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1. REPORTING ENTITY 1.1 Corporate Information Interoil Exploration and Production ASA (\u201cThe Company\u201d) and its subsidiaries (together \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. These consolidated financial
statements have been approved for issue by the Board of Directors on August 12 th 2026 and will be submitted for approval by the Annual General Meeting on September 7 th 2026.
The consolidated financial statements are presented in USD and are rounded to thousands (1000).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-166": { "value": "Interoil Exploration and Production ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-167": { "value": "an upstream oil exploration and production company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-168": { "value": "Argentina and Colombia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-169": { "value": "Public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-170": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-171": { "value": "Rusel\u00f8kkveien 14, 0251 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-172": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-173": { "value": "These consolidated financial
statements have been approved for issue by the Board of Directors on August 12 th 2026 and will be submitted for approval by the Annual General Meeting on September 7 th 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-187": { "value": "
2. SUMMARY OF MATERIAL 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 Accounting Standards as
adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS Accounting Standardsrequires 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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 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 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
2.5 Tax Income tax expense comprises current and deferred tax and is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or equity.
Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, using tax rates and laws enacted or substantively enacted at the reporting date in the countries where the Group operates. The Group operates in multiple jurisdictions, primarily Colombia and Argentina, where it is subject to corporate income taxes based on taxable profits. In addition, the Group is subject to royalties and other production-based fiscal charges applicable to oil and gas activities. These charges are not income taxes and are therefore recognized according to their nature, either as production costs or as deductions from revenue where royalties are settled in kind.
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
Other tax considerations In certain jurisdictions, the Group has entered into agreements with tax authorities to refinance outstanding tax liabilities. Such amounts are classified based on their contractual maturity between current and non-current liabilities.
2.6 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. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
2.8 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.
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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 Inventories Inventories are valued at the lower of cost and net realizable value. Inventories mainly comprise crude oil and materials and spare parts used in the Group\u2019s oil and gas operations. Crude oil inventories are measured at the lower of cost and net realizable value. Cost includes the relevant production costs incurred in bringing the inventory to its present location and condition. Materials and spare parts are measured at cost and are expensed when consumed or when they no longer support ongoing operations.
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.11 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, 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. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
2.12 Accounting for farm in and farm-out agreements 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. Such arrangements are considered on a case-by-case basis depending on the specific contractual terms.
Farm-out agreements, where the Group transfers an interest in a license in exchange for another party funding a share of exploration or development costs, are accounted for based on the underlying substance of the transaction. Typically, no gain is recognized on the transfer of interest during the exploration phase, and any consideration received is reflected as a reduction of the carrying amount of the related assets.
2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
2.14 Critical accounting estimates and judgments The Group has also considered the potential effects of environmental and climate-related matters in preparing its significant accounting estimates and judgments. These considerations are reflected, where relevant, in assumptions used to measure asset retirement obligations, impairment testing of oil and gas assets, estimates of future operating costs and cash flows, and the assessment of useful lives. Based on the information available at the reporting date, management concluded that environmental and climate-related factors did not result in material adjustments to the carrying amounts of the Group's assets and liabilities or to the significant judgments and estimates applied in these financial statements. However, future changes in environmental regulation, carbon pricing, energy transition policies or market conditions could affect these estimates and assumptions in future reporting periods.
2.14.1 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 (1P), 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.
2.14.2 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 29).
2.14.3 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. SUMMARY OF MATERIAL 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 Accounting Standards as
adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS Accounting Standardsrequires 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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 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 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
2.5 Tax Income tax expense comprises current and deferred tax and is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or equity.
Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, using tax rates and laws enacted or substantively enacted at the reporting date in the countries where the Group operates. The Group operates in multiple jurisdictions, primarily Colombia and Argentina, where it is subject to corporate income taxes based on taxable profits. In addition, the Group is subject to royalties and other production-based fiscal charges applicable to oil and gas activities. These charges are not income taxes and are therefore recognized according to their nature, either as production costs or as deductions from revenue where royalties are settled in kind.
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
Other tax considerations In certain jurisdictions, the Group has entered into agreements with tax authorities to refinance outstanding tax liabilities. Such amounts are classified based on their contractual maturity between current and non-current liabilities.
2.6 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. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
2.8 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.
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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 Inventories Inventories are valued at the lower of cost and net realizable value. Inventories mainly comprise crude oil and materials and spare parts used in the Group\u2019s oil and gas operations. Crude oil inventories are measured at the lower of cost and net realizable value. Cost includes the relevant production costs incurred in bringing the inventory to its present location and condition. Materials and spare parts are measured at cost and are expensed when consumed or when they no longer support ongoing operations.
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.11 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, 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. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
2.12 Accounting for farm in and farm-out agreements 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. Such arrangements are considered on a case-by-case basis depending on the specific contractual terms.
Farm-out agreements, where the Group transfers an interest in a license in exchange for another party funding a share of exploration or development costs, are accounted for based on the underlying substance of the transaction. Typically, no gain is recognized on the transfer of interest during the exploration phase, and any consideration received is reflected as a reduction of the carrying amount of the related assets.
2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
2.14 Critical accounting estimates and judgments The Group has also considered the potential effects of environmental and climate-related matters in preparing its significant accounting estimates and judgments. These considerations are reflected, where relevant, in assumptions used to measure asset retirement obligations, impairment testing of oil and gas assets, estimates of future operating costs and cash flows, and the assessment of useful lives. Based on the information available at the reporting date, management concluded that environmental and climate-related factors did not result in material adjustments to the carrying amounts of the Group's assets and liabilities or to the significant judgments and estimates applied in these financial statements. However, future changes in environmental regulation, carbon pricing, energy transition policies or market conditions could affect these estimates and assumptions in future reporting periods.
2.14.1 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 (1P), 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.
2.14.2 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 29).
2.14.3 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.
16. PROPERTY, PLANT AND EQUIPMENT
Oil & Gas Other Cost properties PP&E Total As at January 1 2024 110.274 12.294 122.568 Additions 124 913 1.037 Changes in ARO -1.100 - -1.100 Disposals -2.025 - -2.025 As at December 31 2024 107.273 13.207 120.480 Additions - 190 190 Changes in ARO -427 - -427 Reclasifications - discontinued operations to held for sale - -127 -127 Disposals -13.756 - -13.756 As at December 31 2025 93.090 13.270 106.360
The depreciation expense for continuing operations has been charged to the consolidated statement of comprehensive income as follows: The depreciation expense has been charged as follows: The impairment loss and reversals has been charged (reversed) as follows: Oil & Gas Other Depreciation properties PP&E Total As at January 1 2024 -92.137 -11.207 -103.344 Depreciation continued operations -2.122 -308 -2.430 Depreciation discontinued operations -746 -29 -775 Depreciation eliminated in Disposal - 1.737 1.737 As at December 31 2024 -95.005 -9.807 -104.812 Depreciation continued operations -1.461 -435 -1.896 Depreciation discontinued operations - -29 -29 Depreciation eliminated in Disposal 5.474 - 5.474 Reclasifications - discontinued operations to held for sale - 95 95 As at December 31 2025 -90.992 -10.176 -101.168 Oil & Gas Land and Impairment properties buildings Total As at January 1 2024 -2.152 - -2.152 Impairment reversal 1.147 - 1.147 As at December 31 2024 -1.005 - -1.005 Impairment Charge -139 - -139 As at December 31 2025 -1.144 - -1.144 Oil & Gas Other Net value properties PP&E Total As at December 31 2024 11.263 3.400 14.663 As at December 31 2025 2.868 1.180 4.048 For the year ended 31 December Amounts in USD 1000 2025 2.024 Depreciation continued operations 1.577 2.277 Administrative expenses (Note 9) 319 153 Total depreciation expense 1.896 2.430 For the year ended 31 December Amounts in USD 1000 2025 2.024 Impairment (impairment reversal) of oil & gas properties 139 -1.147 Impairment of assets held for sale 277 Impairment of E&E assets 1.800 - Total Impairment loss and reversals 2.216 -1.147
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 cash-generating unit is determined based on value in use calculations using discounted future cash flows before tax. These calculations require management to make significant estimates and assumptions regarding discount rates, expected future cash flows, production profiles, remaining proved reserves (1P), future capital expenditure, lifting costs and forward commodity 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, 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. In 2025, the Company recognized an impairment loss related to the loss of the contractual rights related to the Mata Magallanes Oeste and Ca\u00f1adon Ramirez licenses. This impairment was recorded in profit or loss. During 2024 , abandonment cost estimates in Colombia was reviewed and significantly reduced in several CGUs. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. The recoverable amounts of the CGUs are most sensitive to changes in forward commodity prices, production profiles and discount rates. The remaining carrying amounts of the producing assets are limited, reflecting the relatively short remaining contractual lives of the Colombian producing licenses, which expire in 2027. Accordingly, the projected cash flows used in the value-in-use calculations are based on a relatively short forecast period. Management acknowledges that, due to the limited remaining reserve life and contractual duration of these assets, reasonably possible adverse changes in key assumptions, particularly commodity prices, production performance or discount rates, could result in additional impairment charges in future reporting periods. However, given the relatively low carrying amounts of the remaining producing assets, any such additional impairment would not be expected to be material to the Group's consolidated financial position.
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2. SUMMARY OF MATERIAL 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 Accounting Standards as
adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS Accounting Standardsrequires 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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 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 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
2.5 Tax Income tax expense comprises current and deferred tax and is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or equity.
Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, using tax rates and laws enacted or substantively enacted at the reporting date in the countries where the Group operates. The Group operates in multiple jurisdictions, primarily Colombia and Argentina, where it is subject to corporate income taxes based on taxable profits. In addition, the Group is subject to royalties and other production-based fiscal charges applicable to oil and gas activities. These charges are not income taxes and are therefore recognized according to their nature, either as production costs or as deductions from revenue where royalties are settled in kind.
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
Other tax considerations In certain jurisdictions, the Group has entered into agreements with tax authorities to refinance outstanding tax liabilities. Such amounts are classified based on their contractual maturity between current and non-current liabilities.
2.6 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. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
2.8 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.
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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 Inventories Inventories are valued at the lower of cost and net realizable value. Inventories mainly comprise crude oil and materials and spare parts used in the Group\u2019s oil and gas operations. Crude oil inventories are measured at the lower of cost and net realizable value. Cost includes the relevant production costs incurred in bringing the inventory to its present location and condition. Materials and spare parts are measured at cost and are expensed when consumed or when they no longer support ongoing operations.
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.11 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, 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. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
2.12 Accounting for farm in and farm-out agreements 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. Such arrangements are considered on a case-by-case basis depending on the specific contractual terms.
Farm-out agreements, where the Group transfers an interest in a license in exchange for another party funding a share of exploration or development costs, are accounted for based on the underlying substance of the transaction. Typically, no gain is recognized on the transfer of interest during the exploration phase, and any consideration received is reflected as a reduction of the carrying amount of the related assets.
2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
2.14 Critical accounting estimates and judgments The Group has also considered the potential effects of environmental and climate-related matters in preparing its significant accounting estimates and judgments. These considerations are reflected, where relevant, in assumptions used to measure asset retirement obligations, impairment testing of oil and gas assets, estimates of future operating costs and cash flows, and the assessment of useful lives. Based on the information available at the reporting date, management concluded that environmental and climate-related factors did not result in material adjustments to the carrying amounts of the Group's assets and liabilities or to the significant judgments and estimates applied in these financial statements. However, future changes in environmental regulation, carbon pricing, energy transition policies or market conditions could affect these estimates and assumptions in future reporting periods.
2.14.1 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 (1P), 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.
2.14.2 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 29).
2.14.3 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.
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2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared following IFRS Accounting Standards as
adopted by the European Union (EU). The consolidated financial statements are presented in USD and are rounded to thousands (1000). The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS Accounting Standardsrequires 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.
2.6 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. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating 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 Accounting Standards as
adopted by the European Union (EU).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-177": { "value": "
The preparation of financial statements in conformity with IFRS Accounting Standardsrequires the use of certain
critical accounting estimates.
2.14 Critical accounting estimates and judgments The Group has also considered the potential effects of environmental and climate-related matters in preparing its significant accounting estimates and judgments. These considerations are reflected, where relevant, in assumptions used to measure asset retirement obligations, impairment testing of oil and gas assets, estimates of future operating costs and cash flows, and the assessment of useful lives. Based on the information available at the reporting date, management concluded that environmental and climate-related factors did not result in material adjustments to the carrying amounts of the Group's assets and liabilities or to the significant judgments and estimates applied in these financial statements. However, future changes in environmental regulation, carbon pricing, energy transition policies or market conditions could affect these estimates and assumptions in future reporting periods.
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 cash-generating unit is determined based on value in use calculations using discounted future cash flows before tax. These calculations require management to make significant estimates and assumptions regarding discount rates, expected future cash flows, production profiles, remaining proved reserves (1P), future capital expenditure, lifting costs and forward commodity 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, 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. In 2025, the Company recognized an impairment loss related to the loss of the contractual rights related to the Mata Magallanes Oeste and Ca\u00f1adon Ramirez licenses. This impairment was recorded in profit or loss. During 2024 , abandonment cost estimates in Colombia was reviewed and significantly reduced in several CGUs. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. The recoverable amounts of the CGUs are most sensitive to changes in forward commodity prices, production profiles and discount rates. The remaining carrying amounts of the producing assets are limited, reflecting the relatively short remaining contractual lives of the Colombian producing licenses, which expire in 2027. Accordingly, the projected cash flows used in the value-in-use calculations are based on a relatively short forecast period. Management acknowledges that, due to the limited remaining reserve life and contractual duration of these assets, reasonably possible adverse changes in key assumptions, particularly commodity prices, production performance or discount rates, could result in additional impairment charges in future reporting periods. However, given the relatively low carrying amounts of the remaining producing assets, any such additional impairment would not be expected to be material to the Group's consolidated financial position.
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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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 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.
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The consolidated financial statements comprise the financial statements of the Group and its subsidiaries.
2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
Consolidated subsidiaries As at 31 december 2025, Interoil Exploration and Production ASA held 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties.
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%
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The consolidated financial statements comprise the financial statements of the Group and its subsidiaries.
Consolidated subsidiaries As at 31 december 2025, Interoil Exploration and Production ASA held 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties.
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%
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The consolidated financial statements comprise the financial statements of the Group and its subsidiaries.
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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 of excess liquidity. Currently, the Company uses no derivative financial instruments to hedge the above- mentioned risk exposures.
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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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-182": { "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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-219": { "value": "
2.4 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
7. SALE AND ROYALTY AGREEMENTS 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). Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. For 2025 in royalties paid in kind amounted to 6,314 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.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Sale of oil 7.456 8.010 Sale of gas 1.227 985 Total sales 8.683 8.995 Sales in bbls and boe Oil sales in barrels (bbls) 111.889 109.111 Gas sales in barrels of oil equivalent (boe) 40.732 64.798
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-184": { "value": "
2.4 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
7. SALE AND ROYALTY AGREEMENTS 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). Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. For 2025 in royalties paid in kind amounted to 6,314 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.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Sale of oil 7.456 8.010 Sale of gas 1.227 985 Total sales 8.683 8.995 Sales in bbls and boe Oil sales in barrels (bbls) 111.889 109.111 Gas sales in barrels of oil equivalent (boe) 40.732 64.798
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-183": { "value": "
2.4 Revenue recognition The Group\u2019s revenues are derived from the sale of crude oil and natural gas. Revenue is recognized at the point in time when control of the hydrocarbons is transferred to the customer. This generally occurs at the delivery point specified in the contract (e.g. wellhead, pipeline or terminal), at which point the customer obtains the benefits from the product. The Group\u2019s contracts typically contain a single performance obligation, being the delivery of hydrocarbons. Prices are determined in accordance with contractual terms, usually linked to observable market prices, and are finalized at or shortly after delivery. Revenue from the sale of oil and gas is recognized net of royalties settled in kind. Royalties settled in kind are excluded from revenue because the Group never obtains control of the related production volumes. Under the applicable concession arrangements, the Colombian National Hydrocarbons Agency (ANH) takes physical delivery of its royalty entitlement directly at the field. Where royalties are settled in cash, the related royalty payments are recognized as production costs. Where the Group operates through joint arrangements, revenue is recognized based on the Group\u2019s participating interest. Revenue represents the consideration to which the Group is entitled from its customers. Control transfers to the customer at the contractual delivery point, which may be the wellhead, pipeline, or terminal depending on the sales agreement. Transportation and distribution costs recognized as lifting costs relate primarily to costs incurred prior to the transfer of control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-234": { "value": "
2.5 Tax Income tax expense comprises current and deferred tax and is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or equity.
Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, using tax rates and laws enacted or substantively enacted at the reporting date in the countries where the Group operates. The Group operates in multiple jurisdictions, primarily Colombia and Argentina, where it is subject to corporate income taxes based on taxable profits. In addition, the Group is subject to royalties and other production-based fiscal charges applicable to oil and gas activities. These charges are not income taxes and are therefore recognized according to their nature, either as production costs or as deductions from revenue where royalties are settled in kind.
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
Other tax considerations In certain jurisdictions, the Group has entered into agreements with tax authorities to refinance outstanding tax liabilities. Such amounts are classified based on their contractual maturity between current and non-current liabilities.
15. TAXES A reconciliation between tax expense and the product of accounting profit and the nominal tax rate: The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. As of December 31, 2025, the Company has no tax losses carried forward. The loss recognized in the financial statements amounts to $232.967 and arises from accounting expenses that are non-deductible for tax purposes, primarily related to impairment charges. These items do not generate tax deductions under local tax regulations and therefore do not give rise to a tax benefit. Consequently, no deferred tax assets have been recognized. In accordance with IAS 12.81(e), the Company discloses that it has no deductible temporary differences, unused tax losses, or unused tax credits for which a deferred tax asset has not been recognized. Under local tax regulations, any tax losses would expire after five years; however, the Company has no such balances as of the reporting date. The relationship between the income tax expense and accounting profit reflects the impact of non-deductible expenses and differences between accounting and tax regulations. These factors cause the effective tax rate to differ from the statutory rate, as they modify the taxable base relative to the accounting profit reported in the
For the year ended 31 December Amounts in USD 1000 2025 2.024 Accounting (loss)/profit before income tax -10.617 -1.921 Expected income tax - - Adjustnmets to effective tax Prior year adjustments - 449 Adjustnment for non-deductible expenses 754 755 Total income tax expense 754 1.204
financial 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:
Amounts in USD 1000 2025 2.024 Current tax payable 892 1.111 Non current tax payable 2.048 2.585 Total income tax payable 2.940 3.696 Amounts in USD 1000 2025 2.024 0-12months 892 1.111 Between 1and 2years 956 842 Between 2and 5years 1.405 2.361 Total income tax payable 3.253 4.314
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-185": { "value": "
2.5 Tax Income tax expense comprises current and deferred tax and is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or equity.
Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, using tax rates and laws enacted or substantively enacted at the reporting date in the countries where the Group operates. The Group operates in multiple jurisdictions, primarily Colombia and Argentina, where it is subject to corporate income taxes based on taxable profits. In addition, the Group is subject to royalties and other production-based fiscal charges applicable to oil and gas activities. These charges are not income taxes and are therefore recognized according to their nature, either as production costs or as deductions from revenue where royalties are settled in kind.
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
Other tax considerations In certain jurisdictions, the Group has entered into agreements with tax authorities to refinance outstanding tax liabilities. Such amounts are classified based on their contractual maturity between current and non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-235": { "value": "
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
15. TAXES A reconciliation between tax expense and the product of accounting profit and the nominal tax rate: The nominal tax rate in Norway, Colombia and Argentina is respectively 22%, 45% and 35%. As of December 31, 2025, the Company has no tax losses carried forward. The loss recognized in the financial statements amounts to $232.967 and arises from accounting expenses that are non-deductible for tax purposes, primarily related to impairment charges. These items do not generate tax deductions under local tax regulations and therefore do not give rise to a tax benefit. Consequently, no deferred tax assets have been recognized. In accordance with IAS 12.81(e), the Company discloses that it has no deductible temporary differences, unused tax losses, or unused tax credits for which a deferred tax asset has not been recognized. Under local tax regulations, any tax losses would expire after five years; however, the Company has no such balances as of the reporting date. The relationship between the income tax expense and accounting profit reflects the impact of non-deductible expenses and differences between accounting and tax regulations. These factors cause the effective tax rate to differ from the statutory rate, as they modify the taxable base relative to the accounting profit reported in the
For the year ended 31 December Amounts in USD 1000 2025 2.024 Accounting (loss)/profit before income tax -10.617 -1.921 Expected income tax - - Adjustnmets to effective tax Prior year adjustments - 449 Adjustnment for non-deductible expenses 754 755 Total income tax expense 754 1.204
financial 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:
Amounts in USD 1000 2025 2.024 Current tax payable 892 1.111 Non current tax payable 2.048 2.585 Total income tax payable 2.940 3.696 Amounts in USD 1000 2025 2.024 0-12months 892 1.111 Between 1and 2years 956 842 Between 2and 5years 1.405 2.361 Total income tax payable 3.253 4.314
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-186": { "value": "
Deferred income tax Deferred income tax is recognized using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is measured using tax rates expected to apply when the asset is realized or the liability is settled, based on laws enacted or substantively enacted at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-220": { "value": "
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating income and expenses. Information on the nature of expenses is presented by their nature in the notes to the financial statements.
8. COST OF GOODS SOLD Lifting costs, specifications:
For the year ended 31 December Amounts in USD 1000 2025 2.024 Lifting costs 4.411 3.742 Depreciation 1.577 2.277 Royalties 318 0 Other costs 519 617 Total cost of goods sold 6.825 6.636 Lifting costs, specifications: Amounts in USD 1000 2025 2.024 Field production costs 2.389 1.650 Tariffs and transportation 1.181 1.136 Insurance 116 120 Production costs external consultants 45 36 Well services and workovers 484 282 Repairs and maintenance of installations/equipment 196 518 Total lifting costs 4.411 3.742
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-188": { "value": "
Classification of income and expenses Operating expenses in the statement of comprehensive income are presented by function. Cost of goods sold includes lifting costs, depreciation and amortization of production assets, royalties and changes in inventory.
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) comprises items that are incidental to the Group's principal revenue-generating activities and are not included within revenue, production costs or administrative expenses. These items include recoveries from joint operation partners relating to shared operating costs, gains and losses on disposals of property, plant and equipment, and other miscellaneous
operating 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-192": { "value": "
Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells.
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
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Exploration costs expensed includes seismic acquisitions, internal costs incurred and the cost of dry wells.
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn44": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn13": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn12": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-191": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-237": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
16. PROPERTY, PLANT AND EQUIPMENT
Oil & Gas Other Cost properties PP&E Total As at January 1 2024 110.274 12.294 122.568 Additions 124 913 1.037 Changes in ARO -1.100 - -1.100 Disposals -2.025 - -2.025 As at December 31 2024 107.273 13.207 120.480 Additions - 190 190 Changes in ARO -427 - -427 Reclasifications - discontinued operations to held for sale - -127 -127 Disposals -13.756 - -13.756 As at December 31 2025 93.090 13.270 106.360
The depreciation expense for continuing operations has been charged to the consolidated statement of comprehensive income as follows: The depreciation expense has been charged as follows: The impairment loss and reversals has been charged (reversed) as follows: Oil & Gas Other Depreciation properties PP&E Total As at January 1 2024 -92.137 -11.207 -103.344 Depreciation continued operations -2.122 -308 -2.430 Depreciation discontinued operations -746 -29 -775 Depreciation eliminated in Disposal - 1.737 1.737 As at December 31 2024 -95.005 -9.807 -104.812 Depreciation continued operations -1.461 -435 -1.896 Depreciation discontinued operations - -29 -29 Depreciation eliminated in Disposal 5.474 - 5.474 Reclasifications - discontinued operations to held for sale - 95 95 As at December 31 2025 -90.992 -10.176 -101.168 Oil & Gas Land and Impairment properties buildings Total As at January 1 2024 -2.152 - -2.152 Impairment reversal 1.147 - 1.147 As at December 31 2024 -1.005 - -1.005 Impairment Charge -139 - -139 As at December 31 2025 -1.144 - -1.144 Oil & Gas Other Net value properties PP&E Total As at December 31 2024 11.263 3.400 14.663 As at December 31 2025 2.868 1.180 4.048 For the year ended 31 December Amounts in USD 1000 2025 2.024 Depreciation continued operations 1.577 2.277 Administrative expenses (Note 9) 319 153 Total depreciation expense 1.896 2.430 For the year ended 31 December Amounts in USD 1000 2025 2.024 Impairment (impairment reversal) of oil & gas properties 139 -1.147 Impairment of assets held for sale 277 Impairment of E&E assets 1.800 - Total Impairment loss and reversals 2.216 -1.147
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 cash-generating unit is determined based on value in use calculations using discounted future cash flows before tax. These calculations require management to make significant estimates and assumptions regarding discount rates, expected future cash flows, production profiles, remaining proved reserves (1P), future capital expenditure, lifting costs and forward commodity 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, 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. In 2025, the Company recognized an impairment loss related to the loss of the contractual rights related to the Mata Magallanes Oeste and Ca\u00f1adon Ramirez licenses. This impairment was recorded in profit or loss. During 2024 , abandonment cost estimates in Colombia was reviewed and significantly reduced in several CGUs. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. The recoverable amounts of the CGUs are most sensitive to changes in forward commodity prices, production profiles and discount rates. The remaining carrying amounts of the producing assets are limited, reflecting the relatively short remaining contractual lives of the Colombian producing licenses, which expire in 2027. Accordingly, the projected cash flows used in the value-in-use calculations are based on a relatively short forecast period. Management acknowledges that, due to the limited remaining reserve life and contractual duration of these assets, reasonably possible adverse changes in key assumptions, particularly commodity prices, production performance or discount rates, could result in additional impairment charges in future reporting periods. However, given the relatively low carrying amounts of the remaining producing assets, any such additional impairment would not be expected to be material to the Group's consolidated financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-190": { "value": "
2.7 Intangible assets, Property, plant, and equipment and exploration and evaluation assets 2.7.1 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, they 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. 2.7.2 Property, plant and equipment
Exploration and production rights assets Oil exploration expenditures are accounted for using the successful efforts method of accounting. 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. 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.
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.
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
Other property, plant and equipment Other property, plant and equipment are 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 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.
2.7.3 Exploration and evaluation assets Some exploration and evaluation assets are classified in accordance with IFRS 6, for example concession acquisition costs and capitalized exploration costs. 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. Exploration and evaluation assets are not depreciated. When the technical feasibility and commercial viability of the assets are demonstrable, the assets are assessed for impairment and reclassified to development assets within property, plant and equipment. If the commercial discovery has not been achieved, these costs are charged to expense.
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-193": { "value": "
Oil production assets Oil production assets comprise capitalized exploration and evaluation assets, production rights, and development expenditures associated with proved reserves. These assets also include leasehold acquisition costs directly attributable to producing assets. Oil production assets are depreciated and amortized using the unit-of-production method based on proved reserves (P1), which represent estimated recoverable reserves from existing facilities using current operating methods.
2.12 Accounting for farm in and farm-out agreements 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. Such arrangements are considered on a case-by-case basis depending on the specific contractual terms.
Farm-out agreements, where the Group transfers an interest in a license in exchange for another party funding a share of exploration or development costs, are accounted for based on the underlying substance of the transaction. Typically, no gain is recognized on the transfer of interest during the exploration phase, and any consideration received is reflected as a reduction of the carrying amount of the related assets.
2.14.1 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 (1P), 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.
2.14.3 Hydrocarbon reserves and resource estimates Oil and gas production properties are depreciated on units of production basis at a rate calculated by reference to total proved developed reserves determined following Society of Petroleum Engineers rules and incorporating the estimated future cost of developing those reserves. The Group estimates its commercial reserves based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the hydrocarbon body and suitable production techniques and recovery rates. Commercial reserves are determined using estimates of oil in place, recovery factors and future oil prices, the latter having an impact on the total amount of recoverable reserves and the proportion of the gross reserves which are attributable to the host government under the terms of the Production-Sharing Agreements. Future development costs are estimated using assumptions as to the number of wells required to produce the commercial reserves, the cost of such wells and associated production facilities, and other capital costs. As the economic assumptions used may change and as additional geological information is produced during the operation of a field, estimates of recoverable reserves may change. Such changes may impact the Group\u2019s reported financial position and results which include: \u2022 The carrying value of exploration and evaluation assets, oil and gas properties and property, plant and equipment may be affected due to changes in estimated future cash flows. \u2022 Depreciation and amortization charges in profit or loss may change where such charges are determined using the units of production method, or where the useful life of the related assets changes. \u2022 Provisions for decommissioning may change - where changes to the reserve estimates affect expectations about when such activities will occur and the associated cost of these activities. \u2022 The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and estimates of the likely recovery of such assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn16": { "value": "
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
2.14.1 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 (1P), 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-238": { "value": "
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
2.14.1 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 (1P), 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 cash-generating unit is determined based on value in use calculations using discounted future cash flows before tax. These calculations require management to make significant estimates and assumptions regarding discount rates, expected future cash flows, production profiles, remaining proved reserves (1P), future capital expenditure, lifting costs and forward commodity 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, 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. In 2025, the Company recognized an impairment loss related to the loss of the contractual rights related to the Mata Magallanes Oeste and Ca\u00f1adon Ramirez licenses. This impairment was recorded in profit or loss. During 2024 , abandonment cost estimates in Colombia was reviewed and significantly reduced in several CGUs. As a result of this adjustment, the total recoverable value across the affected CGUs increased by USD 1.207 million. The recoverable amounts of the CGUs are most sensitive to changes in forward commodity prices, production profiles and discount rates. The remaining carrying amounts of the producing assets are limited, reflecting the relatively short remaining contractual lives of the Colombian producing licenses, which expire in 2027. Accordingly, the projected cash flows used in the value-in-use calculations are based on a relatively short forecast period. Management acknowledges that, due to the limited remaining reserve life and contractual duration of these assets, reasonably possible adverse changes in key assumptions, particularly commodity prices, production performance or discount rates, could result in additional impairment charges in future reporting periods. However, given the relatively low carrying amounts of the remaining producing assets, any such additional impairment would not be expected to be material to the Group's consolidated financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-194": { "value": "
Impairment Production rights, exploration, development and production assets 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 less costs to sell and value in use. Exploration and evaluation assets are assessed for impairment at the asset or CGU level. Oil production assets are tested for impairment on a production field (CGU) basis using forward oil prices and other relevant market assumptions..
2.14.1 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 (1P), 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-243": { "value": "
2.8 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.
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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.
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. 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 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. Customers are primarily oil and gas off-takers and industry participants. In addition, the Group has receivables from joint operation partners and other counterparties arising from its role as operator. The Group\u2019s exposure to credit risk is influenced by the nature of its counterparties, including oil and gas customers and joint operation partners. Credit risk is monitored on an ongoing basis. Cash and cash equivalents are held with reputable financial institutions. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. Trade and other receivables are subject to the expected credit loss (ECL) model. While no material impairment has been recognized, the Group has assessed ECL based on historical experience and forward-looking information. The Group does not generally hold collateral as security for its receivables.
3.3 Liquidity risk Prudent liquidity risk management is aimed at ensuring that the Group has sufficient liquidity to meet its financial and operational obligations as they fall due. As described in Note 4 (Going Concern), the Group continues to operate with negative equity and negative working capital and is therefore exposed to significant liquidity risk. The Group's liquidity strategy is based on maximizing cash generation from its Colombian operations, maintaining strict cost discipline and capital expenditure control, reducing future funding requirements following the divestment of the Argentine operations, and evaluating financing alternatives to support its long-term capital structure. Management monitors rolling cash flow forecasts to assess the Group's liquidity position and funding requirements. Actual cash flows and expenditures are regularly compared with approved budgets, and liquidity projections are updated to reflect changes in operating performance, commodity prices and financing assumptions. The Group's liquidity remains sensitive to oil and gas prices and operational performance. Accordingly, management continues to implement cost-efficiency measures and actively monitors market conditions in order to preserve liquidity and support the Group's ongoing operations.
Year ended 31 December 2025 Less than Between Between Amounts in USD 1000 1year 1and 2years 2and 5years Total Borrowings including interest 4.560 31.281 512 36.353 Trade and other payables 4.467 3.614 1.584 9.665 Year ended 31 December 2024 Less than Between Between Amounts in USD 1000 1year 1and 2years 2and 5years Total Borrowings including interest 13.133 1.251 26.463 40.847 Trade and other payables 17.858 5.794 3.318 26.970
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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.
18. FINANCIAL INSTRUMENTS
Period ended 31 December Assets and liabilities at amortized cost Amounts in USD 1000 Notes 2025 2.024 Current: Trade and other receivables 17 1.295 11.627 Cash and cash equivalents 19 265 1.177 Total financial assets 1.560 12.804 Non-current: Bond loan USD 22 27.477 24.976 Financial institutions 22 565 808 Current: Bond loan USD 22 1.304 1.251 Financial institutions 22 1.856 1.846 Notes 22 - 8.423 Trade and other payables 24 9.665 26.970 Total financial liabilities 40.867 64.274
22. 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 36%. In 2025 this was reclassified to liabilities held for sale.
Period ended 31 December Amounts in USD 1000 2025 2.024 Bond loan 28.781 26.227 Financial institutions 2.421 2.654 Notes 1.107 9.466 Total borrowings 32.309 38.347 Of which, current portion: Bond loan 1.304 1.251 Financial institutions 1.856 1.846 Other - 8.423 Of which, current portion 3.160 11.520
The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests): The Bond loan recognized in the statement of financial position is calculated as follows:
Bond fair value Management expects that the Bonds, which mature on 31 January 2027, will be settled in full. This expectation is based on the Company's intention to implement a long-term capital structure solution prior to the maturity date. During 2026, the Company intends to continue its constructive dialogue with bondholders with the objective of agreeing a refinancing or restructuring of the outstanding Bonds, while also evaluating alternative financing and strategic opportunities to strengthen the Group's financial position. Accordingly, management considers the carrying amount of the Bonds to represent an appropriate approximation of their fair value as of 31 December 2025. 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 2027. If 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. Publication of: o Annual Financial Statements (within 120 days of year-end). Interim Accounts (semi-annual financial statements for the periods ending 30 June and 31 December) within 60 days after the relevant reporting date.
Amounts in USD 1000 2025 2.024 0-12months 4.560 13.133 Between 1and 2years 31.281 1.251 Between 2and 5years 512 26.463 Total borrowings 36.353 40.847 Amounts in USD 1000 2025 2.024 Bond loan at january 26.227 23.877 PIK 31.01.2024 - 1.151 PIK 31.07.2024 - 1.199 PIK 31.01.2025 1.250 - PIK 31.07.2025 1.304 - Balance at 31 December 28.781 26.227
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 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 The Company's senior secured bond is supported by an unconditional and irrevocable parent guarantee issued by UP Colombia Holding AS, which guarantees the Issuer's obligations under the Bond Terms, including payment of principal, interest and related costs. The guarantee forms part of the security package supporting the Bonds, together with a share pledge over the Guarantor, an assignment of certain intercompany receivables and general security interests over specified assets. The Bond Terms also contain customary cross-default provisions. Accordingly, a default by the Issuer or the Guarantor under other financial indebtedness above the specified threshold, or the acceleration of such indebtedness by another creditor, may constitute an Event of Default under the Bond Terms and could permit the Bond Trustee, acting on behalf of the bondholders, to declare the Bonds immediately due and payable. The carrying amount of assets pledged as security for the Group's senior secured bond as at 31 December 2025 comprised property, plant and equipment of USD 4.0 million, inventories of USD 0.6 million, trade and other receivables of USD 1.6 million and bank accounts of USD 4.7 million. In addition, the shares in UP Colombia Holding AS, with a carrying amount of USD 4.6 million in the parent company financial statements, were pledged as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-195": { "value": "
2.8 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.
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn18": { "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.
All other financial assets 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-196": { "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.
All other financial assets 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-197": { "value": "
2.8.1 Financial assets Financial assets are subsequently measured at either amortized cost using the effective interest method or fair value based on their classification: Financial assets measured at amortized cost 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.
All other financial assets 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. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
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.
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-213": { "value": "
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
3.2 Credit risk Credit risk arises from cash and cash equivalents 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. Customers are primarily oil and gas off-takers and industry participants. In addition, the Group has receivables from joint operation partners and other counterparties arising from its role as operator. The Group\u2019s exposure to credit risk is influenced by the nature of its counterparties, including oil and gas customers and joint operation partners. Credit risk is monitored on an ongoing basis. Cash and cash equivalents are held with reputable financial institutions. Maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. Trade and other receivables are subject to the expected credit loss (ECL) model. While no material impairment has been recognized, the Group has assessed ECL based on historical experience and forward-looking information. The Group does not generally hold collateral as security for its receivables.
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-242": { "value": "
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-198": { "value": "
At each reporting date, the Company assesses whether a financial asset or group of financial assets is impaired. The Group applies the expected credit loss (ECL) model to trade and other receivables. Given the nature of the Group\u2019s customers, credit risk is considered low and no material impairment has been recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-199": { "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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-200": { "value": "
2.8.2 Financial liabilities The Group\u2019s financial liabilities comprise borrowings (including bond loans), trade and other payables and bank overdrafts. All financial liabilities are measured at amortized cost using the effective interest method.
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.
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-201": { "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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-252": { "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.
24. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2025 2.024 Trade creditors 4.399 12.065 Public duties payable 79 2.438 Prepayment from customers 450 880 Debt to emproyees and directors 183 - Other accrued expenses 4.554 11.587 Total trade and other payables 9.665 26.970
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-202": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn23": { "value": "
2.9 Inventories Inventories are valued at the lower of cost and net realizable value. Inventories mainly comprise crude oil and materials and spare parts used in the Group\u2019s oil and gas operations. Crude oil inventories are measured at the lower of cost and net realizable value. Cost includes the relevant production costs incurred in bringing the inventory to its present location and condition. Materials and spare parts are measured at cost and are expensed when consumed or when they no longer support ongoing operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-203": { "value": "
2.9 Inventories Inventories are valued at the lower of cost and net realizable value. Inventories mainly comprise crude oil and materials and spare parts used in the Group\u2019s oil and gas operations. Crude oil inventories are measured at the lower of cost and net realizable value. Cost includes the relevant production costs incurred in bringing the inventory to its present location and condition. Materials and spare parts are measured at cost and are expensed when consumed or when they no longer support ongoing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-205": { "value": "
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.14.2 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 29).
23. PROVISIONS AND OTHER LIABILITIES Period ended 31 December Amounts in USD 1000 2025 2.024 Asset retirement obligations 3.376 9.029 Retirement benefits obligations 940 743 Other obligations 1.343 1.158 Total provisions for other liabilities and charges 5.659 10.930 Of which, current portion: 1.332 1.145
The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Additions represent new obligations recognized during the year or increases in existing obligations resulting from revised estimates or new information. Accretion (actualization) represents the increase in the present value of discounted provisions due solely to the passage of time and is recognized as a finance cost. Utilization represents the settlement of previously recognized provisions through actual expenditures, including plugging, abandonment and site restoration activities for asset retirement obligations, and payments or settlements of other contractual or legal obligations. Amounts reclassified to held for sale represent provisions transferred together with the Argentine disposal. Asset retirement obligations represent the estimated present value of future plugging, abandonment and site restoration costs associated with the Group's producing assets. As of 31 December 2025, the estimated undiscounted costs amount to approximately USD 3.7 million and are expected to be incurred primarily between 2027 and 2028, based on the expected timing of abandonment of the relevant fields. The estimated future expenditures have been discounted using a discount rate of 11.3%. For the Colombian producing licences, management expects production to continue beyond the expiry of the Group's current contractual rights, as the Puli C contractual arrangements provide Ecopetrol/Hocol with the right to continue operations following the expiry of Interoil's participation. Accordingly, the timing of abandonment is linked to the expected end of the economic life of the producing fields rather than the contractual expiry of Interoil's licence interests. No material abandonment activities are therefore expected within the next twelve months. During each year, the Company recorded reversals of the asset retirement obligation (ARO) provision as updated financial and technical assessments indicated a reduction in the expected future dismantling and restoration costs. These changes reflect revised assumptions regarding discount rates, operational requirements, and the timing of abandonment activities. In addition, certain other provisions were reversed as the likelihood of an outflow of resources became remote based on new information available to management. Utilizations of the ARO provision during the period correspond to abandonment and site restoration activities carried out in accordance with the Company\u2019s decommissioning plans. For other provisions, utilizations relate to the settlement of liabilities through invoices received for fees and services associated with the underlying obligations. Assets retirement Other Obligation Obligations As at January 1 2024 10.997 3.049 Additions - 1.018 Acreetion -881 - Utilization - -955 Reversals -1.087 -1.954 Balance at 31 December 2024 9.029 1.158 Additions - 2.112 Acreetion 66 - Utilization -728 -1.348 Reclasified to held for sale for discontinued operations -4.991 -579 As at December 31 2025 3.376 1.343
28. 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. As part of the sale of Interoil Argentina S.A. completed on 9 February 2026, all legal claims, litigation, rights and obligations associated with the Argentine operations were transferred to the purchaser together with the Argentine subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-251": { "value": "
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.14.2 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 29).
23. PROVISIONS AND OTHER LIABILITIES Period ended 31 December Amounts in USD 1000 2025 2.024 Asset retirement obligations 3.376 9.029 Retirement benefits obligations 940 743 Other obligations 1.343 1.158 Total provisions for other liabilities and charges 5.659 10.930 Of which, current portion: 1.332 1.145
The evolution of the Group\u2019s provision for other liabilities and charges, is as follows: Additions represent new obligations recognized during the year or increases in existing obligations resulting from revised estimates or new information. Accretion (actualization) represents the increase in the present value of discounted provisions due solely to the passage of time and is recognized as a finance cost. Utilization represents the settlement of previously recognized provisions through actual expenditures, including plugging, abandonment and site restoration activities for asset retirement obligations, and payments or settlements of other contractual or legal obligations. Amounts reclassified to held for sale represent provisions transferred together with the Argentine disposal. Asset retirement obligations represent the estimated present value of future plugging, abandonment and site restoration costs associated with the Group's producing assets. As of 31 December 2025, the estimated undiscounted costs amount to approximately USD 3.7 million and are expected to be incurred primarily between 2027 and 2028, based on the expected timing of abandonment of the relevant fields. The estimated future expenditures have been discounted using a discount rate of 11.3%. For the Colombian producing licences, management expects production to continue beyond the expiry of the Group's current contractual rights, as the Puli C contractual arrangements provide Ecopetrol/Hocol with the right to continue operations following the expiry of Interoil's participation. Accordingly, the timing of abandonment is linked to the expected end of the economic life of the producing fields rather than the contractual expiry of Interoil's licence interests. No material abandonment activities are therefore expected within the next twelve months. During each year, the Company recorded reversals of the asset retirement obligation (ARO) provision as updated financial and technical assessments indicated a reduction in the expected future dismantling and restoration costs. These changes reflect revised assumptions regarding discount rates, operational requirements, and the timing of abandonment activities. In addition, certain other provisions were reversed as the likelihood of an outflow of resources became remote based on new information available to management. Utilizations of the ARO provision during the period correspond to abandonment and site restoration activities carried out in accordance with the Company\u2019s decommissioning plans. For other provisions, utilizations relate to the settlement of liabilities through invoices received for fees and services associated with the underlying obligations. Assets retirement Other Obligation Obligations As at January 1 2024 10.997 3.049 Additions - 1.018 Acreetion -881 - Utilization - -955 Reversals -1.087 -1.954 Balance at 31 December 2024 9.029 1.158 Additions - 2.112 Acreetion 66 - Utilization -728 -1.348 Reclasified to held for sale for discontinued operations -4.991 -579 As at December 31 2025 3.376 1.343
The maturity of the Group\u2019s provisions is as follows:
As of 31 December 2025 Assets retirement Other Amounts in USD 1000 Obligations 0-12months - 1.332 Between 1and 2years 1.579 11 Between 2and 5years 2.378 - Total 3.957 1.343 As of 31 December 2024 Assets retirement Other Amounts in USD 1000 Obligations 0-12months 0 1.145 Between 1and 2years 1.318 13 Between 2and 5years 7.711 - Total 9.029 1.158
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-204": { "value": "
2.10 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 Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.14.2 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 29).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-206": { "value": "
Abandonment and decommissioning liabilities: Under the terms of the Group's concession agreements, the Group has obligations to dismantle and remove production facilities and restore the related sites at the end of production or upon expiry of the concession period. A provision is recognized when the Group has a present legal or constructive obligation, measured as the present value of the estimated future decommissioning expenditure. The corresponding amount is capitalized as part of the cost of the related asset and depreciated over the asset's remaining useful life using the unit-of-production method. The unwinding of the discount on the decommissioning provision is recognized as a finance cost. Changes in the estimated timing or amount of future decommissioning costs, or changes in the discount rate, are recognized by adjusting both the carrying amount of the provision and the related asset. If a reduction in the provision exceeds the carrying amount of the related asset, the excess is recognized immediately in profit or loss.
2.14.2 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 29).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn42": { "value": "
2.11 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, 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. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
25. ASSETS AND LIABILITIES HELD FOR SALE During the fourth quarter of 2025, the Group initiated the divestment of its Argentine operations, and the transaction was completed on 9 February 2026, as further described in Note 28. The assets and liabilities presented as held for sale primarily relate to the Company's interests in the Santa Cruz Sur joint operations, the La Brea Block, and the related rights associated with the Mata Magallanes Oeste (MMO) production concession and the Ca\u00f1ad\u00f3n Ram\u00edrez (CR) exploration block, together with the related working capital balances, borrowings and other liabilities. In addition, property, plant and equipment held for sale includes a gas treatment plant acquired and refurbished in 2017 for the Puli C contract. Shortly thereafter, an alternative commercial solution for gas handling in Puli C was implemented and the plant was therefore not deployed. Management subsequently evaluated utilizing the plant in a development project in Argentina; however, as that opportunity did not materialize, the asset has continued to be actively marketed for sale while remaining available for deployment should a suitable commercial opportunity arise. As of 31 December 2025, the carrying amount of the plant, amounting to USD 1.4 million (2024: USD 1.7 million), is supported by two independent external valuations, which indicate that its estimated recoverable amount exceeds its carrying value. Period ended 31 December Amounts in USD 1000 2025 2.024 Property, plant and equipment 1.462 1.677 Inventories 1.046 - Trade and other receivables 15.928 - Other assets 43 - Total segment assets 18.479 1.677 Borrowings 11.729 - Trade and other payables 21.725 - Other liabilities 8.906 - Total segment liabilities 42.360 -
26. PROFIT (LOSS) FOR DISCONTINUED OPERATIONS Total profit and loss from discontinued operations does not include the results of the Argentinian entities, which are not classified as discontinued operations and generated losses of USD 3 million primarily driven by impairment charges and administrative expenses. 27. PROFIT (LOSS) FOR DISCONTINUED OPERATIONS Period ended 31 December Amounts in USD 1000 2025 2.024 Total Revenue 10.773 7.816 Cost of goods sold -16.687 -16.960 Gross loss -5.914 -9.144 Administrative expense -1.779 -1.755 Impairment -7.969 - Other expense -325 - Result from operating activities -15.987 -10.899 Finance (costs)/Income, net -2.527 -3.148 (Loss) before income tax -18.514 -14.047 Income tax expense - - (Loss) for the period -18.514 -14.047 For the year ended 31 December Amounts in USD 1000 2025 2.024 Profit (loss) from discontinued operations -18.514 -14.047 Depreciation of property, plant and equipment 697 775 Amortization of intangible assets and exploration costs 6.394 4.013 Impairment 7.969 60 Interest income 0 -111 Interest and other financial expenses 306 412 Exchange gain realized/unrealized -4.456 -143 Changes in net working capital Inventories 13 -578 Trade and other receivables -1.900 -4.797 Trade and other payables and provisions 6.135 9.557 Net cash flow from discontinued operating activities -3.356 -4.859 Purchases of PP&E -27 - Net cash flow from discontinued investing activities -27 - Proceeds from new loans 3.418 4.339 Net cash flow from discontinued financing activities 3.418 4.339 35 -520 Net increase/(decrease) in cash and cash equivalents for dicontinued operations
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-254": { "value": "
2.11 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, 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. Intangible assets and property, plant and equipment (PPE) once classified as held for sale or discontinued operations are not amortized or depreciated.
25. ASSETS AND LIABILITIES HELD FOR SALE During the fourth quarter of 2025, the Group initiated the divestment of its Argentine operations, and the transaction was completed on 9 February 2026, as further described in Note 28. The assets and liabilities presented as held for sale primarily relate to the Company's interests in the Santa Cruz Sur joint operations, the La Brea Block, and the related rights associated with the Mata Magallanes Oeste (MMO) production concession and the Ca\u00f1ad\u00f3n Ram\u00edrez (CR) exploration block, together with the related working capital balances, borrowings and other liabilities. In addition, property, plant and equipment held for sale includes a gas treatment plant acquired and refurbished in 2017 for the Puli C contract. Shortly thereafter, an alternative commercial solution for gas handling in Puli C was implemented and the plant was therefore not deployed. Management subsequently evaluated utilizing the plant in a development project in Argentina; however, as that opportunity did not materialize, the asset has continued to be actively marketed for sale while remaining available for deployment should a suitable commercial opportunity arise. As of 31 December 2025, the carrying amount of the plant, amounting to USD 1.4 million (2024: USD 1.7 million), is supported by two independent external valuations, which indicate that its estimated recoverable amount exceeds its carrying value. Period ended 31 December Amounts in USD 1000 2025 2.024 Property, plant and equipment 1.462 1.677 Inventories 1.046 - Trade and other receivables 15.928 - Other assets 43 - Total segment assets 18.479 1.677 Borrowings 11.729 - Trade and other payables 21.725 - Other liabilities 8.906 - Total segment liabilities 42.360 -
26. PROFIT (LOSS) FOR DISCONTINUED OPERATIONS Total profit and loss from discontinued operations does not include the results of the Argentinian entities, which are not classified as discontinued operations and generated losses of USD 3 million primarily driven by impairment charges and administrative expenses. 27. PROFIT (LOSS) FOR DISCONTINUED OPERATIONS Period ended 31 December Amounts in USD 1000 2025 2.024 Total Revenue 10.773 7.816 Cost of goods sold -16.687 -16.960 Gross loss -5.914 -9.144 Administrative expense -1.779 -1.755 Impairment -7.969 - Other expense -325 - Result from operating activities -15.987 -10.899 Finance (costs)/Income, net -2.527 -3.148 (Loss) before income tax -18.514 -14.047 Income tax expense - - (Loss) for the period -18.514 -14.047 For the year ended 31 December Amounts in USD 1000 2025 2.024 Profit (loss) from discontinued operations -18.514 -14.047 Depreciation of property, plant and equipment 697 775 Amortization of intangible assets and exploration costs 6.394 4.013 Impairment 7.969 60 Interest income 0 -111 Interest and other financial expenses 306 412 Exchange gain realized/unrealized -4.456 -143 Changes in net working capital Inventories 13 -578 Trade and other receivables -1.900 -4.797 Trade and other payables and provisions 6.135 9.557 Net cash flow from discontinued operating activities -3.356 -4.859 Purchases of PP&E -27 - Net cash flow from discontinued investing activities -27 - Proceeds from new loans 3.418 4.339 Net cash flow from discontinued financing activities 3.418 4.339 35 -520 Net increase/(decrease) in cash and cash equivalents for dicontinued operations
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn28": { "value": "
2.11 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, 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. 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-208": { "value": "
2.11 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, 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. 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn29": { "value": "
2.11 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, 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. 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:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-207": { "value": "
2.11 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, 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. 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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn45": { "value": "
2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
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2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
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2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
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2.13 Interest in jointly controlled operations Most of the Group\u2019s exploration and production activities are conducted through unincorporated joint arrangements 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. Where the Group holds interests that are not subject to joint control, it recognizes its direct rights and obligations in accordance with the underlying contractual terms.
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3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group\u2019s principal financial liabilities, comprise accounts payable, bank loans and overdrafts, and bond loans and short-term notes. 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 Accounting Standards 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.
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. 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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3.1 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.
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. 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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3.3 Liquidity risk Prudent liquidity risk management is aimed at ensuring that the Group has sufficient liquidity to meet its financial and operational obligations as they fall due. As described in Note 4 (Going Concern), the Group continues to operate with negative equity and negative working capital and is therefore exposed to significant liquidity risk. The Group's liquidity strategy is based on maximizing cash generation from its Colombian operations, maintaining strict cost discipline and capital expenditure control, reducing future funding requirements following the divestment of the Argentine operations, and evaluating financing alternatives to support its long-term capital structure. Management monitors rolling cash flow forecasts to assess the Group's liquidity position and funding requirements. Actual cash flows and expenditures are regularly compared with approved budgets, and liquidity projections are updated to reflect changes in operating performance, commodity prices and financing assumptions. The Group's liquidity remains sensitive to oil and gas prices and operational performance. Accordingly, management continues to implement cost-efficiency measures and actively monitors market conditions in order to preserve liquidity and support the Group's ongoing operations.
Year ended 31 December 2025 Less than Between Between Amounts in USD 1000 1year 1and 2years 2and 5years Total Borrowings including interest 4.560 31.281 512 36.353 Trade and other payables 4.467 3.614 1.584 9.665 Year ended 31 December 2024 Less than Between Between Amounts in USD 1000 1year 1and 2years 2and 5years Total Borrowings including interest 13.133 1.251 26.463 40.847 Trade and other payables 17.858 5.794 3.318 26.970
The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests): The Bond loan recognized in the statement of financial position is calculated as follows:
Amounts in USD 1000 2025 2.024 0-12months 4.560 13.133 Between 1and 2years 31.281 1.251 Between 2and 5years 512 26.463 Total borrowings 36.353 40.847 Amounts in USD 1000 2025 2.024 Bond loan at january 26.227 23.877 PIK 31.01.2024 - 1.151 PIK 31.07.2024 - 1.199 PIK 31.01.2025 1.250 - PIK 31.07.2025 1.304 - Balance at 31 December 28.781 26.227
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3.4 Capital Management The Group's primary capital management objective is to maintain sufficient liquidity to continue as a going concern while preserving financial flexibility and supporting the long-term sustainability of the business. As described in Note 4 (Going Concern), the Group continues to operate with negative equity and negative working capital and therefore remains focused on strengthening its capital structure and liquidity position. During 2025, the Group implemented several measures to improve its financial position, including the extension of the maturity of its senior secured bond loan to 31 January 2027, the settlement in kind of the January 2026 interest payment, and the divestment of its Argentine operations, which is expected to reduce future funding requirements and operating costs. The Group's capital management strategy is focused on maximizing cash generation from its Colombian operations, maintaining strict cost discipline, prioritizing capital expenditures, and preserving liquidity. In parallel, management continues to evaluate strategic and financing alternatives.
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4. GOING CONCERN These financial statements have been prepared on a going concern basis. In reaching this conclusion, the Board of Directors has considered management's cash flow forecasts covering the period of at least twelve months from the date of approval of these financial statements. The forecasts assume continued cash generation from the Group's Colombian operations, reduced operating costs and funding requirements following the divestment of the Argentine operations, continued cost discipline and capital expenditure control. The forecast also takes into account the additional financial flexibility provided by the extension of the senior secured bond maturity to 31 January 2027 and the payment-in-kind settlement of the interest payments due on 31 January 2026 and 31 July 2026. The forecasts also assume that, during 2026, the Company will continue its constructive dialogue with bondholders with the objective of implementing a long-term capital structure solution before the bond matures in January 2027, while evaluating alternative financing and strategic opportunities to strengthen its liquidity position. As of 31 December 2025, the Group and the parent company continue to operate with negative equity and negative working capital. Accordingly, there is a material uncertainty related to the Group's and the parent company's ability to continue as a going concern.
On 23 December 2025, bondholders approved amendments to the terms of the Company's senior secured callable bonds, including settlement in kind of the interest payment due on 31 January 2026, extension of the bond maturity from 31 January 2026 to 31 January 2027, amendments to certain reporting requirements and consent to dispose of the Company's Argentine assets. These amendments reduced the Group's near-term financing requirements and provided additional time to implement a long-term capital structure solution. Subsequent to year-end, on 9 February 2026, the Company completed the divestment of its Argentine operations. The transaction is expected to reduce the Group's future funding requirements and operating cost base by eliminating the cash outflows associated with the former Argentine operations. The Board has assessed the Company's financial position in accordance with Sections 3-4 and 3-5 of the Norwegian Public Limited Liability Companies Act. Although the Group and the parent company continue to report negative accounting equity, the Board has concluded that, for the time being, and taking into account the measures implemented to date together with the additional measures currently under consideration by the Board, the Company's equity and liquidity are not considered inadequate within the meaning of Section 3-5, cf. Section 3-4 of the Norwegian Public Limited Liability Companies Act. Nevertheless, the Board will continue to closely monitor the Company's capital adequacy and liquidity position and will promptly evaluate and implement additional measures should circumstances require. Management will continue to pursue initiatives to strengthen the Company's financial position, including maximizing cash generation from the Colombian operations, maintaining strict cost discipline, evaluating financing alternatives and continuing discussions with bondholders regarding the refinancing or restructuring of the bond prior to its maturity. Notwithstanding the mitigating actions described above, the Group remains dependent upon successfully improving its liquidity position and implementing a sustainable long-term capital structure before the bond matures in January 2027. Accordingly, a material uncertainty exists on the Group's and the parent company's ability to continue as a going concern. These financial statements do not include any adjustments that would result if the Group or the parent company were unable to continue as a going concern.
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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 2025 2025 2024 2024 Colombia Argentina Colombia Argentina Revenues 8.683 10.773 8.995 7.816 Cost of goods sold -6.836 -16.687 -4.360 -12.172 Assets 4.048 - 9.727 7.345 Salaries and social benefit 332 762 585 744 Production Wi (BOE) 109.803 413.583 156.859 418.076 Number of employees 45 75 52 77
30. 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 for continued operations As of 31 December 2025 Colombia Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0,389 0,906 0,540 0,274 0,598 0,374 1P Developed Non-Producing reserves - PDNP 0,025 0,054 0,034 0,016 0,036 0,022 1P Non-Developed reserves - PND - - - - - - Total Proven reserves 1P 0,414 0,960 0,574 0,290 0,634 0,395 Total Proven and probable reserves 2P 0,468 1,018 0,638 0,330 0,672 0,442 Gross operated (100%) Net equity after royalties
For a full description of the \u201c2007 PRMS\u201d, please refer to the Society of Petroleum Engineers website: www.spe.org Notes Mmboe = million stock tank barrels of oil equivalent 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 Colombia Oil Gas Total Oil Gas Total (mmbbl) (Bscf) (mmboe) (mmbbl) (Bscf) (mmboe) 1P 1P Developed Producing reserves - PDP 0,315 0,889 0,473 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 1,031 0,556 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%)
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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, result from operating activities 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 See notes 25 to 27 for details of profit, losses, assets, liabilities and cash flows of discontinued operations As of 31 December 2025 Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Total Revenue 8.683 10.773 373 -373 19.456 Cost of goods sold -6.825 -16.687 - - -23.512 Gross profit/(loss) 1.858 -5.914 373 -373 -4.056 Exploration cost expensed -56 - - - -56 Administrative expense -4.273 -3.014 -684 373 -7.598 Impairment -139 -9.769 - - -9.908 Other income (expense) 488 -325 -29 - 134 Result from operating activities -2.122 -19.022 -340 - -21.484 Interest income 455 - - - 455 Interest expense -754 -4.394 -2.645 - -7.793 Other finance (costs)/Income, net -2.771 1.867 595 - -309 (Loss) before income tax -5.192 -21.549 -2.390 - -29.131 Income tax expense -754 - - - -754 Total Loss of the year for continuing operations -5.946 -21.549 -2.390 - -29.885 Total loss and comprehensive loss for the year -5.946 -21.549 -2.390 - -29.885
Financial Position See notes 25 to 27 for details of profit, losses, assets, liabilities and cash flows of discontinued operations 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 -6.636 -16.960 - - -23.596 Gross profit/(loss) 2.359 -9.144 412 -412 -6.785 Exploration cost expensed -776 - - - -776 Administrative expense -3.724 -1.755 -723 412 -5.790 Impairment 1.147 - - - 1.147 Other income 1.286 - -26 - 1.260 Result from operating activities 292 -10.899 -337 - -10.944 Interest income 398 662 2 - 1.062 Interest expense -240 -3.288 -2.434 - (5.962) Finance (costs)/Income, net -164 -522 562 - (124) (Loss) before income tax 286 -14.047 -2.207 - -15.968 Income tax expense -1.204 - - - -1.204 Total Loss of the year for continuing operations -918 -14.047 -2.207 - -17.172 Total loss and comprehensive loss for the year -918 -14.047 -2.207 - -17.172 As of 31 December 2025 Group Unall. / continuing Amounts in USD 1000 Colombia Argentina Norway Elim. business Property, plant and equipment 4.048 - - - 4.048 Assets of discontinued operations 17.079 - 17.079 Other assets 8.911 - 780 - 9.691 Total segment assets 12.959 17.079 780 - 30.818 Borrowings 2.421 - 29.888 - 32.309 Trade and other payables 6.312 - 3.353 - 9.665 Liabilities of discontinued operations 42.360 - - 42.360 Other liabilities 8.599 - - - 8.599 Total segment liabilities 17.332 42.360 33.241 - 92.933 Equity -4.373 -25.281 -32.461 - -62.115
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
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8. COST OF GOODS SOLD Lifting costs, specifications:
For the year ended 31 December Amounts in USD 1000 2025 2.024 Lifting costs 4.411 3.742 Depreciation 1.577 2.277 Royalties 318 0 Other costs 519 617 Total cost of goods sold 6.825 6.636 Lifting costs, specifications: Amounts in USD 1000 2025 2.024 Field production costs 2.389 1.650 Tariffs and transportation 1.181 1.136 Insurance 116 120 Production costs external consultants 45 36 Well services and workovers 484 282 Repairs and maintenance of installations/equipment 196 518 Total lifting costs 4.411 3.742
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9. ADMINISTRATIVE EXPENSES Employee benefit expenses, specifications:
For the year ended 31 December Amounts in USD 1000 2025 2.024 Employee benefit expenses 398 584 Professional fees 3.208 1.860 General and administration expenses 1.617 1.438 Depreciation non-oil assets 319 153 Total administrative expenses 5.542 4.035 Employee benefit expenses, specifications: Amounts in USD 1000 2025 2.024 Salaries and wages employees 239 442 Other personal expenses 27 17 Other payroll related expenses 75 88 Pension cost 57 37 Total employee benefit expense 398 584 Average number of employees for continued operations 45 50
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10. RELATED PARTIES
Consolidated subsidiaries As at 31 december 2025, Interoil Exploration and Production ASA held 100% (direct and indirect) shareholding and voting rights in the following subsidiaries: All subsidiaries are included in the consolidated financial statements. See note 2.2 for consolidation principles. Transfer prices with consolidated subsidiaries are on an arm\u2019s length basis like transactions with third parties.
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 2025 was following the declaration that was submitted to the General meeting in 2024. 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
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%
Board member remuneration
As of 31 December 2025 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 78 - Pablo Creta CFO 01.01-31.12 69 - 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 2025 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 36 24 Nicolas Acu\u00f1a Member 01.01-31.12 9 - Isabel Valado Member 01.01-31.12 19 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 19 - Carmela Saccomanno Member 01.01-31.12 19 - 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 -
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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 2025 was following the declaration that was submitted to the General meeting in 2024. 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
Board member remuneration
As of 31 December 2025 Amounts in USD 1000 Period Salary Other Leandro Carbone CEO 01.01-31.12 78 - Pablo Creta CFO 01.01-31.12 69 - 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 2025 Board Amounts in USD 1000 Period member fee Other Hugo Quevedo Chairman 01.01-31.12 36 24 Nicolas Acu\u00f1a Member 01.01-31.12 9 - Isabel Valado Member 01.01-31.12 19 - German Ranftl Member 01.01-31.12 18 - Laura Marmol Member 01.01-31.12 19 - Carmela Saccomanno Member 01.01-31.12 19 - 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 -
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12. EXTERNAL AUDIT REMUNERATION KPMG was elected auditors for the group in 2025. The following table shows total audit and non-audit fees expensed in the period, excluding VAT:
For the year ended 31 December 2025 Other assurance Amounts in USD 1000 Audit fee services Total PwC Norway 150 - 150 KPMG Norway 60 60 PwC Colombia 7 - 7 KPMG Colombia 70 70 PwC Argentina 80 - 80 Total 367 - 367 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
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13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2025 2.024 Gain on sale of PP&E - 902 Refund operational expenses 436 294 Other income 62 92 Total other income 498 1.288 Provision for legal claims 10 2 Other expense 29 26 Total other expense 39 28 Total other income 459 1.260
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13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2025 2.024 Gain on sale of PP&E - 902 Refund operational expenses 436 294 Other income 62 92 Total other income 498 1.288 Provision for legal claims 10 2 Other expense 29 26 Total other expense 39 28 Total other income 459 1.260
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13. OTHER INCOME / (EXPENSE)
For the year ended 31 December Amounts in USD 1000 2025 2.024 Gain on sale of PP&E - 902 Refund operational expenses 436 294 Other income 62 92 Total other income 498 1.288 Provision for legal claims 10 2 Other expense 29 26 Total other expense 39 28 Total other income 459 1.260
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14. FINANCE INCOME AND COST
Realized and unrealized foreign exchange gains and losses mainly arise from monetary items denominated in currencies other than the U.S. dollar, primarily Colombian pesos. These effects are generated by cash and bank balances, trade receivables, and trade payables. Realized differences correspond to settlements of transactions during the period, while unrealized differences reflect the remeasurement of outstanding balances at the reporting date. All foreign exchange differences are recognized in profit or loss.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Interest income 226 155 Realized/unrealized exchange rate net gain - 1.657 Total financial income 226 1.812 Interest expenses 2.751 3.343 Realized/unrealized exchange rate net loss 1.822 - Other financial expenses 773 345 Total financial expenses 5.346 3.688 Finance (expenses)/income \u2013 net -5.120 -1.876
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14. FINANCE INCOME AND COST
Realized and unrealized foreign exchange gains and losses mainly arise from monetary items denominated in currencies other than the U.S. dollar, primarily Colombian pesos. These effects are generated by cash and bank balances, trade receivables, and trade payables. Realized differences correspond to settlements of transactions during the period, while unrealized differences reflect the remeasurement of outstanding balances at the reporting date. All foreign exchange differences are recognized in profit or loss.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Interest income 226 155 Realized/unrealized exchange rate net gain - 1.657 Total financial income 226 1.812 Interest expenses 2.751 3.343 Realized/unrealized exchange rate net loss 1.822 - Other financial expenses 773 345 Total financial expenses 5.346 3.688 Finance (expenses)/income \u2013 net -5.120 -1.876
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14. FINANCE INCOME AND COST
Realized and unrealized foreign exchange gains and losses mainly arise from monetary items denominated in currencies other than the U.S. dollar, primarily Colombian pesos. These effects are generated by cash and bank balances, trade receivables, and trade payables. Realized differences correspond to settlements of transactions during the period, while unrealized differences reflect the remeasurement of outstanding balances at the reporting date. All foreign exchange differences are recognized in profit or loss.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Interest income 226 155 Realized/unrealized exchange rate net gain - 1.657 Total financial income 226 1.812 Interest expenses 2.751 3.343 Realized/unrealized exchange rate net loss 1.822 - Other financial expenses 773 345 Total financial expenses 5.346 3.688 Finance (expenses)/income \u2013 net -5.120 -1.876
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14. FINANCE INCOME AND COST
Realized and unrealized foreign exchange gains and losses mainly arise from monetary items denominated in currencies other than the U.S. dollar, primarily Colombian pesos. These effects are generated by cash and bank balances, trade receivables, and trade payables. Realized differences correspond to settlements of transactions during the period, while unrealized differences reflect the remeasurement of outstanding balances at the reporting date. All foreign exchange differences are recognized in profit or loss.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Interest income 226 155 Realized/unrealized exchange rate net gain - 1.657 Total financial income 226 1.812 Interest expenses 2.751 3.343 Realized/unrealized exchange rate net loss 1.822 - Other financial expenses 773 345 Total financial expenses 5.346 3.688 Finance (expenses)/income \u2013 net -5.120 -1.876
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-230": { "value": "
14. FINANCE INCOME AND COST
Realized and unrealized foreign exchange gains and losses mainly arise from monetary items denominated in currencies other than the U.S. dollar, primarily Colombian pesos. These effects are generated by cash and bank balances, trade receivables, and trade payables. Realized differences correspond to settlements of transactions during the period, while unrealized differences reflect the remeasurement of outstanding balances at the reporting date. All foreign exchange differences are recognized in profit or loss.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Interest income 226 155 Realized/unrealized exchange rate net gain - 1.657 Total financial income 226 1.812 Interest expenses 2.751 3.343 Realized/unrealized exchange rate net loss 1.822 - Other financial expenses 773 345 Total financial expenses 5.346 3.688 Finance (expenses)/income \u2013 net -5.120 -1.876
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-241": { "value": "
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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.
24. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2025 2.024 Trade creditors 4.399 12.065 Public duties payable 79 2.438 Prepayment from customers 450 880 Debt to emproyees and directors 183 - Other accrued expenses 4.554 11.587 Total trade and other payables 9.665 26.970
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17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-240": { "value": "
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-239": { "value": "
17. TRADE AND OTHER RECEIVABLES 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 Period ended 31 December Amounts in USD 1000 2025 2.024 Trade receivables 966 4.040 Trade receivables \u2013 net 966 4.040 Joint operations accounts - 4.952 Prepayments 323 244 Other receivables 329 7.587 Total trade and other receivables 1.618 16.823
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.
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19. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Period ended 31 December Amounts in USD 1000 2025 2.024 Bank deposits denominated in USD 3.536 3.806 Bank deposits denominated in NOK 10 10 Bank deposits denominated in COP 1.202 1.159 Bank deposits denominated in ARS 0 8 Cash and cash restricted 4.748 4.983 Cash collateral guarantee bank balances 4.483 3.806 Total cash and cash equivalents 265 1.177
Restricted cash mainly relates to stand by letter of credit cash guarantees in Colombia as collateral against the ANH for outstanding commitments.
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19. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Period ended 31 December Amounts in USD 1000 2025 2.024 Bank deposits denominated in USD 3.536 3.806 Bank deposits denominated in NOK 10 10 Bank deposits denominated in COP 1.202 1.159 Bank deposits denominated in ARS 0 8 Cash and cash restricted 4.748 4.983 Cash collateral guarantee bank balances 4.483 3.806 Total cash and cash equivalents 265 1.177
Restricted cash mainly relates to stand by letter of credit cash guarantees in Colombia as collateral against the ANH for outstanding commitments.
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20. 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 2025 and 2024 20.134 41.677 124.431 166.108
Top 20 shareholders & consolidated nominee accounts As of 31 December 2025 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% Nordnet Bank AB 741.329 3,68% UBS Switzerland AG 663.780 3,30% International Capital Markets Grou 548.323 2,72% The Bank of New York Mellon 517.576 2,57% CLEARSTREAM BANKING S.A. 352.994 1,75% TEIR 250.000 1,24% ARNE HELLEST\u00d8 AS 210.347 1,04% NORDNET LIVSFORSIKRING AS 205.878 1,02% MATHISEN, Per Harald 183.000 0,91% GRANHEIM, Tormod Halsten 150.541 0,75% BRETTEL \u00d8KONOMI AS 150.000 0,74% Avanza Bank AB 149.090 0,74% NYGAARD, Arvid Halvor 134.101 0,67% HELLE, Rolf Tore 133.000 0,66% CICEKDAG, Sehmus 128.577 0,64% SVENDSEN, Tor Egil 115.000 0,57% Total 20 largest shareholders 11.992.116 59,56% Other 8.142.312 40,44% Total 20.134.428 100,00%
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%
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20. 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 2025 and 2024 20.134 41.677 124.431 166.108
Top 20 shareholders & consolidated nominee accounts As of 31 December 2025 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% Nordnet Bank AB 741.329 3,68% UBS Switzerland AG 663.780 3,30% International Capital Markets Grou 548.323 2,72% The Bank of New York Mellon 517.576 2,57% CLEARSTREAM BANKING S.A. 352.994 1,75% TEIR 250.000 1,24% ARNE HELLEST\u00d8 AS 210.347 1,04% NORDNET LIVSFORSIKRING AS 205.878 1,02% MATHISEN, Per Harald 183.000 0,91% GRANHEIM, Tormod Halsten 150.541 0,75% BRETTEL \u00d8KONOMI AS 150.000 0,74% Avanza Bank AB 149.090 0,74% NYGAARD, Arvid Halvor 134.101 0,67% HELLE, Rolf Tore 133.000 0,66% CICEKDAG, Sehmus 128.577 0,64% SVENDSEN, Tor Egil 115.000 0,57% Total 20 largest shareholders 11.992.116 59,56% Other 8.142.312 40,44% Total 20.134.428 100,00%
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%
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21. 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.
For the year ended 31 December Amounts in USD 1000 2025 2.024 Total Loss attributable to owners of the Company - continued operations -11.371 -3.125 Weighted average ordinary shares in issue (thousands) 20.134 20.134 Basic losses per share (USD per share) - diluted - continued operations -0,56 -0,16 Total Loss attributable to owners of the Company - discontinued operations -18.514 -14.047 Weighted average ordinary shares in issue (thousands) 20.134 20.134 Basic losses per share (USD per share) - diluted - discontinued operations -0,92 -0,70 Total Loss attributable to owners of the Company - total operations -29.885 -17.172 Weighted average ordinary shares in issue (thousands) 20.134 20.134 Basic losses per share (USD per share) - diluted - total operations -1,48 -0,85
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Basic Basic earnings per share are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
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22. 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 36%. In 2025 this was reclassified to liabilities held for sale.
Period ended 31 December Amounts in USD 1000 2025 2.024 Bond loan 28.781 26.227 Financial institutions 2.421 2.654 Notes 1.107 9.466 Total borrowings 32.309 38.347 Of which, current portion: Bond loan 1.304 1.251 Financial institutions 1.856 1.846 Other - 8.423 Of which, current portion 3.160 11.520
The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests): The Bond loan recognized in the statement of financial position is calculated as follows:
Bond fair value Management expects that the Bonds, which mature on 31 January 2027, will be settled in full. This expectation is based on the Company's intention to implement a long-term capital structure solution prior to the maturity date. During 2026, the Company intends to continue its constructive dialogue with bondholders with the objective of agreeing a refinancing or restructuring of the outstanding Bonds, while also evaluating alternative financing and strategic opportunities to strengthen the Group's financial position. Accordingly, management considers the carrying amount of the Bonds to represent an appropriate approximation of their fair value as of 31 December 2025. 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 2027. If 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. Publication of: o Annual Financial Statements (within 120 days of year-end). Interim Accounts (semi-annual financial statements for the periods ending 30 June and 31 December) within 60 days after the relevant reporting date.
Amounts in USD 1000 2025 2.024 0-12months 4.560 13.133 Between 1and 2years 31.281 1.251 Between 2and 5years 512 26.463 Total borrowings 36.353 40.847 Amounts in USD 1000 2025 2.024 Bond loan at january 26.227 23.877 PIK 31.01.2024 - 1.151 PIK 31.07.2024 - 1.199 PIK 31.01.2025 1.250 - PIK 31.07.2025 1.304 - Balance at 31 December 28.781 26.227
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 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 The Company's senior secured bond is supported by an unconditional and irrevocable parent guarantee issued by UP Colombia Holding AS, which guarantees the Issuer's obligations under the Bond Terms, including payment of principal, interest and related costs. The guarantee forms part of the security package supporting the Bonds, together with a share pledge over the Guarantor, an assignment of certain intercompany receivables and general security interests over specified assets. The Bond Terms also contain customary cross-default provisions. Accordingly, a default by the Issuer or the Guarantor under other financial indebtedness above the specified threshold, or the acceleration of such indebtedness by another creditor, may constitute an Event of Default under the Bond Terms and could permit the Bond Trustee, acting on behalf of the bondholders, to declare the Bonds immediately due and payable. The carrying amount of assets pledged as security for the Group's senior secured bond as at 31 December 2025 comprised property, plant and equipment of USD 4.0 million, inventories of USD 0.6 million, trade and other receivables of USD 1.6 million and bank accounts of USD 4.7 million. In addition, the shares in UP Colombia Holding AS, with a carrying amount of USD 4.6 million in the parent company financial statements, were pledged as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-249": { "value": "
22. 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 36%. In 2025 this was reclassified to liabilities held for sale.
Period ended 31 December Amounts in USD 1000 2025 2.024 Bond loan 28.781 26.227 Financial institutions 2.421 2.654 Notes 1.107 9.466 Total borrowings 32.309 38.347 Of which, current portion: Bond loan 1.304 1.251 Financial institutions 1.856 1.846 Other - 8.423 Of which, current portion 3.160 11.520
The maturity of the Group\u2019s borrowings,included interest is as follows (icluding estimated interests): The Bond loan recognized in the statement of financial position is calculated as follows:
Bond fair value Management expects that the Bonds, which mature on 31 January 2027, will be settled in full. This expectation is based on the Company's intention to implement a long-term capital structure solution prior to the maturity date. During 2026, the Company intends to continue its constructive dialogue with bondholders with the objective of agreeing a refinancing or restructuring of the outstanding Bonds, while also evaluating alternative financing and strategic opportunities to strengthen the Group's financial position. Accordingly, management considers the carrying amount of the Bonds to represent an appropriate approximation of their fair value as of 31 December 2025. 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 2027. If 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. Publication of: o Annual Financial Statements (within 120 days of year-end). Interim Accounts (semi-annual financial statements for the periods ending 30 June and 31 December) within 60 days after the relevant reporting date.
Amounts in USD 1000 2025 2.024 0-12months 4.560 13.133 Between 1and 2years 31.281 1.251 Between 2and 5years 512 26.463 Total borrowings 36.353 40.847 Amounts in USD 1000 2025 2.024 Bond loan at january 26.227 23.877 PIK 31.01.2024 - 1.151 PIK 31.07.2024 - 1.199 PIK 31.01.2025 1.250 - PIK 31.07.2025 1.304 - Balance at 31 December 28.781 26.227
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 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 The Company's senior secured bond is supported by an unconditional and irrevocable parent guarantee issued by UP Colombia Holding AS, which guarantees the Issuer's obligations under the Bond Terms, including payment of principal, interest and related costs. The guarantee forms part of the security package supporting the Bonds, together with a share pledge over the Guarantor, an assignment of certain intercompany receivables and general security interests over specified assets. The Bond Terms also contain customary cross-default provisions. Accordingly, a default by the Issuer or the Guarantor under other financial indebtedness above the specified threshold, or the acceleration of such indebtedness by another creditor, may constitute an Event of Default under the Bond Terms and could permit the Bond Trustee, acting on behalf of the bondholders, to declare the Bonds immediately due and payable. The carrying amount of assets pledged as security for the Group's senior secured bond as at 31 December 2025 comprised property, plant and equipment of USD 4.0 million, inventories of USD 0.6 million, trade and other receivables of USD 1.6 million and bank accounts of USD 4.7 million. In addition, the shares in UP Colombia Holding AS, with a carrying amount of USD 4.6 million in the parent company financial statements, were pledged as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn41": { "value": "
24. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2025 2.024 Trade creditors 4.399 12.065 Public duties payable 79 2.438 Prepayment from customers 450 880 Debt to emproyees and directors 183 - Other accrued expenses 4.554 11.587 Total trade and other payables 9.665 26.970
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-253": { "value": "
24. TRADE AND OTHER PAYABLES
Period ended 31 December Amounts in USD 1000 2025 2.024 Trade creditors 4.399 12.065 Public duties payable 79 2.438 Prepayment from customers 450 880 Debt to emproyees and directors 183 - Other accrued expenses 4.554 11.587 Total trade and other payables 9.665 26.970
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "mtpnn43": { "value": "
28. 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. As part of the sale of Interoil Argentina S.A. completed on 9 February 2026, all legal claims, litigation, rights and obligations associated with the Argentine operations were transferred to the purchaser together with the Argentine subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-256": { "value": "
28. 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. As part of the sale of Interoil Argentina S.A. completed on 9 February 2026, all legal claims, litigation, rights and obligations associated with the Argentine operations were transferred to the purchaser together with the Argentine subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-255": { "value": "
28. 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. As part of the sale of Interoil Argentina S.A. completed on 9 February 2026, all legal claims, litigation, rights and obligations associated with the Argentine operations were transferred to the purchaser together with the Argentine subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-257": { "value": "
29. SUBSEQUENT EVENTS On 9 February 2026, the Company completed its strategic exit from its conventional operations in Argentina. The transaction included the divestment of the Company's interests in the Santa Cruz Sur joint operations, the La Brea Block, and the related rights associated with the Mata Magallanes Oeste (MMO) production concession and the Ca\u00f1ad\u00f3n Ram\u00edrez (CR) exploration block. The consideration comprises up to USD 1.0 million, payable over a maximum period of ten months in contingent monthly instalments, each payable only if monthly production exceeds 47,000 BOE. At the time of the transaction, production was below this threshold. In addition, the Company retained an Overriding Royalty Interest (ORRI) equivalent to 80% of profits generated from monthly production exceeding 57,000 BOE. Following the transaction, the Group has exited its conventional operations in Argentina and is focused on its Colombian assets and the evaluation of new growth opportunities. On 28 July 2026, bondholders approved a Written Resolution authorizing the settlement of the interest payment due on 31 July 2026 in kind (PIK) and granting a waiver in respect of delays in the Company's financial reporting under the Bond Terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIMC884", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00" } } } }