in accordance with shareholder approvals received in the 2023 Annual General Meeting. The distribution of outstanding Board Options as of 31 December 2023 amongst the members of the Board of Directors is as follows: No of Units\u2013- unvested No of Units\u2013- vested and unexercised Exercise price NOK/share Exercise period 2023 Fair value expensed USD 000 2022 Fair value expensed USD 000 Julien Balkany 16,000 32,000 17.34 Up to May 2026 9 19 Torstein Sanness 8,000 16,000 17.34 Up to May 2026 5 9 Grace Skaugen (i) 16,000 8,000 31.91 Up to May 2027 11 10 Alexandra Herger 8,000 16,000 17.34 Up to May 2026 5 9 Hilde Adland (i) - 24,000 17.34 Up to May 2026 6 9 Garrett Soden 8,000 16,000 17.34 Up to May 2026 5 9 Gunnvor Ellingsen 24,000 - 27.40 Up to May 2028 6 - Total 80,000 112,000 47 65 (i) Resigned from the Board of Directors in the May 2023 Annual General Meeting. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6814": {
"value": "NOTE 20: FINANCIAL INSTRUMENTS Fair values of financial assets and liabilities The Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. The Group has no material financial assets that are past due. No material financial assets are impaired at the balance sheet date. All financial assets and liabilities with the exception of derivatives are measured at amortised cost. Fair value of derivative instruments All derivatives are recognised at fair value on the balance sheet with valuation changes recognised immediately in the income statement, unless the derivatives have been designated as a cash flow hedge. Fair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction at the relevant date. Where available, fair values are determined using quoted prices in active markets. To the extent that market prices are not available, fair values are estimated by reference to market-based transactions or using standard valuation techniques for the applicable instruments and commodities involved. The Group strategically hedges a portion of its 2P oil reserves to protect against a fall in oil prices and protect its ability to service its debt obligations and to fund operations including planned capital expenditure. The hedge instruments used include \u201czero cost collars\u201d (where Panoro is guaranteed to receive no less than the buy/put price, but no more than the sell/c all price for the hedged number of bbls) and \u201ccommodity swap\u201d (where Panoro is guaranteed the contract price) contracts to protect the downside in \u2018Dated Brent\u2019 oil price. These hedge contracts are initially recognised at Nil fair value and then revalued at each balance sheet date, with changes in fair value recognised as finance income or expense in the Statement of Comprehensive Income. The hedging program continues to be closely monitored and adjusted according to the Group\u2019s risk management policies and cashflow requirements. The Group continues to monitor and optimise its hedging programme on an on-going basis. The outstanding commodity hedge contracts as at the respective balance sheet dates presented were as follows: Zero cost collar instruments Remaining term Remaining contract amount Average contract price Average contract price Fair value Asset / (Liability) Fair value Asset / (Liability) Bbls Buy Put (USD/Bbl) Sell Call (USD/Bbl) Current (USD \u2019000) Non-Current (USD \u2018000) At 31 December 2022 Dec 22 \u2013 Mar 23 50,000 40 47 133 - At 31 December 2023 - - - - - - The fair values of the commodity price contracts were provided by the counterparty with whom the trades have been entered into. These consist of put and call options to sell/buy crude oil. The options are valued using a Black-Scholes based methodology. The inputs to these valuations include the price of oil, its volatility. The following provides an analysis of the Group\u2019s financial instruments measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. All the Group\u2019s derivatives are Level 2 (2022: Level 2). There were no transfers between fair value levels during the year. For financial instruments which are recognised on a recurring basis, the Group determines whether transfers have occurred between levels by re-assessing categorisation (based on the lowest-level input which is significant to the fair value measurement as a whole) at the end of each reporting period. ",
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"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6815": {
"value": "NOTE 20: FINANCIAL INSTRUMENTS Fair values of financial assets and liabilities The Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. The Group has no material financial assets that are past due. No material financial assets are impaired at the balance sheet date. All financial assets and liabilities with the exception of derivatives are measured at amortised cost. Fair value of derivative instruments All derivatives are recognised at fair value on the balance sheet with valuation changes recognised immediately in the income statement, unless the derivatives have been designated as a cash flow hedge. Fair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction at the relevant date. Where available, fair values are determined using quoted prices in active markets. To the extent that market prices are not available, fair values are estimated by reference to market-based transactions or using standard valuation techniques for the applicable instruments and commodities involved. The Group strategically hedges a portion of its 2P oil reserves to protect against a fall in oil prices and protect its ability to service its debt obligations and to fund operations including planned capital expenditure. The hedge instruments used include \u201czero cost collars\u201d (where Panoro is guaranteed to receive no less than the buy/put price, but no more than the sell/c all price for the hedged number of bbls) and \u201ccommodity swap\u201d (where Panoro is guaranteed the contract price) contracts to protect the downside in \u2018Dated Brent\u2019 oil price. These hedge contracts are initially recognised at Nil fair value and then revalued at each balance sheet date, with changes in fair value recognised as finance income or expense in the Statement of Comprehensive Income. The hedging program continues to be closely monitored and adjusted according to the Group\u2019s risk management policies and cashflow requirements. The Group continues to monitor and optimise its hedging programme on an on-going basis. The outstanding commodity hedge contracts as at the respective balance sheet dates presented were as follows: Zero cost collar instruments Remaining term Remaining contract amount Average contract price Average contract price Fair value Asset / (Liability) Fair value Asset / (Liability) Bbls Buy Put (USD/Bbl) Sell Call (USD/Bbl) Current (USD \u2019000) Non-Current (USD \u2018000) At 31 December 2022 Dec 22 \u2013 Mar 23 50,000 40 47 133 - At 31 December 2023 - - - - - - The fair values of the commodity price contracts were provided by the counterparty with whom the trades have been entered into. These consist of put and call options to sell/buy crude oil. The options are valued using a Black-Scholes based methodology. The inputs to these valuations include the price of oil, its volatility. The following provides an analysis of the Group\u2019s financial instruments measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. All the Group\u2019s derivatives are Level 2 (2022: Level 2). There were no transfers between fair value levels during the year. For financial instruments which are recognised on a recurring basis, the Group determines whether transfers have occurred between levels by re-assessing categorisation (based on the lowest-level input which is significant to the fair value measurement as a whole) at the end of each reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6816": {
"value": "NOTE 20: FINANCIAL INSTRUMENTS Fair values of financial assets and liabilities The Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. The Group has no material financial assets that are past due. No material financial assets are impaired at the balance sheet date. All financial assets and liabilities with the exception of derivatives are measured at amortised cost. Fair value of derivative instruments All derivatives are recognised at fair value on the balance sheet with valuation changes recognised immediately in the income statement, unless the derivatives have been designated as a cash flow hedge. Fair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction at the relevant date. Where available, fair values are determined using quoted prices in active markets. To the extent that market prices are not available, fair values are estimated by reference to market-based transactions or using standard valuation techniques for the applicable instruments and commodities involved. The Group strategically hedges a portion of its 2P oil reserves to protect against a fall in oil prices and protect its ability to service its debt obligations and to fund operations including planned capital expenditure. The hedge instruments used include \u201czero cost collars\u201d (where Panoro is guaranteed to receive no less than the buy/put price, but no more than the sell/c all price for the hedged number of bbls) and \u201ccommodity swap\u201d (where Panoro is guaranteed the contract price) contracts to protect the downside in \u2018Dated Brent\u2019 oil price. These hedge contracts are initially recognised at Nil fair value and then revalued at each balance sheet date, with changes in fair value recognised as finance income or expense in the Statement of Comprehensive Income. The hedging program continues to be closely monitored and adjusted according to the Group\u2019s risk management policies and cashflow requirements. The Group continues to monitor and optimise its hedging programme on an on-going basis. The outstanding commodity hedge contracts as at the respective balance sheet dates presented were as follows: Zero cost collar instruments Remaining term Remaining contract amount Average contract price Average contract price Fair value Asset / (Liability) Fair value Asset / (Liability) Bbls Buy Put (USD/Bbl) Sell Call (USD/Bbl) Current (USD \u2019000) Non-Current (USD \u2018000) At 31 December 2022 Dec 22 \u2013 Mar 23 50,000 40 47 133 - At 31 December 2023 - - - - - - The fair values of the commodity price contracts were provided by the counterparty with whom the trades have been entered into. These consist of put and call options to sell/buy crude oil. The options are valued using a Black-Scholes based methodology. The inputs to these valuations include the price of oil, its volatility. The following provides an analysis of the Group\u2019s financial instruments measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. All the Group\u2019s derivatives are Level 2 (2022: Level 2). There were no transfers between fair value levels during the year. For financial instruments which are recognised on a recurring basis, the Group determines whether transfers have occurred between levels by re-assessing categorisation (based on the lowest-level input which is significant to the fair value measurement as a whole) at the end of each reporting period. ",
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"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f6819": {
"value": "Fair values of financial assets and liabilities The Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. The Group has no material financial assets that are past due. No material financial assets are impaired at the balance sheet date. All financial assets and liabilities with the exception of derivatives are measured at amortised cost. Fair value of derivative instruments All derivatives are recognised at fair value on the balance sheet with valuation changes recognised immediately in the income statement, unless the derivatives have been designated as a cash flow hedge. Fair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction at the relevant date. Where available, fair values are determined using quoted prices in active markets. To the extent that market prices are not available, fair values are estimated by reference to market-based transactions or using standard valuation techniques for the applicable instruments and commodities involved. The Group strategically hedges a portion of its 2P oil reserves to protect against a fall in oil prices and protect its ability to service its debt obligations and to fund operations including planned capital expenditure. The hedge instruments used include \u201czero cost collars\u201d (where Panoro is guaranteed to receive no less than the buy/put price, but no more than the sell/c all price for the hedged number of bbls) and \u201ccommodity swap\u201d (where Panoro is guaranteed the contract price) contracts to protect the downside in \u2018Dated Brent\u2019 oil price. These hedge contracts are initially recognised at Nil fair value and then revalued at each balance sheet date, with changes in fair value recognised as finance income or expense in the Statement of Comprehensive Income. The hedging program continues to be closely monitored and adjusted according to the Group\u2019s risk management policies and cashflow requirements. The Group continues to monitor and optimise its hedging programme on an on-going basis. The outstanding commodity hedge contracts as at the respective balance sheet dates presented were as follows: Zero cost collar instruments Remaining term Remaining contract amount Average contract price Average contract price Fair value Asset / (Liability) Fair value Asset / (Liability) Bbls Buy Put (USD/Bbl) Sell Call (USD/Bbl) Current (USD \u2019000) Non-Current (USD \u2018000) At 31 December 2022 Dec 22 \u2013 Mar 23 50,000 40 47 133 - At 31 December 2023 - - - - - - The fair values of the commodity price contracts were provided by the counterparty with whom the trades have been entered into. These consist of put and call options to sell/buy crude oil. The options are valued using a Black-Scholes based methodology. The inputs to these valuations include the price of oil, its volatility. The following provides an analysis of the Group\u2019s financial instruments measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2022 Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, \u2022 Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not based on observable market data. All the Group\u2019s derivatives are Level 2 (2022: Level 2). There were no transfers between fair value levels during the year. For financial instruments which are recognised on a recurring basis, the Group determines whether transfers have occurred between levels by re-assessing categorisation (based on the lowest-level input which is significant to the fair value measurement as a whole) at the end of each reporting period. ",
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"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6921": {
"value": "NOTE 21: FINANCIAL RISK MANAGEMENT Financial risk management objectives The Group\u2019s principal financial liabilities comprise of loans and borrowings and trade and other financial liabilities. The main purpose of these financial instruments is to finance the Group\u2019s operations, including the Group\u2019s capital expenditure programme. The Group has various financial assets such as accounts receivable and cash. The Group manages its exposure to key financial risks in accordance with its financial risk management policy. The objective of the policy is to support the Group\u2019s financial targets while protecting future financial security. The Group is exposed to the following risks: \u2022 Market risk, including commodity price, foreign currency exchange and interest rate risks \u2022 Credit risk \u2022 Liquidity risk Management reviews and agrees policies for managing each of these risks which are summarised below. The Group\u2019s policy is that all transactions involving derivatives must be directly related to the underlying business of the Group and does not use derivative financial instruments for speculative purposes. Market risk Market risk is the risk or uncertainty arising from possible market price movements or prevailing market conditions and their impact on the future performance of a business or the ability to complete deals entered into. The primary commodity price risks that the Group is exposed to include oil prices that could adversely affect the value of the group\u2019s financial assets, liabilit ies or expected future cash flows. In accordance with the Group\u2019s financial risk management framework, the Group enters into various transactions using derivatives for risk management purposes. The major components of market risk are commodity price risk, foreign currency exchange risk and interest rate risk, each of which is discussed below. Commodity price risk The Group is exposed to the risk of fluctuations in prevailing market commodity prices (primarily crude oil) on the oil and gas it produces. The Group\u2019s policy is to manage these risks through the use of derivative financial instruments. The following tabl e summarises the impact on profit before tax for changes in commodity prices on the fair value of derivative financial instruments. The impact on equity is the same as the impact on profit before tax as these derivative financial instruments have not been designated as hedges and are classified as held-for-trading. The analysis is based on derivative contracts existing at the balance sheet date, the assumption that crude oil price moves 15% over all future periods, with all other variables held constant. Management believes that 15% is a reasonable sensitivity based on forward forecasts of estimated oil price volatility. Increase /(decrease) in profit before tax and equity USD 000 2023 2022 15% increase in the price of oil - (20) 15% decrease in the price of oil - 20 Foreign currency exchange risk The Company operates internationally and is exposed to risk arising from various currency exposures, primarily with respect to the Norwegian Kroner (NOK), the Tunisian Dinar (TND), and the Pound Sterling (GBP). The Group has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the respective functional currency. The Group reports its consolidated results in USD, any change in exchange rates between its operating subsidiaries\u2019 functional currencies and the USD affects its consolidated income statement and balance sheet when the results of those operating subsidiaries are translated into USD for reporting purposes. Group companies are required to manage their foreign exchange risk against their functional currency. The Group evaluates on a continuous basis to use cross currency swaps if deemed appropriate by management in order to hedge the forward foreign currency risk. The group used no currency derivatives/swaps during 2023 or 2022. A 20% strengthening or weakening of the USD against the following currencies at the balance sheet dates presented would have increased / (decreased) equity and profit or loss by the amounts shown below. The Group\u2019s assessment of what a reasonable potential change in foreign currencies that it is currently exposed to have been changed as a result of the changes observed in the world financial markets. This hypothetical analysis assumes that all other variables, including interest rates and commodity prices, remain constant. USD 000 2023 2022 USD vs NOK 20% -20% 20% -20% Cash 14 (21) 10 (15) Receivables 3 (5) 7 (10) Payables (20) 30 (10) 15 Net effect (3) 5 6 (9) USD vs TND 20% -20% 20% -20% Cash 617 (925) 3 (4) Receivables 242 (363) 133 (200) Corporation taxes payable (2,112) 3,168 (1,593) 2,390 Payables (1,420) 2,130 (765) 1,148 Net effect (2,673) 4,010 (2,223) 3,334 USD vs EUR 20% -20% 20% -20% Cash 21 (32) 3 (4) Receivables 1 (2) 1 (2) Payables (38) 57 (32) 48 Net effect (16) 24 (28) 42 USD vs GBP 20% -20% 20% -20% Cash 54 (81) 61 (91) Receivables (78) 116 (49) 74 Payables (55) 83 (18) 26 Net effect (79) 118 (6) 9 Interest rate risk The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s loans and borrowings and cash balances. The following table demonstrates the sensitivity of finance revenue and finance costs to a reasonably possible change in interest rates, with all other variables held constant, of the Group\u2019s profit before tax through the impact on fixed rate sho rt-term deposits and applicable floating rate bank loans. USD 000 2023 2022 +100bps -100bps +100bps -100bps Loans and borrowings (Secured loans) (705) 705 (806) 806 Cash equivalents 40 (40) 32 (32) Net effect (665) 665 (774) 774 Credit risk The Group is exposed to credit risk that arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of \u201cA\u201d are accepted. Any change of financial institutions (except minor issues) are approved by the Group CFO. The Company may engage with counterparties of a lower rating, for commercial reason, or by taking lower exposures in such counterparties to mitigate the risks following necessary approvals. If the Group\u2019s customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control in the operating units assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. The utilisation of credit limits is regularly monitored and kept within approved budgets. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its obligations as they fall due. Prudent liquidity risk management includes maintaining sufficient cash and marketable securities, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments. 2023 USD 000 On demand Less than 1 year Between 2 to 5 years Over 5 years Total Loans and borrowings (Secured loans) - 26,420 44,033 - 70,453 Accounts payable and accrued liabilities - 25,543 - - 25,543 Non-current liabilities - - 119 3,648 3,767 Corporation tax liabilities - 34,381 - - 34,381 Total - 86,344 44,152 3,648 134,144 2022 USD 000 On demand Less than 1 year Between 2 to 5 years Over 5 years Total Loans and borrowings (Senior secured facility) - 21,470 59,340 - 80,810 Loans and borrowings (Non-recourse loan) - 632 - - 632 Accounts payable and accrued liabilities - 9,087 - - 9,087 Non-current liabilities - - - 1,934 1,934 Corporation tax liabilities - 35,560 - - 35,560 Total - 66,749 59,340 1,934 128,023 Management considers that the Group has adequate current assets and forecast cash from operations to manage liquidity risks arising from current and non-current liabilities. As of 31 December 2023, the Group\u2019s total debt was USD 69.5 million and oil revenue advances of USD 23.8 million. The Group closed the year with a cash position of USD 27.8 million. Although the Company is well funded to undertake upcoming work programmes, there is a risk that additional funding may be required to conclude such activities. Capital Management The Group manages its capital structure to ensure that it remains sufficiently funded to support its business strategy and maximise shareholder value. In order to maintain or change the capital structure, the Group may adjust the amount of dividend payments to shareholders, return capital to shareholders or issue new shares. The Group\u2019s funding requirements are met through a combination of debt and equity and adjustments are made in light of changes in economic conditions. The Group\u2019s strategy is to maintain ratios in line with covenants associated with its Secured loans. The Group includes interest bearing loans less cash, cash equivalents and restricted cash in net debt. Capital includes share capital, share premium, other reserves and accumulated profits/losses. The Group is continuously evaluating the capital structure with the aim of having an optimal mix of equity and debt capital to reduce the Group\u2019s cost of capital and looking at avenues to procure that in the forthcoming year. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6952": {
"value": "Market risk Market risk is the risk or uncertainty arising from possible market price movements or prevailing market conditions and their impact on the future performance of a business or the ability to complete deals entered into. The primary commodity price risks that the Group is exposed to include oil prices that could adversely affect the value of the group\u2019s financial assets, liabilit ies or expected future cash flows. In accordance with the Group\u2019s financial risk management framework, the Group enters into various transactions using derivatives for risk management purposes. The major components of market risk are commodity price risk, foreign currency exchange risk and interest rate risk, each of which is discussed below. Commodity price risk The Group is exposed to the risk of fluctuations in prevailing market commodity prices (primarily crude oil) on the oil and gas it produces. The Group\u2019s policy is to manage these risks through the use of derivative financial instruments. The following tabl e summarises the impact on profit before tax for changes in commodity prices on the fair value of derivative financial instruments. The impact on equity is the same as the impact on profit before tax as these derivative financial instruments have not been designated as hedges and are classified as held-for-trading. The analysis is based on derivative contracts existing at the balance sheet date, the assumption that crude oil price moves 15% over all future periods, with all other variables held constant. Management believes that 15% is a reasonable sensitivity based on forward forecasts of estimated oil price volatility. Increase /(decrease) in profit before tax and equity USD 000 2023 2022 15% increase in the price of oil - (20) 15% decrease in the price of oil - 20 Foreign currency exchange risk The Company operates internationally and is exposed to risk arising from various currency exposures, primarily with respect to the Norwegian Kroner (NOK), the Tunisian Dinar (TND), and the Pound Sterling (GBP). The Group has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the respective functional currency. The Group reports its consolidated results in USD, any change in exchange rates between its operating subsidiaries\u2019 functional currencies and the USD affects its consolidated income statement and balance sheet when the results of those operating subsidiaries are translated into USD for reporting purposes. Group companies are required to manage their foreign exchange risk against their functional currency. The Group evaluates on a continuous basis to use cross currency swaps if deemed appropriate by management in order to hedge the forward foreign currency risk. The group used no currency derivatives/swaps during 2023 or 2022. A 20% strengthening or weakening of the USD against the following currencies at the balance sheet dates presented would have increased / (decreased) equity and profit or loss by the amounts shown below. The Group\u2019s assessment of what a reasonable potential change in foreign currencies that it is currently exposed to have been changed as a result of the changes observed in the world financial markets. This hypothetical analysis assumes that all other variables, including interest rates and commodity prices, remain constant. USD 000 2023 2022 USD vs NOK 20% -20% 20% -20% Cash 14 (21) 10 (15) Receivables 3 (5) 7 (10) Payables (20) 30 (10) 15 Net effect (3) 5 6 (9) USD vs TND 20% -20% 20% -20% Cash 617 (925) 3 (4) Receivables 242 (363) 133 (200) Corporation taxes payable (2,112) 3,168 (1,593) 2,390 Payables (1,420) 2,130 (765) 1,148 Net effect (2,673) 4,010 (2,223) 3,334 USD vs EUR 20% -20% 20% -20% Cash 21 (32) 3 (4) Receivables 1 (2) 1 (2) Payables (38) 57 (32) 48 Net effect (16) 24 (28) 42 USD vs GBP 20% -20% 20% -20% Cash 54 (81) 61 (91) Receivables (78) 116 (49) 74 Payables (55) 83 (18) 26 Net effect (79) 118 (6) 9 Interest rate risk The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s loans and borrowings and cash balances. The following table demonstrates the sensitivity of finance revenue and finance costs to a reasonably possible change in interest rates, with all other variables held constant, of the Group\u2019s profit before tax through the impact on fixed rate sho rt-term deposits and applicable floating rate bank loans. USD 000 2023 2022 +100bps -100bps +100bps -100bps Loans and borrowings (Secured loans) (705) 705 (806) 806 Cash equivalents 40 (40) 32 (32) Net effect (665) 665 (774) 774 ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6981": {
"value": "Foreign currency exchange risk The Company operates internationally and is exposed to risk arising from various currency exposures, primarily with respect to the Norwegian Kroner (NOK), the Tunisian Dinar (TND), and the Pound Sterling (GBP). The Group has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the respective functional currency. The Group reports its consolidated results in USD, any change in exchange rates between its operating subsidiaries\u2019 functional currencies and the USD affects its consolidated income statement and balance sheet when the results of those operating subsidiaries are translated into USD for reporting purposes. Group companies are required to manage their foreign exchange risk against their functional currency. The Group evaluates on a continuous basis to use cross currency swaps if deemed appropriate by management in order to hedge the forward foreign currency risk. The group used no currency derivatives/swaps during 2023 or 2022. A 20% strengthening or weakening of the USD against the following currencies at the balance sheet dates presented would have increased / (decreased) equity and profit or loss by the amounts shown below. The Group\u2019s assessment of what a reasonable potential change in foreign currencies that it is currently exposed to have been changed as a result of the changes observed in the world financial markets. This hypothetical analysis assumes that all other variables, including interest rates and commodity prices, remain constant. USD 000 2023 2022 USD vs NOK 20% -20% 20% -20% Cash 14 (21) 10 (15) Receivables 3 (5) 7 (10) Payables (20) 30 (10) 15 Net effect (3) 5 6 (9) USD vs TND 20% -20% 20% -20% Cash 617 (925) 3 (4) Receivables 242 (363) 133 (200) Corporation taxes payable (2,112) 3,168 (1,593) 2,390 Payables (1,420) 2,130 (765) 1,148 Net effect (2,673) 4,010 (2,223) 3,334 USD vs EUR 20% -20% 20% -20% Cash 21 (32) 3 (4) Receivables 1 (2) 1 (2) Payables (38) 57 (32) 48 Net effect (16) 24 (28) 42 USD vs GBP 20% -20% 20% -20% Cash 54 (81) 61 (91) Receivables (78) 116 (49) 74 Payables (55) 83 (18) 26 Net effect (79) 118 (6) 9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7148": {
"value": "Credit risk The Group is exposed to credit risk that arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of \u201cA\u201d are accepted. Any change of financial institutions (except minor issues) are approved by the Group CFO. The Company may engage with counterparties of a lower rating, for commercial reason, or by taking lower exposures in such counterparties to mitigate the risks following necessary approvals. If the Group\u2019s customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control in the operating units assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. The utilisation of credit limits is regularly monitored and kept within approved budgets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7172": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its obligations as they fall due. Prudent liquidity risk management includes maintaining sufficient cash and marketable securities, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments. 2023 USD 000 On demand Less than 1 year Between 2 to 5 years Over 5 years Total Loans and borrowings (Secured loans) - 26,420 44,033 - 70,453 Accounts payable and accrued liabilities - 25,543 - - 25,543 Non-current liabilities - - 119 3,648 3,767 Corporation tax liabilities - 34,381 - - 34,381 Total - 86,344 44,152 3,648 134,144 2022 USD 000 On demand Less than 1 year Between 2 to 5 years Over 5 years Total Loans and borrowings (Senior secured facility) - 21,470 59,340 - 80,810 Loans and borrowings (Non-recourse loan) - 632 - - 632 Accounts payable and accrued liabilities - 9,087 - - 9,087 Non-current liabilities - - - 1,934 1,934 Corporation tax liabilities - 35,560 - - 35,560 Total - 66,749 59,340 1,934 128,023 Management considers that the Group has adequate current assets and forecast cash from operations to manage liquidity risks arising from current and non-current liabilities. As of 31 December 2023, the Group\u2019s total debt was USD 69.5 million and oil revenue advances of USD 23.8 million. The Group closed the year with a cash position of USD 27.8 million. Although the Company is well funded to undertake upcoming work programmes, there is a risk that additional funding may be required to conclude such activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7271": {
"value": "Capital Management The Group manages its capital structure to ensure that it remains sufficiently funded to support its business strategy and maximise shareholder value. In order to maintain or change the capital structure, the Group may adjust the amount of dividend payments to shareholders, return capital to shareholders or issue new shares. The Group\u2019s funding requirements are met through a combination of debt and equity and adjustments are made in light of changes in economic conditions. The Group\u2019s strategy is to maintain ratios in line with covenants associated with its Secured loans. The Group includes interest bearing loans less cash, cash equivalents and restricted cash in net debt. Capital includes share capital, share premium, other reserves and accumulated profits/losses. The Group is continuously evaluating the capital structure with the aim of having an optimal mix of equity and debt capital to reduce the Group\u2019s cost of capital and looking at avenues to procure that in the forthcoming year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7292": {
"value": "NOTE 22: GUARANTEES, PLEDGES AND CONTINGENT LIABILITIES Brazil The Company has provided a performance guarantee to the Brazilian directorate Ag\u00eancia Nacional do Petr\u00f3leo,G\u00e1s Natural e Biocombust\u00edveis (the \u201cANP\u201d), in terms of which the Company is liable for the commitments of Coral. Estela do Mar and Cavalo Marinho licenses in accordance with concession agreements. The guarantee is unlimited. Further, in Brazil, termination agreements for the surrender of all licences have been signed between the JV partners and the ANP to conclude the relinquishment formalities on each licence and as such the guarantee no longer has a significant exposure to the Company. The Company\u2019s formal exit from its historical Brazilian business is still ongoing with slow progress towards the approval of abandonment by the Brazilian regulators. Management is working actively with advisers and where relevant, the operator Petrobras, to bring matters to a close and to ensure that the ongoing costs are kept to a minimum. However, the timing and eventual costs of such conclusion is uncertain at this stage. Netherlands Under section 403(1)(f) Book 2 of the Dutch Civil Code, Pan-Petroleum Gabon B.V. (Chamber of Commerce number 27166816), a subsidiary of the Company have availed exemption for audit of its statutory financial statements pursuant to guarantees issued by the Company to indemnify the subsidiary of any losses towards third parties that may arise in the financial year ended 31 December 2023. The Company can make an annual election to support such guarantee for each financial year. Gabon The Company has a guarantee issued to the State of Gabon to fulfil all obligations under the Dussafu Production Sharing Contract. There is no potential claim against these performance guarantee and all license obligations are already accounted for in the statement of financial position. Other The Company has issued a parent company guarantee in favour of The Mauritius Commercial Bank Ltd. To guarantee the obligations of Panoro Energy Holding B.V. as borrower. Further details can be found in Note 5: Finance, interest and other income and expense. The Company has issued a performance guarantee on behalf of its jointly owned company Panoro Energy AS to fulfil the payment obligation of deferred consideration of up to USD 13.2 million to DNO ASA once the milestones, as agreed by parties, are met. As part of the production sharing contract (\u201cPSC\u201d) in EG-01, the Company entered into a guarantee agreement with The Republic Of Equatorial Guinea (\u201cthe State\u201d) whereby the Company has guaranteed the performance of the contract by Panoro EG Exploration Limited (a wholly owned subsidiary) and the payment and timely compliance with all and any debts and obligations under the PSC to the State. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7293": {
"value": "NOTE 22: GUARANTEES, PLEDGES AND CONTINGENT LIABILITIES Brazil The Company has provided a performance guarantee to the Brazilian directorate Ag\u00eancia Nacional do Petr\u00f3leo,G\u00e1s Natural e Biocombust\u00edveis (the \u201cANP\u201d), in terms of which the Company is liable for the commitments of Coral. Estela do Mar and Cavalo Marinho licenses in accordance with concession agreements. The guarantee is unlimited. Further, in Brazil, termination agreements for the surrender of all licences have been signed between the JV partners and the ANP to conclude the relinquishment formalities on each licence and as such the guarantee no longer has a significant exposure to the Company. The Company\u2019s formal exit from its historical Brazilian business is still ongoing with slow progress towards the approval of abandonment by the Brazilian regulators. Management is working actively with advisers and where relevant, the operator Petrobras, to bring matters to a close and to ensure that the ongoing costs are kept to a minimum. However, the timing and eventual costs of such conclusion is uncertain at this stage. Netherlands Under section 403(1)(f) Book 2 of the Dutch Civil Code, Pan-Petroleum Gabon B.V. (Chamber of Commerce number 27166816), a subsidiary of the Company have availed exemption for audit of its statutory financial statements pursuant to guarantees issued by the Company to indemnify the subsidiary of any losses towards third parties that may arise in the financial year ended 31 December 2023. The Company can make an annual election to support such guarantee for each financial year. Gabon The Company has a guarantee issued to the State of Gabon to fulfil all obligations under the Dussafu Production Sharing Contract. There is no potential claim against these performance guarantee and all license obligations are already accounted for in the statement of financial position. Other The Company has issued a parent company guarantee in favour of The Mauritius Commercial Bank Ltd. To guarantee the obligations of Panoro Energy Holding B.V. as borrower. Further details can be found in Note 5: Finance, interest and other income and expense. The Company has issued a performance guarantee on behalf of its jointly owned company Panoro Energy AS to fulfil the payment obligation of deferred consideration of up to USD 13.2 million to DNO ASA once the milestones, as agreed by parties, are met. As part of the production sharing contract (\u201cPSC\u201d) in EG-01, the Company entered into a guarantee agreement with The Republic Of Equatorial Guinea (\u201cthe State\u201d) whereby the Company has guaranteed the performance of the contract by Panoro EG Exploration Limited (a wholly owned subsidiary) and the payment and timely compliance with all and any debts and obligations under the PSC to the State. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7420": {
"value": "NOTE 25: SUBSIDIARIES Details of the Group\u2019s subsidiaries as of 31 December 2023 are as follows: Subsidiary Place of incorporation and ownership Ownership interest & voting power Panoro Energy do Brasil Ltda Brazil 100% Panoro Energy Limited UK 100% African Energy Equity Resources Limited UK 100% Panoro 2B Limited UK 100% Panoro EG Exploration Limited UK 100% Pan-Petroleum (Holding) Cyprus Limited Cyprus 100% Pan-Petroleum Holding B.V. Netherlands 100% Pan-Petroleum Gabon B.V. Netherlands 100% Panoro Energy Holding B.V. Netherlands 100% Panoro Equatorial Guinea Limited Isle of Man 100% Panoro Gabon Exploration Limited Isle of Man 100% Energy Equity Resources AJE Limited Nigeria 100% Energy Equity Resources Oil and Gas Limited Nigeria 100% Subsidiary Place of incorporation and ownership Ownership interest & voting power Syntroleum Nigeria Limited Nigeria 100% PPN Services Limited Nigeria 100% Energy Equity Resources (Cayman Islands) Limited Cayman Islands 100% Energy Equity Resources (Nominees) Limited Cayman Islands 100% Panoro Energy Gabon Production SA Gabon 100% Pan-Petroleum Oil & Gas Gabon SA Gabon 100% Sfax Petroleum Corporation AS Norway 100% Panoro Energy AS Norway 100% Panoro Tunisia Exploration AS Norway 100% Panoro Tunisia Production AS Norway 100% Panoro TPS Production GmbH\u2013- in liqu Austria 100% Panoro TPS (UK) Production Limited UK 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7421": {
"value": "NOTE 25: SUBSIDIARIES Details of the Group\u2019s subsidiaries as of 31 December 2023 are as follows: Subsidiary Place of incorporation and ownership Ownership interest & voting power Panoro Energy do Brasil Ltda Brazil 100% Panoro Energy Limited UK 100% African Energy Equity Resources Limited UK 100% Panoro 2B Limited UK 100% Panoro EG Exploration Limited UK 100% Pan-Petroleum (Holding) Cyprus Limited Cyprus 100% Pan-Petroleum Holding B.V. Netherlands 100% Pan-Petroleum Gabon B.V. Netherlands 100% Panoro Energy Holding B.V. Netherlands 100% Panoro Equatorial Guinea Limited Isle of Man 100% Panoro Gabon Exploration Limited Isle of Man 100% Energy Equity Resources AJE Limited Nigeria 100% Energy Equity Resources Oil and Gas Limited Nigeria 100% Subsidiary Place of incorporation and ownership Ownership interest & voting power Syntroleum Nigeria Limited Nigeria 100% PPN Services Limited Nigeria 100% Energy Equity Resources (Cayman Islands) Limited Cayman Islands 100% Energy Equity Resources (Nominees) Limited Cayman Islands 100% Panoro Energy Gabon Production SA Gabon 100% Pan-Petroleum Oil & Gas Gabon SA Gabon 100% Sfax Petroleum Corporation AS Norway 100% Panoro Energy AS Norway 100% Panoro Tunisia Exploration AS Norway 100% Panoro Tunisia Production AS Norway 100% Panoro TPS Production GmbH\u2013- in liqu Austria 100% Panoro TPS (UK) Production Limited UK 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7422": {
"value": "NOTE 25: SUBSIDIARIES Details of the Group\u2019s subsidiaries as of 31 December 2023 are as follows: Subsidiary Place of incorporation and ownership Ownership interest & voting power Panoro Energy do Brasil Ltda Brazil 100% Panoro Energy Limited UK 100% African Energy Equity Resources Limited UK 100% Panoro 2B Limited UK 100% Panoro EG Exploration Limited UK 100% Pan-Petroleum (Holding) Cyprus Limited Cyprus 100% Pan-Petroleum Holding B.V. Netherlands 100% Pan-Petroleum Gabon B.V. Netherlands 100% Panoro Energy Holding B.V. Netherlands 100% Panoro Equatorial Guinea Limited Isle of Man 100% Panoro Gabon Exploration Limited Isle of Man 100% Energy Equity Resources AJE Limited Nigeria 100% Energy Equity Resources Oil and Gas Limited Nigeria 100% Subsidiary Place of incorporation and ownership Ownership interest & voting power Syntroleum Nigeria Limited Nigeria 100% PPN Services Limited Nigeria 100% Energy Equity Resources (Cayman Islands) Limited Cayman Islands 100% Energy Equity Resources (Nominees) Limited Cayman Islands 100% Panoro Energy Gabon Production SA Gabon 100% Pan-Petroleum Oil & Gas Gabon SA Gabon 100% Sfax Petroleum Corporation AS Norway 100% Panoro Energy AS Norway 100% Panoro Tunisia Exploration AS Norway 100% Panoro Tunisia Production AS Norway 100% Panoro TPS Production GmbH\u2013- in liqu Austria 100% Panoro TPS (UK) Production Limited UK 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7526": {
"value": "NOTE 26: EVENTS SUBSEQUENT TO REPORTING DATE On 22 February 2024, the Board of Directors approved a cash distribution to shareholders of NOK 50 million (approximately USD 5 million) in the form of repayment of capital, equating to NOK 0.427 per share to shareholders holding shares in the Company at the end of trading on 7 March 2024. Payment took place on or around 21 March 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7533": {
"value": "NOTE 27: RESERVES (UNAUDITED) The Group has adopted a policy of regional reserve reporting using external third-party companies to audit its work and certify reserves and resources according to the guidelines established by the Oslo Stock Exchange (\u201cOSE\u201d). Reserve and contingent resource estimates comply with the definitions set by the Petroleum Resources Management System (\u201cPRMS\u201d) issued by the Society of Petroleum Engineers (\u201cSPE\u201d), the American Association of Petroleum Geologists (\u201cAAPG\u201d), the World Petroleum Council (\u201cWPC\u201d) and the Society of Petroleum Evaluation Engineers (\u201cSPEE\u201d) in June 2018. Panoro uses the services of Netherland Sewell & Associates (\u201cNSAI\u201d) for third party verifications of its reserves. Please refer to the Annual Statement of Reserves on page 28 for details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGWM030",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}