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1.1 Corporate Information
Interoil Exploration and Production ASA (\u201cThe Group\u201d)
and its subsidiaries (together with \u201cThe Group\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).
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These consolidated financial
statements have been approved for issue by the Board of Directors on 28th May 2025
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1.2 Restatement of Previously Issued Financial Statements As part of the Company\u2019s ongoing commitment to enhancing the quality of financial reporting and strengthening internal controls, the Board of Directors established an Audit Committee during the year. Under the direction of the Audit Committee, the newly appointed finance team undertook a comprehensive review of the Company\u2019s previously issued financial statements and accounting practices. This review identified areas for improvement in the recognition, measurement, and disclosure of certain financial statement items. As a result, the Company has restated certain balances as of and for the year ended December 31, 2023. In Argentina, the restatements primarily relate to understatements of USD 2.4 million in Trade and Other Receivables, USD 0.5 million Inventories, and USD 0.01 million in Property, Plant and Equipment, and the corresponding overstatements of USD 0.1 million in Trade and Other Payables, USD 2.5 million Finance Income and Costs and 0.4 million in Revenue (Sales and Royalties). In Colombia, the restatements primarily relate to an understatement in Altair environmental repair provision and recovery of vikingo well amortization. These adjustments have been made to ensure a more accurate and reliable presentation of the Company\u2019s financial position and performance. Further details of the restatements, including the quantitative impact on each affected line item in the prior period financial statements, are presented below:
Consolidated statement of financial position Consolidated statement of comprehensive income Amounts in USD 1 000 unless otherwise stated 2023 Adjustment 2023 restated 2022 Adjustment 2022 restated Sales 19,208 412 8 19,620 18,999 18,999 Cost of goods sold -7,999 -1,027 11 -9,026 -6,629 -1,256 3 -7,885 Depreciation and amortization -5,741 -5,741 -3,169 73 1 -3,096 Gross profit 5,468 -615 4,853 9,201 -1,183 8,018 Exploration cost expensed -592 -592 -427 -427 Administrative expense -10,232 971 8, 11 -9,261 -4,870 -4,870 Impairment - - -717 - Other income /(expenses) 237 13 9 250 -328 -328 Result from operating activities -5,119 369 -4,750 2,859 -1,183 2,393 Finance (cost)/income, net -7,453 2,385 8 -5,068 -709 -709 Loss before income tax -12,572 2,754 -9,818 2,150 -1,183 1,684 Net income tax -1,731 150 6 -1,581 -2,845 -2,845 Total Loss of the year -14,303 2,904 -11,399 -695 -1,183 -1,161 Amounts in USD 1 000 As of 31 December 2023 Adjustment 2023 restated 2023 january 1 Adjustment 2023 January 1 restated BALANCE SHEET Non-current assets Intangible assets - 8,602 5 8,602 - - Property, plant and equipment 25,599 -8,527 1, 5 17,072 18,018 -1,664 1 16,354 Exploration and evaluation assets 3,605 3,605 3,605 3,605 Total non-current assets 29,204 29,279 21,623 19,959 Current assets Inventories 298 481 7 779 374 374 Trade and other receivables 8,744 2,404 8 11,148 3,731 3,731 Assets held for sale 1,737 1,737 - 1,737 2 1,737 Cash collateral guarantee bank balances 4,265 4,265 5,980 5,980 Cash and cash equivalents, non-collateral 1,164 1,164 2,410 2,410 Total current assets 16,208 19,093 12,495 14,232 TOTAL ASSETS 45,412 48,372 34,118 34,191 EQUITY Share capital and share premium 166,108 166,108 165,608 165,608 Other paid-in equity 4,744 4,744 4,744 4,744 Accumulated loss -187,631 1,721 4, 10 -185,910 -173,328 -1,183 4 -174,511 Total equity -16,779 -15,058 -2,976 -4,159 LIABILITIES Non-current liabilities Borrowings 24,860 24,860 21,509 21,509 Retirement benefit obligation 502 502 260 260 Provisions for other liabilities and charges 11,651 1,256 3 12,907 3,535 1,256 3 4,791 Income taxes payable 3,235 3,235 630 630 Total non-current liabilities 40,248 41,504 25,934 27,190 Current liabilities Borrowings/interest-bearing liabilities 3,551 3,551 2,310 2,310 Income taxes payable - -150 6 (150) 2,382 2,382 Trade and other payables 17,386 17,386 3,991 3,991 Provisions for other liabilities and charges 1,006 133 9 1,139 2,477 2,477 Total current liabilities 21,943 21,926 11,160 11,160 TOTAL LIABILITIES 62,191 63,430 37,094 38,350 TOTAL EQUITY AND LIABILITIES 45,412 48,372 34,118 34,191
Adjustments to 2023 January 1 1 Revelsal of the Vikingo well amortization, In SFP net of the decrease due to the reclassification of the gast plant value to assets held for sale for years before 2023. 2 Reclassification of the gas plant value from Property, Plant and Equipment to align with the 2023 year- end presentation. 3 Increase in environmental repair provision in Altair for years before 2023 4 Net effect of 1 and 3 in retained earnings and 4 in year results. Adjustments to 2023 December 31 5 Reclassification of the intangible asset recognized in Santa Cruz assets acquisition. 6 Change in Colombia tax accrual (balance reclasified to tax receivables/other receivables) 7 Inventory for the UTE previously not recognized 8 Main impacts corresponds to the recalculation of account receivables revaluation, accrual of sales not invoiced and adjustment to the receivable fron the acqisition of SMO UTE. 9 Correction of underestimated accruals 10 Net effect in year ressults of 6 to 9 11 Reclassification of royalties paid in cash from expenses to cost Consolidated cash flow statement As a result of the adjustments described above and a thorough analysis of the regulatory requirements, the 2023 Statement of Cash Flows was fully reconstructed. Consequently, a comparison between the originally presented figures and those in the restated financial statement is not considered relevant.
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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\u00ae 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 2.16.
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. 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
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.
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 The Group operates through a number of operating segments, which are consistent with the internal reporting provided to the Group\u2019s Executive Management Team and the Board of Directors, who collectively act as the Group\u2019s Chief Operating Decision Maker. 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 of services are recognized as income once the service has been rendered. 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. 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. The income tax expense consists of the tax payable and changes to deferred tax. 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.
Non-current income tax Non-current income tax liabilities represent tax amounts that have been refinanced and are payable more than 12 months after the reporting date
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 hold the right to defer settlement at the balance sheet date. 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
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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 of 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 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.
2.12 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.
2.13 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.
2.14 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.
2.15 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.
2.16 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.
2.16.1 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.
2.16.2 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 28).
2.16.3 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\u00ae 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 2.16.
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 hold the right to defer settlement at the balance sheet date. 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.
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The consolidated financial statements of the Group have been prepared following IFRS\u00ae Accounting Standards
as adopted by the European Union (EU).
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The preparation of financial statements in conformity with IFRS\u00ae 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 2.16.
2.16 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.
2.16.1 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.
2.16.2 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 28).
2.16.3 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. The significant decrease in proved gas reserves is considered to represent an impairment trigger, and an impairment test of fixed assets has been performed.
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 1P 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, abandonment costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See notes 2.16 for further information. During the current year, abandonment cost estimates in colombia were reviewed and significantly reduced in several CGUs. These revised estimates had a material positive impact on the recoverable value of the assets, as lower abandonment obligations increased the net present value of future cash flows. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. This amount comprises an impairment reversal of USD 1.342 million in the Mana field and USD 0.137 million in the R\u00edo Opia field, partially offset by an impairment charge recognised for the Altair field. No changes in recoverable amounts were recorded for the Vikingo field or the CGUs in Argentina. During 2024, the sale of operational assets in Colombia resulted in a gain of USD 0.9 million, with a net cost basis of USD 0.288 million for the assets sold. 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.
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Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
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Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year.
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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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-240": { "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.
2.15 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:
Registered shareholding Company business address and 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%
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 27) Assets owned by Interoil Exploration and Production ASA: \u2022 All shares invested in UP Colombia Holding AS 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-239": { "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:
Registered shareholding Company business address and 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%
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 27) Assets owned by Interoil Exploration and Production ASA: \u2022 All shares invested in UP Colombia Holding AS 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-187": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn5": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-255": { "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
19. ASSETS ACQUISITION Acquired permits are recognized as intangible assets and are amortized on a straight-line basis over the remaining term of the underlying contracts.
For the year 2023 Amounts in USD 1000 Fair Value Inventories 1,266 Property plant and equipment 1,746 Trade and other receivables 2,769 Trade and other payables -10,362 Other liabilities -2,345 Total licenses and Permits 8,602 Net identifiable assets acquired 1,676 Paid in Shares 500 Paid in cash 1,176 Total paid 1,676
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-188": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-227": { "value": "
2.3 Foreign currency translation
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.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-189": { "value": "
2.3 Foreign currency translation
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-190": { "value": "
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn7": { "value": "
2.4 Segment reporting The Group operates through a number of operating segments, which are consistent with the internal reporting provided to the Group\u2019s Executive Management Team and the Board of Directors, who collectively act as the Group\u2019s Chief Operating Decision Maker. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-191": { "value": "
2.4 Segment reporting The Group operates through a number of operating segments, which are consistent with the internal reporting provided to the Group\u2019s Executive Management Team and the Board of Directors, who collectively act as the Group\u2019s Chief Operating Decision Maker. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-235": { "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 of services are recognized as income once the service has been rendered. 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. 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
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Sale of oil 9,894 12,770 Sale of gas 6,917 6,850 Total sales 16,811 19,620
Royalty agreements in Colombia In Colombia, the Group is subject to royalty obligations under agreements with Ecopetrol S.A. and the Agencia Nacional de Hidrocarburos (ANH). These royalties typically range between 8% and 20% of the gross realized oil price, depending on the specific contract terms and field characteristics. Royalties may be settled either in cash or in kind (i.e., through deliveries of crude oil). When royalties are paid in kind, the Group excludes the corresponding volumes and values from total revenue. In contrast, royalties paid in cash are recognized as part of production costs. For 2024 in royalties paid in kind amounted to 7,513 barrels, corresponding to Mana and Rio opia fields production. Remaing royalited in Colombia and Argentina is paid in cash. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-192": { "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 of services are recognized as income once the service has been rendered. 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-193": { "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 of services are recognized as income once the service has been rendered. 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. 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
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Sale of oil 9,894 12,770 Sale of gas 6,917 6,850 Total sales 16,811 19,620
Royalty agreements in Colombia In Colombia, the Group is subject to royalty obligations under agreements with Ecopetrol S.A. and the Agencia Nacional de Hidrocarburos (ANH). These royalties typically range between 8% and 20% of the gross realized oil price, depending on the specific contract terms and field characteristics. Royalties may be settled either in cash or in kind (i.e., through deliveries of crude oil). When royalties are paid in kind, the Group excludes the corresponding volumes and values from total revenue. In contrast, royalties paid in cash are recognized as part of production costs. For 2024 in royalties paid in kind amounted to 7,513 barrels, corresponding to Mana and Rio opia fields production. Remaing royalited in Colombia and Argentina is paid in cash. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-250": { "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. The income tax expense consists of the tax payable and changes to deferred tax. 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.
Non-current income tax Non-current income tax liabilities represent tax amounts that have been refinanced and are payable more than 12 months after the reporting date
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 A reconciliation between tax expense and the product of accounting profit and the nominal tax rate:
* Only Interoil Colombia Exploratin and production is subject to Income Tax for 2023 and 2024. The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. There are no loss tax carry forward at the date of the Financlial Statements. Income tax payable: 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 with no interests applied. Amounts refinanced are included based on payment dated under current and noncurrent tax payable in the balance sheet. Maturity of the income tax payable: * No interest is charged under the payment agreement. For the year ended 31 December Amounts in USD 1000 2024 2023 Accounting (loss)/profit before income tax -17,115 -9,818 Results for entities not based to income tax -11,382 -13,946 Revenues based to income tax -5,733 4,128 Results not based to income tax -4,529 - Income tax base * -1,204 4,128 Expected income tax according to nominal tax rate 1,653 1,438 Prior year adjustments -449 84 Permanent differences - 59 Total income tax expense 1,204 1,581 Amounts in USD 1000 2024 2023 Current tax payable 1,111 - Non current tax payable 2,585 3,235 Total income tax payable 3,696 3,235 Amounts in USD 1000 * 2024 2023 0-12months 1,111 - Between 1and 2years 1,590 1,185 Between 2and 5years 995 2,050 Total income tax payable 3,696 3,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-194": { "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. The income tax expense consists of the tax payable and changes to deferred tax. 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.
Non-current income tax Non-current income tax liabilities represent tax amounts that have been refinanced and are payable more than 12 months after the reporting date
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-249": { "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 A reconciliation between tax expense and the product of accounting profit and the nominal tax rate:
* Only Interoil Colombia Exploratin and production is subject to Income Tax for 2023 and 2024. The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. There are no loss tax carry forward at the date of the Financlial Statements. Income tax payable: 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 with no interests applied. Amounts refinanced are included based on payment dated under current and noncurrent tax payable in the balance sheet. Maturity of the income tax payable: * No interest is charged under the payment agreement. For the year ended 31 December Amounts in USD 1000 2024 2023 Accounting (loss)/profit before income tax -17,115 -9,818 Results for entities not based to income tax -11,382 -13,946 Revenues based to income tax -5,733 4,128 Results not based to income tax -4,529 - Income tax base * -1,204 4,128 Expected income tax according to nominal tax rate 1,653 1,438 Prior year adjustments -449 84 Permanent differences - 59 Total income tax expense 1,204 1,581 Amounts in USD 1000 2024 2023 Current tax payable 1,111 - Non current tax payable 2,585 3,235 Total income tax payable 3,696 3,235 Amounts in USD 1000 * 2024 2023 0-12months 1,111 - Between 1and 2years 1,590 1,185 Between 2and 5years 995 2,050 Total income tax payable 3,696 3,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-195": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn12": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-196": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-200": { "value": "
Exploration costs expensed includes seismic
acquisitions, internal costs incurred and the cost of dry wells.
Exploration and evaluation of assets Some exploration and evaluation assets are classified as intangible assets according to IFRS 6, for example,
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
17. EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets correspond to Ca\u00f1adon Ramirez and La Brea which were acquired in 2019.
Period ended 31 December Amounts in USD 1000 2024 2023 Exploration and evaluation assets 3,605 3,605 Total exploration and evaluation assets 3,605 3,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-197": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-251": { "value": "
2.8 Property, plant, and equipment
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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 of 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:
Impairment testing of individual cash-generating units is performed when impairment indicators are identified. The significant decrease in proved gas reserves is considered to represent an impairment trigger, and an impairment test of fixed assets has been performed.
Oil & Gas Other Cost properties PP&E Total As at January 1 2023 restated 103,428 10,431 113,859 Additions 2,173 1,863 4,036 Changes in ARO 2,640 - 2,640 Disposals -119 - -119 As at December 31 2023 restated 108,122 12,294 120,416 Additions 124 913 1,037 Impairment charge -332 - -332 Impairment reversal 1,479 - 1,479 Changes in ARO -1,100 - -1,100 Disposals -2,025 - -2,025 As at December 31 2024 106,268 13,207 119,475 Oil & Gas Other Depreciation properties PP&E Total As at January 1 2023 restated -86,526 -10,979 -97,505 Depreciation -5,611 -347 -5,958 Depreciation eliminated in Disposal - 119 119 As at December 31 2023 restated -92,137 -11,207 -103,344 Depreciation -2,868 -337 -3,205 Depreciation eliminated in Disposal - 1,737 1,737 As at December 31 2024 -95,005 -9,807 -104,812 Oil & Gas Other Net value properties PP&E Total As at December 31 2023 restated 15,985 1,087 17,072 As at December 31 2024 11,263 3,400 14,663 For the year ended 31 December Amounts in USD 1000 2024 2023 restated Depreciation 3,052 5,741 Administrative expenses (Note 9) 153 217 Total depreciation expense 3,205 5,958
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 1P 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, abandonment costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See notes 2.16 for further information. During the current year, abandonment cost estimates in colombia were reviewed and significantly reduced in several CGUs. These revised estimates had a material positive impact on the recoverable value of the assets, as lower abandonment obligations increased the net present value of future cash flows. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. This amount comprises an impairment reversal of USD 1.342 million in the Mana field and USD 0.137 million in the R\u00edo Opia field, partially offset by an impairment charge recognised for the Altair field. No changes in recoverable amounts were recorded for the Vikingo field or the CGUs in Argentina. During 2024, the sale of operational assets in Colombia resulted in a gain of USD 0.9 million, with a net cost basis of USD 0.288 million for the assets sold. 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:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-198": { "value": "
2.8 Property, plant, and equipment
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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 of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn55": { "value": "
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn15": { "value": "
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn16": { "value": "
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-199": { "value": "
2.8.1 Intangible assets
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. Other intangible assets Licenses and permits are recognized as intangible assets when the company has control over the rights, it is probable that future economic benefits will flow to the company, and the cost of the asset can be measured reliably. Licenses and permits acquired in a business combination, are recognized at fair value at the acquisition date. If acquired separately are initially measured at cost, including any directly attributable acquisition costs. Licenses and permits with a finite useful life are amortized on a straight-line basis over their estimated useful lives. The amortization period and method are reviewed at least annually. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-201": { "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 of 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.
2.14 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.
2.16.1 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.
2.16.3 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn18": { "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 of 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.
2.16.1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-253": { "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 of 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.
2.16.1 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. The significant decrease in proved gas reserves is considered to represent an impairment trigger, and an impairment test of fixed assets has been performed.
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 1P 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, abandonment costs and development capital expenditures, long-term inflation and foreign exchange rates which could impact the calculation of recoverable amounts for CGUs. See notes 2.16 for further information. During the current year, abandonment cost estimates in colombia were reviewed and significantly reduced in several CGUs. These revised estimates had a material positive impact on the recoverable value of the assets, as lower abandonment obligations increased the net present value of future cash flows. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. This amount comprises an impairment reversal of USD 1.342 million in the Mana field and USD 0.137 million in the R\u00edo Opia field, partially offset by an impairment charge recognised for the Altair field. No changes in recoverable amounts were recorded for the Vikingo field or the CGUs in Argentina. During 2024, the sale of operational assets in Colombia resulted in a gain of USD 0.9 million, with a net cost basis of USD 0.288 million for the assets sold. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-202": { "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 of 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.
2.16.1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-263": { "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.
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.
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
23. FINANCIAL INSTRUMENTS
Period ended 31 December 2024 Assets and liabilities at amortized Amounts in USD 1000 Notes cost Current: Trade and other receivables 20 11,627 Cash and cash equivalents 24 4,983 Total financial assets 16,610 Non-current: Bond loan USD 27 24,976 Financial institutions 27 808 Current: Bond loan USD 27 1,251 Financial institutions 27 1,846 Notes 27 8,423 Trade and other payables 29 26,970 Total financial liabilities 64,274
The bonds are measured at amortized cost. Management\u2019s expectation is that the bonds, which mature in January 2026, will be paid in full despite the current uncertainty expressed in note 4 related to going concern and liquidity issues.
Period ended 31 December 2023 (restated) Assets and liabilities at amortized Amounts in USD 1000 Notes cost Current: Trade and other receivables 20 8,307 Cash and cash equivalents 24 5,429 Total financial assets 13,736 Non-current: Bond loan USD 27 23,877 Current: Financial institutions 27 807 Notes 27 2,744 Trade and other payables 29 17,386 Total financial liabilities 44,814
27. BORROWINGS Interoil Argentina is the holder of a portfolio of short-term notes with varying maturities and interest rates, depending on the currency and structure of each instrument. The duration of these notes ranges from 30 to 365 days. Interest rates differ based on the type of note: USD-linked notes bear interest at rates of approximately 10%, while notes denominated in Argentine pesos (ARS) carry higher interest rates of up to 39%. The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests):
Period ended 31 December Amounts in USD 1000 2024 2023 Bond loan 26,227 23,877 Financial institutions 2,654 807 Notes 9,466 3,727 Total borrowings 38,347 28,411 Of which, current portion: Bond loan 1,251 - Financial institutions 1,846 807 Notes 8,423 2,744 Of which, current portion 11,520 3,551 Amounts in USD 1000 2024 2023 0-12months 13,133 4,048 Between 1and 2years 24,976 1,251 Between 2and 5years 2,406 23,609 Total borrowings 40,515 28,908
The evolution of the Group\u2019s borrowings, is as follows: The Bond loan recognized in the statement of financial position is calculated as follows: Bond fair value Management\u2019s expectation is that the bonds, which mature in January 2026, will be paid in full despite the current uncertainty expressed in note 2 related to going concern and liquidity issues. Therefore, it is managment\u2019s evaluation that the carrying value is a appropriate approximation for the fair value of the bonds as of 31 December 2024. According to external sources such as Bloomberg, the fair value of the bonds is approximately 75% of their nominal value, corresponding to a total amount of USD 22.066.191. 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. Bond Covenants Information Covenants Prompt notice to the Bond Trustee of: o Any Event of Default. o Any sale of significant assets or operational changes. Bond Financial institutions Notes Total Balance at 31 December 2022 22,899 920 - 23,819 Interest accrued 2,153 114 286 2,553 Exchange effect - 224 591 815 Interest paid -1,175 -148 - -1,323 New loans - 219 2,850 3,069 Repayment - -522 - -522 Balance at 31 December 2023 23,877 807 3,727 28,411 Interest accrued 2,350 285 621 3,256 Exchange effect - -257 -113 -370 Interest paid - -280 - -280 New loans - 3,011 5,231 8,242 Repayment - -912 - -912 Balance at 31 December 2024 26,227 2,654 9,466 38,347 Amounts in USD 1000 2024 2023 Bond loan at january 23,877 22,899 PIK pr. 31.07.23 - 978 PIK 31.01.2024 1,151 - PIK 31.07.2024 1,199 - Balance at 31 December 26,227 23,877
Publication of: o Annual Financial Statements (within 120 days of year-end). Interim Accounts (within 60 days of quarter-end). General Covenants o Listing: Shares must remain listed on Oslo B\u00f8rs or a comparable exchange. o Maintain and insure oil & gas assets to industry standards. o No sale or disposal of productive assets if materially adverse. o Maintain legal title and beneficial interest. o Ensure assets are properly registered in Colombia. For further information regarding the bond, please refer to Note 10 in the parent company financial statements
28. PROVISIONS FOR OTHER LIABILITIES AND CHARGES The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Assets retirement Other Obligation Obligations As at January 1 2023 2,764 2,626 Additions 2,640 247 Utilizations - -11 Actualization 5,593 187 As at January 1 2024 10,997 3,049 Additions -881 1,018 Utilizations - -955 Actualization -1,087 -1,954 As at December 31 2024 9,029 1,158 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. Period ended 31 December Amounts in USD 1000 2024 2023 restated Asset retirement obligations 9,029 10,997 Other obligations 1,158 3,049 Total provisions for other liabilities and charges 10,187 14,046 Of which, current portion: 1,145 1,139
Other 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-229": { "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.
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-259": { "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.
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-205": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-207": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-203": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-252": { "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:
Oil & Gas Other Cost properties PP&E Total As at January 1 2023 restated 103,428 10,431 113,859 Additions 2,173 1,863 4,036 Changes in ARO 2,640 - 2,640 Disposals -119 - -119 As at December 31 2023 restated 108,122 12,294 120,416 Additions 124 913 1,037 Impairment charge -332 - -332 Impairment reversal 1,479 - 1,479 Changes in ARO -1,100 - -1,100 Disposals -2,025 - -2,025 As at December 31 2024 106,268 13,207 119,475 Oil & Gas Other Depreciation properties PP&E Total As at January 1 2023 restated -86,526 -10,979 -97,505 Depreciation -5,611 -347 -5,958 Depreciation eliminated in Disposal - 119 119 As at December 31 2023 restated -92,137 -11,207 -103,344 Depreciation -2,868 -337 -3,205 Depreciation eliminated in Disposal - 1,737 1,737 As at December 31 2024 -95,005 -9,807 -104,812 Oil & Gas Other Net value properties PP&E Total As at December 31 2023 restated 15,985 1,087 17,072 As at December 31 2024 11,263 3,400 14,663 For the year ended 31 December Amounts in USD 1000 2024 2023 restated Depreciation 3,052 5,741 Administrative expenses (Note 9) 153 217 Total depreciation expense 3,205 5,958
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-204": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn23": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-206": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-208": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-209": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-211": { "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
hierarchy is based on the lowest level of input that is significant to the fair value measurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-210": { "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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-212": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-269": { "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
27. BORROWINGS Interoil Argentina is the holder of a portfolio of short-term notes with varying maturities and interest rates, depending on the currency and structure of each instrument. The duration of these notes ranges from 30 to 365 days. Interest rates differ based on the type of note: USD-linked notes bear interest at rates of approximately 10%, while notes denominated in Argentine pesos (ARS) carry higher interest rates of up to 39%. The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests):
Period ended 31 December Amounts in USD 1000 2024 2023 Bond loan 26,227 23,877 Financial institutions 2,654 807 Notes 9,466 3,727 Total borrowings 38,347 28,411 Of which, current portion: Bond loan 1,251 - Financial institutions 1,846 807 Notes 8,423 2,744 Of which, current portion 11,520 3,551 Amounts in USD 1000 2024 2023 0-12months 13,133 4,048 Between 1and 2years 24,976 1,251 Between 2and 5years 2,406 23,609 Total borrowings 40,515 28,908
The evolution of the Group\u2019s borrowings, is as follows: The Bond loan recognized in the statement of financial position is calculated as follows: Bond fair value Management\u2019s expectation is that the bonds, which mature in January 2026, will be paid in full despite the current uncertainty expressed in note 2 related to going concern and liquidity issues. Therefore, it is managment\u2019s evaluation that the carrying value is a appropriate approximation for the fair value of the bonds as of 31 December 2024. According to external sources such as Bloomberg, the fair value of the bonds is approximately 75% of their nominal value, corresponding to a total amount of USD 22.066.191. 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. Bond Covenants Information Covenants Prompt notice to the Bond Trustee of: o Any Event of Default. o Any sale of significant assets or operational changes. Bond Financial institutions Notes Total Balance at 31 December 2022 22,899 920 - 23,819 Interest accrued 2,153 114 286 2,553 Exchange effect - 224 591 815 Interest paid -1,175 -148 - -1,323 New loans - 219 2,850 3,069 Repayment - -522 - -522 Balance at 31 December 2023 23,877 807 3,727 28,411 Interest accrued 2,350 285 621 3,256 Exchange effect - -257 -113 -370 Interest paid - -280 - -280 New loans - 3,011 5,231 8,242 Repayment - -912 - -912 Balance at 31 December 2024 26,227 2,654 9,466 38,347 Amounts in USD 1000 2024 2023 Bond loan at january 23,877 22,899 PIK pr. 31.07.23 - 978 PIK 31.01.2024 1,151 - PIK 31.07.2024 1,199 - Balance at 31 December 26,227 23,877
Publication of: o Annual Financial Statements (within 120 days of year-end). Interim Accounts (within 60 days of quarter-end). General Covenants o Listing: Shares must remain listed on Oslo B\u00f8rs or a comparable exchange. o Maintain and insure oil & gas assets to industry standards. o No sale or disposal of productive assets if materially adverse. o Maintain legal title and beneficial interest. o Ensure assets are properly registered in Colombia. For further information regarding the bond, please refer to Note 10 in the parent company financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-213": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-271": { "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
29. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade creditors 12,065 14,935 Public duties payable 2,438 133 Prepayment from customers 880 872 Other accrued expenses 11,587 1,446 Total trade and other payables 26,970 17,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-214": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn51": { "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.
25. 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 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. On January, 2024 Interoil executed a reverse share split (share consolidation) in the ratio of 10:1 to meet Euronext Oslo B\u00f8rs\u2019 requirements of a minimum share value of NOK 1 per share. Following the reverse split, Interoil has 20,134,428 shares outstanding each with a par value of NOK 5. Number of Share Share Amounts in USD 1000 Shares (1000) capital premium Total At 31 December 2022 19,652 41,177 124,431 165,608 Increase ARG Assets acquisition 15.07.23 482 500 - 500 At 31 December 2023 restated and 2024 20,134 41,677 124,431 166,108
Top 20 shareholders & consolidated nominee accounts As of 31 December 2024 Company Shares held % of total shares Euroclear Bank S.A./N.V. 3,477,178 17.27% GENIPABU INVESTMENTS LLC 2,127,532 10.57% SIX SIS AG 982,148 4.88% Pershing LLC 771,722 3.83% UBS Switzerland AG 669,914 3.33% Nordnet Bank AB 620,852 3.08% International Capital Markets Grou 548,323 2.72% Citibank, N.A. 517,343 2.57% ARNE HELLEST\u00d8 AS 399,516 1.98% CLEARSTREAM BANKING S.A. 325,674 1.62% Brown Brothers Harriman & Co. 275,548 1.37% NORDNET LIVSFORSIKRING AS 226,108 1.12% TEIR, Maged Elabd Soliman Abu 200,000 0.99% MATHISEN, Per Harald 146,700 0.73% OLSEN, Terje 135,100 0.67% Danske Bank A/S 132,361 0.66% LUNDE, Odd Arild 120,000 0.60% CICEKDAG, Sehmus 116,467 0.58% SVENDSEN, Tor Egil 115,000 0.57% NYGAARD, Arvid Halvor 111,474 0.55% Total 20 largest shareholders 12,018,960 59.69% Other 8,115,468 40.31% Total 20,134,428 100.00% As of 31 December 2023 Company Shares held % of total shares GENIPABU INVESTMENTS LLC 21,275,320 10.57% Euroclear Bank S.A./N.V. 21,171,710 10.52% Integra Oil and Gas S.A 13,600,030 6.75% SIX SIS AG 9,796,602 4.87% Pershing LLC 7,375,695 3.66% Credit Suisse (Switzerland) Ltd. 6,263,909 3.11% Nordnet Bank AB 5,535,274 2.75% International Capital Markets Grou 5,483,236 2.72% Brown Brothers Harriman & Co. 4,824,591 2.40% ARNE HELLEST\u00d8 AS 3,601,907 1.79% CLEARSTREAM BANKING S.A. 3,232,471 1.61% NORDNET LIVSFORSIKRING AS 2,687,026 1.33% HELLEST\u00d8, Arne Fredrik 1,537,742 0.76% LEFDALSNES, Johan Gunnar God\u00f8 1,402,269 0.70% OLSEN, Terje 1,260,000 0.63% Danske Bank A/S 1,256,135 0.62% SVENDSEN, Tor Egil 1,150,000 0.57% LUNDE, Odd Arild 1,146,507 0.57% SIMPSON, Michael Robert William 1,062,078 0.53% S\u00c6THRE, S\u00e6tre 1,050,001 0.52% Total 20 largest shareholders 114,712,503 56.97% Other 86,631,771 43.03% Total 201,344,274 100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-266": { "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.
25. 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 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. On January, 2024 Interoil executed a reverse share split (share consolidation) in the ratio of 10:1 to meet Euronext Oslo B\u00f8rs\u2019 requirements of a minimum share value of NOK 1 per share. Following the reverse split, Interoil has 20,134,428 shares outstanding each with a par value of NOK 5. Number of Share Share Amounts in USD 1000 Shares (1000) capital premium Total At 31 December 2022 19,652 41,177 124,431 165,608 Increase ARG Assets acquisition 15.07.23 482 500 - 500 At 31 December 2023 restated and 2024 20,134 41,677 124,431 166,108
Top 20 shareholders & consolidated nominee accounts As of 31 December 2024 Company Shares held % of total shares Euroclear Bank S.A./N.V. 3,477,178 17.27% GENIPABU INVESTMENTS LLC 2,127,532 10.57% SIX SIS AG 982,148 4.88% Pershing LLC 771,722 3.83% UBS Switzerland AG 669,914 3.33% Nordnet Bank AB 620,852 3.08% International Capital Markets Grou 548,323 2.72% Citibank, N.A. 517,343 2.57% ARNE HELLEST\u00d8 AS 399,516 1.98% CLEARSTREAM BANKING S.A. 325,674 1.62% Brown Brothers Harriman & Co. 275,548 1.37% NORDNET LIVSFORSIKRING AS 226,108 1.12% TEIR, Maged Elabd Soliman Abu 200,000 0.99% MATHISEN, Per Harald 146,700 0.73% OLSEN, Terje 135,100 0.67% Danske Bank A/S 132,361 0.66% LUNDE, Odd Arild 120,000 0.60% CICEKDAG, Sehmus 116,467 0.58% SVENDSEN, Tor Egil 115,000 0.57% NYGAARD, Arvid Halvor 111,474 0.55% Total 20 largest shareholders 12,018,960 59.69% Other 8,115,468 40.31% Total 20,134,428 100.00% As of 31 December 2023 Company Shares held % of total shares GENIPABU INVESTMENTS LLC 21,275,320 10.57% Euroclear Bank S.A./N.V. 21,171,710 10.52% Integra Oil and Gas S.A 13,600,030 6.75% SIX SIS AG 9,796,602 4.87% Pershing LLC 7,375,695 3.66% Credit Suisse (Switzerland) Ltd. 6,263,909 3.11% Nordnet Bank AB 5,535,274 2.75% International Capital Markets Grou 5,483,236 2.72% Brown Brothers Harriman & Co. 4,824,591 2.40% ARNE HELLEST\u00d8 AS 3,601,907 1.79% CLEARSTREAM BANKING S.A. 3,232,471 1.61% NORDNET LIVSFORSIKRING AS 2,687,026 1.33% HELLEST\u00d8, Arne Fredrik 1,537,742 0.76% LEFDALSNES, Johan Gunnar God\u00f8 1,402,269 0.70% OLSEN, Terje 1,260,000 0.63% Danske Bank A/S 1,256,135 0.62% SVENDSEN, Tor Egil 1,150,000 0.57% LUNDE, Odd Arild 1,146,507 0.57% SIMPSON, Michael Robert William 1,062,078 0.53% S\u00c6THRE, S\u00e6tre 1,050,001 0.52% Total 20 largest shareholders 114,712,503 56.97% Other 86,631,771 43.03% Total 201,344,274 100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-215": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-262": { "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.
22. INVENTORIES
Period ended 31 December Amounts in USD 1000 2024 2023 restated Spare parts etc 1,200 674 Crude oil 173 105 Total inventories 1,373 779
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-216": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-261": { "value": "
2.11 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.
2.16.2 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 28).
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.
28. PROVISIONS FOR OTHER LIABILITIES AND CHARGES The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Assets retirement Other Obligation Obligations As at January 1 2023 2,764 2,626 Additions 2,640 247 Utilizations - -11 Actualization 5,593 187 As at January 1 2024 10,997 3,049 Additions -881 1,018 Utilizations - -955 Actualization -1,087 -1,954 As at December 31 2024 9,029 1,158 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. Period ended 31 December Amounts in USD 1000 2024 2023 restated Asset retirement obligations 9,029 10,997 Other obligations 1,158 3,049 Total provisions for other liabilities and charges 10,187 14,046 Of which, current portion: 1,145 1,139
Other 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. 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. For 2024 the legal provisions amounted approximately USD 90,000 for Interoil Argentina. Additionally, provisions of approximately USD 460,000 were recognized in connection with commercial claims related to the Santa Cruz joint operation
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-217": { "value": "
2.11 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.
2.16.2 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 28).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-218": { "value": "
2.11 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.
2.16.2 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 28).
28. PROVISIONS FOR OTHER LIABILITIES AND CHARGES The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Assets retirement Other Obligation Obligations As at January 1 2023 2,764 2,626 Additions 2,640 247 Utilizations - -11 Actualization 5,593 187 As at January 1 2024 10,997 3,049 Additions -881 1,018 Utilizations - -955 Actualization -1,087 -1,954 As at December 31 2024 9,029 1,158 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. Period ended 31 December Amounts in USD 1000 2024 2023 restated Asset retirement obligations 9,029 10,997 Other obligations 1,158 3,049 Total provisions for other liabilities and charges 10,187 14,046 Of which, current portion: 1,145 1,139
Other 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. 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. For 2024 the legal provisions amounted approximately USD 90,000 for Interoil Argentina. Additionally, provisions of approximately USD 460,000 were recognized in connection with commercial claims related to the Santa Cruz joint operation
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn32": { "value": "
2.12 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-219": { "value": "
2.12 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn48": { "value": "
2.13 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 HELD FOR SALE 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
Period ended 31 December Amounts in USD 1000 2024 2023 Asets held for sale 1,677 1,737 Total asets held for sale 1,677 1,737
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. As of year-end 2024, the facility's book value has been supported by two independent valuations. The Group remains committed to pursuing the best possible outcome from the sale of this asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn34": { "value": "
2.13 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-254": { "value": "
2.13 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 HELD FOR SALE 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
Period ended 31 December Amounts in USD 1000 2024 2023 Asets held for sale 1,677 1,737 Total asets held for sale 1,677 1,737
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. As of year-end 2024, the facility's book value has been supported by two independent valuations. The Group remains committed to pursuing the best possible outcome from the sale of this asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-220": { "value": "
2.13 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn35": { "value": "
2.13 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-221": { "value": "
2.13 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn56": { "value": "
2.15 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn36": { "value": "
2.15 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn37": { "value": "
2.15 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-222": { "value": "
2.15 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-223": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-224": { "value": "
2.16.2 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 28).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-225": { "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
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.
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 on going 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 liquidity constraints in prior years, the Group has not declared dividends. The Group's operating cash flows may not consistently cover the full scope of its ongoing obligations and planned development expenditures. 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 may 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. 3.5 Risk Management and Internal Control Over Financial Reporting The Company\u2019s internal control framework over financial reporting is based on established policies and procedures, clear lines of responsibility, segregation of duties, and appropriate authorization and approval structures. Key elements include: \u2022 Governance Structure: The Group has implemented a clear governance model, with defined roles and responsibilities for financial reporting, including oversight by the Audit Committee. \u2022 Risk Assessment: Management regularly evaluates risks that could affect the integrity of financial reporting, including risks arising from changes in operations, accounting standards, or IT systems. \u2022 Control Activities: These include reconciliations, management reviews, system access controls, and documented policies and procedures for key financial processes. \u2022 Information and Communication: The Group ensures that relevant financial information is communicated timely and accurately within the organization and to external stakeholders.
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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.
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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.
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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.
28. PROVISIONS FOR OTHER LIABILITIES AND CHARGES The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Assets retirement Other Obligation Obligations As at January 1 2023 2,764 2,626 Additions 2,640 247 Utilizations - -11 Actualization 5,593 187 As at January 1 2024 10,997 3,049 Additions -881 1,018 Utilizations - -955 Actualization -1,087 -1,954 As at December 31 2024 9,029 1,158 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. Period ended 31 December Amounts in USD 1000 2024 2023 restated Asset retirement obligations 9,029 10,997 Other obligations 1,158 3,049 Total provisions for other liabilities and charges 10,187 14,046 Of which, current portion: 1,145 1,139
Other 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.
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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 on going 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 liquidity constraints in prior years, the Group has not declared dividends. The Group's operating cash flows may not consistently cover the full scope of its ongoing obligations and planned development expenditures. 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 may 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. 3.5 Risk Management and Internal Control Over Financial Reporting The Company\u2019s internal control framework over financial reporting is based on established policies and procedures, clear lines of responsibility, segregation of duties, and appropriate authorization and approval structures. Key elements include: \u2022 Governance Structure: The Group has implemented a clear governance model, with defined roles and responsibilities for financial reporting, including oversight by the Audit Committee. \u2022 Risk Assessment: Management regularly evaluates risks that could affect the integrity of financial reporting, including risks arising from changes in operations, accounting standards, or IT systems. \u2022 Control Activities: These include reconciliations, management reviews, system access controls, and documented policies and procedures for key financial processes. \u2022 Information and Communication: The Group ensures that relevant financial information is communicated timely and accurately within the organization and to external stakeholders.
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4. GOING CONCERN The bond loan matures in January 2026, and at present, the company does not expect to have the required liquidity to fully repay the bond at maturity. The Board of Directors is actively engaged in discussions with the bondholders to explore several potential alternatives. While progress has been made, no final decision or agreement has been reached at this stage. There can be no assurance that the Board will succeed in these ongoing discussions. As of December 31, 2024, both the Group and the parent entity are operating with a negative equity position, which further highlights the financial challenges faced by the company. In January 2025, at the Company\u2019s request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds. A similar interest payment is due in July 2025, and the Company\u2019s ability to meet this obligation remains uncertain. In addition, the Group currently operates with a
significantly negative working capital, which exacerbates the uncertainty regarding its ability to meet short-term obligations. The Board has assessed the company\u2019s financial position under Section 3-5 of the Norwegian Public Limited Liability Companies Act, which requires action if equity is inadequate or obligations cannot be met. Measures have been initiated, and the Board will continue to monitor and address the situation as needed. These factors indicate the existence of material uncertainties that may cast significant doubt on the company\u2019s ability to continue as a going concern. However, the Board of Directors remains reasonably confident that a viable solution will be reached to address the bond loan maturity, the upcoming interest payments, and the Group\u2019s financial challenges. The financial statements Annual Report have been prepared under the going concern assumption and the Board of Directors hereby confirms that this assumption is valid.
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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, purchase of goods and services and number of employees. In addition, all payments to governmental authorities.
Amounts in USD 1 000 2024 2024 2023 restated 2023 restated Colombia Argentina Colombia Argentina Revenues 8,995 7,816 10,510 9,110 Cost of goods sold -4,360 -12,172 -4,792 2,157 Investments 9,727 7,345 9,727 4,276 Salaries and social benefit 585 744 960 583 Production Wi (BOE) 156,859 418,076 170,782 434,366 Number of employees 52 77 52 78
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.
Oil Reserves by geographical region For a full description of the \u201c2007 PRMS\u201d, please refer to the Society of Petroleum Engineers website: www.spe.org Colombia Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0.315 0.101 0.333 0.201 0.667 0.320 1P Developed Non-Producing reserves - PDNP 0.057 0.142 0.082 0.037 0.093 0.054 1P Non-Developed reserves - PND - - - - - - Total Proven reserves 1P 0.372 0.243 0.415 0.238 0.760 0.373 Total Proven and probable reserves 2P 0.417 1.157 0.623 0.267 0.762 0.403 Net equity after royalties Gross operated (100%) Argentina Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0.125 3.501 0.749 0.064 1.430 0.319 1P Developed Non-Producing reserves - PDNP 0.381 0.484 0.467 0.245 0.198 0.280 1P Non-Developed reserves - PND - - - - - - Total Proven reserves 1P 0.506 3.985 1.216 0.309 1.628 0.599 Total Proven and probable reserves 2P 0.795 4.141 1.533 0.506 1.691 0.807 Gross operated (100%) Net equity after royalties As of 31 December 2023 Colombia Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0.506 1.191 0.718 0.323 0.757 0.458 1P Developed Non-Producing reserves - PDNP 0.078 0.656 0.195 0.048 0.417 0.122 1P Non-Developed reserves - PND - - - - - - Total Proven reserves 1P 0.584 1.847 0.913 0.371 1.174 0.580 Total Proven and probable reserves 2P 0.653 2.037 1.016 0.417 0.231 0.648 Gross operated (100%) Net equity after royalties Argentina Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0.199 6.739 1.400 0.311 2.919 0.831 1P Developed Non-Producing reserves - PDNP 0.431 0.384 0.499 0.047 0.157 0.075 1P Non-Developed reserves - PND - - - - - - Total Proven reserves 1P 0.630 7.123 1.900 0.358 3.076 0.906 Total Proven and probable reserves 2P 0.914 7.545 2.259 0.636 3.258 1.544 Gross operated (100%) Net equity after royalties
Aggregated equity oil and gas Reserves, Production, Developments and Adjustments Notes Mmboe = million stock tank barrels of oil equivalent Gross Reserves are Operated Reserves Equity reserves: Colombia - Net after Royalty 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 As of 31 December 2024 Cross operated (100%) Oil Gas Total PDP PDNP Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) Reserves at 31.12.23 1,214 8,970 2,813 1,567 9,582 3,275 Production -0,233 -2,726 -0,719 -0,233 -2,726 -0,719 Acquisition - - - - - - Revisions -0,103 -1,228 -0,322 -0,122 -1,558 -0,400 Reserves at 31.12.24 0,878 5,016 1,772 1,212 5,298 2,156 1P 2P As of 31 December 2023 Cross operated (100%) Oil Gas Total PDP PDNP Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) Reserves at 31.12.22 0,913 10,947 2,865 1,857 16,237 4,752 Production -0,268 -3,720 -0,931 -0,267 -3,720 -0,930 Acquisition - - - - - - Revisions 0,569 1,743 0,879 -0,023 -2,900 -0,540 Reserves at 31.12.23 1,214 8,970 2,813 1,567 9,582 3,275 1P 2P
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6. SEGMENT INFORMATION The Group operates through a number of operating segments, which are consistent with the internal reporting provided to the Group\u2019s Executive Management Team and the Board of Directors, who collectively act as the Group\u2019s Chief Operating Decision Maker . The Group has three reportable segments, Colombia, Argentina and Norway, 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.
Comprehensive Income As of 31 December 2024 Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Total Revenue 8,995 7,816 412 -412 16,811 Cost of goods sold -4,360 -12,172 - - -16,532 Depreciation -2,277 -4,788 - - -7,065 Gross profit/(loss) 2,358 -9,144 412 -412 -6,786 Exploration cost expensed -776 - - - -776 Administrative expense -3,724 -1,755 -723 412 -5,790 Impairment 1,147 - -24,421 24,421 1,147 Other income 1,287 - -26 - 1,261 Result from operating activities 292 -10,899 -24,758 24,421 -10,944 Finance (costs)/Income, net -6 -3,148 -1,870 - -5,024 (Loss) before income tax 286 -14,047 -26,628 - -15,968 Income tax expense -1,204 - - - -1,204 (Loss) for the period -918 -14,047 -26,628 - -17,172 Total comprehensive loss for the year -918 -14,047 -26,628 - -17,172 As of 31 December 2023 - restated Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Total Revenue 10,510 9,110 491 -491 19,620 Cost of goods sold -4,792 -4,234 - - -9,026 Depreciation -2,072 -3,669 - - -5,741 Gross profit/(loss) 3,646 1,207 491 -491 4,853 Exploration cost expensed -592 - - - -592 Administrative expense -4,793 -4,214 -745 491 -9,261 Other income - 13 237 - 250 Result from operating activities -1,739 -2,994 -17 491 -4,750 Finance (costs)/Income, net -1,545 -1,089 -2,434 - -5,068 (Loss) before income tax -3,284 -4,083 -2,451 - -9,818 Income tax expense -1,581 - - - -1,581 (Loss) for the period -4,865 -4,083 -2,451 - -11,399 Total comprehensive loss for the year -4,865 -4,083 -2,451 - -11,399
Financial Position
As of 31 December 2024 Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Intangible assets - 4,589 - - 4,589 Property, plant and equipment 6,610 8,053 - - 14,663 Exploration assets - 3,605 - - 3,605 Other assets 8,997 15,095 764 - 24,856 Total segment assets 15,607 31,342 764 - 47,713 Borrowings 2,654 8,423 27,270 - 38,347 Trade and other payables 3,599 20,230 3,140 - 26,969 Other liabilities 8,558 6,069 - - 14,627 Total segment liabilities 14,811 34,722 30,410 - 79,943 Equity 796 -3,380 -29,646 - -32,230 As of 31 December 2023 - restated Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Intangible assets - 8,602 - - 8,602 Property, plant and equipment 9,727 7,345 - - 17,072 Exploration assets - 3,605 - - 3,605 Other assets 6,230 12,126 887 - 19,243 Total segment assets 15,957 31,678 887 - 48,522 Borrowings 2,654 897 24,860 - 28,411 Trade and other payables 7,301 7,326 2,759 - 17,386 Other liabilities 6,029 11,754 - - 17,783 Total segment liabilities 15,984 19,977 27,619 - 63,580 Equity -27 11,701 -26,732 - -15,058
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8. COST OF GOODS SOLD Lifting costs, specifications: For the year ended 31 December Amounts in USD 1000 2024 2023 restated Lifting costs 14,881 7,917 Royalties 1,033 1,025 Other costs 618 84 Total cost of goods sold 16,532 9,026 Amounts in USD 1000 2024 2023 restated Field production costs 10,144 4,225 Tariffs and transportation 2,977 2,138 Insurance 130 244 Production costs external consultants 79 110 Well services and workovers 435 433 Repairs and maintenance of installations/equipment 518 767 Other 598 - Total lifting costs 14,881 7,917
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9. ADMINISTRATIVE EXPENSES Employee benefit expenses, specifications:
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Employee benefit expenses 1,329 2,844 Professional fees 2,786 5,138 General and administration expenses 1,521 1,062 Depreciation non-oil assets 153 217 Total administrative expenses 5,789 9,261 Amounts in USD 1000 2024 2023 restated Salaries and wages employees 1,041 2,270 Other personal expenses 162 213 Other payroll related expenses 89 163 Pension cost 37 198 Total employee benefit expense 1,329 2,844 Average number of employees 129 130
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10. RELATED PARTIES
Consolidated subsidiaries Interoil Exploration and Production ASA has 100% (direct and indirect) shareholding and voting rights in the following subsidiaries:
Registered shareholding Company business address and 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%
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 27) Assets owned by Interoil Exploration and Production ASA: \u2022 All shares invested in UP Colombia Holding AS 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 and CFO. The Group management is not part of a pension scheme, and there are no benefits in kind. The employment contract for the CEO 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 2024 was following the declaration that was submitted to the General meeting in 2023. There will be no extra fee to the audit committee, and no fee to the Nomination Committee. The Board of Directors supports the principle of aligning the interests of management, board members with those of shareholders and therefore encourages members of the Management, the Board and their personal close relations to acquire and hold shares in the Company. However, there is currently no equity-based remuneration programme in place for members of management or the Board of Directors, and as of the reporting date, no board members hold shares in the Company. Management remuneration As of 31 December 2024 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 156 26 Gonzalo Richie CFO 01.01-30.09 81 - Pablo Creta CFO 01.10-31.12 16 - As of 31 December 2023 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 156 20 Gonzalo Richie CFO 01.01-31.12 105 -
Board member remuneration
As of 31 December 2024 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 37 24 Nicolas Acu\u00f1a Member 01.01-31.12 18 - Isabel Valado Member 01.01-31.12 18 - Natalia Mariani Member 01.01-31.12 18 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 18 - Carmela Saccomanno Member 01.01-31.12 18 - As of 31 December 2023 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 40 - Nicolas Acu\u00f1a Member 01.01-31.12 18 - Isabel Valado Member 01.01-31.12 18 - Natalia Mariani Member 01.01-31.12 18 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 18 - Carmela Saccomanno Member 01.01-31.12 18 -
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11. REMUNERATION OF SENIOR EXECUTIVES The Group Senior Management consists of the CEO and CFO. The Group management is not part of a pension scheme, and there are no benefits in kind. The employment contract for the CEO 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 2024 was following the declaration that was submitted to the General meeting in 2023. There will be no extra fee to the audit committee, and no fee to the Nomination Committee. The Board of Directors supports the principle of aligning the interests of management, board members with those of shareholders and therefore encourages members of the Management, the Board and their personal close relations to acquire and hold shares in the Company. However, there is currently no equity-based remuneration programme in place for members of management or the Board of Directors, and as of the reporting date, no board members hold shares in the Company. Management remuneration As of 31 December 2024 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 156 26 Gonzalo Richie CFO 01.01-30.09 81 - Pablo Creta CFO 01.10-31.12 16 - As of 31 December 2023 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 156 20 Gonzalo Richie CFO 01.01-31.12 105 -
Board member remuneration
As of 31 December 2024 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 37 24 Nicolas Acu\u00f1a Member 01.01-31.12 18 - Isabel Valado Member 01.01-31.12 18 - Natalia Mariani Member 01.01-31.12 18 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 18 - Carmela Saccomanno Member 01.01-31.12 18 - As of 31 December 2023 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 40 - Nicolas Acu\u00f1a Member 01.01-31.12 18 - Isabel Valado Member 01.01-31.12 18 - Natalia Mariani Member 01.01-31.12 18 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 18 - Carmela Saccomanno Member 01.01-31.12 18 -
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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 2024 Other assurance Amounts in USD 1000 Audit fee services Total PwC Norway 156 23 179 PwC Colombia 57 11 68 PwC Argentina 170 - 170 Total 383 34 417
For the year ended 31 December 2023 Other assurance Amounts in USD 1000 Audit fee services Total PwC Norway 124 10 134 PwC Colombia 56 - 56 PwC Argentina 67 - 67 Total 247 10 257
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13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Gain on sale of PP&E 902 - Other income 387 250 Total other income 1,289 250 Provision for legal claims 2 - Other expense 27 - Total other expense 29 - Total other income 1,260 250
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-243": { "value": "
13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Gain on sale of PP&E 902 - Other income 387 250 Total other income 1,289 250 Provision for legal claims 2 - Other expense 27 - Total other expense 29 - Total other income 1,260 250
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13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Gain on sale of PP&E 902 - Other income 387 250 Total other income 1,289 250 Provision for legal claims 2 - Other expense 27 - Total other expense 29 - Total other income 1,260 250
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14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-245": { "value": "
14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-246": { "value": "
14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn45": { "value": "
14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-247": { "value": "
14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-248": { "value": "
14. FINANCE INCOME AND COST
For the year ended 31 December Amounts in USD 1000 2024 2023 restated Interest income 341 1,208 Realized/unrealized exchange rate gain 3,351 4,494 Other financial income - 958 Total financial income 3,692 6,660 Interest expenses 5,837 3,809 Realized/unrealized exchange rate loss 1,678 7,136 Other financial expenses 1,201 783 Total financial expenses 8,716 11,728 Finance (expenses)/income \u2013 net -5,024 -5,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-256": { "value": "
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn49": { "value": "
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-257": { "value": "
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-258": { "value": "
20. TRADE AND OTHER RECEIVABLES Other receivables, specifications:
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade receivables 4,040 4,808 Trade receivables \u2013 net 4,040 4,808 Joint operations accounts 4,952 2,535 Prepayments 244 456 Other receivables 7,587 3,499 Total trade and other receivables 16,823 11,298 2024 2023 restated Operational receivables 5,341 2,271 Taxes 932 - Other 1,314 1,228 Total other receivables 7,587 3,499
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. The Company maintains receivables from Joint Operation partners in Argentina arising from its role as operator of the joint arrangements. These credits primarily relate to the Company\u2019s execution of joint operations and the subsequent allocation of costs and proceeds in accordance with the respective joint operating agreements. Given that the Company undertakes the operations and directly executes the sales of hydrocarbons, there is a high degree of certainty regarding the recoverability of these amounts. No impairment has been recognized in respect of these receivables as at the reporting date.
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade creditors 12,065 14,935 Public duties payable 2,438 133 Prepayment from customers 880 872 Other accrued expenses 11,587 1,446 Total trade and other payables 26,970 17,386
14. TRADE AND OTHER PAYABLES
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21. RETIREMENT BENEFIT The movement in the defined benefit obligation over the year is as follows:
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.
Period ended 31 December Amounts in USD 1000 2024 2023 Defined benefit obligation at the end of the year 743 502 Retirement benefit obligation liability 743 502 Amounts in USD 1000 2024 2023 Beginning of the year 502 260 Interest cost 60 97 Payments -16 - Exchange rate differences 197 145 Retirement benefit obligation liability 743 502
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-264": { "value": "
24. CASH AND CASH EQUIVALENTS Restricted cash mainly relates to stand by letter of credit cash guarantees in Colombia as collateral against the ANH for outstanding commitments.
Period ended 31 December Amounts in USD 1000 2024 2023 Bank deposits denominated in USD 3,806 4,265 Bank deposits denominated in NOK 10 529 Bank deposits denominated in COP 1,159 492 Bank deposits denominated in ARS 8 143 Cash and cash equivalents 4,983 5,429 Cash collateral guarantee bank balances 3,806 4,265 Non restricted cash 1,177 1,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-265": { "value": "
24. CASH AND CASH EQUIVALENTS Restricted cash mainly relates to stand by letter of credit cash guarantees in Colombia as collateral against the ANH for outstanding commitments.
Period ended 31 December Amounts in USD 1000 2024 2023 Bank deposits denominated in USD 3,806 4,265 Bank deposits denominated in NOK 10 529 Bank deposits denominated in COP 1,159 492 Bank deposits denominated in ARS 8 143 Cash and cash equivalents 4,983 5,429 Cash collateral guarantee bank balances 3,806 4,265 Non restricted cash 1,177 1,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-267": { "value": "
26. 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.
* 2023 number of shares have been divided by 10 for comparability purposes.
For the year ended 31 December Amounts in USD 1000 2024 2023 restated (Loss)/profit attributable to owners of the Company -17,172 -11,399 Weighted average ordinary shares in issue (thousands)* 20,134 20,134 Basic earnings per share (USD per share) - diluted -0.85 -0.57
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-268": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-270": { "value": "
28. PROVISIONS FOR OTHER LIABILITIES AND CHARGES The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Assets retirement Other Obligation Obligations As at January 1 2023 2,764 2,626 Additions 2,640 247 Utilizations - -11 Actualization 5,593 187 As at January 1 2024 10,997 3,049 Additions -881 1,018 Utilizations - -955 Actualization -1,087 -1,954 As at December 31 2024 9,029 1,158 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. Period ended 31 December Amounts in USD 1000 2024 2023 restated Asset retirement obligations 9,029 10,997 Other obligations 1,158 3,049 Total provisions for other liabilities and charges 10,187 14,046 Of which, current portion: 1,145 1,139
Other 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn53": { "value": "
29. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade creditors 12,065 14,935 Public duties payable 2,438 133 Prepayment from customers 880 872 Other accrued expenses 11,587 1,446 Total trade and other payables 26,970 17,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-272": { "value": "
29. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2024 2023 restated Trade creditors 12,065 14,935 Public duties payable 2,438 133 Prepayment from customers 880 872 Other accrued expenses 11,587 1,446 Total trade and other payables 26,970 17,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn54": { "value": "
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. 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. For 2024 the legal provisions amounted approximately USD 90,000 for Interoil Argentina. Additionally, provisions of approximately USD 460,000 were recognized in connection with commercial claims related to the Santa Cruz joint operation
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-273": { "value": "
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. 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. For 2024 the legal provisions amounted approximately USD 90,000 for Interoil Argentina. Additionally, provisions of approximately USD 460,000 were recognized in connection with commercial claims related to the Santa Cruz joint operation
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-274": { "value": "
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. 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. For 2024 the legal provisions amounted approximately USD 90,000 for Interoil Argentina. Additionally, provisions of approximately USD 460,000 were recognized in connection with commercial claims related to the Santa Cruz joint operation
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31. SUBSEQUENT EVENTS o In January, at the Company\u2019s request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds. o In January, Interoil launched its well service campaign in the Mana Field, aiming to service five wells. The pulling rig is currently working on the second well of the planned sequence. The campaign seeks to recover up to 50 bopd and 600 kscfpd of gas. As of the date of this report, seven wells have been brought back online, delivering a combined flow of 117 bopd-slightly above expectations-and 82,000 scfpd of gas. These gas volumes are expected to gradually increase as the wells stabilize over the coming weeks. o The delay in meeting certain reporting deadlines has resulted in a breach of specific reporting covenants under the bond agreement. The waiver process is currently underway and is expected to be granted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }