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1. CORPORATE INFORMATION Interoil Exploration and Production ASA (the \u201cCompany\u201d) and its subsidiaries (together with the \u201cGroup\u201d or Interoil) is an upstream oil exploration and production company focused on South America. The Company is an operator of production and exploration assets in Argentina and Colombia. The Company is a Norwegian Public limited liability company incorporated and domiciled in Norway. The Company is listed on the Oslo Stock Exchange. The Company is registered in the Register of Business Enterprises with organization number 988 247 006. The Company\u2019s registered office is Rusel\u00f8kkveien 14, 0251 Oslo, Norway. The principal activities of the Group are described in the Board of Directors Report.
The consolidated financial statements are presented in USD and are rounded up to thousands (1000).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1759": { "value": "Interoil Exploration and Production ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1761": { "value": "upstream oil exploration and production company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1763": { "value": "Argentina and Colombia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1765": { "value": "Public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1766": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1770": { "value": "Rusel\u00f8kkveien 14, 0251 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1771": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1773": { "value": "
These consolidated financial statements have been approved for issue by the Board of Directors on May 8 th 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1778": { "value": "
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 the years presented unless otherwise stated.
2.1 Basis of preparation The consolidated financial statements of the Group have been prepared following IFRS\u00ae Accounting Standards as adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded up to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention, except for financial assets and liabilities at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.17.
Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
2.2 Consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Thus, the Group controls an entity if
and only if the Group has all the following: \u2022Power over the entity; \u2022Exposure, or rights, to variable returns from its involvement with the entity; and \u2022The ability to use its power over the entity to affect the returns of the Group. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements The assessments are done for each investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
Business combinations are accounted for, by using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Transaction costs other than share and debt issuance costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill if applicable. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests when exist are presented separately under equity in the Group\u2019s balance sheet. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is recognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
2.3 Foreign currency translation
(a) Functional and presentation currency Items included in the financial statements for all significant companies in the Group are measured using the US Dollar as a functional (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in USD, which is as well the functional currency for the parent company.
(b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.
2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Financial Officer and the Chief Executive Officer. They are responsible for strategic decisions and together with local management allocating resources and assessing the performance of the operating segments.
2.5 Revenue recognition Revenues are recognized to the extent that the economic benefits will probably flow to the Group and the revenue can be reliably measured. Sales revenue related to the sale of oil and gas is recognized when the risk and benefits related to ownership of the sold products are transferred to the customer and the Group no longer has the possession of or control over the products according to time of delivery based on contractual terms in the sales agreements, i.e. when deliveries are made at a sales transfer point. Sales are presented net of royalty payments. Revenues related to testing production for new wells in association contracts are recognized as revenues according to the principles above. Sales of services are recognized as income once the service has been rendered. Revenue compromises the invoiced value of the sale of products and services net of indirect taxes, royalties and sales adjustments. Distribution costs for products to be sold are included in the income statement as lifting costs.
2.6 Tax Current income 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 recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss The income tax expense consists of the tax payable and changes to deferred tax.
Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and, probably, the temporary difference will not reverse in the foreseeable future.
2.7 Classifications Classification in the statement of financial position Interoil separately presents current and non-current assets and liabilities in its statement of financial position. Assets and liabilities are classified as current when it is expected to be realized (or are intended for sale or consumption) in the normal operating cycle, is held primarily for being traded, or is expected to be realized within twelve months after the reporting period. Also, cash or cash equivalent assets are classified as current assets, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. A liability is classified as a current liability if it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that can be settled with equity instruments at the option of the counterparty, do not affect its classification. Other balance sheet items are classified as non-current assets / non-current liabilities.
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. The cost of goods sold includes lifting costs and changes in inventory. Depreciation and amortization of production assets are presented on a separate line under the cost of goods sold. Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells. Administrative expenses include employee benefit expenses, general and administration expenses and depreciation and amortization of non-oil assets. Other income/ (expense) includes refund of operating expenses based on association contracts and jointly controlled operations, gain/loss on sale of PP&E and other income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
2.8 Property, plant, and equipment
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
2.8.2 Oil and Gas assets
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. Some exploration and evaluation assets should be classified as intangible, for example, concession acquisition costs and capitalized exploration assets. Costs are accumulated on a field-by-field basis. Geological and geophysical costs are expensed as incurred, except for costs connected to areas with proven reserves which are capitalized. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. Each exploration well is considered to be a cash-generating unit (CGU) when considering the impairment of the evaluation and exploration asset. If the commercial discovery has not been achieved, these costs are charged to expense. Once commercial reserves are found, exploration and production rights assets are tested for impairment and transferred to development assets. No depreciation and/or amortization is charged during the exploration phase.
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.8.3 Development assets Expenditure on the construction, installation, or completion of infrastructure facilities such as production equipment, pipelines and the drilling of commercially proven development wells is capitalized within tangible assets. When development is completed in a specific field, it is transferred to production assets. No depreciation and/or amortization is charged during the development phase.
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.8.5 Other assets Other property, plants and equipment are other assets not classified as either development or oil-producing assets and are stated at historical cost less depreciation and impairment. Historical costs include expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method to allocate their cost to their values over their estimated useful lives (3 \u2013 10 years). The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each end of the reporting period.
2.8.6 Depreciation and amortization Oil and Gas assets that are purchased are depreciated and amortized using the unit-of-production method based on proved reserves (P1). Exploration and development assets transferred to production assets are depreciated using the unit-of-production method based on proved reserves (P1) and amortized using the unit-of-production method based on proved reserves (P1), which are oil mineral reserves estimated to be recovered from existing facilities using current operating methods. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 minus costs to sell and value in use.
2.9 Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument and are initially measured at fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments classified as amortized costs are included in the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as fair value through profit or loss (\u201cFVTPL\u201d) are expensed as incurred.
2.9.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification and classified into the following categories: Loans receivables and financial assets are subsequently measured at amortized cost less impairment if they meet the following conditions: \u2022 The asset is held within a business model whose objective is to hold assets to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. \u2022 The asset was not acquired principally to sell in the near term or for management for short-term profit-taking (i.e., held for trading).
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
2.9.2 Financial liabilities
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method. Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
2.10 Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (FIFO) method. Inventory cost includes raw material, freight, and direct production expenses together with a portion of indirect expenses.
2.11 Employee benefits Defined benefit plans: The Group operates two defined benefit plans. One for the employees in the holding company, Interoil Exploration and Production ASA which finished in 2019, and one for employees in the Colombian subsidiary employed in the years from 1991 to 1994. Both schemes are funded through payments to insurance companies, determined by periodic actuarial calculations. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. From 1995 it was mandatory for all employees in Colombia to be affiliated with a private or public pension fund. The Colombian defined benefit plan will result in payments if the employees have not collected 20 years under this governmental pension law. The cost of providing benefits under the defined benefit plans is determined using the projected unit credit method. Re-measurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under \u201ccost of sales\u201d, \u201cadministration
expenses\u201d and \u201cselling and distribution expenses\u201d in the consolidated statement of profit or loss (by function): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non- routine settlements \u2022 Net interest expense or income.
2.12 Provisions General: A provision is recognized in the statement of financial position when the Group has a present legal or constructive obligation as a result of past events, and it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense.
Abandonment and decommissioning liabilities: Under the terms of the concessions where the Group has an ownership interest, the local authorities may instruct the concession holders to remove the facilities partly or completely at the end of production or when the concession period expires. Upon initial recognition of a liability when the Company has a constructive obligation, the company calculates and records the net present value related to future abandonment and decommissioning. The same amount is capitalized as part of the cost price of the asset and depreciated using the unit of production method. The change in the time value of the liability related to the abandonment and decommissioning is charged to expense as other expenses and increases the future liability related to the abandonment and decommissioning. Any change in the estimate related to expenditures associated with abandonment and decommissioning liabilities are accounted for prospectively (remaining production) based on the unit of production method.
2.13 Leases The Company adopted the standard IFRS 16, effective January 1, 2019, from that date the Company assesses at contract inception whether a contract is, or contains a lease. That is if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis throughout the lease.
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
2.15 Accounting for farm in Farm-in agreements are usually entered into in the exploration phase and are characterized by the transferor waiving future financial benefits in the form of reserves, in exchange for reduced future financing obligations. For example, a concession interest is taken over in return for a share of the transferor\u2019s expenses relating to the drilling of a well. In the exploration phase, the company normally accounts for farm-in agreements on a historical cost basis, as the fair value cannot be reliably determined.
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
2.17 Critical accounting estimates and judgments
The preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent liabilities, at the end of the reporting period and amounts of revenues and expenses recognized during the reporting period. Estimates and judgments are continuously evaluated and are based on management\u2019s experience, historical experience, and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
2.17.3 Hydrocarbon reserves and resource estimates Oil and gas production properties are depreciated on units of production basis at a rate calculated by reference to total proved developed reserves determined following Society of Petroleum Engineers rules and incorporating the estimated future cost of developing those reserves. 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 in place, recovery factors and future oil 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. As the economic assumptions used may change and as additional geological information is produced 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 and property, plant and equipment may be affected due to changes in estimated future cash flows. \u2022 Depreciation and amortization charges in profit or loss may change where such charges are determined using the units of production method, or where the useful life of the related assets changes.
\u2022 Provisions for decommissioning may change - 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 income tax assets may change due to changes in the judgements regarding the existence of such assets and estimates of the likely recovery of such assets.
Basic Basic earnings per share are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
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2.1 Basis of preparation The consolidated financial statements of the Group have been prepared following IFRS\u00ae Accounting Standards as adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded up to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention, except for financial assets and liabilities at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.17.
Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
2.7 Classifications Classification in the statement of financial position Interoil separately presents current and non-current assets and liabilities in its statement of financial position. Assets and liabilities are classified as current when it is expected to be realized (or are intended for sale or consumption) in the normal operating cycle, is held primarily for being traded, or is expected to be realized within twelve months after the reporting period. Also, cash or cash equivalent assets are classified as current assets, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. A liability is classified as a current liability if it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that can be settled with equity instruments at the option of the counterparty, do not affect its classification. Other balance sheet items are classified as non-current assets / non-current liabilities.
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. The cost of goods sold includes lifting costs and changes in inventory. Depreciation and amortization of production assets are presented on a separate line under the cost of goods sold. Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells. Administrative expenses include employee benefit expenses, general and administration expenses and depreciation and amortization of non-oil assets. Other income/ (expense) includes refund of operating expenses based on association contracts and jointly controlled operations, gain/loss on sale of PP&E and other income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1793": { "value": "
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.17.
2.17 Critical accounting estimates and judgments
The preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent liabilities, at the end of the reporting period and amounts of revenues and expenses recognized during the reporting period. Estimates and judgments are continuously evaluated and are based on management\u2019s experience, historical experience, and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
2.17.3 Hydrocarbon reserves and resource estimates Oil and gas production properties are depreciated on units of production basis at a rate calculated by reference to total proved developed reserves determined following Society of Petroleum Engineers rules and incorporating the estimated future cost of developing those reserves. 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 in place, recovery factors and future oil 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. As the economic assumptions used may change and as additional geological information is produced 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 and property, plant and equipment may be affected due to changes in estimated future cash flows. \u2022 Depreciation and amortization charges in profit or loss may change where such charges are determined using the units of production method, or where the useful life of the related assets changes.
\u2022 Provisions for decommissioning may change - 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 income tax assets may change due to changes in the judgements regarding the existence of such assets and estimates of the likely recovery of such assets.
Impairment testing of individual cash-generating units is performed when impairment indicators are identified. Impairment is recognised when the book value of an asset or cash-generating unit exceeds the recoverable amount. The recoverable amount is the higher the asset\u2019s fair value less cost to sell and value in use. The recoverable amount of each CGU was calculated using a fair value approach based on the Company\u2019s updated projections of future cash flows generated from proved and probable reserves P2 and discounted using an after-tax rate that reflects the current market valuation of the time value of money, and the specific risk
related to the asset. Cash flows are projected for the estimated lifetime of each field. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See note 2.17 for further information. The recoverable amounts of CGUs are most sensitive to changes in the discount rate and future oil prices. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs.
Acquisition of additional stake in Santa Cruz (Argentina) assets In May 2023, the Company announced the acquisition of 43% of the concessions located in the Province of Santa Cruz (where the Company already had an 8.34% share) from Echo Energy PLC. This acquisition was completed in July 2023. Echo retained a 5% working interest in the concessions. The Company paid a cash consideration of \u00a3825,000, and \u00a3400,000 via transfer to Echo of IOX shares issued at a subscription price of 1.15 NOK per share. Additionally, the Company subscribed Echo shares for an aggregate amount \u00a3 75,000, at a value of GBP 0.065 per Echo share. This transaction allowed Interoil to secure a substantial increase of its participating interest in the above-mentioned Santa Cruz Exploitation Concession adding a significant number of boepd to its equity production against a convenient consideration substantially payable in kind and with limited dilution. The deal also resulted in an improvement of the joint venture ability to carry out actions for production increase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1799": { "value": "
Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1800": { "value": "
Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1804": { "value": "
2.2 Consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Thus, the Group controls an entity if
and only if the Group has all the following: \u2022Power over the entity; \u2022Exposure, or rights, to variable returns from its involvement with the entity; and \u2022The ability to use its power over the entity to affect the returns of the Group. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements The assessments are done for each investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
Business combinations are accounted for, by using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Transaction costs other than share and debt issuance costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill if applicable. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests when exist are presented separately under equity in the Group\u2019s balance sheet. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is recognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1807": { "value": "
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Thus, the Group controls an entity if
and only if the Group has all the following: \u2022Power over the entity; \u2022Exposure, or rights, to variable returns from its involvement with the entity; and \u2022The ability to use its power over the entity to affect the returns of the Group. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements The assessments are done for each investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
Consolidated subsidiaries Interoil Exploration and Production ASA has 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties. The following assets have been pledged as security for the interest-bearing borrowings (see note 13 and 26) Assets owned by Interoil Exploration and Production ASA: Registered shareholding Company business address voting rights UP Colombia Holding AS Norway 100% Interoil Colombia Exploration and Production Inc. BVI 100% Interoil Colombia Exploration and Production (Branch) Colombia 100% Interoil Argentina AS Norway 100% Oil Investment Inc Panama 100% Oil Investment Inc (Branch) Argentina 100% Interoil Argentina SA Argentina 100% Interoil Drilling Services AS Norway 100% Interoil Peru Holding AS Norway 100%
\u2022 All shares invested in UP Colombia Holding AS \u2022 All current and future rights and receivables under the intercompany loans Assets owned by UP Colombia Holding AS: \u2022 Inventory, operating assets, receivables and bank accounts UP Colombia Holding AS acts as an independent primary obligor for the bond loan
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1808": { "value": "
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Thus, the Group controls an entity if
and only if the Group has all the following: \u2022Power over the entity; \u2022Exposure, or rights, to variable returns from its involvement with the entity; and \u2022The ability to use its power over the entity to affect the returns of the Group. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements The assessments are done for each investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
Consolidated subsidiaries Interoil Exploration and Production ASA has 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties. The following assets have been pledged as security for the interest-bearing borrowings (see note 13 and 26) Assets owned by Interoil Exploration and Production ASA: Registered shareholding Company business address voting rights UP Colombia Holding AS Norway 100% Interoil Colombia Exploration and Production Inc. BVI 100% Interoil Colombia Exploration and Production (Branch) Colombia 100% Interoil Argentina AS Norway 100% Oil Investment Inc Panama 100% Oil Investment Inc (Branch) Argentina 100% Interoil Argentina SA Argentina 100% Interoil Drilling Services AS Norway 100% Interoil Peru Holding AS Norway 100%
\u2022 All shares invested in UP Colombia Holding AS \u2022 All current and future rights and receivables under the intercompany loans Assets owned by UP Colombia Holding AS: \u2022 Inventory, operating assets, receivables and bank accounts UP Colombia Holding AS acts as an independent primary obligor for the bond loan
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1809": { "value": "
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Thus, the Group controls an entity if
and only if the Group has all the following: \u2022Power over the entity; \u2022Exposure, or rights, to variable returns from its involvement with the entity; and \u2022The ability to use its power over the entity to affect the returns of the Group. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements The assessments are done for each investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1839": { "value": "
Business combinations are accounted for, by using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Transaction costs other than share and debt issuance costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill if applicable. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests when exist are presented separately under equity in the Group\u2019s balance sheet. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is recognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1840": { "value": "
Business combinations are accounted for, by using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Transaction costs other than share and debt issuance costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill if applicable. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests when exist are presented separately under equity in the Group\u2019s balance sheet. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is recognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1841": { "value": "
Business combinations are accounted for, by using the acquisition method. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Transaction costs other than share and debt issuance costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill if applicable. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests when exist are presented separately under equity in the Group\u2019s balance sheet. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is recognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1876": { "value": "
2.3 Foreign currency translation
(a) Functional and presentation currency Items included in the financial statements for all significant companies in the Group are measured using the US Dollar as a functional (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in USD, which is as well the functional currency for the parent company.
(b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.
Foreign exchange risk; The Group operates internationally and is, to some extent, exposed to foreign exchange risk arising from currency exposures concerning the following currencies; NOK, ARS and COP. Revenue is invoiced to the customers in USD, while operating expenses are mostly denominated in USD, NOK, ARS and COP. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and the investment of excess liquidity. Currently, the Company uses no derivative financial instruments to hedge the above- mentioned risk exposures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1877": { "value": "
2.3 Foreign currency translation
(a) Functional and presentation currency Items included in the financial statements for all significant companies in the Group are measured using the US Dollar as a functional (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in USD, which is as well the functional currency for the parent company.
(b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1880": { "value": "
(a) Functional and presentation currency Items included in the financial statements for all significant companies in the Group are measured using the US Dollar as a functional (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in USD, which is as well the functional currency for the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1893": { "value": "
2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Financial Officer and the Chief Executive Officer. They are responsible for strategic decisions and together with local management allocating resources and assessing the performance of the operating segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1894": { "value": "
2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Financial Officer and the Chief Executive Officer. They are responsible for strategic decisions and together with local management allocating resources and assessing the performance of the operating segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1900": { "value": "
2.5 Revenue recognition Revenues are recognized to the extent that the economic benefits will probably flow to the Group and the revenue can be reliably measured. Sales revenue related to the sale of oil and gas is recognized when the risk and benefits related to ownership of the sold products are transferred to the customer and the Group no longer has the possession of or control over the products according to time of delivery based on contractual terms in the sales agreements, i.e. when deliveries are made at a sales transfer point. Sales are presented net of royalty payments. Revenues related to testing production for new wells in association contracts are recognized as revenues according to the principles above. Sales of services are recognized as income once the service has been rendered. Revenue compromises the invoiced value of the sale of products and services net of indirect taxes, royalties and sales adjustments. Distribution costs for products to be sold are included in the income statement as lifting costs.
7. SALE AND ROYALTY AGREEMENTS Royalty agreements in Colombia Payment as per the royalty agreement with Ecopetrol and with ANH (Hydrocarbons national agency) in Colombia varies between 8 \u2013 20% on gross oil price and is paid in cash or in-kind (oil) depending on the contract. Royalty payments made in oil have been deducted from total sales reported by the Group. Royalty payments made in cash are included within cost. Royalty agreements in Argentina Revenues from concession contracts are subject to three fiscal charges. Royalties range from 12% to 18%, depending on the contract and a further sales tax, called \"IIBB\", that varies amongst provinces and is in the range of 2.5% to 3.5%. Corporate net profits are then taxed at a Federal tax rate of 35%, although both royalties and provincial taxes are deductible as an expense in the Federal tax assessment. Amounts in USD 000 2023 2022 12.410 17.044 6.798 1.955 19.208 18.999 Sale of oil Sale of gas Total Sales
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1901": { "value": "
2.5 Revenue recognition Revenues are recognized to the extent that the economic benefits will probably flow to the Group and the revenue can be reliably measured. Sales revenue related to the sale of oil and gas is recognized when the risk and benefits related to ownership of the sold products are transferred to the customer and the Group no longer has the possession of or control over the products according to time of delivery based on contractual terms in the sales agreements, i.e. when deliveries are made at a sales transfer point. Sales are presented net of royalty payments. Revenues related to testing production for new wells in association contracts are recognized as revenues according to the principles above. Sales of services are recognized as income once the service has been rendered. Revenue compromises the invoiced value of the sale of products and services net of indirect taxes, royalties and sales adjustments. Distribution costs for products to be sold are included in the income statement as lifting costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1903": { "value": "
2.5 Revenue recognition Revenues are recognized to the extent that the economic benefits will probably flow to the Group and the revenue can be reliably measured. Sales revenue related to the sale of oil and gas is recognized when the risk and benefits related to ownership of the sold products are transferred to the customer and the Group no longer has the possession of or control over the products according to time of delivery based on contractual terms in the sales agreements, i.e. when deliveries are made at a sales transfer point. Sales are presented net of royalty payments. Revenues related to testing production for new wells in association contracts are recognized as revenues according to the principles above. Sales of services are recognized as income once the service has been rendered. Revenue compromises the invoiced value of the sale of products and services net of indirect taxes, royalties and sales adjustments. Distribution costs for products to be sold are included in the income statement as lifting costs.
7. SALE AND ROYALTY AGREEMENTS Royalty agreements in Colombia Payment as per the royalty agreement with Ecopetrol and with ANH (Hydrocarbons national agency) in Colombia varies between 8 \u2013 20% on gross oil price and is paid in cash or in-kind (oil) depending on the contract. Royalty payments made in oil have been deducted from total sales reported by the Group. Royalty payments made in cash are included within cost. Royalty agreements in Argentina Revenues from concession contracts are subject to three fiscal charges. Royalties range from 12% to 18%, depending on the contract and a further sales tax, called \"IIBB\", that varies amongst provinces and is in the range of 2.5% to 3.5%. Corporate net profits are then taxed at a Federal tax rate of 35%, although both royalties and provincial taxes are deductible as an expense in the Federal tax assessment. Amounts in USD 000 2023 2022 12.410 17.044 6.798 1.955 19.208 18.999 Sale of oil Sale of gas Total Sales
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1917": { "value": "
2.6 Tax Current income 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 recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss The income tax expense consists of the tax payable and changes to deferred tax.
Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and, probably, the temporary difference will not reverse in the foreseeable future.
15. TAXES The major components of income tax (credit)/expense are: 2023 2022 1.647 2.910 84 -65 1.731 2.845 Amounts in USD 000 Consolidated income statement: Current income tax: Prior year adjustments Income tax (credit)/expense in income statement A reconciliation between tax expense and the product of accounting profit and the nominal tax rate:
Amounts in USD 000 2023 2022 Accounting (loss)/profit before tax -9.640 2.181 Expected income tax according to nominal tax rate -4.338 2.572 Prior year adjustments 84 -65 Permanent differences 5.985 338 Total income taxes 1.731 2.845 The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. Deferred tax relates to the following: Deferred tax liability recognized in balance sheet: Amounts in USD 000 2023 2022 Fixed assets 1.242 1.805 Provisions -1.242 -1.805 Deferred tax liabilities - -
Tax liability In the case concerning the tax liability described in the Company\u2019s annual report for 2020 and dating back to 2011, the Colombian National Tax and Customs Office (DIAN), had accepted Interoil's petition to pay amounts that were subject to litigation and eventually to be borne by the Company in five (5) years and with a reduced interest rate equal to 20% of the market interest rate, according to the benefits granted by Section 45 of Colombian law 2155/2021 (the \u201cBeneficial Regime\u201d). During 2023 the Company prepaid this liability in full. Colombia income tax refinancing Interoil Colombia has reached an agreement with the local tax authorities to refinance income taxes owed for 2022 in 60 monthly installments. Amounts refinanced are included under noncurrent liabilities in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1918": { "value": "
2.6 Tax Current income 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 recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss The income tax expense consists of the tax payable and changes to deferred tax.
Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and, probably, the temporary difference will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1940": { "value": "
Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and, probably, the temporary difference will not reverse in the foreseeable future.
15. TAXES The major components of income tax (credit)/expense are: 2023 2022 1.647 2.910 84 -65 1.731 2.845 Amounts in USD 000 Consolidated income statement: Current income tax: Prior year adjustments Income tax (credit)/expense in income statement A reconciliation between tax expense and the product of accounting profit and the nominal tax rate:
Amounts in USD 000 2023 2022 Accounting (loss)/profit before tax -9.640 2.181 Expected income tax according to nominal tax rate -4.338 2.572 Prior year adjustments 84 -65 Permanent differences 5.985 338 Total income taxes 1.731 2.845 The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. Deferred tax relates to the following: Deferred tax liability recognized in balance sheet: Amounts in USD 000 2023 2022 Fixed assets 1.242 1.805 Provisions -1.242 -1.805 Deferred tax liabilities - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1941": { "value": "
Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and, probably, the temporary difference will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1969": { "value": "
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. The cost of goods sold includes lifting costs and changes in inventory. Depreciation and amortization of production assets are presented on a separate line under the cost of goods sold. Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells. Administrative expenses include employee benefit expenses, general and administration expenses and depreciation and amortization of non-oil assets. Other income/ (expense) includes refund of operating expenses based on association contracts and jointly controlled operations, gain/loss on sale of PP&E and other income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1970": { "value": "
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. The cost of goods sold includes lifting costs and changes in inventory. Depreciation and amortization of production assets are presented on a separate line under the cost of goods sold. Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells. Administrative expenses include employee benefit expenses, general and administration expenses and depreciation and amortization of non-oil assets. Other income/ (expense) includes refund of operating expenses based on association contracts and jointly controlled operations, gain/loss on sale of PP&E and other income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1976": { "value": "Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells.
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. Some exploration and evaluation assets should be classified as intangible, for example, concession acquisition costs and capitalized exploration assets. Costs are accumulated on a field-by-field basis. Geological and geophysical costs are expensed as incurred, except for costs connected to areas with proven reserves which are capitalized. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. Each exploration well is considered to be a cash-generating unit (CGU) when considering the impairment of the evaluation and exploration asset. If the commercial discovery has not been achieved, these costs are charged to expense. Once commercial reserves are found, exploration and production rights assets are tested for impairment and transferred to development assets. No depreciation and/or amortization is charged during the exploration phase.
17. EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets correspond to Ca\u00f1adon Ramirez and La Brea which were acquired in 2019. For more detail, please refers to the Board of Director's report, section operations/Argentina. There are no impairment indicators for these areas.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1977": { "value": "Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1993": { "value": "
2.8 Property, plant, and equipment
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
2.8.2 Oil and Gas assets
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. Some exploration and evaluation assets should be classified as intangible, for example, concession acquisition costs and capitalized exploration assets. Costs are accumulated on a field-by-field basis. Geological and geophysical costs are expensed as incurred, except for costs connected to areas with proven reserves which are capitalized. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. Each exploration well is considered to be a cash-generating unit (CGU) when considering the impairment of the evaluation and exploration asset. If the commercial discovery has not been achieved, these costs are charged to expense. Once commercial reserves are found, exploration and production rights assets are tested for impairment and transferred to development assets. No depreciation and/or amortization is charged during the exploration phase.
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.8.3 Development assets Expenditure on the construction, installation, or completion of infrastructure facilities such as production equipment, pipelines and the drilling of commercially proven development wells is capitalized within tangible assets. When development is completed in a specific field, it is transferred to production assets. No depreciation and/or amortization is charged during the development phase.
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.8.5 Other assets Other property, plants and equipment are other assets not classified as either development or oil-producing assets and are stated at historical cost less depreciation and impairment. Historical costs include expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method to allocate their cost to their values over their estimated useful lives (3 \u2013 10 years). The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each end of the reporting period.
2.8.6 Depreciation and amortization Oil and Gas assets that are purchased are depreciated and amortized using the unit-of-production method based on proved reserves (P1). Exploration and development assets transferred to production assets are depreciated using the unit-of-production method based on proved reserves (P1) and amortized using the unit-of-production method based on proved reserves (P1), which are oil mineral reserves estimated to be recovered from existing facilities using current operating methods. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 minus costs to sell and value in use.
16. PROPERTY, PLANT AND EQUIPMENT The depreciation expense has been charged to the consolidated statement of comprehensive income as follows: Amounts in USD 000 2023 2022 Depreciation 5.741 3.168 Administrative expenses 217 375 Total depreciation expense 5.958 3.543
Impairment testing of individual cash-generating units is performed when impairment indicators are identified. Impairment is recognised when the book value of an asset or cash-generating unit exceeds the recoverable amount. The recoverable amount is the higher the asset\u2019s fair value less cost to sell and value in use. The recoverable amount of each CGU was calculated using a fair value approach based on the Company\u2019s updated projections of future cash flows generated from proved and probable reserves P2 and discounted using an after-tax rate that reflects the current market valuation of the time value of money, and the specific risk
related to the asset. Cash flows are projected for the estimated lifetime of each field. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See note 2.17 for further information. The recoverable amounts of CGUs are most sensitive to changes in the discount rate and future oil prices. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs.
Acquisition of additional stake in Santa Cruz (Argentina) assets In May 2023, the Company announced the acquisition of 43% of the concessions located in the Province of Santa Cruz (where the Company already had an 8.34% share) from Echo Energy PLC. This acquisition was completed in July 2023. Echo retained a 5% working interest in the concessions. The Company paid a cash consideration of \u00a3825,000, and \u00a3400,000 via transfer to Echo of IOX shares issued at a subscription price of 1.15 NOK per share. Additionally, the Company subscribed Echo shares for an aggregate amount \u00a3 75,000, at a value of GBP 0.065 per Echo share. This transaction allowed Interoil to secure a substantial increase of its participating interest in the above-mentioned Santa Cruz Exploitation Concession adding a significant number of boepd to its equity production against a convenient consideration substantially payable in kind and with limited dilution. The deal also resulted in an improvement of the joint venture ability to carry out actions for production increase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1994": { "value": "
2.8 Property, plant, and equipment
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
2.8.2 Oil and Gas assets
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. Some exploration and evaluation assets should be classified as intangible, for example, concession acquisition costs and capitalized exploration assets. Costs are accumulated on a field-by-field basis. Geological and geophysical costs are expensed as incurred, except for costs connected to areas with proven reserves which are capitalized. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. Each exploration well is considered to be a cash-generating unit (CGU) when considering the impairment of the evaluation and exploration asset. If the commercial discovery has not been achieved, these costs are charged to expense. Once commercial reserves are found, exploration and production rights assets are tested for impairment and transferred to development assets. No depreciation and/or amortization is charged during the exploration phase.
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.8.3 Development assets Expenditure on the construction, installation, or completion of infrastructure facilities such as production equipment, pipelines and the drilling of commercially proven development wells is capitalized within tangible assets. When development is completed in a specific field, it is transferred to production assets. No depreciation and/or amortization is charged during the development phase.
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.8.5 Other assets Other property, plants and equipment are other assets not classified as either development or oil-producing assets and are stated at historical cost less depreciation and impairment. Historical costs include expenditures that are directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method to allocate their cost to their values over their estimated useful lives (3 \u2013 10 years). The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each end of the reporting period.
2.8.6 Depreciation and amortization Oil and Gas assets that are purchased are depreciated and amortized using the unit-of-production method based on proved reserves (P1). Exploration and development assets transferred to production assets are depreciated using the unit-of-production method based on proved reserves (P1) and amortized using the unit-of-production method based on proved reserves (P1), which are oil mineral reserves estimated to be recovered from existing facilities using current operating methods. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 minus costs to sell and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1997": { "value": "
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1998": { "value": "
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f1999": { "value": "
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2000": { "value": "
2.8.1 Intangible assets
(a) Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example, concession acquisition costs and capitalized exploration costs. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are reclassified to development assets within the property plant and equipment. The exploration and evaluation assets which are classified as intangible are assessed for impairment before reclassification.
(b) Other intangible assets Acquired computer software licenses are capitalized based on the cost incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives (three to five years). All intangible assets in the Group are fully amortized. Proceeds from the sale of oil and gas concessions in the exploration stage are recognized as revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2018": { "value": "
2.8.2 Oil and Gas assets
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. Some exploration and evaluation assets should be classified as intangible, for example, concession acquisition costs and capitalized exploration assets. Costs are accumulated on a field-by-field basis. Geological and geophysical costs are expensed as incurred, except for costs connected to areas with proven reserves which are capitalized. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. Each exploration well is considered to be a cash-generating unit (CGU) when considering the impairment of the evaluation and exploration asset. If the commercial discovery has not been achieved, these costs are charged to expense. Once commercial reserves are found, exploration and production rights assets are tested for impairment and transferred to development assets. No depreciation and/or amortization is charged during the exploration phase.
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.15 Accounting for farm in Farm-in agreements are usually entered into in the exploration phase and are characterized by the transferor waiving future financial benefits in the form of reserves, in exchange for reduced future financing obligations. For example, a concession interest is taken over in return for a share of the transferor\u2019s expenses relating to the drilling of a well. In the exploration phase, the company normally accounts for farm-in agreements on a historical cost basis, as the fair value cannot be reliably determined.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
2.17.3 Hydrocarbon reserves and resource estimates Oil and gas production properties are depreciated on units of production basis at a rate calculated by reference to total proved developed reserves determined following Society of Petroleum Engineers rules and incorporating the estimated future cost of developing those reserves. 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 in place, recovery factors and future oil 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. As the economic assumptions used may change and as additional geological information is produced 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 and property, plant and equipment may be affected due to changes in estimated future cash flows. \u2022 Depreciation and amortization charges in profit or loss may change where such charges are determined using the units of production method, or where the useful life of the related assets changes.
\u2022 Provisions for decommissioning may change - 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 income tax assets may change due to changes in the judgements regarding the existence of such assets and estimates of the likely recovery of such assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2035": { "value": "
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2036": { "value": "
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
Impairment testing of individual cash-generating units is performed when impairment indicators are identified. Impairment is recognised when the book value of an asset or cash-generating unit exceeds the recoverable amount. The recoverable amount is the higher the asset\u2019s fair value less cost to sell and value in use. The recoverable amount of each CGU was calculated using a fair value approach based on the Company\u2019s updated projections of future cash flows generated from proved and probable reserves P2 and discounted using an after-tax rate that reflects the current market valuation of the time value of money, and the specific risk
related to the asset. Cash flows are projected for the estimated lifetime of each field. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See note 2.17 for further information. The recoverable amounts of CGUs are most sensitive to changes in the discount rate and future oil prices. The results of the impairment tests are sensitive to changes in other estimates such as revisions in reserves, expected production, local price differentials, future operating costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2037": { "value": "
Impairment Production rights, exploration, and development assets (see below) are tested for impairment whenever facts and circumstances indicate impairment. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher fair value of the assets minus costs to sell them and their value in use. To assess impairment, the assets subject to testing are tested for impairment on a production field (CGU) by production field basis using forward oil prices from financial markets.
2.17.1 Impairment of exploration and other oil-related assets The Group tests whether exploration assets and oil-related assets have been subject to any impairment, following the accounting policy stated in note 2.8. The recoverable amounts of cash-generating units and individual assets have been determined based on value-in-use calculations as net present value (before tax). These calculations require the use of estimates and assumptions such as management evaluations in addition to discount rates, expected future cash flows and future market conditions, including production, remaining proved and probable reserves (P2), future capital expenditure, lifting cost and forward oil price. It is reasonably possible that these assumptions may change, which may then impact the estimated life of the field and may then require a material adjustment to the carrying value of exploration assets and oil-related assets. The Group monitors internal and external indicators of impairment relating to its tangible and intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2061": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.9 Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument and are initially measured at fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments classified as amortized costs are included in the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as fair value through profit or loss (\u201cFVTPL\u201d) are expensed as incurred.
2.9.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification and classified into the following categories: Loans receivables and financial assets are subsequently measured at amortized cost less impairment if they meet the following conditions: \u2022 The asset is held within a business model whose objective is to hold assets to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. \u2022 The asset was not acquired principally to sell in the near term or for management for short-term profit-taking (i.e., held for trading).
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
2.9.2 Financial liabilities
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method. Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
3.1 Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk, interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits, trade receivables, trade payables, accrued liabilities and derivative financial instruments.
Foreign exchange risk; The Group operates internationally and is, to some extent, exposed to foreign exchange risk arising from currency exposures concerning the following currencies; NOK, ARS and COP. Revenue is invoiced to the customers in USD, while operating expenses are mostly denominated in USD, NOK, ARS and COP. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and the investment of excess liquidity. Currently, the Company uses no derivative financial instruments to hedge the above- mentioned risk exposures.
Price risk. The Group is exposed to changes in oil prices. The results of Interoil\u2019s operations largely depend on several factors, most significantly those that affect the price Interoil receives for the sold products. Specifically, such factors include the level of crude oil and some extent natural gas prices. Interoil\u2019s results will also be affected by trends in the international oil industry, including possible actions by governments and other regulatory
authorities in the jurisdictions in which we operate, or possible or continued actions by members of the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries that affect price levels and volumes; the increasing cost of oilfield services, supplies and equipment; increasing competition for exploration opportunities and operatorship\u2019s, and deregulation of the markets, which may cause substantial changes to the existing market structures and the overall level and volatility of prices. Interest rate risk; As the Group has no significant interest-bearing assets, the group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the group to fair value interest rate risk. The group analyses its interest rate exposure on a dynamic basis. The group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest- bearing positions.
3.2 Credit risk Credit risk 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. Credit risk is, in other words, the risk that Interoil\u2019s customers or counterparties will cause a financial loss by failing to honour their obligations. Interoil sells its production in Colombia and Argentina to different market players. The credit risk is low due to the creditworthiness of these customers. Management does not expect any losses from non-performance by these counterparties. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. A minimum of the current trade and receivables are past due. No impairment charges are made.
3.3 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and developing operations according to budget. Liquidity risk is the risk that the Group will not be able to meet all obligations when due. The purpose of liquidity and short term liability management is to make certain that the Group at all times has sufficient funds available to cover financial and operational obligations in addition to funding the Group\u2019s drilling program. Funding needs arise as a result of the Group\u2019s general business activity. Liquidity forecasts serve as tools for financial planning. New non-current funding will be initiated if liquidity forecasts reveal non-compliance with given limits unless further detailed considerations indicate that the non-compliance is likely to be temporary. In this case, the situation will be further monitored. Management monitors rolling forecasts of the Group\u2019s expected cash flow from operations. Weekly, monthly and quarterly reports are reviewed and analyzed by management and all cost categories are matched with budgets and historical figures. Important accounts are reconciled continuously. The market conditions are very challenging. Continuous variances in oil prices put pressure on profitability and cash. The Company has implemented and maintains cost efficiency programs to try to mitigate the effects of the prices variances.
The Group will have certain events that can cause liquidity constraints, such as the guarantee and drilling obligations about Altair and LLA-47.
19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
22. FINANCIAL INSTRUMENTS Amounts in USD 000 Notes Current: Trade receivables 19 8.744 8.744 8.744 Cash and cash equivalents 23 5.429 5.429 5.429 Total financial assets 14.173 14.173 14.173 Non-current: Bond loan 24.860 24.860 24.860 Current: Loans 3.551 3.551 3.551 Trade and other payables 17.386 17.386 17.386 Total financial liabilities 45.797 45.797 45.797 Assets, liabilities at Total carrying Fair value
Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The bond loan is included in level 2, the rest of assets and liabilities are included in level 3. During the reporting period there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers in and out of Level 3 fair value measurements. The carrying amount of trade and other receivables approximates their fair value. The carrying amount of trade and other payable is considered to approximate their fair value. The fair value of the other non-current interest-bearing liabilities equals their carrying amount. The carrying amount of the current interest-bearing liabilities approximates the fair value.
26. BORROWINGS Period ended 31 December Amounts in USD 000 2023 2022 Total bond loan 24.860 22.898 Total bank loan 3.551 921 Total borrowings 28.411 23.819 Of which, current portion 3.551 2.310
The maturity of the Group\u2019s borrowings,included interest is as follows: Amounts in USD 000 2023 2022 0-12 months 3.551 2.203 Between 1 and 2 years - 1.282 Between 2 and 5 years 24.860 20.334 Total borrowings 28.411 23.819 Amounts in USD 000 2023 Bond loan as of Dec 31 2022 24.887 Interest paid -1.954 Accrued interest 1.927 Balance at 31 December 2023 24.860 The Bond is due Jan 2026. The issuer may redeem the bonds in whole or in part at 105 % of face value plus accrued unpaid interest on the redeemed amount. The bonds have a nominal value of USD 1, and carry a fixed interest rate of 8.50 % payable semi-annually in arrears. This annual report is being approved and filed after April 30 but within the 10-day cure period stated by the Bond indenture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2062": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
3.2 Credit risk Credit risk 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. Credit risk is, in other words, the risk that Interoil\u2019s customers or counterparties will cause a financial loss by failing to honour their obligations. Interoil sells its production in Colombia and Argentina to different market players. The credit risk is low due to the creditworthiness of these customers. Management does not expect any losses from non-performance by these counterparties. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. A minimum of the current trade and receivables are past due. No impairment charges are made.
19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2063": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2064": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.9 Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument and are initially measured at fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments classified as amortized costs are included in the carrying value of such instruments. Transaction costs directly attributable to the acquisition of financial instruments classified as fair value through profit or loss (\u201cFVTPL\u201d) are expensed as incurred.
2.9.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification and classified into the following categories: Loans receivables and financial assets are subsequently measured at amortized cost less impairment if they meet the following conditions: \u2022 The asset is held within a business model whose objective is to hold assets to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. \u2022 The asset was not acquired principally to sell in the near term or for management for short-term profit-taking (i.e., held for trading).
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
2.9.2 Financial liabilities
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method. Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2065": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
2.9.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification and classified into the following categories: Loans receivables and financial assets are subsequently measured at amortized cost less impairment if they meet the following conditions: \u2022 The asset is held within a business model whose objective is to hold assets to collect contractual cash flows. \u2022 The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. \u2022 The asset was not acquired principally to sell in the near term or for management for short-term profit-taking (i.e., held for trading).
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.
Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2067": { "value": "
2.8.4 Oil production assets Oil production assets are aggregated exploration, production rights assets and development expenditures associated with the production of proved reserves. Furthermore, the oil production assets include property leasehold acquisition costs directly attributable to production assets. Oil production assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher an asset\u2019s fair value minus costs to sell and value in use. To assess impairment, the proved oil and gas properties subject to testing are tested for impairment on a production field (CGU) by production field basis.
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2084": { "value": "
2.8.6 Depreciation and amortization Oil and Gas assets that are purchased are depreciated and amortized using the unit-of-production method based on proved reserves (P1). Exploration and development assets transferred to production assets are depreciated using the unit-of-production method based on proved reserves (P1) and amortized using the unit-of-production method based on proved reserves (P1), which are oil mineral reserves estimated to be recovered from existing facilities using current operating methods. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 minus costs to sell and value in use.
16. PROPERTY, PLANT AND EQUIPMENT The depreciation expense has been charged to the consolidated statement of comprehensive income as follows: Amounts in USD 000 2023 2022 Depreciation 5.741 3.168 Administrative expenses 217 375 Total depreciation expense 5.958 3.543
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2085": { "value": "
2.8.6 Depreciation and amortization Oil and Gas assets that are purchased are depreciated and amortized using the unit-of-production method based on proved reserves (P1). Exploration and development assets transferred to production assets are depreciated using the unit-of-production method based on proved reserves (P1) and amortized using the unit-of-production method based on proved reserves (P1), which are oil mineral reserves estimated to be recovered from existing facilities using current operating methods. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized 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 minus costs to sell and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2128": { "value": "
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2129": { "value": "
All other financial assets, except equity investments as described below, are classified as FVTPL and subsequently measured at fair value with gains or losses arising from changes in fair value recorded in net (loss) income.
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2138": { "value": "
Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2143": { "value": "
2.9.2 Financial liabilities
Financial liabilities are classified as FVTPL if they are held for trading or designated as FVTPL on initial recognition. Financial liabilities at FVTPL are measured at fair value with gains and losses arising from changes in fair value recognized in net (loss) income. Other financial liabilities are measured at amortized cost using the effective
interest method. Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2155": { "value": " Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
22. FINANCIAL INSTRUMENTS Amounts in USD 000 Notes Current: Trade receivables 19 8.744 8.744 8.744 Cash and cash equivalents 23 5.429 5.429 5.429 Total financial assets 14.173 14.173 14.173 Non-current: Bond loan 24.860 24.860 24.860 Current: Loans 3.551 3.551 3.551 Trade and other payables 17.386 17.386 17.386 Total financial liabilities 45.797 45.797 45.797 Assets, liabilities at Total carrying Fair value
Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The bond loan is included in level 2, the rest of assets and liabilities are included in level 3. During the reporting period there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers in and out of Level 3 fair value measurements. The carrying amount of trade and other receivables approximates their fair value. The carrying amount of trade and other payable is considered to approximate their fair value. The fair value of the other non-current interest-bearing liabilities equals their carrying amount. The carrying amount of the current interest-bearing liabilities approximates the fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2156": { "value": " Fair value hierarchy The Company uses a three-level hierarchy to categorize the significance of
the inputs used in measuring or disclosing the fair value of financial instruments. The three levels of the fair value hierarchy are as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. If different levels of inputs are used to measure a financial instrument\u2019s fair value, the classification within the hierarchy is based on the lowest level of input that is significant to the fair value measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2173": { "value": "The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2174": { "value": "
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
26. BORROWINGS Period ended 31 December Amounts in USD 000 2023 2022 Total bond loan 24.860 22.898 Total bank loan 3.551 921 Total borrowings 28.411 23.819 Of which, current portion 3.551 2.310
The maturity of the Group\u2019s borrowings,included interest is as follows: Amounts in USD 000 2023 2022 0-12 months 3.551 2.203 Between 1 and 2 years - 1.282 Between 2 and 5 years 24.860 20.334 Total borrowings 28.411 23.819 Amounts in USD 000 2023 Bond loan as of Dec 31 2022 24.887 Interest paid -1.954 Accrued interest 1.927 Balance at 31 December 2023 24.860 The Bond is due Jan 2026. The issuer may redeem the bonds in whole or in part at 105 % of face value plus accrued unpaid interest on the redeemed amount. The bonds have a nominal value of USD 1, and carry a fixed interest rate of 8.50 % payable semi-annually in arrears. This annual report is being approved and filed after April 30 but within the 10-day cure period stated by the Bond indenture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2175": { "value": "
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2177": { "value": "
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
28. TRADE AND OTHER PAYABLES For the year ended in December Amounts in USD 000 2023 2022 Trade creditors 14.935 3.955 Public duties payable 133 494 Prepayment from customer 872 395 Other accrued expenses 1.446 1.050 Total trade and other payables 17.386 5.894
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2178": { "value": "
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, trade and other payables. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, if any,
included as a component of cash and cash equivalents for the statement of cash flows. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of comprehensive income throughout the borrowings using the effective interest method. Gains and losses are recognized in the statement of comprehensive income when the liabilities are derecognized as well as through the effective interest rate method amortization process. Other financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2211": { "value": "
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
24. PAID IN CAPITAL All issued shares are paid in full. All shares give equal rights in the Company. Nominal value per share is NOK 5. In July 2022, the Company's Board of Directors resolved to issue a total of 15,201,296 shares at a subscription price of NOK 1.30 per share, resulting in total gross proceeds of NOK 19,761,684.80 to the Company. In July 2023, as part of the closing of the transaction by virtue of which Interoil acquired 43% of the Santa Cruz assets located in Argentina, the Company resolved to issue 4,824,591 shares to Echo (the seller) at a subscription
price of NOK 1.15 per share, as payment in kind of GBP 400,000 of the purchase price of part of the acquisition", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2212": { "value": "
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
24. PAID IN CAPITAL All issued shares are paid in full. All shares give equal rights in the Company. Nominal value per share is NOK 5. In July 2022, the Company's Board of Directors resolved to issue a total of 15,201,296 shares at a subscription price of NOK 1.30 per share, resulting in total gross proceeds of NOK 19,761,684.80 to the Company. In July 2023, as part of the closing of the transaction by virtue of which Interoil acquired 43% of the Santa Cruz assets located in Argentina, the Company resolved to issue 4,824,591 shares to Echo (the seller) at a subscription
price of NOK 1.15 per share, as payment in kind of GBP 400,000 of the purchase price of part of the acquisition", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2213": { "value": "
2.9.3 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2218": { "value": "
2.10 Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (FIFO) method. Inventory cost includes raw material, freight, and direct production expenses together with a portion of indirect expenses.
21. INVENTORIES Period ended 31 December Amounts in USD 000 2023 2022 Spare parts, etc 193 250 Crude oil 105 124 Total inventories 298 374
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2219": { "value": "
2.10 Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (FIFO) method. Inventory cost includes raw material, freight, and direct production expenses together with a portion of indirect expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2225": { "value": "
2.11 Employee benefits Defined benefit plans: The Group operates two defined benefit plans. One for the employees in the holding company, Interoil Exploration and Production ASA which finished in 2019, and one for employees in the Colombian subsidiary employed in the years from 1991 to 1994. Both schemes are funded through payments to insurance companies, determined by periodic actuarial calculations. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. From 1995 it was mandatory for all employees in Colombia to be affiliated with a private or public pension fund. The Colombian defined benefit plan will result in payments if the employees have not collected 20 years under this governmental pension law. The cost of providing benefits under the defined benefit plans is determined using the projected unit credit method. Re-measurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under \u201ccost of sales\u201d, \u201cadministration
expenses\u201d and \u201cselling and distribution expenses\u201d in the consolidated statement of profit or loss (by function): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non- routine settlements \u2022 Net interest expense or income.
20. RETIREMENT BENEFIT The following tables summarize the components of the defined benefit plan: Amounts in USD 000 2023 2022 Defined benefit obligation at the end of the year 502 260 Retirement benefit obligation liability 502 260 The movement in the defined benefit obligation over the year is as follows: Amounts in USD 000 2023 2022 Beginning of the year 260 629 Interest cost/ Used during the period / Additional provisions 97 42 Exchange rate differences 145 -108 Retirement benefit obligation liability 502 260
Defined benefit plan Interoil Colombia \u2013 the branch office, had a defined plan for employees in the period from 1991 to 1994. From 1995 it was mandatory for all Colombian employees to be affiliated to a private or public pension fund, and the defined plan stopped.
Defined contribution plan The Group\u2019s subsidiary in Colombia has defined contribution plans in accordance with local legislation. The contributions are recognized as expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2226": { "value": "
2.11 Employee benefits Defined benefit plans: The Group operates two defined benefit plans. One for the employees in the holding company, Interoil Exploration and Production ASA which finished in 2019, and one for employees in the Colombian subsidiary employed in the years from 1991 to 1994. Both schemes are funded through payments to insurance companies, determined by periodic actuarial calculations. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. From 1995 it was mandatory for all employees in Colombia to be affiliated with a private or public pension fund. The Colombian defined benefit plan will result in payments if the employees have not collected 20 years under this governmental pension law. The cost of providing benefits under the defined benefit plans is determined using the projected unit credit method. Re-measurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of: \u2022 The date of the plan amendment or curtailment, and \u2022 The date that the Group recognizes restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under \u201ccost of sales\u201d, \u201cadministration
expenses\u201d and \u201cselling and distribution expenses\u201d in the consolidated statement of profit or loss (by function): \u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non- routine settlements \u2022 Net interest expense or income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2264": { "value": "
2.12 Provisions General: A provision is recognized in the statement of financial position when the Group has a present legal or constructive obligation as a result of past events, and it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense.
Abandonment and decommissioning liabilities: Under the terms of the concessions where the Group has an ownership interest, the local authorities may instruct the concession holders to remove the facilities partly or completely at the end of production or when the concession period expires. Upon initial recognition of a liability when the Company has a constructive obligation, the company calculates and records the net present value related to future abandonment and decommissioning. The same amount is capitalized as part of the cost price of the asset and depreciated using the unit of production method. The change in the time value of the liability related to the abandonment and decommissioning is charged to expense as other expenses and increases the future liability related to the abandonment and decommissioning. Any change in the estimate related to expenditures associated with abandonment and decommissioning liabilities are accounted for prospectively (remaining production) based on the unit of production method.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
Defined benefit plan Interoil Colombia \u2013 the branch office, had a defined plan for employees in the period from 1991 to 1994. From 1995 it was mandatory for all Colombian employees to be affiliated to a private or public pension fund, and the defined plan stopped.
27. PROVISIONS FOR OTHER LIABILITIES AND CHARGES 2023 2022 9.741 2.764 2.916 3.248 12.657 6.012 1.006 2.477 Of which, current portion: Period ended 31 December Amounts in USD 000 Asset retirement obligations Other obligations Total provisions for other liabilities and charges The table below show movements of provisions As at January 1 2023 2.764 2.626 Additions 5.493 247 Utilizations -356 -11 Actualization 1.840 54 As at December 31 2023 9.741 2.916 As at January 1 2022 5.623 1.918 Additions 179 6.338 Utilizations -2.395 -5.477 Actualization -642 -154 As at December 31 2022 2.764 2.626 Asset retirement Other obligations Asset retirement obligations are liabilities for plugging, abandonment and decommissioning costs that are recognized since the Group should dismantle and remove facilities and restore the site on which it is located. The amount recognised is the present value of the estimated future expenditure determined under local conditions and requirements. No values are expected to be executed during the next 12 months. Other long-term obligations are mostly related to the net present value of voluntary agreements regarding contributions to education for local communities. Other provisions and charges are related to the accounting of the association contract as outlined.
30. COMMITMENTS AND CONTINGENCIES The Group is involved in various claims and litigation arising in the normal course of business. Since the outcomes of these matters are uncertain, there can be no assurance that such matters will be resolved in the Company\u2019s favour. No provisions have been made for the legal disputes discussed in this note. For legal disputes, in which the Group assesses to be probable (more likely than not) that an economic outflow will be required to settle the obligations, provisions have been made based on management\u2019s best estimate. The outcome of adverse decisions in any pending or threatened proceedings related to these and other matters could have a material impact on the Company\u2019s financial position, results of operations or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2265": { "value": "
2.12 Provisions General: A provision is recognized in the statement of financial position when the Group has a present legal or constructive obligation as a result of past events, and it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense.
Abandonment and decommissioning liabilities: Under the terms of the concessions where the Group has an ownership interest, the local authorities may instruct the concession holders to remove the facilities partly or completely at the end of production or when the concession period expires. Upon initial recognition of a liability when the Company has a constructive obligation, the company calculates and records the net present value related to future abandonment and decommissioning. The same amount is capitalized as part of the cost price of the asset and depreciated using the unit of production method. The change in the time value of the liability related to the abandonment and decommissioning is charged to expense as other expenses and increases the future liability related to the abandonment and decommissioning. Any change in the estimate related to expenditures associated with abandonment and decommissioning liabilities are accounted for prospectively (remaining production) based on the unit of production method.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2267": { "value": "
2.12 Provisions General: A provision is recognized in the statement of financial position when the Group has a present legal or constructive obligation as a result of past events, and it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense.
Abandonment and decommissioning liabilities: Under the terms of the concessions where the Group has an ownership interest, the local authorities may instruct the concession holders to remove the facilities partly or completely at the end of production or when the concession period expires. Upon initial recognition of a liability when the Company has a constructive obligation, the company calculates and records the net present value related to future abandonment and decommissioning. The same amount is capitalized as part of the cost price of the asset and depreciated using the unit of production method. The change in the time value of the liability related to the abandonment and decommissioning is charged to expense as other expenses and increases the future liability related to the abandonment and decommissioning. Any change in the estimate related to expenditures associated with abandonment and decommissioning liabilities are accounted for prospectively (remaining production) based on the unit of production method.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
27. PROVISIONS FOR OTHER LIABILITIES AND CHARGES 2023 2022 9.741 2.764 2.916 3.248 12.657 6.012 1.006 2.477 Of which, current portion: Period ended 31 December Amounts in USD 000 Asset retirement obligations Other obligations Total provisions for other liabilities and charges The table below show movements of provisions As at January 1 2023 2.764 2.626 Additions 5.493 247 Utilizations -356 -11 Actualization 1.840 54 As at December 31 2023 9.741 2.916 As at January 1 2022 5.623 1.918 Additions 179 6.338 Utilizations -2.395 -5.477 Actualization -642 -154 As at December 31 2022 2.764 2.626 Asset retirement Other obligations Asset retirement obligations are liabilities for plugging, abandonment and decommissioning costs that are recognized since the Group should dismantle and remove facilities and restore the site on which it is located. The amount recognised is the present value of the estimated future expenditure determined under local conditions and requirements. No values are expected to be executed during the next 12 months. Other long-term obligations are mostly related to the net present value of voluntary agreements regarding contributions to education for local communities. Other provisions and charges are related to the accounting of the association contract as outlined.
30. COMMITMENTS AND CONTINGENCIES The Group is involved in various claims and litigation arising in the normal course of business. Since the outcomes of these matters are uncertain, there can be no assurance that such matters will be resolved in the Company\u2019s favour. No provisions have been made for the legal disputes discussed in this note. For legal disputes, in which the Group assesses to be probable (more likely than not) that an economic outflow will be required to settle the obligations, provisions have been made based on management\u2019s best estimate. The outcome of adverse decisions in any pending or threatened proceedings related to these and other matters could have a material impact on the Company\u2019s financial position, results of operations or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2277": { "value": "
Abandonment and decommissioning liabilities: Under the terms of the concessions where the Group has an ownership interest, the local authorities may instruct the concession holders to remove the facilities partly or completely at the end of production or when the concession period expires. Upon initial recognition of a liability when the Company has a constructive obligation, the company calculates and records the net present value related to future abandonment and decommissioning. The same amount is capitalized as part of the cost price of the asset and depreciated using the unit of production method. The change in the time value of the liability related to the abandonment and decommissioning is charged to expense as other expenses and increases the future liability related to the abandonment and decommissioning. Any change in the estimate related to expenditures associated with abandonment and decommissioning liabilities are accounted for prospectively (remaining production) based on the unit of production method.
2.17.2 Abandonment and decommissioning liabilities Abandonment and decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s facilities and properties. The ultimate decommissioning 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 and amount of expenditure can also change, for example, in response to changes in reserves or changes in laws and regulations or their interpretation. As a result, there could be significant adjustments to the provisions established which would affect future financial results (see note 17).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2290": { "value": "
2.13 Leases The Company adopted the standard IFRS 16, effective January 1, 2019, from that date the Company assesses at contract inception whether a contract is, or contains a lease. That is if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis throughout the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2291": { "value": "
2.13 Leases The Company adopted the standard IFRS 16, effective January 1, 2019, from that date the Company assesses at contract inception whether a contract is, or contains a lease. That is if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis throughout the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2300": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
18. ASSETS NOT IN USE In 2017, the group acquired and refurbished a new gas treatment plant meant to be used in the Puli C contract where a special environmental approval needed to be granted by the Colombian Environmental (ANLA) before its use. By the time the environmental permit was granted the need for a gas treatment plant in Puli C was commercially solved by selling Puli C raw gas to a third party; thus, the group decided to sell the gas treatment plant. The group is seeking the best alternative to obtain the maximum result for this operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2301": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2302": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
18. ASSETS NOT IN USE In 2017, the group acquired and refurbished a new gas treatment plant meant to be used in the Puli C contract where a special environmental approval needed to be granted by the Colombian Environmental (ANLA) before its use. By the time the environmental permit was granted the need for a gas treatment plant in Puli C was commercially solved by selling Puli C raw gas to a third party; thus, the group decided to sell the gas treatment plant. The group is seeking the best alternative to obtain the maximum result for this operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2303": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2305": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2306": { "value": "
2.14 Non-current assets held for sale and discontinued operations Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or distribution rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured following the Group\u2019s accounting policies. Thereafter generally the assets, or disposal group, are measured at the lower of their carrying amount and fair value minus costs to sell. Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on a pro-rata basis, except that no loss
is allocated to inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured following the Group\u2019s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized more than any cumulative impairment loss. The Group does not classify non-current assets (or disposal groups) that are to be abandoned as held for sale, since it carrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned represents a separate major line of business or geographical area of operations; is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale, the Group will present the results and cash flows of the disposal group as discontinued operations at the date on which it ceases to be used. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2352": { "value": "
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2353": { "value": "
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2354": { "value": "
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2355": { "value": "
2.16 Interest in jointly controlled operations Certain of the Group\u2019s activities, particularly exploration and production, are conducted through unincorporated joint ventures where the ventures have a direct ownership interest in and jointly control the assets of the venture. The Group recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of a jointly controlled operation, along with the Group\u2019s income from the sale of its share of the output and liabilities and expenses incurred about the venture. Concessions are funded through cash calls from the operator to the concession partners. The net of total cash called and total payments made under the concession, the over-/under call, is recognized in the statement of financial position as other short-term receivables or other current liabilities respectively. When the Group, acting as an operator, receives reimbursement of direct costs recharged to the joint venture, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint venture and therefore do not affect profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2372": { "value": "
The preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent liabilities, at the end of the reporting period and amounts of revenues and expenses recognized during the reporting period. Estimates and judgments are continuously evaluated and are based on management\u2019s experience, historical experience, and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2459": { "value": "
3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group\u2019s principal financial liabilities, other than derivatives, comprise accounts payable, bank loans and overdrafts, and debentures. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Group\u2019s capital expenditure program. The Group has various financial assets such as trade and other receivables and cash and short-term deposits that arise directly from its operations. The Group manages its exposure to key financial risks following its financial risk management policy. The objective of the policy is to support the delivery of the Group\u2019s financial targets while protecting future financial security. The main financial risks that could adversely affect the Group\u2019s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk; and liquidity risk and credit risk. The Group\u2019s overall risk management plan focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by the administration and finance department supervised by the Chief Financial Officer. The Board of Directors reviews and agrees on policies for managing each of these risks summarized below. The Group is continuously updating and reviewing its financial manual to ensure proper and uniform entries and reporting of all transactions, following IFRS and Group policy. The Board provides management with guidelines for overall risk management.
3.1 Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk, interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits, trade receivables, trade payables, accrued liabilities and derivative financial instruments.
Foreign exchange risk; The Group operates internationally and is, to some extent, exposed to foreign exchange risk arising from currency exposures concerning the following currencies; NOK, ARS and COP. Revenue is invoiced to the customers in USD, while operating expenses are mostly denominated in USD, NOK, ARS and COP. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and the investment of excess liquidity. Currently, the Company uses no derivative financial instruments to hedge the above- mentioned risk exposures.
Price risk. The Group is exposed to changes in oil prices. The results of Interoil\u2019s operations largely depend on several factors, most significantly those that affect the price Interoil receives for the sold products. Specifically, such factors include the level of crude oil and some extent natural gas prices. Interoil\u2019s results will also be affected by trends in the international oil industry, including possible actions by governments and other regulatory
authorities in the jurisdictions in which we operate, or possible or continued actions by members of the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries that affect price levels and volumes; the increasing cost of oilfield services, supplies and equipment; increasing competition for exploration opportunities and operatorship\u2019s, and deregulation of the markets, which may cause substantial changes to the existing market structures and the overall level and volatility of prices. Interest rate risk; As the Group has no significant interest-bearing assets, the group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the group to fair value interest rate risk. The group analyses its interest rate exposure on a dynamic basis. The group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest- bearing positions.
3.2 Credit risk Credit risk 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. Credit risk is, in other words, the risk that Interoil\u2019s customers or counterparties will cause a financial loss by failing to honour their obligations. Interoil sells its production in Colombia and Argentina to different market players. The credit risk is low due to the creditworthiness of these customers. Management does not expect any losses from non-performance by these counterparties. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. A minimum of the current trade and receivables are past due. No impairment charges are made.
3.3 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and developing operations according to budget. Liquidity risk is the risk that the Group will not be able to meet all obligations when due. The purpose of liquidity and short term liability management is to make certain that the Group at all times has sufficient funds available to cover financial and operational obligations in addition to funding the Group\u2019s drilling program. Funding needs arise as a result of the Group\u2019s general business activity. Liquidity forecasts serve as tools for financial planning. New non-current funding will be initiated if liquidity forecasts reveal non-compliance with given limits unless further detailed considerations indicate that the non-compliance is likely to be temporary. In this case, the situation will be further monitored. Management monitors rolling forecasts of the Group\u2019s expected cash flow from operations. Weekly, monthly and quarterly reports are reviewed and analyzed by management and all cost categories are matched with budgets and historical figures. Important accounts are reconciled continuously. The market conditions are very challenging. Continuous variances in oil prices put pressure on profitability and cash. The Company has implemented and maintains cost efficiency programs to try to mitigate the effects of the prices variances.
The Group will have certain events that can cause liquidity constraints, such as the guarantee and drilling obligations about Altair and LLA-47.
3.4 Capital Management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in the short run and provide returns for shareholders, and bene\ufb01ts for other stakeholders and maintain an optimal capital structure to reduce the cost of capital in the long run. See note 4 for additional information ongoing concern. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Due to tight liquidity over several years, the Group could not declare dividends. The Group\u2019s cash flow from operations may not be sufficient to fund its ongoing activities and implement its business plans. From time to time the Group may enter into transactions to acquire assets or the shares of other companies. These transactions, along with the Group\u2019s ongoing operations, may be financed partially or wholly with debt, which may increase the Group\u2019s debt levels above industry standards. Depending on future exploration and development plans, the Group may require additional financing, which may not be available or, if available, may not be available on favourable terms. Failure to obtain such financing on a timely basis could cause the Group to forfeit or forego various opportunities. The Group has a significant amount of debt. A breach of the terms of the Company\u2019s current or future financing agreements may cause the lenders to require repayment of the financing immediately and to enforce security granted over the Group\u2019s assets, including its subsidiaries. If the Group is unable to comply with the terms of the financing agreements and accordingly is required to obtain additional amendments or waivers from its lenders relating to an existing or prospective breach of one or more covenants in its financing agreements, the lenders may require the Group to pay significantly higher interest going forward. The operations of the Group are conducted through its subsidiary in Colombia and Argentina and a bank facility is secured on the Colombian assets. In the event of insolvency, liquidation or a similar event relating to the Company\u2019s subsidiaries, all creditors of such subsidiary would be entitled to payment in full out of the assets of such subsidiary before the Company, as a shareholder, would be entitled to any payments. Defaults by, or the insolvency of, certain subsidiaries of the Group could result in the obligation of the Company to make payments under parent financial or performance guarantees in respect of such subsidiaries. Additionally, the Company or its assets may become directly subject to a bankruptcy or similar proceeding initiated against a subsidiary. There can be no assurance that the Company and its assets would be protected from any actions by the creditors of any subsidiary of the Group, whether under bankruptcy law, by contract or otherwise. The exploration and development of hydrocarbon reserves are highly capital intensive and are associated with considerable uncertainty in terms of the relationship between budgeted costs and actual costs. The Group may, therefore, from time to time, experiment that the actual costs of one or more of its developments and/or undertakings are materially higher than the projected costs. The Group will also be required to make a substantial capital expenditure for the acquisition of oil and gas reserves in the future. The Group may hence require additional funding in the future to cover working capital and investment needs for future development and growth. There can be no assurance that the Group will be able to obtain necessary funding on time and acceptable terms. Should the Group not be able, at any time, to obtain the necessary funding on time and acceptable terms, the Group may be forced to reduce or delay capital expenditures or sell
assets or businesses at unanticipated times and/or at unfavourable prices or other terms, or to seek additional equity capital (having a dilutive effect on existing shareholders) or to restructure or refinance its debt. There can be no assurance that such measures would be successful or would be adequate to meet debt and other obligations as they come due, or would not result in the Group being placed in a less competitive position. Regardless of current oil international events, Interoil is consistently working with local authorities and regulators towards extending exploratory work commitments timeframe as well as their guarantees. The Group is constantly monitoring and adjusting the capital structure in light of actual and anticipated developments for its operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2478": { "value": "
3.1 Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk, interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits, trade receivables, trade payables, accrued liabilities and derivative financial instruments.
Foreign exchange risk; The Group operates internationally and is, to some extent, exposed to foreign exchange risk arising from currency exposures concerning the following currencies; NOK, ARS and COP. Revenue is invoiced to the customers in USD, while operating expenses are mostly denominated in USD, NOK, ARS and COP. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and the investment of excess liquidity. Currently, the Company uses no derivative financial instruments to hedge the above- mentioned risk exposures.
Price risk. The Group is exposed to changes in oil prices. The results of Interoil\u2019s operations largely depend on several factors, most significantly those that affect the price Interoil receives for the sold products. Specifically, such factors include the level of crude oil and some extent natural gas prices. Interoil\u2019s results will also be affected by trends in the international oil industry, including possible actions by governments and other regulatory
authorities in the jurisdictions in which we operate, or possible or continued actions by members of the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries that affect price levels and volumes; the increasing cost of oilfield services, supplies and equipment; increasing competition for exploration opportunities and operatorship\u2019s, and deregulation of the markets, which may cause substantial changes to the existing market structures and the overall level and volatility of prices. Interest rate risk; As the Group has no significant interest-bearing assets, the group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the group to fair value interest rate risk. The group analyses its interest rate exposure on a dynamic basis. The group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest- bearing positions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2526": { "value": "
3.2 Credit risk Credit risk 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. Credit risk is, in other words, the risk that Interoil\u2019s customers or counterparties will cause a financial loss by failing to honour their obligations. Interoil sells its production in Colombia and Argentina to different market players. The credit risk is low due to the creditworthiness of these customers. Management does not expect any losses from non-performance by these counterparties. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. A minimum of the current trade and receivables are past due. No impairment charges are made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2539": { "value": "
3.3 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and developing operations according to budget. Liquidity risk is the risk that the Group will not be able to meet all obligations when due. The purpose of liquidity and short term liability management is to make certain that the Group at all times has sufficient funds available to cover financial and operational obligations in addition to funding the Group\u2019s drilling program. Funding needs arise as a result of the Group\u2019s general business activity. Liquidity forecasts serve as tools for financial planning. New non-current funding will be initiated if liquidity forecasts reveal non-compliance with given limits unless further detailed considerations indicate that the non-compliance is likely to be temporary. In this case, the situation will be further monitored. Management monitors rolling forecasts of the Group\u2019s expected cash flow from operations. Weekly, monthly and quarterly reports are reviewed and analyzed by management and all cost categories are matched with budgets and historical figures. Important accounts are reconciled continuously. The market conditions are very challenging. Continuous variances in oil prices put pressure on profitability and cash. The Company has implemented and maintains cost efficiency programs to try to mitigate the effects of the prices variances.
The Group will have certain events that can cause liquidity constraints, such as the guarantee and drilling obligations about Altair and LLA-47.
The maturity of the Group\u2019s borrowings,included interest is as follows: Amounts in USD 000 2023 2022 0-12 months 3.551 2.203 Between 1 and 2 years - 1.282 Between 2 and 5 years 24.860 20.334 Total borrowings 28.411 23.819 Amounts in USD 000 2023 Bond loan as of Dec 31 2022 24.887 Interest paid -1.954 Accrued interest 1.927 Balance at 31 December 2023 24.860 The Bond is due Jan 2026. The issuer may redeem the bonds in whole or in part at 105 % of face value plus accrued unpaid interest on the redeemed amount. The bonds have a nominal value of USD 1, and carry a fixed interest rate of 8.50 % payable semi-annually in arrears. This annual report is being approved and filed after April 30 but within the 10-day cure period stated by the Bond indenture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2569": { "value": "
3.4 Capital Management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in the short run and provide returns for shareholders, and bene\ufb01ts for other stakeholders and maintain an optimal capital structure to reduce the cost of capital in the long run. See note 4 for additional information ongoing concern. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Due to tight liquidity over several years, the Group could not declare dividends. The Group\u2019s cash flow from operations may not be sufficient to fund its ongoing activities and implement its business plans. From time to time the Group may enter into transactions to acquire assets or the shares of other companies. These transactions, along with the Group\u2019s ongoing operations, may be financed partially or wholly with debt, which may increase the Group\u2019s debt levels above industry standards. Depending on future exploration and development plans, the Group may require additional financing, which may not be available or, if available, may not be available on favourable terms. Failure to obtain such financing on a timely basis could cause the Group to forfeit or forego various opportunities. The Group has a significant amount of debt. A breach of the terms of the Company\u2019s current or future financing agreements may cause the lenders to require repayment of the financing immediately and to enforce security granted over the Group\u2019s assets, including its subsidiaries. If the Group is unable to comply with the terms of the financing agreements and accordingly is required to obtain additional amendments or waivers from its lenders relating to an existing or prospective breach of one or more covenants in its financing agreements, the lenders may require the Group to pay significantly higher interest going forward. The operations of the Group are conducted through its subsidiary in Colombia and Argentina and a bank facility is secured on the Colombian assets. In the event of insolvency, liquidation or a similar event relating to the Company\u2019s subsidiaries, all creditors of such subsidiary would be entitled to payment in full out of the assets of such subsidiary before the Company, as a shareholder, would be entitled to any payments. Defaults by, or the insolvency of, certain subsidiaries of the Group could result in the obligation of the Company to make payments under parent financial or performance guarantees in respect of such subsidiaries. Additionally, the Company or its assets may become directly subject to a bankruptcy or similar proceeding initiated against a subsidiary. There can be no assurance that the Company and its assets would be protected from any actions by the creditors of any subsidiary of the Group, whether under bankruptcy law, by contract or otherwise. The exploration and development of hydrocarbon reserves are highly capital intensive and are associated with considerable uncertainty in terms of the relationship between budgeted costs and actual costs. The Group may, therefore, from time to time, experiment that the actual costs of one or more of its developments and/or undertakings are materially higher than the projected costs. The Group will also be required to make a substantial capital expenditure for the acquisition of oil and gas reserves in the future. The Group may hence require additional funding in the future to cover working capital and investment needs for future development and growth. There can be no assurance that the Group will be able to obtain necessary funding on time and acceptable terms. Should the Group not be able, at any time, to obtain the necessary funding on time and acceptable terms, the Group may be forced to reduce or delay capital expenditures or sell
assets or businesses at unanticipated times and/or at unfavourable prices or other terms, or to seek additional equity capital (having a dilutive effect on existing shareholders) or to restructure or refinance its debt. There can be no assurance that such measures would be successful or would be adequate to meet debt and other obligations as they come due, or would not result in the Group being placed in a less competitive position. Regardless of current oil international events, Interoil is consistently working with local authorities and regulators towards extending exploratory work commitments timeframe as well as their guarantees. The Group is constantly monitoring and adjusting the capital structure in light of actual and anticipated developments for its operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2627": { "value": "
4. GOING CONCERN The financial statements Annual Report have been prepared under the going concern assumption in accordance with the Norwegian Accounting Act \u00a7 3-3and the Board of Directors hereby confirms that this assumption is valid. Following the acquisition of 41% of the Santa Cruz assets in Argentina, current liabilities exceed temporarily current assets, since there was a delay in payments from the prior owner, which Interoil is in the process of normalizing, and expects to rebalance in the course of 2024. Interoil has paid in kind interest for its Corporate Bond in July 2023 and January 2024, and will continue proposing payment in kind to its bondholders if needed, expecting that the majority bondholders will continue providing their approval as they did in all instances required. The Board of Interoil acknowledges that the Company needs to start the refinancing process as the bond is coming to maturity on January 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2639": { "value": "
5. COUNTRY-BY-COUNTRY REPORTING In line with regulatory developments in the European Union, the Norwegian government has introduced country-by-country reporting requirements for multinational companies operating in extractive industries. Activities in each country of operations are to be reported. The information includes investments, sales revenue, production volumes and number of employees. 10.511 8.698 17.513 1.486 Purchases of goods and services 9.905 2.975 2.574 612 - 4.276 1.676 - - - 335 - 960 1.884 926 101 52 78 55 7 2023 Colombia 2023 Argentina 2022 Colombia 2022 Argentina Amounts in USD 000 Salaries and social benefit Number of employees Investments Income taxes paid Revenues
32. OIL AND GAS RESERVES (UNAUDITED) The reserves have been estimated and classified according to the \u201cPetroleum Resources Management System\u201d, developed and approved in March 2007 jointly by the Society of Petroleum Engineers, World Petroleum Council, American Society of Petroleum Geologists and Society of Petroleum Evaluations Engineers, hereafter referred to as the \u201c2007 PRMS\u201c. Reserves As of 31 December 2023
As of 31 December 2022 As of 31 December 2023 As of 31 December 2022 For a full description of the \u201c2007 PRMS\u201d, please refer to the Society of Petroleum Engineers website: www.spe.org Notes Mmboe = million stock tank barrels of oil equivalent Working Interest varies per concession; reported percentages are averages Gas converted to oil equivalent based on 5610 scf equals 1 boe Numbers may not add up due to rounding Production for the period 2023 2022 Production Working interest, oil (bbl) 161.149 179.458 Working interest, gas (boe) 256.926 145.159 Working interest, royalty (boe) 54.127 - 29.654 - 363.948 294.963
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2686": { "value": "
6. SEGMENT INFORMATION The Group\u2019s organizational structure reflects the different actigvities in which Interoil is engaged. Management
has determined the operating segments based on reports that are reviewed and used to make strategic decisions. The Group has two reportable segments, Colombia and Argentina, which consist of upstream activities including oil and natural gas exploration, field development and production from the Group\u2019s concessions in Colombia and Argentina, which are the Group\u2019s strategic business units. No operating segments have been aggregated to form the above reportable operating segments. Management monitors the operating results of its business units separately to make decisions about resource allocation and performance assessment. Segment performance is evaluated based on production, operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. Segment revenues and segment results include transactions between business segments. These transactions and any unrealised profits and losses are eliminated. Transfer prices between operating segments are on an arm\u2019s length basis like transactions with third parties. Corporate/unallocated consists of other business and corporate activities. As of 31 December 2023 Amounts in USD 1000 Total revenue 10.510 8.698 - 19.208 Cost of goods sold ex depreciation -4.792 -3.207 - -7.999 Depreciation -2.072 -3.669 - -5.741 Gross Profit/ (loss) 3.646 1.822 - 5.468 Exploration cost expensed -592 - - -592 Administrative expense -4.793 -5.185 -254 -10.232 Other income/(expenses) - - 237 237 Result from operating activities -1.739 -3.363 -17 -5.119 Net Finance (cost)/income -1.545 -3.474 -2.434 -7.453 (loss) before income tax -3.284 -6.837 -2.451 -12.572 Income tax expense -1.731 - - -1.731 (Loss) for the period -5.015 -6.837 -2.451 -14.303 Colombia Argentina Norway Total
As of 31 December 2022 Amounts in USD 1000 Total revenue 17.513 1.486 - 18.999 Cost of goods sold ex depreciation -5.701 -928 - -6.629 Depreciation -2.942 -226 - -3.168 Gross Profit/ (loss) 8.869 332 - 9.201 Exploration cost expensed -427 - - -427 Administrative expense -4.782 -973 -334 -6.090 Impairment - -201 - -201 Other income/(expenses) -170 - 545 376 Result from operating activities 3.490 -843 211 2.859 Net Finance (cost)/income 244 1.116 -2.038 -678 (loss) before income tax 3.734 273 -1.827 2.181 Income tax expense -2.845 - - -2.845 (Loss) for the period 889 273 -1.827 -664 Other comprehensive income (loss) -31 - - -31 Total comprehensive (loss) income 858 273 -1.827 -695 Colombia Argentina Norway Group As of 31 December 2023 Amounts in USD 1000 Non-current assets 9.654 21.287 - 30.941 Current assets 6.230 7.354 887 14.471 Total segment assets 15.884 28.641 887 45.412 Non-current liabilities 7.797 7.591 24.860 40.248 Current liabilities 6.931 11.865 3.147 21.943 Total segment liabilities 14.728 19.456 28.007 62.191 Colombia Argentina Norway Group
As of 31 December 2022 Amounts in USD 1000 Non-current assets 11.412 10.211 - 21.623 Current assets 7.367 2.086 3.042 12.495 Total segment assets 18.779 12.297 3.042 34.118 Non-current liabilities 4.900 - 21.034 25.934 Current liabilities 5.645 1.366 4.149 11.160 Total segment liabilities 10.545 1.366 25.183 37.094 Colombia Argentina Norway Group
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8. COST OF GOODS SOLD For the year ended 31 December Amounts in USD 000 2023 2022 Lifting costs 7.919 4.900 Changes in inventory 80 140 Other costs - 1.589 Total costs of goods sold 7.999 6.629 Depreciation 5.741 3.168
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3002": { "value": "
9. ADMINISTRATIVE EXPENSES For the year ended 31 December Amounts in USD 000 2023 2022 Employee benefit expenses 2.844 1.027 General and administration expenses 7.171 3.468 Depreciation non-oil assets 217 375 Total administrative expenses 10.232 4.870
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10. TRANSACTIONS WITH RELATED PARTIES
Consolidated subsidiaries Interoil Exploration and Production ASA has 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties. The following assets have been pledged as security for the interest-bearing borrowings (see note 13 and 26) Assets owned by Interoil Exploration and Production ASA: Registered shareholding Company business address voting rights UP Colombia Holding AS Norway 100% Interoil Colombia Exploration and Production Inc. BVI 100% Interoil Colombia Exploration and Production (Branch) Colombia 100% Interoil Argentina AS Norway 100% Oil Investment Inc Panama 100% Oil Investment Inc (Branch) Argentina 100% Interoil Argentina SA Argentina 100% Interoil Drilling Services AS Norway 100% Interoil Peru Holding AS Norway 100%
\u2022 All shares invested in UP Colombia Holding AS \u2022 All current and future rights and receivables under the intercompany loans Assets owned by UP Colombia Holding AS: \u2022 Inventory, operating assets, receivables and bank accounts UP Colombia Holding AS acts as an independent primary obligor for the bond loan
11. REMUNERATION OF SENIOR EXECUTIVES The Group Senior Management consists of the CEO, CFO and General Manager. The Group management is not part of a pension scheme, and there are no benefits in kind. The employment contract for the General Manager can be terminated on 3-month notice with payments for the period. Members of the Board of Directors have no right to severance pay. No loans have been given to, or guarantees given on behalf of, any members of the Group Management, the Board or other elected corporate bodies. The compensation structure and guidelines for Executive Management and key employees are subject to annual review and approval by the Board of Directors. The remuneration of senior executives in 2023 was following the declaration that was submitted to the General meeting in 2022. There will be no extra fee to the audit committee, and no fee to the Nomination Committee. Amounts in USD 000 Chairman 01.01-31.12 40 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Leandro Carbone CEO 01.01-31.12 180 Members of Board of Directors Position Period Salary (100% fix) Carmela Saccomanno Hugo Quevedo Nicol\u00e1s Acu\u00f1a Isabel Valado Germ\u00e1n Ranftl Laura Marmol
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11. REMUNERATION OF SENIOR EXECUTIVES The Group Senior Management consists of the CEO, CFO and General Manager. The Group management is not part of a pension scheme, and there are no benefits in kind. The employment contract for the General Manager can be terminated on 3-month notice with payments for the period. Members of the Board of Directors have no right to severance pay. No loans have been given to, or guarantees given on behalf of, any members of the Group Management, the Board or other elected corporate bodies. The compensation structure and guidelines for Executive Management and key employees are subject to annual review and approval by the Board of Directors. The remuneration of senior executives in 2023 was following the declaration that was submitted to the General meeting in 2022. There will be no extra fee to the audit committee, and no fee to the Nomination Committee. Amounts in USD 000 Chairman 01.01-31.12 40 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Member 01.01-31.12 18 Leandro Carbone CEO 01.01-31.12 180 Members of Board of Directors Position Period Salary (100% fix) Carmela Saccomanno Hugo Quevedo Nicol\u00e1s Acu\u00f1a Isabel Valado Germ\u00e1n Ranftl Laura Marmol
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12. EXTERNAL AUDIT REMUNERATION PricewaterhouseCoopers (PwC) was elected auditors for the group in 2015. The following table shows total audit and non-audit fees expensed in the period, excluding VAT:
For the year ended 31 December 2023 Amounts in USD 000 PwC Norway 124 10 - - 134 PwC Colombia 56 - - - 56 PwC Argentina 61 - - - 61 Total 241 10 - - 251 Audit Fee Other assurance Tax services Other non- assurance Total
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13. OTHER INCOME / (EXPENSE) Amounts in USD 000 2023 2022 Other income 237 - Total other income 237 - Provision for legal claims - 12 - Other expense - 315 - Total other expense - 328 - Total other income (expense) 237 328 - For the year ended 31 December
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13. OTHER INCOME / (EXPENSE) Amounts in USD 000 2023 2022 Other income 237 - Total other income 237 - Provision for legal claims - 12 - Other expense - 315 - Total other expense - 328 - Total other income (expense) 237 328 - For the year ended 31 December
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13. OTHER INCOME / (EXPENSE) Amounts in USD 000 2023 2022 Other income 237 - Total other income 237 - Provision for legal claims - 12 - Other expense - 315 - Total other expense - 328 - Total other income (expense) 237 328 - For the year ended 31 December
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 000 2023 2022 Realized/unrealized exchange rate gain 10.526 2.180 Interest expenses -2.850 -2.543 Acretion -223 -194 Other financial expenses - -121 Finance(expense)/income-net 7.453 -678
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19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
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19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
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19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
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19. TRADE AND OTHER RECEIVABLES 2023 2022 4.808 727 4.808 727 131 149 456 346 Other short-term receivables 3.349 2.508 Total trade and other receivables 8.744 3.731 Amounts in USD 000 Trade receivables Trade receivables - net Joint operations accounts Prepayments Trade receivables are non-interest bearing and are generally on 15 \u2013 90 days terms. No trade receivables were past due. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. The Group does not hold any collateral as security.
28. TRADE AND OTHER PAYABLES For the year ended in December Amounts in USD 000 2023 2022 Trade creditors 14.935 3.955 Public duties payable 133 494 Prepayment from customer 872 395 Other accrued expenses 1.446 1.050 Total trade and other payables 17.386 5.894
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22. FINANCIAL INSTRUMENTS Amounts in USD 000 Notes Current: Trade receivables 19 8.744 8.744 8.744 Cash and cash equivalents 23 5.429 5.429 5.429 Total financial assets 14.173 14.173 14.173 Non-current: Bond loan 24.860 24.860 24.860 Current: Loans 3.551 3.551 3.551 Trade and other payables 17.386 17.386 17.386 Total financial liabilities 45.797 45.797 45.797 Assets, liabilities at Total carrying Fair value
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23. CASH AND CASH EQUIVALENTS 2023 2022 4.265 372 529 1.926 492 5.925 143 167 5.429 8.390 Amounts in USD 000 Bank deposits denominated in USD Bank deposits denominated in NOK Bank deposits denominated in COP Bank deposits denominated in ARS Cash and cash equivalents Restricted cash mainly relates to cash collateral guarantees in Colombia.
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23. CASH AND CASH EQUIVALENTS 2023 2022 4.265 372 529 1.926 492 5.925 143 167 5.429 8.390 Amounts in USD 000 Bank deposits denominated in USD Bank deposits denominated in NOK Bank deposits denominated in COP Bank deposits denominated in ARS Cash and cash equivalents Restricted cash mainly relates to cash collateral guarantees in Colombia.
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25. EARNINGS PER SHARE
Basic Basic earnings per share are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
Amounts in USD 000 2023 2022 (loss)/profit attributable to owners of the company -14.303 -695 (loss)/profit used to determine diluted eps -14.303 -695 Weighted average ordinary shares in issue (thousands) 202.188 182.162 Earnings per share (USD per share) - total -0,01 -0,01 Diluted earnings per share (USD per share) - total -0,01 -0,01
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Basic Basic earnings per share are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
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26. BORROWINGS Period ended 31 December Amounts in USD 000 2023 2022 Total bond loan 24.860 22.898 Total bank loan 3.551 921 Total borrowings 28.411 23.819 Of which, current portion 3.551 2.310
The maturity of the Group\u2019s borrowings,included interest is as follows: Amounts in USD 000 2023 2022 0-12 months 3.551 2.203 Between 1 and 2 years - 1.282 Between 2 and 5 years 24.860 20.334 Total borrowings 28.411 23.819 Amounts in USD 000 2023 Bond loan as of Dec 31 2022 24.887 Interest paid -1.954 Accrued interest 1.927 Balance at 31 December 2023 24.860 The Bond is due Jan 2026. The issuer may redeem the bonds in whole or in part at 105 % of face value plus accrued unpaid interest on the redeemed amount. The bonds have a nominal value of USD 1, and carry a fixed interest rate of 8.50 % payable semi-annually in arrears. This annual report is being approved and filed after April 30 but within the 10-day cure period stated by the Bond indenture.
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28. TRADE AND OTHER PAYABLES For the year ended in December Amounts in USD 000 2023 2022 Trade creditors 14.935 3.955 Public duties payable 133 494 Prepayment from customer 872 395 Other accrued expenses 1.446 1.050 Total trade and other payables 17.386 5.894
29. OTHER LONG-TERM PAYABLES There are no tax open administrative proceedings.
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28. TRADE AND OTHER PAYABLES For the year ended in December Amounts in USD 000 2023 2022 Trade creditors 14.935 3.955 Public duties payable 133 494 Prepayment from customer 872 395 Other accrued expenses 1.446 1.050 Total trade and other payables 17.386 5.894
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29. OTHER LONG-TERM PAYABLES There are no tax open administrative proceedings.
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30. COMMITMENTS AND CONTINGENCIES The Group is involved in various claims and litigation arising in the normal course of business. Since the outcomes of these matters are uncertain, there can be no assurance that such matters will be resolved in the Company\u2019s favour. No provisions have been made for the legal disputes discussed in this note. For legal disputes, in which the Group assesses to be probable (more likely than not) that an economic outflow will be required to settle the obligations, provisions have been made based on management\u2019s best estimate. The outcome of adverse decisions in any pending or threatened proceedings related to these and other matters could have a material impact on the Company\u2019s financial position, results of operations or cash flows.
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30. COMMITMENTS AND CONTINGENCIES The Group is involved in various claims and litigation arising in the normal course of business. Since the outcomes of these matters are uncertain, there can be no assurance that such matters will be resolved in the Company\u2019s favour. No provisions have been made for the legal disputes discussed in this note. For legal disputes, in which the Group assesses to be probable (more likely than not) that an economic outflow will be required to settle the obligations, provisions have been made based on management\u2019s best estimate. The outcome of adverse decisions in any pending or threatened proceedings related to these and other matters could have a material impact on the Company\u2019s financial position, results of operations or cash flows.
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30. COMMITMENTS AND CONTINGENCIES The Group is involved in various claims and litigation arising in the normal course of business. Since the outcomes of these matters are uncertain, there can be no assurance that such matters will be resolved in the Company\u2019s favour. No provisions have been made for the legal disputes discussed in this note. For legal disputes, in which the Group assesses to be probable (more likely than not) that an economic outflow will be required to settle the obligations, provisions have been made based on management\u2019s best estimate. The outcome of adverse decisions in any pending or threatened proceedings related to these and other matters could have a material impact on the Company\u2019s financial position, results of operations or cash flows.
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31. SUBSEQUENT EVENTS \ue001 In January 2024, the Company obtained authorization from its bondholders to amend the bond terms regarding the settlement of the interest payment on the Bonds falling due on 31 January 2024, which was settled fully in kind by issuing and delivering additional Bonds. \ue001 Also in January 2024, the Company executed a reverse share split in a ratio of 10:1 to meet Oslo Bors\u2019 requirements of a minimum share value of NOK 1 per share. Following the reverse split, the Company\u2019s registered share capital is NOK 100,672,1140, divided into 20,134,428 shares, each with a par value of NOK 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }