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Corporate information
The \ufb01nancial report of the company and its subsidiaries
(together the \u201cgroup\u201d) for the year ended 31 December 2023
was authorised for issue in accordance with a resolution of the
Directors on 24 April 2024.
PetroNor E&P ASA is a \u2018for pro\ufb01t entity\u2019 and is a company
limited by shares incorporated in Norway. Its shares are
publicly traded on the Oslo B\u00f8rs (code: PNOR), the main
regulated marketplace of the Oslo Stock Exchange, Norway.
The principal activities of the group are the exploration and
production of crude oil.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8370": { "value": "The \ufb01nancial report of the company and its subsidiaries
(together the \u201cgroup\u201d) for the year ended 31 December 2023
was authorised for issue in accordance with a resolution of the
Directors on 24 April 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8377": { "value": "PetroNor E&P ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8378": { "value": "PetroNor E&P ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8379": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8382": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8383": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8384": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8388": { "value": "The principal activities of the group are the exploration and production of crude oil.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8393": { "value": "Note 02
Basis of preparation
PetroNor E&P ASA\u2019s consolidated \ufb01nancial statements have
been prepared in accordance with IFRS
\u00ae
Accounting Standards
as adopted by the EU and are mandatory for \ufb01nancial
years beginning on or after 1 January 2023, and Norwegian
disclosure requirements listed in the Norwegian Accounting
Act as of 31 December 2023. The consolidated \ufb01nancial
statements have been prepared on the basis of uniform
accounting principles for similar transactions and events
under otherwise similar circumstances.
The \ufb01nancial report is presented in United States Dollars,
which is the functional currency for all the material
subsidiaries, and all values are rounded to the thousand
dollars unless otherwise stated.
GOING CONCERN
The board of directors con\ufb01rms that the annual \ufb01nancial
statements have been prepared pursuant to the going concern
assumption, and that this assumption was realistic as at the
balance sheet date. The going concern assumption is based
upon the \ufb01nancial position of the group and the development
plans currently in place. In the board of directors\u2019 view, the
annual accounts give a true and fair view of the group\u2019s assets
and liabilities, \ufb01nancial position and results. PetroNor E&P ASA
is the parent company of the PetroNor Group. The \ufb01nancial
statements have been prepared on the assumption that the
PetroNor Group will continue as a going concern. The group
recognises that in order to fund on-going operations and pursue
organic and inorganic growth opportunities it will require
additional funding. This funding may be sourced through joint
venture equity or share issues or through debt \ufb01nance.
As discussed in the board of directors\u2019 report, the group
has continued to operate e\ufb00ectively with a strong balance
sheet and cash\ufb02ow position, this has enabled the directors
of PetroNor (the \u201cDirectors\u201d) to form the opinion that the
group will be in a position to continue to meet its liabilities and
obligations for a period of at least twelve months from the
date of signing this report.
This \ufb01nancial report does not include any adjustments relating
to the recoverability and classi\ufb01cation of recorded asset
amounts or to the amounts and classi\ufb01cation of liabilities that
might be necessary should the group not continue as a going
concern.
The following \ufb01nancial review is based on the \ufb01nancial
statements of PetroNor E&P ASA and its subsidiaries. The
statements have been prepared in accordance with IFRS
Accounting Standards as adopted by the EU as well as
Norwegian accounting legislation.
In the view of the board, the Statement of Comprehensive
Income, Statement of Changes in Equity, Statement of
Financial Position and Cash\ufb02ow provide satisfactory
information about the operations, \ufb01nancial results and
position of the group and the parent company at 31 December
2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8397": { "value": "PetroNor E&P ASA\u2019s consolidated \ufb01nancial statements have
been prepared in accordance with IFRS
\u00ae
Accounting Standards
as adopted by the EU and are mandatory for \ufb01nancial
years beginning on or after 1 January 2023, and Norwegian
disclosure requirements listed in the Norwegian Accounting
Act as of 31 December 2023. The consolidated \ufb01nancial
statements have been prepared on the basis of uniform
accounting principles for similar transactions and events
under otherwise similar circumstances.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8406": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8416": { "value": "GOING CONCERN
The board of directors con\ufb01rms that the annual \ufb01nancial
statements have been prepared pursuant to the going concern
assumption, and that this assumption was realistic as at the
balance sheet date. The going concern assumption is based
upon the \ufb01nancial position of the group and the development
plans currently in place. In the board of directors\u2019 view, the
annual accounts give a true and fair view of the group\u2019s assets
and liabilities, \ufb01nancial position and results. PetroNor E&P ASA
is the parent company of the PetroNor Group. The \ufb01nancial
statements have been prepared on the assumption that the
PetroNor Group will continue as a going concern. The group
recognises that in order to fund on-going operations and pursue
organic and inorganic growth opportunities it will require
additional funding. This funding may be sourced through joint
venture equity or share issues or through debt \ufb01nance.
As discussed in the board of directors\u2019 report, the group
has continued to operate e\ufb00ectively with a strong balance
sheet and cash\ufb02ow position, this has enabled the directors
of PetroNor (the \u201cDirectors\u201d) to form the opinion that the
group will be in a position to continue to meet its liabilities and
obligations for a period of at least twelve months from the
date of signing this report.
This \ufb01nancial report does not include any adjustments relating
to the recoverability and classi\ufb01cation of recorded asset
amounts or to the amounts and classi\ufb01cation of liabilities that
might be necessary should the group not continue as a going
concern.
The following \ufb01nancial review is based on the \ufb01nancial
statements of PetroNor E&P ASA and its subsidiaries. The
statements have been prepared in accordance with IFRS
Accounting Standards as adopted by the EU as well as
Norwegian accounting legislation.
In the view of the board, the Statement of Comprehensive
Income, Statement of Changes in Equity, Statement of
Financial Position and Cash\ufb02ow provide satisfactory
information about the operations, \ufb01nancial results and
position of the group and the parent company at 31 December
2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8459": { "value": "Note 03
Significant accounting judgements, estimates and assumptions
As part of recognising assets and liabilities certain estimates
have been prepared based on historical knowledge and best-
available current information. The management apply their
professional judgment when assessing the assumptions to
be used in the calculation of the estimates. Estimates assume
a reasonable expectation of future events and are based on
current trends and economic data, obtained both externally
and within the group.
Management has identi\ufb01ed the following critical accounting
policies for which signi\ufb01cant judgements, estimates and
assumptions are made. Actual results may di\ufb00er from these
estimates under di\ufb00erent assumptions and conditions and
may materially a\ufb00ect \ufb01nancial results or the \ufb01nancial position
reported in future period.
Further details of the nature of these assumptions and
conditions may be found in the relevant notes to the \ufb01nancial
statements.
HYDROCARBON RESERVE AND RESOURCE ESTIMATES
Hydrocarbon reserves are estimates of the amount of
hydrocarbons that can be economically and legally extracted
from the group\u2019s oil and gas properties. The group estimates
its commercial reserves and resources based on information
compiled by appropriately-quali\ufb01ed persons relating to the
geological and technical data on the size, depth, shape and
grade of the hydrocarbon body and suitable production
techniques and recovery rates. Commercial reserves are
determined using estimates of oil and gas in place, recovery
factors and future commodity prices, the latter having an
impact on the total amount of recoverable reserves and the
proportion of the gross reserves which are attributable to the
host government under the terms of the Production-Sharing
Agreements. Future development costs are estimated using
assumptions as to the number of wells required to produce
the commercial reserves, the cost of such wells and associated
production facilities, and other capital costs. The current long-
term Brent oil price assumption used in the estimation of
commercial reserves is USD 70/bbl. The carrying amount of oil
and gas properties and licences at 31 December 2023 are shown
in Note 14 and 15.
The group estimates and reports hydrocarbon reserves in
line with the principles contained in the Society of Petroleum
Engineers (SPE) Petroleum Resources Management Reporting
System (PRMS) framework. As the economic assumptions used
may change and as additional geological information is obtained
during the operation of a \ufb01eld, estimates of recoverable
reserves may change. Such changes may impact the group\u2019s
reported \ufb01nancial position and results, which include:
\u25a0
The carrying value of oil and gas properties may be a\ufb00ected
due to changes in estimated future cash \ufb02ows, Note 14;
\u25a0
Depreciation and amortisation charges in the statement
of pro\ufb01t or loss and other comprehensive income may
change where such charges are determined using the Unit
Of Production (UOP) method, or where the useful life of the
related assets change, Note 14);
\u25a0
Provisions for decommissioning are subject to re-estimation
\u2014 where changes to reserves estimates a\ufb00ect expectations
about when such activities will occur and the associated cost
of these activities, Note 18.
DECOMMISSIONING COSTS
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 group assesses its retirement obligation at
each reporting date. 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, extent and amount
of expenditure can also change, for example in response to
changes in reserves or changes in laws and regulations or
their interpretation. Therefore, signi\ufb01cant estimates and
assumptions are made in determining the provision for
decommissioning costs. As a result, there could be signi\ufb01cant
adjustments to the provisions established which would
a\ufb00ect future \ufb01nancial results. The provision at reporting date
represents management\u2019s best estimate of the present value
of the future decommissioning costs required. Additional
information is provided in Note 18.
IMPAIRMENT OF OIL AND GAS ASSETS
Management must determine whether there are circumstances
indicating a possible impairment of the group\u2019s oil and gas
assets. Changes in the circumstances or expectations of
future performance of an individual asset or a group of assets
may be an indicator that the asset is impaired, requiring the
carrying amount to be written down to its recoverable amount.
Assessment for indicators of impairment includes assessments
of expected future cash \ufb02ows, future oil and gas prices, cost
pro\ufb01les, indicators that the asset will be uneconomic to develop,
geological evaluation and the date of expiration of the licences.
Impairments other than impairments of goodwill are reversed
where impairment indicators are no longer present.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8460": { "value": "Note 03
Significant accounting judgements, estimates and assumptions
As part of recognising assets and liabilities certain estimates
have been prepared based on historical knowledge and best-
available current information. The management apply their
professional judgment when assessing the assumptions to
be used in the calculation of the estimates. Estimates assume
a reasonable expectation of future events and are based on
current trends and economic data, obtained both externally
and within the group.
Management has identi\ufb01ed the following critical accounting
policies for which signi\ufb01cant judgements, estimates and
assumptions are made. Actual results may di\ufb00er from these
estimates under di\ufb00erent assumptions and conditions and
may materially a\ufb00ect \ufb01nancial results or the \ufb01nancial position
reported in future period.
Further details of the nature of these assumptions and
conditions may be found in the relevant notes to the \ufb01nancial
statements.
HYDROCARBON RESERVE AND RESOURCE ESTIMATES
Hydrocarbon reserves are estimates of the amount of
hydrocarbons that can be economically and legally extracted
from the group\u2019s oil and gas properties. The group estimates
its commercial reserves and resources based on information
compiled by appropriately-quali\ufb01ed persons relating to the
geological and technical data on the size, depth, shape and
grade of the hydrocarbon body and suitable production
techniques and recovery rates. Commercial reserves are
determined using estimates of oil and gas in place, recovery
factors and future commodity prices, the latter having an
impact on the total amount of recoverable reserves and the
proportion of the gross reserves which are attributable to the
host government under the terms of the Production-Sharing
Agreements. Future development costs are estimated using
assumptions as to the number of wells required to produce
the commercial reserves, the cost of such wells and associated
production facilities, and other capital costs. The current long-
term Brent oil price assumption used in the estimation of
commercial reserves is USD 70/bbl. The carrying amount of oil
and gas properties and licences at 31 December 2023 are shown
in Note 14 and 15.
The group estimates and reports hydrocarbon reserves in
line with the principles contained in the Society of Petroleum
Engineers (SPE) Petroleum Resources Management Reporting
System (PRMS) framework. As the economic assumptions used
may change and as additional geological information is obtained
during the operation of a \ufb01eld, estimates of recoverable
reserves may change. Such changes may impact the group\u2019s
reported \ufb01nancial position and results, which include:
\u25a0
The carrying value of oil and gas properties may be a\ufb00ected
due to changes in estimated future cash \ufb02ows, Note 14;
\u25a0
Depreciation and amortisation charges in the statement
of pro\ufb01t or loss and other comprehensive income may
change where such charges are determined using the Unit
Of Production (UOP) method, or where the useful life of the
related assets change, Note 14);
\u25a0
Provisions for decommissioning are subject to re-estimation
\u2014 where changes to reserves estimates a\ufb00ect expectations
about when such activities will occur and the associated cost
of these activities, Note 18.
DECOMMISSIONING COSTS
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 group assesses its retirement obligation at
each reporting date. 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, extent and amount
of expenditure can also change, for example in response to
changes in reserves or changes in laws and regulations or
their interpretation. Therefore, signi\ufb01cant estimates and
assumptions are made in determining the provision for
decommissioning costs. As a result, there could be signi\ufb01cant
adjustments to the provisions established which would
a\ufb00ect future \ufb01nancial results. The provision at reporting date
represents management\u2019s best estimate of the present value
of the future decommissioning costs required. Additional
information is provided in Note 18.
IMPAIRMENT OF OIL AND GAS ASSETS
Management must determine whether there are circumstances
indicating a possible impairment of the group\u2019s oil and gas
assets. Changes in the circumstances or expectations of
future performance of an individual asset or a group of assets
may be an indicator that the asset is impaired, requiring the
carrying amount to be written down to its recoverable amount.
Assessment for indicators of impairment includes assessments
of expected future cash \ufb02ows, future oil and gas prices, cost
pro\ufb01les, indicators that the asset will be uneconomic to develop,
geological evaluation and the date of expiration of the licences.
Impairments other than impairments of goodwill are reversed
where impairment indicators are no longer present.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8545": { "value": "DECOMMISSIONING COSTS
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 group assesses its retirement obligation at
each reporting date. 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, extent and amount
of expenditure can also change, for example in response to
changes in reserves or changes in laws and regulations or
their interpretation. Therefore, signi\ufb01cant estimates and
assumptions are made in determining the provision for
decommissioning costs. As a result, there could be signi\ufb01cant
adjustments to the provisions established which would
a\ufb00ect future \ufb01nancial results. The provision at reporting date
represents management\u2019s best estimate of the present value
of the future decommissioning costs required. Additional
information is provided in Note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8582": { "value": "Note 04
Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Revenue from contracts from customers
\u00a0 \u00a0
Revenue from sales of petroleum products
1
120 893
72 837
Other Revenue
\u00a0 \u00a0
Assignment of tax oil
39 852
47 579
Assignment of royalties
26 584
25 650
Total Revenue
187 329
146 066
Quantity of oil lifted (barrels)
1 543 910
800 177
Average selling price (USD per barrel)
78.30
90.99
Quantity of net oil produced after royalty, cost oil and tax oil (barrels)
1 396 118
900 495
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8583": { "value": "Note 04
Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Revenue from contracts from customers
\u00a0 \u00a0
Revenue from sales of petroleum products
1
120 893
72 837
Other Revenue
\u00a0 \u00a0
Assignment of tax oil
39 852
47 579
Assignment of royalties
26 584
25 650
Total Revenue
187 329
146 066
Quantity of oil lifted (barrels)
1 543 910
800 177
Average selling price (USD per barrel)
78.30
90.99
Quantity of net oil produced after royalty, cost oil and tax oil (barrels)
1 396 118
900 495
\n
1) All revenue from the sales of petroleum products in 2023 is generated, recognised and transferred at a point in time. Invoices are due for settlement thirty
days from the Bill of Lading, the point at which crude oil had been loaded onto vessel for shipment. All Group revenue is derived from production in the
Republic of Congo from the PNGF Sud o\ufb00shore asset. The group presents pro\ufb01t oil tax and royalties on a grossed-up basis as an income tax expense with
corresponding increase in oil and gas revenues and any associated royalties are included in cost of sales. Refer to Note 28(h) for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8675": { "value": "Note 05
Cost of sales
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Operating expenses
20 795
16 636
Royalty
26 584
25 650
Depreciation and amortisation of oil and gas properties
17 119
9 134
Provision for Diversi\ufb01ed Investment
1 772
1 710
Movement in oil inventory
4 399
(6 920)
Total
70 669
46 210
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8732": { "value": "Note 06
Administrative expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2023
2022
Employee bene\ufb01t expenses
6a
5 415
5 581
Travelling expenses
\u00a0
594
559
Legal and professional expenses
\u00a0
4 067
5 209
Corporate social responsibility
\u00a0
294
1 500
Business development
\u00a0
389
478
Other expenses
\u00a0
645
1 051
Total
\u00a0
11 404
14 378
\n
6A.
EMPLOYEE BENEFIT EXPENSES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Salaries
4 438
4 834
Short-term non-monetary bene\ufb01ts
641
490
De\ufb01ned contribution pension cost
65
43
Social-security contributions and similar taxes
271
214
Total
5 415
5 581
\n
PetroNor is required to have an occupational pension
scheme in accordance with the Norwegian law on required
occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d).
The Norwegian subsidiary that employs sta\ufb00 PetroNor E&P
Services AS contributes to an external de\ufb01ned contribution
scheme and therefore no pension liability is recognised in the
statement of \ufb01nancial position.
Under the Pensions Act 2008 every employer in the UK
must put certain sta\ufb00 into a workplace pension scheme and
contribute towards it, PetroNor E&P Services Limited the
subsidiary that employs sta\ufb00 in the UK, contributes into an
external de\ufb01ned contribution scheme. As such, no pension
liability is recognised in the statement of \ufb01nancial position in
relation to the company\u2019s UK based employees.
There are currently no share-based payment incentive
schemes in place for employees.
The cost of non-cash bene\ufb01ts to employees is disclosed as
short-term non-monetary bene\ufb01ts above. Detailed disclosures
on employee pro\ufb01les is included within the social information
section of the Sustainability Report.
6B.
AUDITORS\u2019 REMUNERATION
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Paid or payable to BDO
\u00a0 \u00a0
Audit review of \ufb01nancial reports
\u00a0 \u00a0
BDO AS
358
178
BDO Network \ufb01rms
59
131
Total
417
309
Other non-assurance services
\u00a0 \u00a0
BDO related practices
12
19
Total
12
19
Paid or payable to other audit \ufb01rms
\u00a0 \u00a0
Audit or review of \ufb01nancial reports
67
47
Other non-assurance services
121
104
Total
188
151
\nFees, excluding VAT, to the auditors are included in administration expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8806": { "value": "6A.
EMPLOYEE BENEFIT EXPENSES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Salaries
4 438
4 834
Short-term non-monetary bene\ufb01ts
641
490
De\ufb01ned contribution pension cost
65
43
Social-security contributions and similar taxes
271
214
Total
5 415
5 581
\n
PetroNor is required to have an occupational pension
scheme in accordance with the Norwegian law on required
occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d).
The Norwegian subsidiary that employs sta\ufb00 PetroNor E&P
Services AS contributes to an external de\ufb01ned contribution
scheme and therefore no pension liability is recognised in the
statement of \ufb01nancial position.
Under the Pensions Act 2008 every employer in the UK
must put certain sta\ufb00 into a workplace pension scheme and
contribute towards it, PetroNor E&P Services Limited the
subsidiary that employs sta\ufb00 in the UK, contributes into an
external de\ufb01ned contribution scheme. As such, no pension
liability is recognised in the statement of \ufb01nancial position in
relation to the company\u2019s UK based employees.
There are currently no share-based payment incentive
schemes in place for employees.
The cost of non-cash bene\ufb01ts to employees is disclosed as
short-term non-monetary bene\ufb01ts above. Detailed disclosures
on employee pro\ufb01les is included within the social information
section of the Sustainability Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8894": { "value": "6B.
AUDITORS\u2019 REMUNERATION
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Paid or payable to BDO
\u00a0 \u00a0
Audit review of \ufb01nancial reports
\u00a0 \u00a0
BDO AS
358
178
BDO Network \ufb01rms
59
131
Total
417
309
Other non-assurance services
\u00a0 \u00a0
BDO related practices
12
19
Total
12
19
Paid or payable to other audit \ufb01rms
\u00a0 \u00a0
Audit or review of \ufb01nancial reports
67
47
Other non-assurance services
121
104
Total
188
151
Fees, excluding VAT, to the auditors are included in administration expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8988": { "value": "Note 07
Finance expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2023
2022
Unwinding of discount on decommissioning liability
18
2 440
842
Loan structuring fee
\u00a0
-
165
Finance cost on lease liabilities
\u00a0
38
64
Interest on loans
17
813
1 042
Other interest
\u00a0
-
1 209
Total
\u00a0
3 291
2 322
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9055": { "value": "Note 08
Tax expense
Tax expense excluding tax on sale of discontinued operation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Petroleum revenue tax expense
\u00a0 \u00a0
Current income tax charge
39 852
47 579
Total tax expense reported in the consolidated statement of comprehensive income
39 852
47 579
\n
The petroleum revenue tax expense relates solely to the
subsidiary in Congo and represents the assignment of tax oil
on the revenue from sales of petroleum products, Note 4.
A taxable gain arises on the farm-out of the Guinea-Bissau
assets as historic tax losses relating to the venture had been
consumed as group relief by the previous holder of the licence
assets. This tax expense is included within discontinued
operations, refer to Note 23.
There was no income tax expense in the other subsidiaries\u2019
jurisdictions nor in the parent\u2019s jurisdiction as these
companies are in taxable loss positions in both 2023 and 2022.
Average e\ufb00ective tax rate for the year was 21% (2022: 33%)
based on gross revenue of the group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9115": { "value": "Note 09
Earnings per share
On 16 June 2023 PetroNor announced that the reverse share
split in the ratio 10:1 had been registered with the Norwegian
Register of Business Enterprises. Following such registration,
the share capital of the company is NOK 1 423 568.55 divided
into 142 356 855 shares, each with a nominal value of NOK
0.01. EPS has been adjusted by a factor of ten on the face of
the Consolidated Income Statement so as to be comparative.
There are nil options as at 31 December 2023 (31 December
2022: nil).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Pro\ufb01t attributable to ordinary shareholders from continuing operations
\u00a0 \u00a0
Pro\ufb01t attributable to the ordinary equity holders used in calculating
\u00a0 \u00a0
basic / diluted pro\ufb01t per share
52 479
22 393
Pro\ufb01t attributable to the ordinary equity holders used in calculating
\u00a0 \u00a0
basic / diluted pro\ufb01t per share
52 479
22 393
Weighted average number of ordinary shares outstanding during the period
\u00a0 \u00a0
used in the calculation of pro\ufb01t / (loss) per share
\u00a0 \u00a0
Basic
142 356 855
137 223 692
Diluted
1)
142 356 855
137 272 989
Earnings per share
\u00a0 \u00a0
Basic
35.0
18.0
Diluted
35.0
18.0
\n
1)
The number of shares has been restated so as to be comparative to 2024 share basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9215": { "value": "Note 10
Inventories
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Crude oil inventory
3 078
7 475
Materials and supplies
14 761
11 349
Total
17 839
18 824
\n
Crude oil inventory is valued at cost of USD 28.98 per bbl
(2022: USD 29.43 per bbl). This is calculated by dividing the
direct production costs USD 64.6 million (2022: 51.2 million)
by the unit production cost USD 2.23 million bbls (2022: 1.74
million bbls).
The crude oil inventory and the material and supplies
inventory are valued at the lower of cost and net realisable
value. Cost is determined using the weighted average method.
Net realisable value is the estimated selling price, less
applicable selling expenses. The cost of inventory includes all
costs related to bringing the inventory to its current condition,
including processing costs, labour costs, supplies, direct
and allocated indirect operating overhead and depreciation
expense, where applicable, including allocation of \ufb01xed and
variable costs to inventory. In the current accounting period
inventory for the Guinea-Bissau drilling campaign was written
down to the net realisable value obtained in a post period sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9280": { "value": "Note 11
Trade and other receivables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
2023
2022
Recoverability less than one year
\u00a0 \u00a0
Trade receivables
27 317
-
Other receivables
3 759
1 171
Total
31 076
1 171
Recoverability more than one year
\u00a0 \u00a0
Other receivables:
\u00a0 \u00a0
Due from related parties
11 057
-
Fair value of contingent consideration
2 600
-
Advance against decommissioning cost
1
33 650
29 432
Total
43 707
29 432
\n
1) In addition to the booking of decommissioning cost asset and liability, the contractors group and the Congolese Government have decided to set up funds
for the decommissioning cost in an escrow account which is managed by the operator. The advances of the funds for the year are made on the basis of an
average rate of USD 0.28 per barrel produced (2022: USD 1.60 per barrel). Refer to Note 18 for further details on the decommissioning liability.
The group has adopted the simpli\ufb01ed approach allowed under
IFRS 9 Financial Instruments where the group measures the
provision for impairment for trade receivables and amounts
due from related parties at an amount equal to lifetime ECL.
The ECL on trade receivables are estimated using a provision
matrix by reference to past default experience of the debtor
and an analysis of the debtors\u2019 current \ufb01nancial pposition.
This is adjusted for factors speci\ufb01c to the debtors\u2019 general
economic conditions and forward-looking elements of the
industry in which the debtors operate. It also includes an
assessment of both the current and forecasted direction of
conditions at the reporting date. The group has established
a provision matrix that is based on its historical credit-loss
experience, adjusted for forward-looking factors speci\ufb01c to
the debtors and the economic environment. At 31 December
2023, the provision for the group is nil.
Trade receivables of USD 27 317 re\ufb02ect the occurrence of an
sale on 15 December 2023 this amount is still outstanding at
31 December 2023, in 2022 all trade receivable balances had
been settled by 31 December.
The group disposed of its interests in fully owned subsidiaries
Aje Nigeria Holding B.V., Aje Services Holding B.V. and Aje
Production Ltd. The transaction completed on 29 December
2023 with the consideration of USD 10 million expected
to be paid via the allotment and issue of new shares in
Aje Production AS. The disposal forms part of the YFP DW
joint venture transaction, where the fair value of the new
investment has been assessed and will be recognised as an
investment in associate when the consideration is paid. USD
1 million relates to an assignment fee to be recovered from
the joint venture in due course. Refer to Note 22a for further
information.
On June 27, 2023, PetroNor E&P ASA announced the farm-out
of the exploration licences in Guinea-Bissau. On this occasion,
PetroNor E&P AB entered into a binding agreement to transfer
100 percent of its participation interest in the two exploration
licences to Apus Energia Guin\u00e9 Bissau SA. Under the terms of
the agreement, e\ufb00ective January 1, 2023, PetroNor received
a payment of USD 21.3 million upon completion of the
transaction, plus costs incurred in 2023 after January 1, 2023
and up to the point of completion of USD 1.6 million. The
company will be eligible for two additional contingent earnout
payments of USD 30 million each. The \ufb01rst payment would be
made after government approval of a Field Development Plan.
The second payment would be made after the achievement
of continuous oil production. PetroNor have assessed the fair
value of the contingent consideration as at 31 December 2023
to be USD 2.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9409": { "value": "Note 12
Cash and cash equivalents
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
2023
2022
Cash in bank
46 217
24 775
Restricted cash
32
41
Total
46 249
24 816
\n
Restricted cash at 31 December 2023 represents ringfenced cash payable to Norwegian authorities in relation to employment
obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9410": { "value": "Note 12
Cash and cash equivalents
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
2023
2022
Cash in bank
46 217
24 775
Restricted cash
32
41
Total
46 249
24 816
\n
Restricted cash at 31 December 2023 represents ringfenced cash payable to Norwegian authorities in relation to employment
obligations.
The following table represents the changes in liabilities arising from \ufb01nancing activities through cash \ufb02ows and non-cash changes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
\u00a0
Amounts in USD thousand
borrowings
borrowings
Total
As at 1 January 2023
5 500
5 500
11 000
Cash \ufb02ows
-
(5 500)
(5 500)
Non-cash \ufb02ows
(5 500)
5 500
-
At 31 December 2023
-
5 500
5 500
As at 1 January 2022
-
13 079
13 079
Cash \ufb02ows
5 500
(7 579)
(2 079)
Non-cash \ufb02ows
-
-
-
At 31 December 2022
5 500
5 500
11 000
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9557": { "value": "Note 13
Segment information
Operating segments have been identi\ufb01ed based on the
information available to chief operating decision-makers \u2013
being the board and the executive management team.
For management purposes, the group is organised into one
main operating segment, which involves exploration and
production of hydrocarbons. All of the group's activities are
interrelated, and discrete \ufb01nancial information is reported
to Chief Operating Decision Maker as a single segment.
Accordingly, all signi\ufb01cant operating decisions are based upon
analysis of the group as one segment. The \ufb01nancial results
from this segment are equivalent to the \ufb01nancial statements
of the group as a whole.
The group only has one operating segment, being exploration
and production of hydrocarbons.
The analysis of the location of non-current assets is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Congo
120 798
98 876
Gambia
5 461
4 507
Guinea-Bissau
2 600
667
Nigeria
1
35 226
Norway
11 324
380
Other
174
-
Total
144 358
139 656
\n
Note 14
Property, plant, and equipment
PRODUCTION ASSETS AND EQUIPMENT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
\u00a0 \u00a0
At 1 January
90 883
53 585
Additions
42 076
37 298
Disposals in relation to loss of control of entities (refer to Note 22a)
(926)
-
At 31 December
132 033
90 883
Depreciation
\u00a0 \u00a0
At 1 January
22 942
14 144
Charge for the year
16 690
8 798
Depreciation on disposals
-
-
At 31 December
39 242
22 942
Net carrying amount
\u00a0 \u00a0
At 31 December
92 791
67 941
\n
Production assets and equipment are carried at the following values:
Amounts in USD thousand
2023
2022
Oil & gas CAPEX
84 589
62 544
Decommissioning costs
7 864
4 900
Other
30
35
Total
92 473
67 479
PPE assets are distributed geographically as follow:
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Congo
92 473
66 542
Nigeria
-
927
Other
10
10
Total
92 483
67 479
Amounts in USD thousand
2023
2022
Right-of-use assets
308
462
\n
The carrying value of production assets are assessed against
their risked economic value for indicators of impairment. Two
of the key factors in the economic evaluation of hydrocarbon
assets are the future oil prices and the recoverable reserves of
the assets, the bench mark oil price used economic valuations
was USD 70/bbl. Please reference the Reserves report and the
reserves table included in Note 15. There were no indicators of
impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9558": { "value": "Note 13
Segment information
Operating segments have been identi\ufb01ed based on the
information available to chief operating decision-makers \u2013
being the board and the executive management team.
For management purposes, the group is organised into one
main operating segment, which involves exploration and
production of hydrocarbons. All of the group's activities are
interrelated, and discrete \ufb01nancial information is reported
to Chief Operating Decision Maker as a single segment.
Accordingly, all signi\ufb01cant operating decisions are based upon
analysis of the group as one segment. The \ufb01nancial results
from this segment are equivalent to the \ufb01nancial statements
of the group as a whole.
The group only has one operating segment, being exploration
and production of hydrocarbons.
The analysis of the location of non-current assets is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Congo
120 798
98 876
Gambia
5 461
4 507
Guinea-Bissau
2 600
667
Nigeria
1
35 226
Norway
11 324
380
Other
174
-
Total
144 358
139 656
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9638": { "value": "Note 14
Property, plant, and equipment
PRODUCTION ASSETS AND EQUIPMENT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
\u00a0 \u00a0
At 1 January
90 883
53 585
Additions
42 076
37 298
Disposals in relation to loss of control of entities (refer to Note 22a)
(926)
-
At 31 December
132 033
90 883
Depreciation
\u00a0 \u00a0
At 1 January
22 942
14 144
Charge for the year
16 690
8 798
Depreciation on disposals
-
-
At 31 December
39 242
22 942
Net carrying amount
\u00a0 \u00a0
At 31 December
92 791
67 941
\n
Production assets and equipment are carried at the following values:
Amounts in USD thousand
2023
2022
Oil & gas CAPEX
84 589
62 544
Decommissioning costs
7 864
4 900
Other
30
35
Total
92 473
67 479
PPE assets are distributed geographically as follow:
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Congo
92 473
66 542
Nigeria
-
927
Other
10
10
Total
92 483
67 479
Amounts in USD thousand
2023
2022
Right-of-use assets
308
462
\n
The carrying value of production assets are assessed against
their risked economic value for indicators of impairment. Two
of the key factors in the economic evaluation of hydrocarbon
assets are the future oil prices and the recoverable reserves of
the assets, the bench mark oil price used economic valuations
was USD 70/bbl. Please reference the Reserves report and the
reserves table included in Note 15. There were no indicators of
impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9642": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
\u00a0 \u00a0
At 1 January
90 883
53 585
Additions
42 076
37 298
Disposals in relation to loss of control of entities (refer to Note 22a)
(926)
-
At 31 December
132 033
90 883
Depreciation
\u00a0 \u00a0
At 1 January
22 942
14 144
Charge for the year
16 690
8 798
Depreciation on disposals
-
-
At 31 December
39 242
22 942
Net carrying amount
\u00a0 \u00a0
At 31 December
92 791
67 941
\n
Amounts in USD thousand
2023
2022
Cost
At 1 January
37 831
11 210
Additions in relation to business combinations
-
24 268
Additions
1 129
2 353
Disposals
(667)
-
Disposals in relation to loss of control of entities (refer to Note 22a)
(25 268)
-
At 31 December
13 025
37 831
Accumulated amortisation and impairment
At 1 January
4 579
4 038
Amortisation
586
541
Impairment
-
-
At 31 December
5 165
4 579
Net carrying value
At 1 January
33 252
7 172
At 31 December
7 860
33 252
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9853": { "value": "Note 15
Intangible assets
LICENCES AND APPROVALS
Amounts in USD thousand
2023
2022
Cost
At 1 January
37 831
11 210
Additions in relation to business combinations
-
24 268
Additions
1 129
2 353
Disposals
(667)
-
Disposals in relation to loss of control of entities (refer to Note 22a)
(25 268)
-
At 31 December
13 025
37 831
Accumulated amortisation and impairment
At 1 January
4 579
4 038
Amortisation
586
541
Impairment
-
-
At 31 December
5 165
4 579
Net carrying value
At 1 January
33 252
7 172
At 31 December
7 860
33 252
GOODWILL
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
At 1 January
9 031
-
Additions in relation to business combinations
-
9 031
Disposals in relation to loss of control of entities (refer to Note 22a)
(9 031)
-
At 31 December
-
9 031
\n
GOODWILL
During 2023, the technical goodwill has subsequently been
derecognised as part of the disposal of the entities and assets
in which they originated from. Goodwill of USD 9.0 million at
31 December 2022 consisted of technical goodwill related to
the acquisition that occurred during the prior year. Refer to
Note 22a for more information.
LICENCE OVERVIEW
Congo
In 2017, subsidiary company Hemla E&P Congo SA acquired
interests in three development and production permits
(Tchendo II: 20%; Tchibouela II: 20% and Tchibeli-Litanzi II: 20%)
which will respectively end in December 2037, for each of them,
with possible extensions for 5 years. All these three licences
are called or named collectively \u201cPNGF Sud\u201d and together
comprise an area of 482.28km
2
. The operator of the licences
is Perenco, and the carrying value as at 31 December 2023 is
USD 2.2 million. This number is net of depletion, the Congo
intangible assets are the only intangibles in active use and being
amortised.
Nigeria
On 29 December 2023, PetroNor E&P ASA transferred its
interests in OML113 to the joint venture Aje Production AS.
Upon completion, PetroNor will own 52% of Aje Production
AS resulting in a 15.5% participating interest and an economic
interest of 38.755% in OML 113. The OML 113 licence is
operated by Yinka Folawiyo Petroleum. There were two
producing wells prior to suspending production in November
2021 due to the terminated contract with the FPSO, the Aje-4
with oil production and Aje-5ST2 with oil and gas production.
The licence was renewed in 2018 and has a twenty-year term.
The current strategy is to update the \ufb01eld development plan
to expedite gas development and overall redevelopment of
the venture. Once the transaction has completed, PetroNor\u2019s
interest will be classi\ufb01ed as a joint venture.
The Gambia
The A4 licence area is 1 376km
2
and is operated by Company
subsidiary PetroNor E&P Gambia Ltd. PetroNor secured a new
exploration licence (PEPLA) on 18 November 2022 and entered
into the \ufb01rst exploration period which has a duration of three
years. PetroNor hold 90% equity with the Gambia National
Petroleum Company as partner (10% equity). At 31 December
2023 the carrying value of the A4 licence is USD 5.5 million.
Guinea-Bissau
PetroNor announced the farm-out of 100% of the equity in
both Sinapa and Esperan\u00e7a licences to Apus Energy Guin\u00e9-
Bissau SA (\u201cApus Energy\u201d). As a result, USD 0.7 million in
intangible assets were derecognised and transferred and
the group recognised 22.9 million as a cash contribution to
past costs. If the Atum-1X well proves successful, and the
subsequent development produces oil and/or gas, a further
USD 60 million will be paid. This would be split into USD 30
million paid on government approval of a \ufb01eld development
plan and USD 30 million on achievement of continuous
production. The timing is uncertain in this scenario with
appraisal drilling and development planning and construction
of facilities necessary before \ufb01rst oil. Based on analogous
projects this is likely to take at least four years from
exploration well success if the project moves at a rapid pace.
Senegal
The company\u2019s subsidiary African Petroleum Senegal Limited
received the decision of the arbitration proceedings with the
International Centre for the Settlement of Investment Disputes
(ICSID) regarding the interests in the Senegal O\ufb00shore Sud
Profond and Ru\ufb01sque O\ufb00shore Profond blocks in Senegal
(ICSID case ARB/18/24) on 17 November 2023.
The ruling rejects claims by APSL and counter claims by
the Republic of Senegal. APSL had been ordered to pay
approximately USD 3 million in respect of 90% of the Tribunal
costs and the Republic of Senegal\u2019s legal expenses. The ruling
con\ufb01rms that APSL no longer holds the Senegal O\ufb00shore
Sud Profond and Ru\ufb01sque O\ufb00shore Profond licences. No
capitalised licence interests were previously held on the
balance sheet.
IMPAIRMENT ASSESSMENT
Group assets are assessed for indicators of impairment on a
periodic basis. Indicators of impairment would be for example
a licence that is approaching the end of its term or a licence
where management have indicated that there are no plans
to continue with exploration and evaluation, or evaluation
work which indicated that an asset would be uneconomic. The
carrying value of intangible assets were assessed against their
risked economic value and no assets were impaired in the
period ended 31 December 2023 .
RESERVES
The group has adopted a policy of regional reserve reporting
using external third-party companies to audit its work and
certify reserves and resources. Reserve and contingent
resource estimates comply with the de\ufb01nitions set by the
Petroleum Resources Management System (\u201cPRMS\u201d) issued
by the Society of Petroleum Engineers (\u201cSPE\u201d), the American
Association of Petroleum Geologists (\u201cAAPG\u201d), the World
Petroleum Council (\u201cWPC\u201d) and the Society of Petroleum
Evaluation Engineers (\u201cSPEE\u201d) in March 2007. AGR Petroleum
Services AS provided the third party veri\ufb01cations of the PNGF
Sud reserves. CPR Tracs International Limited provided the
third party veri\ufb01cation of the Aje reserves.
The following is a summary of key results from the reserve
reports (net of the group\u2019s share):
Asset
1P reserves
2P reserves
3P reserves
\u00a0
MMboe
MMboe
MMboe
PNGF Sud
11.04
16.10
20.77
De\ufb01nitions:
1P) Proved reserves
Proved reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated
with reasonable certainty to be commercially recoverable,
from a given date forward, from known reservoirs and
under de\ufb01ned economic conditions, operating methods, and
government regulations.
2P) Proved plus probable reserves
Probable reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to
be recovered than proved reserves but more certain to be
recovered than possible reserves.
3P) Proved plus probable plus possible reserves
Possible reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to
be recovered than probable reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9854": { "value": "Note 15
Intangible assets
LICENCES AND APPROVALS
Amounts in USD thousand
2023
2022
Cost
At 1 January
37 831
11 210
Additions in relation to business combinations
-
24 268
Additions
1 129
2 353
Disposals
(667)
-
Disposals in relation to loss of control of entities (refer to Note 22a)
(25 268)
-
At 31 December
13 025
37 831
Accumulated amortisation and impairment
At 1 January
4 579
4 038
Amortisation
586
541
Impairment
-
-
At 31 December
5 165
4 579
Net carrying value
At 1 January
33 252
7 172
At 31 December
7 860
33 252
GOODWILL
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
At 1 January
9 031
-
Additions in relation to business combinations
-
9 031
Disposals in relation to loss of control of entities (refer to Note 22a)
(9 031)
-
At 31 December
-
9 031
\n
GOODWILL
During 2023, the technical goodwill has subsequently been
derecognised as part of the disposal of the entities and assets
in which they originated from. Goodwill of USD 9.0 million at
31 December 2022 consisted of technical goodwill related to
the acquisition that occurred during the prior year. Refer to
Note 22a for more information.
LICENCE OVERVIEW
Congo
In 2017, subsidiary company Hemla E&P Congo SA acquired
interests in three development and production permits
(Tchendo II: 20%; Tchibouela II: 20% and Tchibeli-Litanzi II: 20%)
which will respectively end in December 2037, for each of them,
with possible extensions for 5 years. All these three licences
are called or named collectively \u201cPNGF Sud\u201d and together
comprise an area of 482.28km
2
. The operator of the licences
is Perenco, and the carrying value as at 31 December 2023 is
USD 2.2 million. This number is net of depletion, the Congo
intangible assets are the only intangibles in active use and being
amortised.
Nigeria
On 29 December 2023, PetroNor E&P ASA transferred its
interests in OML113 to the joint venture Aje Production AS.
Upon completion, PetroNor will own 52% of Aje Production
AS resulting in a 15.5% participating interest and an economic
interest of 38.755% in OML 113. The OML 113 licence is
operated by Yinka Folawiyo Petroleum. There were two
producing wells prior to suspending production in November
2021 due to the terminated contract with the FPSO, the Aje-4
with oil production and Aje-5ST2 with oil and gas production.
The licence was renewed in 2018 and has a twenty-year term.
The current strategy is to update the \ufb01eld development plan
to expedite gas development and overall redevelopment of
the venture. Once the transaction has completed, PetroNor\u2019s
interest will be classi\ufb01ed as a joint venture.
The Gambia
The A4 licence area is 1 376km
2
and is operated by Company
subsidiary PetroNor E&P Gambia Ltd. PetroNor secured a new
exploration licence (PEPLA) on 18 November 2022 and entered
into the \ufb01rst exploration period which has a duration of three
years. PetroNor hold 90% equity with the Gambia National
Petroleum Company as partner (10% equity). At 31 December
2023 the carrying value of the A4 licence is USD 5.5 million.
Guinea-Bissau
PetroNor announced the farm-out of 100% of the equity in
both Sinapa and Esperan\u00e7a licences to Apus Energy Guin\u00e9-
Bissau SA (\u201cApus Energy\u201d). As a result, USD 0.7 million in
intangible assets were derecognised and transferred and
the group recognised 22.9 million as a cash contribution to
past costs. If the Atum-1X well proves successful, and the
subsequent development produces oil and/or gas, a further
USD 60 million will be paid. This would be split into USD 30
million paid on government approval of a \ufb01eld development
plan and USD 30 million on achievement of continuous
production. The timing is uncertain in this scenario with
appraisal drilling and development planning and construction
of facilities necessary before \ufb01rst oil. Based on analogous
projects this is likely to take at least four years from
exploration well success if the project moves at a rapid pace.
Senegal
The company\u2019s subsidiary African Petroleum Senegal Limited
received the decision of the arbitration proceedings with the
International Centre for the Settlement of Investment Disputes
(ICSID) regarding the interests in the Senegal O\ufb00shore Sud
Profond and Ru\ufb01sque O\ufb00shore Profond blocks in Senegal
(ICSID case ARB/18/24) on 17 November 2023.
The ruling rejects claims by APSL and counter claims by
the Republic of Senegal. APSL had been ordered to pay
approximately USD 3 million in respect of 90% of the Tribunal
costs and the Republic of Senegal\u2019s legal expenses. The ruling
con\ufb01rms that APSL no longer holds the Senegal O\ufb00shore
Sud Profond and Ru\ufb01sque O\ufb00shore Profond licences. No
capitalised licence interests were previously held on the
balance sheet.
IMPAIRMENT ASSESSMENT
Group assets are assessed for indicators of impairment on a
periodic basis. Indicators of impairment would be for example
a licence that is approaching the end of its term or a licence
where management have indicated that there are no plans
to continue with exploration and evaluation, or evaluation
work which indicated that an asset would be uneconomic. The
carrying value of intangible assets were assessed against their
risked economic value and no assets were impaired in the
period ended 31 December 2023 .
RESERVES
The group has adopted a policy of regional reserve reporting
using external third-party companies to audit its work and
certify reserves and resources. Reserve and contingent
resource estimates comply with the de\ufb01nitions set by the
Petroleum Resources Management System (\u201cPRMS\u201d) issued
by the Society of Petroleum Engineers (\u201cSPE\u201d), the American
Association of Petroleum Geologists (\u201cAAPG\u201d), the World
Petroleum Council (\u201cWPC\u201d) and the Society of Petroleum
Evaluation Engineers (\u201cSPEE\u201d) in March 2007. AGR Petroleum
Services AS provided the third party veri\ufb01cations of the PNGF
Sud reserves. CPR Tracs International Limited provided the
third party veri\ufb01cation of the Aje reserves.
The following is a summary of key results from the reserve
reports (net of the group\u2019s share):
Asset
1P reserves
2P reserves
3P reserves
\u00a0
MMboe
MMboe
MMboe
PNGF Sud
11.04
16.10
20.77
De\ufb01nitions:
1P) Proved reserves
Proved reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated
with reasonable certainty to be commercially recoverable,
from a given date forward, from known reservoirs and
under de\ufb01ned economic conditions, operating methods, and
government regulations.
2P) Proved plus probable reserves
Probable reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to
be recovered than proved reserves but more certain to be
recovered than possible reserves.
3P) Proved plus probable plus possible reserves
Possible reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to
be recovered than probable reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9859": { "value": "
Amounts in USD thousand
2023
2022
Cost
At 1 January
37 831
11 210
Additions in relation to business combinations
-
24 268
Additions
1 129
2 353
Disposals
(667)
-
Disposals in relation to loss of control of entities (refer to Note 22a)
(25 268)
-
At 31 December
13 025
37 831
Accumulated amortisation and impairment
At 1 January
4 579
4 038
Amortisation
586
541
Impairment
-
-
At 31 December
5 165
4 579
Net carrying value
At 1 January
33 252
7 172
At 31 December
7 860
33 252
GOODWILL
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Cost
At 1 January
9 031
-
Additions in relation to business combinations
-
9 031
Disposals in relation to loss of control of entities (refer to Note 22a)
(9 031)
-
At 31 December
-
9 031
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9969": { "value": "GOODWILL
Amounts in USD thousand
2023
2022
Cost
At 1 January
9 031
-
Additions in relation to business combinations
-
9 031
Disposals in relation to loss of control of entities (refer to Note 22a)
(9 031)
-
At 31 December
-
9 031
GOODWILL
During 2023, the technical goodwill has subsequently been
derecognised as part of the disposal of the entities and assets
in which they originated from. Goodwill of USD 9.0 million at
31 December 2022 consisted of technical goodwill related to
the acquisition that occurred during the prior year. Refer to
Note 22a for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10114": { "value": "IMPAIRMENT ASSESSMENT
Group assets are assessed for indicators of impairment on a
periodic basis. Indicators of impairment would be for example
a licence that is approaching the end of its term or a licence
where management have indicated that there are no plans
to continue with exploration and evaluation, or evaluation
work which indicated that an asset would be uneconomic. The
carrying value of intangible assets were assessed against their
risked economic value and no assets were impaired in the
period ended 31 December 2023 .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10207": { "value": "Note 16
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2023
2022
Amounts due less than one year:
\u00a0 \u00a0 \u00a0
Trade payables
\u00a0
11 954
15 437
Due to related parties
22d
305
2 019
Taxes and state payables
\u00a0
4 162
787
Other payables and accrued liabilities
\u00a0
3 630
2 687
Total
\u00a0
20 051
20 930
Amounts due more than one year
\u00a0 \u00a0 \u00a0
Other payables
\u00a0
145
9 018
Total
\u00a0
145
9 018
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10210": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2023
2022
Amounts due less than one year:
\u00a0 \u00a0 \u00a0
Trade payables
\u00a0
11 954
15 437
Due to related parties
22d
305
2 019
Taxes and state payables
\u00a0
4 162
787
Other payables and accrued liabilities
\u00a0
3 630
2 687
Total
\u00a0
20 051
20 930
Amounts due more than one year
\u00a0 \u00a0 \u00a0
Other payables
\u00a0
145
9 018
Total
\u00a0
145
9 018
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10294": { "value": "Note 17
Loans and borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
At 1 January
11 000
13 079
Received
-
11 000
Principal repayment
(5 500)
(13 079)
Interest on loan accrued
813
1 042
Interest on loan paid
(813)
(1 042)
At 31 December
5 500
11 000
Ageing of loans payable
\u00a0 \u00a0
Current
5 500
5 500
Non-current
-
5 500
Total
5 500
11 000
\n
On 29 December 2022, HAH and Acqua Diversi\ufb01ed Holdings
SPC entered into an amended agreement to advance an
additional USD 11.0 million USD to be paid in eight quarterly
instalments of USD 1.375 million. The facility carries an interest
rate of 11.0%, and due to the group corporate restructure in
February 2022, in addition to the previous security provided, a
corporate guarantee was provided by PetroNor E&P ASA.
The Acqua Diversi\ufb01ed Holdings SPC loan has the following
covenants and undertakings:
\u25a0
Cash equal to the quarterly instalments must be maintained
on speci\ufb01c bank accounts of HAH or HEPCO on a recurring
basis;
\u25a0
At least USD 6.0 million from HEPCO oil sales must be paid
into the collection account on a 3-month rolling basis;
\u25a0
PetroNor to maintain shareholding level in excess of 70% in
subsidiary company HAH;
\u25a0
HAH to maintain shareholding level in excess of 74.25% in
subsidiary company HEPCO;
\u25a0
HAH shareholder equity ratio shall not be less than 30%;
\u25a0
HAH duty to report on \ufb01nancial statements, pledged bank
account activity and oil inventory;
\u25a0
Restrictions on distributions to HAH shareholders, unless
su\ufb03cient liquidity with cash balances exceeding USD 10.0
million immediately before any such distribution, and
distribution does not exceed 75% consolidated HAH net
pro\ufb01t in any year.
All covenants were complied with and there were no
noti\ufb01cations of breaches during the year for the loan payable
to Acqua Diversi\ufb01ed Holdings SPC.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10297": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
At 1 January
11 000
13 079
Received
-
11 000
Principal repayment
(5 500)
(13 079)
Interest on loan accrued
813
1 042
Interest on loan paid
(813)
(1 042)
At 31 December
5 500
11 000
Ageing of loans payable
\u00a0 \u00a0
Current
5 500
5 500
Non-current
-
5 500
Total
5 500
11 000
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10426": { "value": "Note 18
Provisions
DECOMMISSIONING LIABILITY
In accordance with joint venture agreements and legislation,
the wellheads, production assets, pipelines and other
installations may have to be dismantled and removed from oil
and natural gas \ufb01elds when the production ceases. The exact
timing of the obligations is uncertain and depends on the rate
the reserves of the \ufb01eld are depleted.
Based on the existing production pro\ufb01le of the PNGF Sud \ufb01eld
and the size of the reserves, it is expected that expenditure
on retirement is likely to be after more than ten years. The
current bases for the provision are a discount rate of 6.5%
(2022: 6.5%) and an in\ufb02ation rate of 3.0% (2022: 1.6%). The
initial decommissioning liability (ARO) study was prepared
internally by the operator Perenco and was presented to ARO
Committee in 2018. The company reassessed the applicable
discount rate during 2023 based on the rates of government
bonds issued in the Congo during the year. The impact of the
change in discount factor was not considered material.
The following table presents a reconciliation of the beginning
and ending aggregate amounts of the obligations associated
with the retirement of oil and natural gas properties:
Decommissioning provision
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2023
2022
At 1 January
\u00a0
20 912
16 302
Arising during the year
\u00a0
4 284
3 768
Derecognised due to loss of control of entities
22a
(3 887)
-
Unwinding of discount on decommissioning
7
2 440
842
At 31 December
\u00a0
23 749
20 912
Other provisions
\u00a0
3 323
3 651
Total provisions
\u00a0
27 072
24 563
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10523": { "value": "Note 19
Deferred tax liabilities
Changes in net deferred tax liabilities during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Net deferred tax liability at 1 January
(9 031)
-
Acquisitions and disposals
9 031
(9 031)
Net deferred tax liability at 31 December
-
(9 031)
\n
Deferred tax assets have not been brought to account in
respect of tax losses and unrecognised capital allowances
because as at 31 December 2023 it is uncertain when future
taxable amounts will be available to utilise those temporary
di\ufb00erences and losses. The primary income generating unit
of the group is in a jurisdiction where taxes are an in-kind
production levy. The status of asset development in other
jurisdictions is such that pro\ufb01ts are not yet being recorded.
Management is therefore not yet able to perform an
assessment that deferred tax assets can be realised. As at 31
December 2023, the carried forward gross tax loss is USD 127
million (2022: USD 132 million). Carried forward losses from
previous periods do not have an expiry date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10574": { "value": "Note 20
Share capital
Ordinary shares participate in dividends and the proceeds on
winding up of the company in proportion to the number of
shares held and in proportion to the amount paid up on the
shares held.
At shareholders\u2019 meetings, each ordinary share entitles the
holder to one vote in proportion to the paid-up amount of the
share when a poll is called, otherwise each shareholder has
one vote on a show of hands.
Reconciliation of movement in shares on issue
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Number of fully paid ordinary shares
2023
2022
Balance at the beginning of the year
1 423 568 543
1 326 991 006
Issue of shares
7
96 577 537
Reverse share split
(1 281 211 695)
-
Balance at end of the year
142 356 855
1 423 568 543
\n
Reconciliation of movements in issued capital
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
2023
2022
Opening balance
159
62 115
Reversal of shares as part of redomicile
3
-
(62 115)
Issue of shares in PetroNor E&P ASA as part of redomicile
3
-
149
Share capital issued as consideration for business combination
2
-
10
Balance at end of the period
159
159
\n
1)
On 16 June 2023, PetroNor announced that the reverse share split in the ratio 10:1 had been registered with the Norwegian Register of Business Enterprises.
Following such registration, the share capital of the company is NOK 1 423 568.55 divided into 142 356 855 shares, each with a nominal value of NOK 0.01.
2)
On 13 July 2022, PetroNor E&P ASA completed the acquisition of Pan-Petroleum Nigeria Holding BV and Pan-Petroleum Services Holdings BV that hold
100% of the shares in Pan-Petroleum AJE Ltd. The upfront consideration was USD 10 million paid via the allotment and issue of 96 577 537 new PetroNor
shares. The shares were issued at the nominal value of 0.001 NOK USD using the daily exchange rate published by the Bank of England. Refer to Note 23 for
additional information.
3)
On 24 February 2022: The company issued 1 326 991.006 ordinary shares as part of the implementation of the scheme of arrangement and redomicile
from Australia to Norway. Shares are issued at the nominal value of 0.001 NOK and translated to 0.01 USD using the rate of exchange on the day of issue.
Share premium
Share premium reserve represents excess of subscription
value of the shares over the nominal amount.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
2023
2022
Opening balance
71 956
-
Issue of shares as part of redomicile
-
61 966
Share capital issued as consideration for business combination
-
9 990
Balance at end of the period
71 956
71 956
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10737": { "value": "Note 21
Reserves
The movement in reserves are re\ufb02ected in the statement of
changes in equity.
Foreign currency translation reserve
The foreign currency translation reserve is used to recognise
foreign currency exchange di\ufb00erences arising on translation of
functional currency to presentation currency.
Retained earnings
All other net gains and losses and transactions with owners
not recognised elsewhere.
Dividends
No dividends were declared during the year by the Parent
Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10743": { "value": "Foreign currency translation reserve
The foreign currency translation reserve is used to recognise
foreign currency exchange di\ufb00erences arising on translation of
functional currency to presentation currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10753": { "value": "Dividends
No dividends were declared during the year by the Parent
Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10771": { "value": "Note 22
Related party transactions
22A.
SUBSIDIARIES
The principal subsidiaries of the PetroNor E&P ASA, all of
which have been included in these consolidated \ufb01nancial
statements, are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Proportion of e\ufb00ective ownership
\u00a0
\u00a0 \u00a0 \u00a0
interest at 31 December
\u00a0
\u00a0
Country of
Principal place
\u00a0 \u00a0
Name
incorporation
of business
2023
2022
PetroNor E&P Pty Limited
\u00a0 \u00a0 \u00a0 \u00a0
(Previously called PetroNor E&P Ltd)
Australia
Australia
100%
100%
PetroNor E&P Ltd
Cyprus
Cyprus
100%
100%
PetroNor E&P Services AS
Norway
Norway
100%
100%
PetroNor E&P Services Ltd
United Kingdom
United Kingdom
100%
100%
PetroNor E&P AB
Sweden
Guinea-Bissau
100%
100%
PetroNor E&P Ltd
Nigeria
Nigeria
100%
100%
PetroNor E&P Gambia Ltd
Cayman Islands
The Gambia
100%
100%
Hemla Africa Holding AS
Norway
Norway
100%
100%
Hemla E&P Congo SA
Congo
Congo
84.15%
84.15%
African Petroleum Corporation Ltd
Cayman Islands
United Kingdom
100%
100%
African Petroleum Senegal Ltd
Cayman Islands
Senegal
90%
90%
African Petroleum Senegal SAU
Senegal
Senegal
90%
90%
Aje Production AS
Norway
Norway
100%
100%
Aje Services Holding BV (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Services Holding BV)
Netherlands
Netherlands
-
100%
Aje Nigeria Holding BV (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Services Holding BV)
Nigeria
Nigeria
-
100%
Aje Production Ltd (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Aje Ltd)
Nigeria
Nigeria
-
100%
\n
HEMLA E&P CONGO SA
Material non-controlling interests
The group holds 84.15% of the share capital of Hemla E&P Congo SA. Set out below is summarised \ufb01nancial information for the
subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for the subsidiary are before
inter-company eliminations.
Summarised statement of \ufb01nancial position
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2023
2022
Current asset
61 523
28 363
Current liabilities
12 836
11 210
Current net assets
48 687
17 153
Non-current assets
124 798
98 876
Non-current liabilities
27 084
20 804
Non-current net assets/(liabilities)
97 614
78 072
Net assets
146 301
95 225
Accumulated NCI
24 138
16 091
Summarised statement of comprehensive income
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2023
2022
Revenue
187 330
146 067
Pro\ufb01t for the period
71 175
45 503
Other comprehensive income
-
-
Total comprehensive income for the year
71 175
45 503
Pro\ufb01t allocated to NCI
11 217
7 461
Dividends paid to NCI
3 170
1 585
\n
Summarised cash \ufb02ows
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2023
2022
Cash \ufb02ows from operating activities
64 332
41 847
Cash \ufb02ows from investing activities
(38 252)
(38 349)
Cash \ufb02ows from \ufb01nancing activities
(19 700)
(10 028)
Net increase/(decrease) in cash and cash equivalents
6 380
(6 530)
\n
Aje Entities (OML113)
During the period, the group disposed of its interest in fully
owned subsidiaries Aje Nigeria Holding B.V., Aje Services
Holding B.V. and Aje Production Ltd. The transaction
completed on 29 December 2023 with the consideration of
USD 10 million expected to be paid via the allotment and issue
of new shares in Aje Production AS. The disposal forms part
of the YFP DW joint venture transaction where the assets and
liabilities of the subsidiaries have been fully derecognised. The
fair value of the new investment has been assessed and will be
recognised as a joint venture when the consideration is paid.
As a result, the operations have not changed in relation to OML
113. The venture will continue to progress with redevelopment
of the OML 113 \ufb01eld and as such, PetroNor have assessed that
this disposal will not be classi\ufb01ed as a discontinued operation.
Financial information relating to the disposal for the period to
the date of disposal is set out below. The carrying amount of
assets and liabilities as at the date of disposal (29 December
2023) were:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
29 December 2023
Property, plant and equipment
926
Intangible assets
25 268
Goodwill
9 031
Other receivables
7
Cash
51
Total assets
35 283
Trade creditors
(3 023)
Other payables
(9 139)
Deferred tax liabilities
(9 031)
Provision for decommissioning cost
(3 887)
Total liabilities
(25 080)
Net assets
10 203
\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD thousand
29 December 2023
Consideration received or receivable
\u00a0
Consideration shares receivable
10 000
Total disposal consideration
10 000
Net assets
(10 203)
Loss on disposal
1
(203)
\n
1)
Loss on disposal is included within administrative expenses in the consolidated statement of
comprehensive income.
22B.
BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the group, including the Directors listed on page 36, and the following other key personnel:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Jens Pace
Interim chief executive o\ufb03cer
Claus Frimann-Dahl
Chief technical o\ufb03cer
Emad Sultan
Strategy and contracts manager
Michael Barrett
Exploration manager
Chris Butler
Group \ufb01nancial controller
\n
At the approval date of this report the base salary and fees for
the following members of key management is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Base salary and fees
Total base salary and
Individual
Title
Group entity
/per annum
fees USD equivalent
\u00a0 \u00a0
PetroNor E&P Services AS
1
USD 174 000
\u00a0
E Alhomouz
Chair
\u00a0 \u00a0
294 000
\u00a0 \u00a0
Hemla E&P Congo SA
USD 120 000
\u00a0
J Iskander
Director
2
\u00a0
Nil
Nil
I Tybring-Gjedde
Director
PetroNor E&P Services AS
NOK 450 000
42 750
G Kielland
Director
PetroNor E&P Services AS
NOK 450 000
42 750
J Norman-Hansen
Director
PetroNor E&P Services AS
NOK 450 000
42 750
A Fawzi
Director
PetroNor E&P Services AS
NOK 450 000
42 750
J Pace
Interim chief executive o\ufb03cer
PetroNor E&P Services AS
GBP 360 000
450 000
E Sultan
Strategy & contracts manager
PetroNor E&P Services AS
USD 252 000
252 000
C Frimann-Dahl
Chief technical o\ufb03cer
PetroNor E&P Services AS
NOK 2 625 000
249 475
M Barrett
Exploration o\ufb03cer
PetroNor E&P Services Ltd
GBP 225 750
282 188
\u00a0 \u00a0
PetroNor E&P Services Ltd
GBP 147 000
\u00a0
C Butler
Group \ufb01nancial controller
\u00a0 \u00a0
249 750
\u00a0 \u00a0
Hemla E&P Congo SA
USD 66 000
\u00a0
\n
1) Fees are charged by related party Petromal LLC and are not paid to the individual; above \ufb01gures represent the company\u2019s fair value estimate of associated
costs for the individual\u2019s services.
2) J Iskander elected not to be remunerated, as he is not considered an independent board member due to connections to the largest company shareholder.
FX rates used:
NOK 1.00 : USD 0.095
|
GBP 1.00 : USD 1.25
Remuneration of board and key management personnel 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Post-
\u00a0
\u00a0 \u00a0
Salary
\u00a0
Other cash
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
bene\ufb01ts
Total
E Alhomouz
1
Chair
294 000
-
-
-
294 000
I Smines Tybring
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gjedde
Director
38 685
-
-
-
38 685
G Kielland
Director
38 685
-
-
-
38 685
Azza Samir Fawzi
Director
32 763
-
-
-
32 763
Jarle Norman-Hansen
Director
32 763
-
-
-
32 763
J Pace
Interim chief executive o\ufb03cer
530 111
-
-
-
530 111
C Frimann-Dahl
2
Chief technical o\ufb03cer
240 053
42 123
719
13 493
296 388
M Barrett
2
Exploration manager
280 755
47 678
1 731
-
330 164
C Butler
2
Group \ufb01nancial controller
243 400
31 202
2 427
17 740
294 769
E Sultan
Strategy and contracts manager
244 000
-
-
-
244 000
Total
\u00a0
1 975 215
121 003
4 877
31 233
2 132 328
\n
1) USD 174 000 of the fees above is not paid to the individual, these fees charged on an arms-length basis are included in a monthly lump sum charged by
related party Petromal LLC, above \ufb01gures represent the company\u2019s fair value estimate of associated costs for the individual\u2019s services.
2) Bonus received was determined at the discretion of the remuneration committee, contingent upon both company performance and individual contributions.
Remuneration of of board and key management personnel 2022
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Post-
\u00a0
\u00a0 \u00a0
Salary
\u00a0
Other cash
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
bene\ufb01ts
Total
E Alhomouz
1
Chair
294 000
-
-
-
294 000
J Iskander
Director
-
-
-
-
-
I Smines Tybring Gjedde
Director
34 598
-
-
-
34 598
G Kielland
Director
34 598
-
-
-
34 598
A Neuling
2
Director
5 728
-
-
-
5 728
R Steinepreis
2
Director
5 728
-
-
-
5 728
J Pace
1
Interim chief executive o\ufb03cer
443 500
-
-
-
443 500
C Frimann-Dahl
Chief technical o\ufb03cer
253 080
-
769
20 524
274 373
M Barrett
Exploration manager
279 445
-
884
2 080
282 409
C Butler
Group \ufb01nancial controller
173 059
92 177
5 747
17 306
288 289
E Sultan
Strategy and contracts manager
233 000
-
-
-
233 000
A Hicks
Company secretary
3 598
-
-
-
3 598
Total
\u00a0
1 760 334
92 177
7 400
39 910
1 899 821
\n
1 USD 174 000 of the fees above is not paid to the individual, these fees charged on an arms-length basis are included in a monthly lump sum charged by
related party Petromal LLC, above \ufb01gures represent the company\u2019s fair value estimate of associated costs for the individual\u2019s services.
2 Individuals are Board members or management of the previous Australian top company, the above \ufb01gure represents their remuneration up until the group
restructure on 24 February 2022.
Share holdings by directors and other key management personnel
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Balance
Shares
Granted as
Net change
Balance
\u00a0
1 January 2023
purchased
remuneration
other
31 December 2023
J Pace
146 553
-
-
-
146 553
M Barrett
115 167
-
-
-
115 167
C Butler
23 430
-
-
-
23 430
C Frimann-Dahl
60 456
-
-
-
60 456
Total
345 606
-
-
-
345 606
At 31 December 2023, Eyas Alhomouz held no shares
personally but holds in\ufb02uence over 48 148 167 shares (2022:
48 148 167 shares) as the CEO of signi\ufb01cant shareholder
Petromal LLC. All of the shares held by Petromal LLC are
recorded in the name of nominee company, Clearstream
Banking S.A. on behalf of Petromal LLC.
On 16 June 2023, PetroNor announced that the reverse share
split in the ratio 10:1 had been registered with the Norwegian
Register of Business Enterprises. The opening balances have
been restated to re\ufb02ect this.
Other board members and key management not included in
the above table held no shares during the current year.
No warrants or options were held by board members or key
management personnel during the current year.
22C.
SIGNIFICANT SHAREHOLDERS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Ownership
Ownership
Shareholder
Place of incorporation
31 December 2023
31 December 2022
Petromal LLC \u2013 Sole Proprietorship LLC
UAE
33.82%
33.82%
Symero Ltd
Cyprus
9.75%
9.75%
NOR Energy AS
Norway
8.62%
9.49%
Ambolt Invest AS
Norway
6.15%
6.15%
Gulshagen III AS
Norway
3.16%
3.16%
Gulshagen IV AS
Norway
3.16%
3.16%
\n
All of the shares held by Petromal LLC are recorded in the name of nominee company, Clearstream Banking S.A. on behalf of
Petromal LLC. Symero Ltd is a company owned by NOR Energy AS, which in turn is controlled jointly by former key management of
PetroNor, Knut S\u00f8vold, and Gerhard Ludvigsen. Gulshagen III AS and Gulshagen IV AS are also controlled by Knut S\u00f8vold. Ambolt
Invest AS is a company controlled by Jarle Norman-Hansen who was appointed as a board member on 26 January 2023.
22D.
TRANSACTIONS AND PERIOD-END BALANCES WITH RELATED PARTIES
Transactions with related parties included in the consolidated statement of comprehensive income:
On 27 June 2023 PetroNor E&P AB, a wholly owned subsidiary of PetroNor E&P ASA entered into a binding agreement to farm-out
100 per cent of its participating interest in the two exploration licences o\ufb00shore Guinea-Bissau to an SPV owned by Apus Energy
DMCC, a subsidiary of Petromal, Petromal LLC is the largest shareholder in the company, with an ownership of close to 34 per cent
of the shares. Since the transaction involved a related party, the non-con\ufb02icted directors on the board received an independent
assessment from a third party as to the fairness of the negotiated terms, which concluded that the transaction was fair. Details of
the transaction are included in Note 23 below \u201cDiscontinued operations\u201d.
Petromal LLC has had an agreement to provide technical and project management services to the PetroNor Group since 2017.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Petromal \u2013 Sole Proprietorship LLC
305
289
Administrative expenses
305
289
\n
Balances due from and due to related parties disclosed in the consolidated statement of \ufb01nancial position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Balances due from related parties
\u00a0 \u00a0
Receivable from Aje Production AS
11 067
-
Balances due to related parties
\u00a0 \u00a0
Other payable to Nor Energy AS
-
(1 283)
Other payable to Petromal \u2013 Sole Proprietorship LLC
(26)
(736)
Total payables to related parties (Note 19)
(26)
(2 019)
\n
Amounts due from / to related parties included in the consolidated statement of \ufb01nancial position are interest-free and have no
\ufb01xed repayment terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10775": { "value": "22A.
SUBSIDIARIES
The principal subsidiaries of the PetroNor E&P ASA, all of
which have been included in these consolidated \ufb01nancial
statements, are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Proportion of e\ufb00ective ownership
\u00a0
\u00a0 \u00a0 \u00a0
interest at 31 December
\u00a0
\u00a0
Country of
Principal place
\u00a0 \u00a0
Name
incorporation
of business
2023
2022
PetroNor E&P Pty Limited
\u00a0 \u00a0 \u00a0 \u00a0
(Previously called PetroNor E&P Ltd)
Australia
Australia
100%
100%
PetroNor E&P Ltd
Cyprus
Cyprus
100%
100%
PetroNor E&P Services AS
Norway
Norway
100%
100%
PetroNor E&P Services Ltd
United Kingdom
United Kingdom
100%
100%
PetroNor E&P AB
Sweden
Guinea-Bissau
100%
100%
PetroNor E&P Ltd
Nigeria
Nigeria
100%
100%
PetroNor E&P Gambia Ltd
Cayman Islands
The Gambia
100%
100%
Hemla Africa Holding AS
Norway
Norway
100%
100%
Hemla E&P Congo SA
Congo
Congo
84.15%
84.15%
African Petroleum Corporation Ltd
Cayman Islands
United Kingdom
100%
100%
African Petroleum Senegal Ltd
Cayman Islands
Senegal
90%
90%
African Petroleum Senegal SAU
Senegal
Senegal
90%
90%
Aje Production AS
Norway
Norway
100%
100%
Aje Services Holding BV (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Services Holding BV)
Netherlands
Netherlands
-
100%
Aje Nigeria Holding BV (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Services Holding BV)
Nigeria
Nigeria
-
100%
Aje Production Ltd (Previously called
\u00a0 \u00a0 \u00a0 \u00a0
Pan-Petroleum Aje Ltd)
Nigeria
Nigeria
-
100%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11020": { "value": "HEMLA E&P CONGO SA
Material non-controlling interests
The group holds 84.15% of the share capital of Hemla E&P Congo SA. Set out below is summarised \ufb01nancial information for the
subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for the subsidiary are before
inter-company eliminations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11346": { "value": "22B.
BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the group, including the Directors listed on page 36, and the following other key personnel:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Jens Pace
Interim chief executive o\ufb03cer
Claus Frimann-Dahl
Chief technical o\ufb03cer
Emad Sultan
Strategy and contracts manager
Michael Barrett
Exploration manager
Chris Butler
Group \ufb01nancial controller
\n
At the approval date of this report the base salary and fees for
the following members of key management is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Base salary and fees
Total base salary and
Individual
Title
Group entity
/per annum
fees USD equivalent
\u00a0 \u00a0
PetroNor E&P Services AS
1
USD 174 000
\u00a0
E Alhomouz
Chair
\u00a0 \u00a0
294 000
\u00a0 \u00a0
Hemla E&P Congo SA
USD 120 000
\u00a0
J Iskander
Director
2
\u00a0
Nil
Nil
I Tybring-Gjedde
Director
PetroNor E&P Services AS
NOK 450 000
42 750
G Kielland
Director
PetroNor E&P Services AS
NOK 450 000
42 750
J Norman-Hansen
Director
PetroNor E&P Services AS
NOK 450 000
42 750
A Fawzi
Director
PetroNor E&P Services AS
NOK 450 000
42 750
J Pace
Interim chief executive o\ufb03cer
PetroNor E&P Services AS
GBP 360 000
450 000
E Sultan
Strategy & contracts manager
PetroNor E&P Services AS
USD 252 000
252 000
C Frimann-Dahl
Chief technical o\ufb03cer
PetroNor E&P Services AS
NOK 2 625 000
249 475
M Barrett
Exploration o\ufb03cer
PetroNor E&P Services Ltd
GBP 225 750
282 188
\u00a0 \u00a0
PetroNor E&P Services Ltd
GBP 147 000
\u00a0
C Butler
Group \ufb01nancial controller
\u00a0 \u00a0
249 750
\u00a0 \u00a0
Hemla E&P Congo SA
USD 66 000
\u00a0
\n
1) Fees are charged by related party Petromal LLC and are not paid to the individual; above \ufb01gures represent the company\u2019s fair value estimate of associated
costs for the individual\u2019s services.
2) J Iskander elected not to be remunerated, as he is not considered an independent board member due to connections to the largest company shareholder.
FX rates used:
NOK 1.00 : USD 0.095
|
GBP 1.00 : USD 1.25
Remuneration of board and key management personnel 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Post-
\u00a0
\u00a0 \u00a0
Salary
\u00a0
Other cash
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
bene\ufb01ts
Total
E Alhomouz
1
Chair
294 000
-
-
-
294 000
I Smines Tybring
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gjedde
Director
38 685
-
-
-
38 685
G Kielland
Director
38 685
-
-
-
38 685
Azza Samir Fawzi
Director
32 763
-
-
-
32 763
Jarle Norman-Hansen
Director
32 763
-
-
-
32 763
J Pace
Interim chief executive o\ufb03cer
530 111
-
-
-
530 111
C Frimann-Dahl
2
Chief technical o\ufb03cer
240 053
42 123
719
13 493
296 388
M Barrett
2
Exploration manager
280 755
47 678
1 731
-
330 164
C Butler
2
Group \ufb01nancial controller
243 400
31 202
2 427
17 740
294 769
E Sultan
Strategy and contracts manager
244 000
-
-
-
244 000
Total
\u00a0
1 975 215
121 003
4 877
31 233
2 132 328
\n
1) USD 174 000 of the fees above is not paid to the individual, these fees charged on an arms-length basis are included in a monthly lump sum charged by
related party Petromal LLC, above \ufb01gures represent the company\u2019s fair value estimate of associated costs for the individual\u2019s services.
2) Bonus received was determined at the discretion of the remuneration committee, contingent upon both company performance and individual contributions.
Remuneration of of board and key management personnel 2022
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Post-
\u00a0
\u00a0 \u00a0
Salary
\u00a0
Other cash
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
bene\ufb01ts
Total
E Alhomouz
1
Chair
294 000
-
-
-
294 000
J Iskander
Director
-
-
-
-
-
I Smines Tybring Gjedde
Director
34 598
-
-
-
34 598
G Kielland
Director
34 598
-
-
-
34 598
A Neuling
2
Director
5 728
-
-
-
5 728
R Steinepreis
2
Director
5 728
-
-
-
5 728
J Pace
1
Interim chief executive o\ufb03cer
443 500
-
-
-
443 500
C Frimann-Dahl
Chief technical o\ufb03cer
253 080
-
769
20 524
274 373
M Barrett
Exploration manager
279 445
-
884
2 080
282 409
C Butler
Group \ufb01nancial controller
173 059
92 177
5 747
17 306
288 289
E Sultan
Strategy and contracts manager
233 000
-
-
-
233 000
A Hicks
Company secretary
3 598
-
-
-
3 598
Total
\u00a0
1 760 334
92 177
7 400
39 910
1 899 821
\n
1 USD 174 000 of the fees above is not paid to the individual, these fees charged on an arms-length basis are included in a monthly lump sum charged by
related party Petromal LLC, above \ufb01gures represent the company\u2019s fair value estimate of associated costs for the individual\u2019s services.
2 Individuals are Board members or management of the previous Australian top company, the above \ufb01gure represents their remuneration up until the group
restructure on 24 February 2022.
Share holdings by directors and other key management personnel
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Balance
Shares
Granted as
Net change
Balance
\u00a0
1 January 2023
purchased
remuneration
other
31 December 2023
J Pace
146 553
-
-
-
146 553
M Barrett
115 167
-
-
-
115 167
C Butler
23 430
-
-
-
23 430
C Frimann-Dahl
60 456
-
-
-
60 456
Total
345 606
-
-
-
345 606
At 31 December 2023, Eyas Alhomouz held no shares
personally but holds in\ufb02uence over 48 148 167 shares (2022:
48 148 167 shares) as the CEO of signi\ufb01cant shareholder
Petromal LLC. All of the shares held by Petromal LLC are
recorded in the name of nominee company, Clearstream
Banking S.A. on behalf of Petromal LLC.
On 16 June 2023, PetroNor announced that the reverse share
split in the ratio 10:1 had been registered with the Norwegian
Register of Business Enterprises. The opening balances have
been restated to re\ufb02ect this.
Other board members and key management not included in
the above table held no shares during the current year.
No warrants or options were held by board members or key
management personnel during the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12247": { "value": "22D.
TRANSACTIONS AND PERIOD-END BALANCES WITH RELATED PARTIES
Transactions with related parties included in the consolidated statement of comprehensive income:
On 27 June 2023 PetroNor E&P AB, a wholly owned subsidiary of PetroNor E&P ASA entered into a binding agreement to farm-out
100 per cent of its participating interest in the two exploration licences o\ufb00shore Guinea-Bissau to an SPV owned by Apus Energy
DMCC, a subsidiary of Petromal, Petromal LLC is the largest shareholder in the company, with an ownership of close to 34 per cent
of the shares. Since the transaction involved a related party, the non-con\ufb02icted directors on the board received an independent
assessment from a third party as to the fairness of the negotiated terms, which concluded that the transaction was fair. Details of
the transaction are included in Note 23 below \u201cDiscontinued operations\u201d.
Petromal LLC has had an agreement to provide technical and project management services to the PetroNor Group since 2017.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Petromal \u2013 Sole Proprietorship LLC
305
289
Administrative expenses
305
289
\n
Balances due from and due to related parties disclosed in the consolidated statement of \ufb01nancial position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
2023
2022
Balances due from related parties
\u00a0 \u00a0
Receivable from Aje Production AS
11 067
-
Balances due to related parties
\u00a0 \u00a0
Other payable to Nor Energy AS
-
(1 283)
Other payable to Petromal \u2013 Sole Proprietorship LLC
(26)
(736)
Total payables to related parties (Note 19)
(26)
(2 019)
\n
Amounts due from / to related parties included in the consolidated statement of \ufb01nancial position are interest-free and have no
\ufb01xed repayment terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12349": { "value": "Note 23
Discontinued operations
During June 2023, PetroNor entered a binding agreement to
farm-out 100% of its participating interest in two exploration
licences o\ufb00shore Guinea-Bissau. The Government approved
the transfer of the two licences during October 2023 and
consideration was subsequently paid in December 2023 thus
classi\ufb01ed as a discontinued operation for the year ended 31
December 2023. The post-tax gain on disposal of discontinued
operations was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD thousand
\u00a0
Cash consideration received
21 273
Contingent consideration at fair value
2 600
Total consideration received
23 873
Cash disposed of
-
Net consideration on disposal of discontinued operation
23 873
Net assets held for disposal (other than cash)
\u00a0
Inventory
(1 626)
Intangible assets
(1 051)
Other net receivables and payables
888
Total
(1 790)
Pre-tax gain on disposal of discontinued operation
22 084
Related tax expense
(4 016)
Gain on disposal of discontinued operation
18 067
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Result of discontinued operations
\u00a0
Amounts in USD thousand
\u00a0
Other operating income
1 626
Expenses other than \ufb01nance costs
(1 712)
Finance costs
(24)
Tax (expense/credit)
-
Gain from selling discontinued operations after tax
18 067
Pro\ufb01t/(loss) for the year
17 957
Earnings per share from discontinued operations:
\u00a0
Basic (loss) / pro\ufb01t per share
12.6 Cents
Diluted (loss) / pro\ufb01t per share
12.6 Cents
Statement of cash \ufb02ows
\u00a0
Amounts in USD thousand
\u00a0
Operating activities
-
Investing activities
20 403
Financing activities
-
Net cash from discontinued operations
20 403
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12528": { "value": "Note 24
Risk management
The group\u2019s principal \ufb01nancial liabilities comprise accounts
payable and amounts due to related parties. The main
purpose of these \ufb01nancial instruments is to manage short-
term cash \ufb02ow and raise \ufb01nance for the group\u2019s capital
expenditure programme. The group has various \ufb01nancial
assets such as accounts receivable and cash.
The main risks that could adversely a\ufb00ect the group\u2019s
\ufb01nancial assets, liabilities or future cash \ufb02ows are credit risk,
liquidity risk, interest rate risk and foreign currency risk. The
management reviews and agrees policies for managing each of
these risks which are summarised below.
The following discussion also includes a sensitivity analysis
that is intended to illustrate the sensitivity to changes in the
market variables on the group\u2019s \ufb01nancial instruments and
shows the impact on pro\ufb01t or loss and shareholders\u2019 equity,
where applicable. Financial instruments a\ufb00ected by market
risk include accounts receivable, accounts payable and
accrued liabilities.
The sensitivity has been prepared for periods ending 31
December 2023 using the amounts of debt and other \ufb01nancial
assets and liabilities held as at those reporting dates.
The tables below detail the credit quality of the company\u2019s
\ufb01nancial assets as well as the company\u2019s maximum exposure
to credit risk by credit risk rating grades.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
External
Internal
\u00a0
Gross
\u00a0
Net
\u00a0 \u00a0
credit
credit
12-month or
carrying
Loss
carrying
Amounts in USD thousand
Notes
rating
rating
lifetime ECL
amount
allowance
amount
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
27 317
-
27 317
Due from related parties
11, 22d
N/a
-
Lifetime ECL
11 057
-
11 057
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
30 050
-
30 050
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
46 249
-
46 249
Other receivables
11
N/a
-
Lifetime ECL
6 359
-
6 359
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
1 171
-
1 171
Due from related parties
11, 22d
N/a
-
Lifetime ECL
-
-
-
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
29 432
-
29 432
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
24 816
-
24 816
\n
(i) For trade receivables and amounts due from related parties, the group has applied the simpli\ufb01ed approach in IFRS 9 to measure the loss allowance at
lifetime ECL. The expected credit losses are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the
debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
LIQUIDITY RISK
The group seeks to limit its liquidity risk by ensuring \ufb01nancial
support is available from the shareholders. The group\u2019s terms
of sales requires amounts to be paid within 30 days from the
bill of lading, the point at which crude oil had been loaded
onto vessel for shipment . Trade payables are normally settled
within 90 to 120 days of the date of receipt of invoice.
The table below summarises the maturity pro\ufb01le of the
group\u2019s \ufb01nancial liabilities at 31 December 2023 based on
contractual undiscounted payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
16
-
11 954
-
-
-
11 954
Amounts due to related parties
22d
305
-
-
-
-
305
Loan payable
17
-
-
1 375
4 125
-
5 500
Other payable
16
-
-
-
-
-
-
Total
\u00a0
305
11 954
1 375
4 125
-
17 759
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
18 732
-
-
-
18 732
Amounts due to related parties
22d
2 019
-
-
-
-
2 019
Loan payable
17
-
-
1 375
4 125
5 500
11 000
Other payable
19
-
-
-
-
8 738
8 738
Total
\u00a0
2 019
18 732
1 375
4 125
14 238
40 489
\n
The company had USD 46.2 million (2022: 24.8 million) in
unrestricted cash at 31 December 2023. Should additional
funding be required in the future for additional capital
expenditure for new development phases or working capital
requirements, the company has various alternatives available
which it can explore to ful\ufb01l such additional requirements.
The options include, amongst others, debt \ufb01nancing, o\ufb00take
prepayment structures. As a result, the \ufb01nancial statements
have been prepared under the assumption of going concern
and realisation of assets and settlement of debt in normal
operations.
INTEREST RATE RISK
The group is exposed to interest rate risk on its interest-bearing assets and liabilities and seeks to limit this risk by obtaining
favourable interest rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+150bp
-150bp
+150bp
-150bp
Loans payable
(83)
83
(165)
165
\n
The new facility put in place does not include the oil pricing
sensitivity previously applied thus providing more certainty to
interest costs.
CURRENCY RISK
The group operates internationally and is exposed to risk
arising from various currency exposures, primarily with
respect to the Norwegian Kroner (NOK), and the Great British
Pound (GBP). The group has transactional currency exposures.
Such exposure arises from sales or purchases in currencies
other than the respective functional currency.
The group reports its consolidated results in USD; any
change in exchange rates between its operating subsidiaries\u2019
functional currencies and the USD a\ufb00ects its consolidated
statement of comprehensive income and statement of
\ufb01nancial position when the results of those operating
subsidiaries are translated into USD for reporting purposes.
Group companies are required to manage their foreign
exchange risk against their functional currency.
A 20% strengthening or weakening of the USD against the
following currencies at 31 December 2023 would have
increased / (decreased) equity and pro\ufb01t or loss by the
amounts shown below.
The group\u2019s assessment of what a reasonable potential change
in foreign currencies that it is currently exposed to have been
changed as a result of the changes observed in the world
\ufb01nancial markets. This hypothetical analysis assumes that all
other variables, including interest rates and commodity prices,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0\u00a0\u00a0\u00a0
Cash
(13)
13
106
(107)
Receivables
(2 918)
2 910
260
(260)
Payables
185
(184)
(423)
423
Total
(2 746)
2 739
(57)
57
USD vs GBP
\u00a0\u00a0\u00a0\u00a0
Cash
(14)
14
(17)
17
Receivables
(7)
7
(3)
3
Payables
2
(2)
7
(7)
Total
(19)
19
(13)
13
\n
CAPITAL RISK
The primary objective of the group\u2019s capital management is
to continuously evaluate measures to strengthen its \ufb01nancial
basis and to ensure that the group is fully funded for its
committed 2024 activities. The group manages its capital
structure and makes adjustments to it in light of changes
in economic conditions. In order to maintain or change the
capital structure, the group may adjust the amount of dividend
payments to shareholders, return capital to shareholders or
issue new shares.
The group is continuously evaluating the capital structure, with
the aim of having an optimal mix of equity and debt capital to
reduce the group\u2019s cost of capital and looking at avenues to
procure capital in the forthcoming years.", "dimensions": { "concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12529": { "value": "Note 24
Risk management
The group\u2019s principal \ufb01nancial liabilities comprise accounts
payable and amounts due to related parties. The main
purpose of these \ufb01nancial instruments is to manage short-
term cash \ufb02ow and raise \ufb01nance for the group\u2019s capital
expenditure programme. The group has various \ufb01nancial
assets such as accounts receivable and cash.
The main risks that could adversely a\ufb00ect the group\u2019s
\ufb01nancial assets, liabilities or future cash \ufb02ows are credit risk,
liquidity risk, interest rate risk and foreign currency risk. The
management reviews and agrees policies for managing each of
these risks which are summarised below.
The following discussion also includes a sensitivity analysis
that is intended to illustrate the sensitivity to changes in the
market variables on the group\u2019s \ufb01nancial instruments and
shows the impact on pro\ufb01t or loss and shareholders\u2019 equity,
where applicable. Financial instruments a\ufb00ected by market
risk include accounts receivable, accounts payable and
accrued liabilities.
The sensitivity has been prepared for periods ending 31
December 2023 using the amounts of debt and other \ufb01nancial
assets and liabilities held as at those reporting dates.
The tables below detail the credit quality of the company\u2019s
\ufb01nancial assets as well as the company\u2019s maximum exposure
to credit risk by credit risk rating grades.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
External
Internal
\u00a0
Gross
\u00a0
Net
\u00a0 \u00a0
credit
credit
12-month or
carrying
Loss
carrying
Amounts in USD thousand
Notes
rating
rating
lifetime ECL
amount
allowance
amount
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
27 317
-
27 317
Due from related parties
11, 22d
N/a
-
Lifetime ECL
11 057
-
11 057
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
30 050
-
30 050
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
46 249
-
46 249
Other receivables
11
N/a
-
Lifetime ECL
6 359
-
6 359
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
1 171
-
1 171
Due from related parties
11, 22d
N/a
-
Lifetime ECL
-
-
-
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
29 432
-
29 432
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
24 816
-
24 816
\n
(i) For trade receivables and amounts due from related parties, the group has applied the simpli\ufb01ed approach in IFRS 9 to measure the loss allowance at
lifetime ECL. The expected credit losses are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the
debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
LIQUIDITY RISK
The group seeks to limit its liquidity risk by ensuring \ufb01nancial
support is available from the shareholders. The group\u2019s terms
of sales requires amounts to be paid within 30 days from the
bill of lading, the point at which crude oil had been loaded
onto vessel for shipment . Trade payables are normally settled
within 90 to 120 days of the date of receipt of invoice.
The table below summarises the maturity pro\ufb01le of the
group\u2019s \ufb01nancial liabilities at 31 December 2023 based on
contractual undiscounted payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
16
-
11 954
-
-
-
11 954
Amounts due to related parties
22d
305
-
-
-
-
305
Loan payable
17
-
-
1 375
4 125
-
5 500
Other payable
16
-
-
-
-
-
-
Total
\u00a0
305
11 954
1 375
4 125
-
17 759
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
18 732
-
-
-
18 732
Amounts due to related parties
22d
2 019
-
-
-
-
2 019
Loan payable
17
-
-
1 375
4 125
5 500
11 000
Other payable
19
-
-
-
-
8 738
8 738
Total
\u00a0
2 019
18 732
1 375
4 125
14 238
40 489
\n
The company had USD 46.2 million (2022: 24.8 million) in
unrestricted cash at 31 December 2023. Should additional
funding be required in the future for additional capital
expenditure for new development phases or working capital
requirements, the company has various alternatives available
which it can explore to ful\ufb01l such additional requirements.
The options include, amongst others, debt \ufb01nancing, o\ufb00take
prepayment structures. As a result, the \ufb01nancial statements
have been prepared under the assumption of going concern
and realisation of assets and settlement of debt in normal
operations.
INTEREST RATE RISK
The group is exposed to interest rate risk on its interest-bearing assets and liabilities and seeks to limit this risk by obtaining
favourable interest rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+150bp
-150bp
+150bp
-150bp
Loans payable
(83)
83
(165)
165
\n
The new facility put in place does not include the oil pricing
sensitivity previously applied thus providing more certainty to
interest costs.
CURRENCY RISK
The group operates internationally and is exposed to risk
arising from various currency exposures, primarily with
respect to the Norwegian Kroner (NOK), and the Great British
Pound (GBP). The group has transactional currency exposures.
Such exposure arises from sales or purchases in currencies
other than the respective functional currency.
The group reports its consolidated results in USD; any
change in exchange rates between its operating subsidiaries\u2019
functional currencies and the USD a\ufb00ects its consolidated
statement of comprehensive income and statement of
\ufb01nancial position when the results of those operating
subsidiaries are translated into USD for reporting purposes.
Group companies are required to manage their foreign
exchange risk against their functional currency.
A 20% strengthening or weakening of the USD against the
following currencies at 31 December 2023 would have
increased / (decreased) equity and pro\ufb01t or loss by the
amounts shown below.
The group\u2019s assessment of what a reasonable potential change
in foreign currencies that it is currently exposed to have been
changed as a result of the changes observed in the world
\ufb01nancial markets. This hypothetical analysis assumes that all
other variables, including interest rates and commodity prices,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0\u00a0\u00a0\u00a0
Cash
(13)
13
106
(107)
Receivables
(2 918)
2 910
260
(260)
Payables
185
(184)
(423)
423
Total
(2 746)
2 739
(57)
57
USD vs GBP
\u00a0\u00a0\u00a0\u00a0
Cash
(14)
14
(17)
17
Receivables
(7)
7
(3)
3
Payables
2
(2)
7
(7)
Total
(19)
19
(13)
13
\n
CAPITAL RISK
The primary objective of the group\u2019s capital management is
to continuously evaluate measures to strengthen its \ufb01nancial
basis and to ensure that the group is fully funded for its
committed 2024 activities. The group manages its capital
structure and makes adjustments to it in light of changes
in economic conditions. In order to maintain or change the
capital structure, the group may adjust the amount of dividend
payments to shareholders, return capital to shareholders or
issue new shares.
The group is continuously evaluating the capital structure, with
the aim of having an optimal mix of equity and debt capital to
reduce the group\u2019s cost of capital and looking at avenues to
procure capital in the forthcoming years.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12555": { "value": "The tables below detail the credit quality of the company\u2019s
\ufb01nancial assets as well as the company\u2019s maximum exposure
to credit risk by credit risk rating grades.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
External
Internal
\u00a0
Gross
\u00a0
Net
\u00a0 \u00a0
credit
credit
12-month or
carrying
Loss
carrying
Amounts in USD thousand
Notes
rating
rating
lifetime ECL
amount
allowance
amount
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
27 317
-
27 317
Due from related parties
11, 22d
N/a
-
Lifetime ECL
11 057
-
11 057
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
30 050
-
30 050
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
46 249
-
46 249
Other receivables
11
N/a
-
Lifetime ECL
6 359
-
6 359
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
11
N/a
(i)
Lifetime ECL
1 171
-
1 171
Due from related parties
11, 22d
N/a
-
Lifetime ECL
-
-
-
Advance against decommissioning cost
11
N/a
-
Lifetime ECL
29 432
-
29 432
Cash and cash equivalents
12
Aa3/B
N/a
12-month ECL
24 816
-
24 816
\n
(i) For trade receivables and amounts due from related parties, the group has applied the simpli\ufb01ed approach in IFRS 9 to measure the loss allowance at
lifetime ECL. The expected credit losses are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the
debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12787": { "value": "LIQUIDITY RISK
The group seeks to limit its liquidity risk by ensuring \ufb01nancial
support is available from the shareholders. The group\u2019s terms
of sales requires amounts to be paid within 30 days from the
bill of lading, the point at which crude oil had been loaded
onto vessel for shipment . Trade payables are normally settled
within 90 to 120 days of the date of receipt of invoice.
The table below summarises the maturity pro\ufb01le of the
group\u2019s \ufb01nancial liabilities at 31 December 2023 based on
contractual undiscounted payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
16
-
11 954
-
-
-
11 954
Amounts due to related parties
22d
305
-
-
-
-
305
Loan payable
17
-
-
1 375
4 125
-
5 500
Other payable
16
-
-
-
-
-
-
Total
\u00a0
305
11 954
1 375
4 125
-
17 759
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Between
Between
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Less than
1 and 3
3 months
More than
\u00a0
Amounts in USD thousand
Note
On demand
1 month
months
and 1 year
1 year
Total
31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
18 732
-
-
-
18 732
Amounts due to related parties
22d
2 019
-
-
-
-
2 019
Loan payable
17
-
-
1 375
4 125
5 500
11 000
Other payable
19
-
-
-
-
8 738
8 738
Total
\u00a0
2 019
18 732
1 375
4 125
14 238
40 489
\n
The company had USD 46.2 million (2022: 24.8 million) in
unrestricted cash at 31 December 2023. Should additional
funding be required in the future for additional capital
expenditure for new development phases or working capital
requirements, the company has various alternatives available
which it can explore to ful\ufb01l such additional requirements.
The options include, amongst others, debt \ufb01nancing, o\ufb00take
prepayment structures. As a result, the \ufb01nancial statements
have been prepared under the assumption of going concern
and realisation of assets and settlement of debt in normal
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13111": { "value": "INTEREST RATE RISK
The group is exposed to interest rate risk on its interest-bearing assets and liabilities and seeks to limit this risk by obtaining
favourable interest rates.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+150bp
-150bp
+150bp
-150bp
Loans payable
(83)
83
(165)
165
\n
The new facility put in place does not include the oil pricing
sensitivity previously applied thus providing more certainty to
interest costs.
CURRENCY RISK
The group operates internationally and is exposed to risk
arising from various currency exposures, primarily with
respect to the Norwegian Kroner (NOK), and the Great British
Pound (GBP). The group has transactional currency exposures.
Such exposure arises from sales or purchases in currencies
other than the respective functional currency.
The group reports its consolidated results in USD; any
change in exchange rates between its operating subsidiaries\u2019
functional currencies and the USD a\ufb00ects its consolidated
statement of comprehensive income and statement of
\ufb01nancial position when the results of those operating
subsidiaries are translated into USD for reporting purposes.
Group companies are required to manage their foreign
exchange risk against their functional currency.
A 20% strengthening or weakening of the USD against the
following currencies at 31 December 2023 would have
increased / (decreased) equity and pro\ufb01t or loss by the
amounts shown below.
The group\u2019s assessment of what a reasonable potential change
in foreign currencies that it is currently exposed to have been
changed as a result of the changes observed in the world
\ufb01nancial markets. This hypothetical analysis assumes that all
other variables, including interest rates and commodity prices,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0\u00a0\u00a0\u00a0
Cash
(13)
13
106
(107)
Receivables
(2 918)
2 910
260
(260)
Payables
185
(184)
(423)
423
Total
(2 746)
2 739
(57)
57
USD vs GBP
\u00a0\u00a0\u00a0\u00a0
Cash
(14)
14
(17)
17
Receivables
(7)
7
(3)
3
Payables
2
(2)
7
(7)
Total
(19)
19
(13)
13
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13115": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+150bp
-150bp
+150bp
-150bp
Loans payable
(83)
83
(165)
165
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2023
\u00a0
31 December 2022
\u00a0
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0\u00a0\u00a0\u00a0
Cash
(13)
13
106
(107)
Receivables
(2 918)
2 910
260
(260)
Payables
185
(184)
(423)
423
Total
(2 746)
2 739
(57)
57
USD vs GBP
\u00a0\u00a0\u00a0\u00a0
Cash
(14)
14
(17)
17
Receivables
(7)
7
(3)
3
Payables
2
(2)
7
(7)
Total
(19)
19
(13)
13
\n", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13324": { "value": "CAPITAL RISK
The primary objective of the group\u2019s capital management is
to continuously evaluate measures to strengthen its \ufb01nancial
basis and to ensure that the group is fully funded for its
committed 2024 activities. The group manages its capital
structure and makes adjustments to it in light of changes
in economic conditions. In order to maintain or change the
capital structure, the group may adjust the amount of dividend
payments to shareholders, return capital to shareholders or
issue new shares.
The group is continuously evaluating the capital structure, with
the aim of having an optimal mix of equity and debt capital to
reduce the group\u2019s cost of capital and looking at avenues to
procure capital in the forthcoming years.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13343": { "value": "Note 25
Financial instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial
liabilities.
Financial assets consist of bank balances and cash, amounts
due from related parties and trade and some other
receivables. Financial liabilities consist of amounts due to
related parties, loans payable, trade account payables and
some other liabilities.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value through
\u00a0
\u00a0
Fair value through
\u00a0
Amortised
\u00a0
other comprehensive
\u00a0
\u00a0
pro\ufb01t or loss
\u00a0
cost
\u00a0
income
\u00a0
Amounts in USD thousand
2023
2022
2023
2022
2023
2022
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
-
-
46 249
24 816
-
-
Trade and other receivables
2 600
-
42 133
1 171
-
-
Asset retirement obligation deposit
1
-
-
30 050
29 432
-
-
Total
2 600
-
118 432
55 419
-
-
Financial Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
-
-
20 054
29 489
-
-
Loans and borrowings
-
-
5 500
11 000
-
-
Total
-
-
25 554
40 489
-
-
\n
1)
The group has advanced USD 30 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF Asset.
The fair values of the group's \ufb01nancial instruments are not
materially di\ufb00erent from their carrying amounts at the
reporting date largely due to the short term maturities of
these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13344": { "value": "Note 25
Financial instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial
liabilities.
Financial assets consist of bank balances and cash, amounts
due from related parties and trade and some other
receivables. Financial liabilities consist of amounts due to
related parties, loans payable, trade account payables and
some other liabilities.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value through
\u00a0
\u00a0
Fair value through
\u00a0
Amortised
\u00a0
other comprehensive
\u00a0
\u00a0
pro\ufb01t or loss
\u00a0
cost
\u00a0
income
\u00a0
Amounts in USD thousand
2023
2022
2023
2022
2023
2022
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
-
-
46 249
24 816
-
-
Trade and other receivables
2 600
-
42 133
1 171
-
-
Asset retirement obligation deposit
1
-
-
30 050
29 432
-
-
Total
2 600
-
118 432
55 419
-
-
Financial Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
-
-
20 054
29 489
-
-
Loans and borrowings
-
-
5 500
11 000
-
-
Total
-
-
25 554
40 489
-
-
\n
1)
The group has advanced USD 30 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF Asset.
The fair values of the group's \ufb01nancial instruments are not
materially di\ufb00erent from their carrying amounts at the
reporting date largely due to the short term maturities of
these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13345": { "value": "Note 25
Financial instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial
liabilities.
Financial assets consist of bank balances and cash, amounts
due from related parties and trade and some other
receivables. Financial liabilities consist of amounts due to
related parties, loans payable, trade account payables and
some other liabilities.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value through
\u00a0
\u00a0
Fair value through
\u00a0
Amortised
\u00a0
other comprehensive
\u00a0
\u00a0
pro\ufb01t or loss
\u00a0
cost
\u00a0
income
\u00a0
Amounts in USD thousand
2023
2022
2023
2022
2023
2022
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
-
-
46 249
24 816
-
-
Trade and other receivables
2 600
-
42 133
1 171
-
-
Asset retirement obligation deposit
1
-
-
30 050
29 432
-
-
Total
2 600
-
118 432
55 419
-
-
Financial Liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
-
-
20 054
29 489
-
-
Loans and borrowings
-
-
5 500
11 000
-
-
Total
-
-
25 554
40 489
-
-
\n
1)
The group has advanced USD 30 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF Asset.
The fair values of the group's \ufb01nancial instruments are not
materially di\ufb00erent from their carrying amounts at the
reporting date largely due to the short term maturities of
these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13538": { "value": "Note 26
Commitments and contingencies
COMMITMENTS
Production asset commitments
As at 31 December 2023, the group had approved the budget
for PNGF Sud operations in Congo that included planned capex
expenditure for coming year of USD 18.1 million (2022 USD
45.6 million) representing HEPCO's equity interest funding
commitment in the licence.
CONTINGENCIES
In December 2021 the National Authority for Investigation
and Prosecution of Economic and Environmental Crime in
Norway (\u00d8kokrim) initiated an investigation into allegations of
corruption and brought criminal charges against individuals
associated with the company. \u00d8kokirm has con\ufb01rmed that
neither PetroNor nor any of its subsidiaries has been charged.
The US Department of Justice also began its own investigation
into the allegations based on information received from
\u00d8kokrim.
To mitigate potential corporate liability risks, the board has
taken various remediation steps, as outlined in the director\u2019s
report, including obtaining independent legal advice and
implementing a compliance action plan. Despite the ongoing
investigations, the company has continued to operate
e\ufb00ectively, but has incurred costs in addressing this issue
and fully cooperating with the investigating authorities.
The company is not aware of the status or duration of
the investigations into the individuals involved, and the
uncertainty surrounding the outcome could potentially impact
the group\u2019s ability to conduct transactions with both new and
existing partners.
As part of the transaction to acquire the interest in OML 113
conditional consideration has been assessed as a potential
contingency to the group. An additional consideration
of USD 0.10 per 1 000 cubic feet of the AJE Natural Gas
Sales Volume is to be paid to Panoro Energy ASA once the
conditions stipulated within the SPA are met. This conditional
consideration is capped at USD 16.67 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13542": { "value": "COMMITMENTS
Production asset commitments
As at 31 December 2023, the group had approved the budget
for PNGF Sud operations in Congo that included planned capex
expenditure for coming year of USD 18.1 million (2022 USD
45.6 million) representing HEPCO's equity interest funding
commitment in the licence.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13552": { "value": "CONTINGENCIES
In December 2021 the National Authority for Investigation
and Prosecution of Economic and Environmental Crime in
Norway (\u00d8kokrim) initiated an investigation into allegations of
corruption and brought criminal charges against individuals
associated with the company. \u00d8kokirm has con\ufb01rmed that
neither PetroNor nor any of its subsidiaries has been charged.
The US Department of Justice also began its own investigation
into the allegations based on information received from
\u00d8kokrim.
To mitigate potential corporate liability risks, the board has
taken various remediation steps, as outlined in the director\u2019s
report, including obtaining independent legal advice and
implementing a compliance action plan. Despite the ongoing
investigations, the company has continued to operate
e\ufb00ectively, but has incurred costs in addressing this issue
and fully cooperating with the investigating authorities.
The company is not aware of the status or duration of
the investigations into the individuals involved, and the
uncertainty surrounding the outcome could potentially impact
the group\u2019s ability to conduct transactions with both new and
existing partners.
As part of the transaction to acquire the interest in OML 113
conditional consideration has been assessed as a potential
contingency to the group. An additional consideration
of USD 0.10 per 1 000 cubic feet of the AJE Natural Gas
Sales Volume is to be paid to Panoro Energy ASA once the
conditions stipulated within the SPA are met. This conditional
consideration is capped at USD 16.67 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13604": { "value": "Note 27
Events subsequent to reporting date
In February 2024, long lead inventory that was purchased in
prior years for the exploration programme in Guinea-Bissau,
owned by a subsidiary of the company was sold for proceeds
of USD 3.5 million.
In February 2024, a material indirect subsidiary of the
company achieved a new operational milestone by exporting
under its own capacity as a party to the Djeno terminal in
Congo. The arrangements with the Djeno terminal increase the
options available to the wider group to bring to market PNGF
Sud oil production.
On 26 March 2024, PetroNor paid USD 2 million in relation to
the share sale and purchase agreement with New Age (African
Global Energy) Limited (New Age) to acquire additional interest
in the OML 113 licence in Nigeria. The agreement is not yet
completed and subject to conditions precedent, including
government approval of the transaction. However, this
payment milestone enables PetroNor to instruct New Age on
how to vote on matters related to the OML 113 joint venture.
From the date of payment up to completion, if the instruction
to vote results in a new cash call being issued to the OML 113
partners, then PetroNor shall arrange payment for the cash
call on behalf of New Age. The remaining balance payable to
New Age for completion of the agreement is now reduced to
USD 1 million.
A new Vandji well in Tchibeli NE was successfully drilled by the
Axima rig between February and early-April.
Except for the above, the company has not identi\ufb01ed any
events with signi\ufb01cant accounting impacts that have occurred
between the end of the reporting period and the date of this
report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13639": { "value": "Note 28
Summary of accounting policies
Accounting policies are selected and applied in a manner
which ensures that the resulting \ufb01nancial information satis\ufb01es
the concepts of relevance and reliability, thereby ensuring that
the substance of the underlying transactions or other events
is reported.
The following is a summary of the material accounting policies
adopted by the group in the preparation of the \ufb01nancial
report. The accounting policies have been consistently applied,
unless otherwise stated.
28A.
ADOPTION OF NEW AND REVISED ACCOUNTING
STANDARDS
IASB has issued several amendments to standards or
interpretations to standards e\ufb00ective as of 1 January 2023.
PetroNor have adopted these standards in the \ufb01nancial year,
the impacts were not material to PetroNor\u2019s consolidated
\ufb01nancial statements upon adoption.
Amendments to IAS 1 and IFRS practice statement 2: Replacing
Signi\ufb01cant accounting policies with Material accounting policies
IASB has issued amendments to IAS 1 Presentation of
\ufb01nancial statements and IFRS Practice Statement 2 Making
Materiality Judgements. The amendments were introduced
to simplify \ufb01nancial statements and increase their usability
by requiring entities to disclose accounting policy information
that is \u201cmaterial\u201d. Guidance within the amendments has been
provided on applying materiality judgements to accounting
policy disclosures with illustrative examples. The amendments
are e\ufb00ective for annual periods on or after 1 January
2023. PetroNor has applied the amendments within these
consolidated \ufb01nancial statements.
Impacts of other standards and amendments to standards,
and interpretations of standards, issued but not yet e\ufb00ective
are not expected to have a material impact on the group.
28B.
CONSOLIDATION
The consolidated \ufb01nancial statements comprise the \ufb01nancial
statements of PetroNor E&P ASA (\u201cthe company\u201d, formerly
PetroNor E&P Ltd) and its subsidiaries for the year ended 31
December 2023 (together the group).
An entity has been assessed as being controlled by the group
when the group is exposed, or has the rights, to variable
returns from its involvement with the entity and has the
ability to a\ufb00ect those returns through its power over the
entity. Speci\ufb01cally, the group controls an entity if and only if
the group has:
\u25a0
Power over the entity (i.e., existing rights that give it the
current ability to direct the relevant activities of the entity)
\u25a0
Exposure, or rights, to variable returns from its involvement
with the entity, and
\u25a0
The ability to use its power over the entity to a\ufb00ect its
returns
When the group has less than a majority of the voting or
similar rights of an entity, the group considers all relevant facts
and circumstances in assessing whether it has power over an
entity, including:
\u25a0
The contractual arrangement with the other vote holders of
the entity
\u25a0
Rights arising from other contractual arrangements
\u25a0
The group\u2019s voting rights and potential voting rights
The group reassesses whether or not it controls an entity if
facts and circumstances indicate that there are changes to
one or more of the three elements of control. Consolidation
of a subsidiary begins when the group obtains control over
the subsidiary and ceases when the group loses control of
the subsidiary. Business combinations are accounted for by
using the acquisition method. Assets, liabilities, income and
expenses of a subsidiary acquired or disposed of during the
year are included in the statement of comprehensive income
from the date the group gains control until the date the group
ceases to control the subsidiary.
Pro\ufb01t or loss and each component of other comprehensive
income (OCI) are attributed to the equity holders of the parent
of the group and to the non-controlling interests, even if this
results in the non-controlling interests having a de\ufb01cit balance.
When necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring their accounting policies
into line with the group\u2019s accounting policies. All intra-group
assets and liabilities, equity, income, expenses and cash \ufb02ows
relating to transactions between members of the group are
eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction.
If the group loses control over a subsidiary, it:
\u25a0
Derecognises the assets (including goodwill) and liabilities of
the subsidiary
\u25a0
Derecognises the carrying amount of any non-controlling
interests
\u25a0
Derecognises the cumulative translation di\ufb00erences
recorded in equity
\u25a0
Recognises the fair value of the consideration received
\u25a0
Recognises the fair value of any investment retained
\u25a0
Recognises any surplus or de\ufb01cit in pro\ufb01t or loss
\u25a0
Reclassi\ufb01es the parent\u2019s share of components previously
recognised in OCI to pro\ufb01t or loss or retained earnings, as
appropriate, as would be required if the group had directly
disposed of the related assets or liabilities.
28C.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The company has applied United States Dollars, being the
functional currency of all major subsidiaries in the group, as
its presentation currency. Where the functional currencies
of entities within the consolidated group di\ufb00er from United
States Dollars, they have been translated into United States
Dollars. The functional currency of PetroNor E&P ASA group is
United States Dollars.
Transactions and balances
Transactions in foreign currencies are initially recorded in the
functional currency by applying the exchange rates ruling at
the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the
rate of exchange ruling at the reporting date and any gains or
losses are recognised in the income statement.
Non-monetary items that are measured in terms of historical
cost in the foreign currency are translated using the exchange
rate as at the date of the initial transaction. Non-monetary
items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair
value was determined.
Translation of group companies\u2019 functional currency to
presentation currency
On consolidation, the assets and liabilities of foreign
operations are translated into United States Dollars at the rate
of exchange prevailing at the reporting date and their income
and expenditure are translated at exchange rates prevailing
at the dates of the transactions. The exchange di\ufb00erences
arising on translation for consolidation are recognised in other
comprehensive income. On disposal of a foreign operation, the
component of other comprehensive income relating to that
particular foreign operation is recognised in pro\ufb01t or loss.
28D.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, deposits held
at call with banks, other short-term highly liquid investments
with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within short-term
borrowings in current liabilities on the Statement of Financial
Position.
28E.
TRADE RECEIVABLES
Trade receivables are amounts due from customers for
goods sold or services performed in the ordinary course of
business. They are generally due for settlement within 30 days
and therefore are all classi\ufb01ed as current. Trade receivables
are recognised initially at the amount of consideration that
is unconditional unless they contain signi\ufb01cant \ufb01nancing
components, when they are recognised at fair value. The
group holds the trade receivables with the objective to collect
the contractual cash \ufb02ows and therefore measures them
subsequently at amortised cost using the e\ufb00ective interest
method.
28F.
TANGIBLE ASSETS
Property, plant, and equipment
Oil & gas production assets
Oil and gas production assets are aggregated exploration and
evaluation tangible assets and development expenditures
associated with the production of proved reserves.
The cost of development and production assets also includes
the cost of acquisitions and purchases of such assets, directly
attributable overheads and the cost of recognising provisions
for future restoration and decommissioning.
Where major and identi\ufb01able parts of the production assets
have di\ufb00erent useful lives, they are accounted for as separate
items of property, plant and equipment. Costs of minor repairs
and maintenance are expensed as incurred. Oil and gas
production assets have a \ufb01nite life.
Depreciation
Oil and gas properties are depreciated using the unit-of-
production method. Unit-of production rates are based on 1P
proved reserves, which are oil, gas and other mineral reserves
estimated to be recovered from existing facilities using current
operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at
custody transfer or sales transaction points at the outlet valve
on the \ufb01eld storage tank.
Field infrastructure exceeding beyond the life of the \ufb01eld is
depreciated over the useful life of the infrastructure using a
straight-line method.
Property, plant and equipment not associated with exploration
and production activities are carried at cost less accumulated
depreciation. These assets are also evaluated for impairment.
28G.
INTANGIBLE ASSETS
Exploration and evaluation activity involves the search for
hydrocarbon resources, the determination of technical
feasibility and the assessment of commercial viability of an
identi\ufb01ed resource. For each area of interest, expenditure
incurred in the acquisition of rights to explore and all costs
directly associated with holding the licence such as rental,
training and corporate and social responsibility are capitalised
as exploration and evaluation intangible assets. Signature
bonuses required by licence agreements are capitalised as
exploration and evaluation intangible assets. Other costs
directly associated with the licence are expensed as incurred.
Exploration, evaluation and development expenditure is
recorded at historical cost and allocated to cost pools on
an area of interest.
Expenditure on an area of interest is
capitalised and carried forward where rights to tenure of the
area of interest are current and:
it is expected to be recouped through successful development
and exploitation of the area of interest or alternatively by its
sale; or exploration and evaluation activities are continuing in
an area of interest but at reporting date have not yet reached a
stage which permits a reasonable assessment of the existence
or otherwise of economically recoverable reserves.
Accumulated costs in respect of areas of interest which are
abandoned are written o\ufb00 in full against pro\ufb01t in the period in
which the decision to abandon the area is made.
Projects are advanced to development status when it is expected
that further expenditure can be recouped through sale or
successful development and exploitation of the area of interest.
All capitalised costs are subject to commercial and
management review, as well as review for indicators of
impairment at least once a year. This is to con\ufb01rm the
continued intent to develop or otherwise extract value from
the discovery. When this is no longer the case, the costs are
written o\ufb00 through the statement of pro\ufb01t or loss and other
comprehensive income.
When proved reserves of oil and natural gas are identi\ufb01ed
and development is sanctioned by management, the relevant
capitalised expenditure is \ufb01rst assessed for impairment and
(if required) any impairment loss is recognised, then the
remaining balance is transferred to oil and gas properties.
Proceeds from disposal or farm-out transactions of intangible
exploration assets are used to reduce the carrying amount of
the assets. When proceeds exceed the carrying amount, the
di\ufb00erence is recognised as a gain. When the group disposes of
its full interests, gains or losses are recognised in accordance
with the policy for recognising gains or losses on sale of plant,
property and equipment.
Generally Intangible assets can be viewed inde\ufb01nite as
they will be retained on the balance sheet until impaired or
transferred to oil and gas properties. Certain licence related
costs capitalised as intangible assets are deemed to have a
\ufb01nite life and are accreted over the life of the licence area.
Depreciation
Licence related costs capitalised as Intangible assets are
depreciated using the unit-of-production method. Unit-of
production rates are based on 1P proved reserves, which are
oil, gas and other mineral reserves estimated to be recovered
from existing facilities using current operating methods. Oil
and gas volumes are considered produced once they have
been measured through meters at custody transfer or sales
transaction points at the outlet valve on the \ufb01eld storage tank.
Technical goodwill
Technical goodwill recognised in business combinations
is allocated to each CGU for the purposes of impairment
testing. Impairment is tested on an annual basis or when
there are impairment indicators. Indicators may be speci\ufb01c
to an individual CGU or groups of CGUs to which the technical
goodwill is related. When conducting impairment testing,
deferred tax recognised in relation to the acquired licences
reduces the net carrying value prior to the impairment
charges.
Impairment is recognised if the recoverable amount of the
CGU (or groups of CGUs) to which the technical goodwill relates
to is less than the carrying amount.
Impairment of goodwill cannot be reversed in future periods.
28H.
REVENUE
(i)
Revenue from petroleum products
Revenue from the sale of crude oil is recognised when a
customer obtains control (\u201csales\u201d or \u201clifting\u201d method), normally
this is when title passes at point of delivery. Revenues from
production of oil properties are recognised based on actual
volumes lifted and sold to customers during the period.
(ii)
Other revenue
Under a production sharing contract, where the group is
required to pay pro\ufb01t oil tax and royalties on production
of crude oil, such payments are settled in kind (where the
government lift the crude it is entitled to). The group presents
a gross-up of the pro\ufb01t oil tax as an income tax expense with
a corresponding increase in oil and gas revenues and any
associated royalties are included in the cost of sales.
The group assesses whether it acts as a principal or agent in
each of its revenue arrangements. The group has concluded
that in all sales transactions it acts as a principal.
(iii)
Variable consideration
If the consideration in a contract includes a variable amount,
the group recognises this amount as revenue only to the
extent that it is highly probable that a signi\ufb01cant reversal will
not occur in the future.
(iv)
Interest
Interest income is recognised on a time-proportional basis
using the e\ufb00ective interest method. This is a method of
calculating the amortised cost of a \ufb01nancial asset and
allocating the interest income over the relevant period using
the e\ufb00ective interest rate, which is the rate that exactly
discounts the estimated future cash receipts through the
expected useful life of the \ufb01nancial asset to the net carrying
amount of the \ufb01nancial asset.
28I.
TAXES
The income tax expense or bene\ufb01t for the period consists of
two components: current and deferred tax.
The current income tax payable or recoverable is calculated
using the tax rates and legislation that have been enacted or
substantively enacted at year-end in each of the jurisdictions
and includes any adjustments for taxes payable or recovery in
respect of prior periods.
Deferred tax assets and liabilities are determined using
the balance sheet liability method based on temporary
di\ufb00erences between the carrying value of assets and liabilities
for \ufb01nancial reporting purposes and their tax bases. In
calculating the deferred tax assets and liabilities, the tax
rates used are those that have been enacted or substantively
enacted by year-end in each of the jurisdictions and that
are expected to apply when the assets are recovered, or the
liabilities are settled.
Revenue-based taxes
In addition to corporate income taxes, the group\u2019s
consolidated \ufb01nancial statements also include and recognise
as income taxes, other types of taxes on net income such as
certain revenue-based taxes.
Production-sharing arrangements
According to the production-sharing arrangement (PSA)
in certain licences, the share of the pro\ufb01t oil to which the
Government is entitled in any calendar year in accordance
with the PSA is deemed to include a portion representing the
corporate income tax imposed upon and due by the group.
This amount will be paid directly by the government on behalf
of the group to the appropriate tax authorities.
The income tax expense
The current income tax is calculated using the PSA, paid in
barrels and booked as income tax and also shown as revenue.
Other income tax relates to the gain on disposal of the farm-
out in Guinea-Bissau included in discontinued operations.
28J.
DEFINED CONTRIBUTION PENSION PLAN
The group pays contributions into de\ufb01ned contribution plans.
Obligations for contributions to de\ufb01ned contribution pension
plans are recognised as an expense in the income statement in
the periods during which services are rendered by employees.
28K.
TRADE AND OTHER PAYABLES
Trade and other payables are carried at amortised cost and
due to their short-term nature, they are not discounted.
28L.
PROVISIONS
Decommissioning liability
A decommissioning liability is recognised when the group has
a present legal or constructive obligation as a result of past
events, and it is probable that an out\ufb02ow of resources will be
required to settle the obligation, and a reliable estimate of the
amount of obligation can be made. A corresponding amount
equivalent to the obligation is also recognised as part of the
cost of the related production plant and equipment. The
amount recognised in the estimated cost of decommissioning,
discounted to its present value. Changes in the estimated
timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to
the provision, and a corresponding adjustment to production
plant and equipment. The unwinding of the discount on the
decommissioning liability is included as a \ufb01nance cost.
An escrow account is maintained by the operator of the licence
and is governed by a joint operating agreement and the
Congolese Government rules. The group\u2019s share, paid against
the decommissioning liability until the balance sheet date, is
classi\ufb01ed as an advance against decommissioning liability in
current assets.
28M.
SHARE CAPITAL
Contributed equity is recognised at the fair value of the
consideration received by the group, less any capital raising
costs in relation to the issue.
Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
28N.
DIVIDEND DISTRIBUTION
Dividend distribution to the company\u2019s shareholders is
recognised as a liability in the group\u2019s \ufb01nancial statements
in the period in which the dividends are declared and
appropriately authorised or approved by the company\u2019s
shareholders\u2019 general meeting. Interim dividends proposed
by the board of directors are recognised as liabilities upon
declaration.
28O.
JOINT ARRANGEMENTS
Joint arrangements are arrangements of which two or more
parties have joint control. Joint control is the contractual
agreed sharing of control of the arrangement which
exists only when decisions about the relevant activities
require unanimous consent of the parties sharing control.
Control is assessed by applying the principles under IFRS
10 to determine whether the group has joint control . Joint
arrangements are classi\ufb01ed as either a joint operation or
joint venture, based on the rights and obligations arising
from the contractual obligations between the parties to the
arrangement. Considerations in assessing the classi\ufb01cations
would include assessments of control that are based not just
on voting rights but on the extent that the joint arrangement
provides the company with rights to the individual assets and
obligations arising from the joint arrangement.
If the arrangement is classi\ufb01ed as a joint operation the
company recognises its:
\u25a0
Assets, including its share of any assets held jointly;
\u25a0
Liabilities, including its share of any liabilities incurred jointly;
\u25a0
Revenue from the sale of its share of the output arising from
the joint operation;
\u25a0
Share of revenue from the sale of the output by the joint
operation; and
\u25a0
Expenses, including its share of any expenses incurred jointly.
A joint arrangement which provides the company with rights
to the net assets of the arrangement, is classi\ufb01ed as a joint
venture and accounted for using the equity method and
treated as an investment . Under the equity method, the cost
of the investment is adjusted by the post-acquisition changes
in the company\u2019s share of the net assets of the venture.
Where assets are transferred into separate legal entities
concurrent with the entities shares being sold to a third party
thereby resulting in a loss of control of those asset owning
subsidiaries these assets will be treated as a joint venture.
28P.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition
method.
The cost of an acquisition is measured as the
aggregate of the fair value at the date of exchange of assets
and liabilities acquired. Where a non-controlling interest
exists, the group elects whether to measure NCI in the
acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. The initial accounting for
a business combination can be changed if new information
about the fair value at the acquisition date is present. The
allocation can be amended within 12 months of the acquisition
date. When the consideration transferred by the group in a
business combination includes a contingent consideration
arrangement, the contingent consideration is measured at
its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes
in the fair value of the contingent consideration is re-measured
to fair value at subsequent reporting dates with changes in fair
value recognised in the income statement.
Goodwill is recognised as the aggregate of the consideration
transferred and the amount of any non-controlling interest
and deducted by the net of the acquisition-date amounts of
the identi\ufb01able assets acquired and the liabilities assumed.
Goodwill is not depreciated but is tested at least annually for
impairment. In connection with this, goodwill is allocated to
cash-generating units or groups of cash-generating units that
are expected to bene\ufb01t from synergies from the business
combination.
PetroNor recognises a gain/loss on disposal of subsidiary
when control is lost.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13652": { "value": "28A.
ADOPTION OF NEW AND REVISED ACCOUNTING
STANDARDS
IASB has issued several amendments to standards or
interpretations to standards e\ufb00ective as of 1 January 2023.
PetroNor have adopted these standards in the \ufb01nancial year,
the impacts were not material to PetroNor\u2019s consolidated
\ufb01nancial statements upon adoption.
Amendments to IAS 1 and IFRS practice statement 2: Replacing
Signi\ufb01cant accounting policies with Material accounting policies
IASB has issued amendments to IAS 1 Presentation of
\ufb01nancial statements and IFRS Practice Statement 2 Making
Materiality Judgements. The amendments were introduced
to simplify \ufb01nancial statements and increase their usability
by requiring entities to disclose accounting policy information
that is \u201cmaterial\u201d. Guidance within the amendments has been
provided on applying materiality judgements to accounting
policy disclosures with illustrative examples. The amendments
are e\ufb00ective for annual periods on or after 1 January
2023. PetroNor has applied the amendments within these
consolidated \ufb01nancial statements.
Impacts of other standards and amendments to standards,
and interpretations of standards, issued but not yet e\ufb00ective
are not expected to have a material impact on the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13679": { "value": "28B.
CONSOLIDATION
The consolidated \ufb01nancial statements comprise the \ufb01nancial
statements of PetroNor E&P ASA (\u201cthe company\u201d, formerly
PetroNor E&P Ltd) and its subsidiaries for the year ended 31
December 2023 (together the group).
An entity has been assessed as being controlled by the group
when the group is exposed, or has the rights, to variable
returns from its involvement with the entity and has the
ability to a\ufb00ect those returns through its power over the
entity. Speci\ufb01cally, the group controls an entity if and only if
the group has:
\u25a0
Power over the entity (i.e., existing rights that give it the
current ability to direct the relevant activities of the entity)
\u25a0
Exposure, or rights, to variable returns from its involvement
with the entity, and
\u25a0
The ability to use its power over the entity to a\ufb00ect its
returns
When the group has less than a majority of the voting or
similar rights of an entity, the group considers all relevant facts
and circumstances in assessing whether it has power over an
entity, including:
\u25a0
The contractual arrangement with the other vote holders of
the entity
\u25a0
Rights arising from other contractual arrangements
\u25a0
The group\u2019s voting rights and potential voting rights
The group reassesses whether or not it controls an entity if
facts and circumstances indicate that there are changes to
one or more of the three elements of control. Consolidation
of a subsidiary begins when the group obtains control over
the subsidiary and ceases when the group loses control of
the subsidiary. Business combinations are accounted for by
using the acquisition method. Assets, liabilities, income and
expenses of a subsidiary acquired or disposed of during the
year are included in the statement of comprehensive income
from the date the group gains control until the date the group
ceases to control the subsidiary.
Pro\ufb01t or loss and each component of other comprehensive
income (OCI) are attributed to the equity holders of the parent
of the group and to the non-controlling interests, even if this
results in the non-controlling interests having a de\ufb01cit balance.
When necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring their accounting policies
into line with the group\u2019s accounting policies. All intra-group
assets and liabilities, equity, income, expenses and cash \ufb02ows
relating to transactions between members of the group are
eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction.
If the group loses control over a subsidiary, it:
\u25a0
Derecognises the assets (including goodwill) and liabilities of
the subsidiary
\u25a0
Derecognises the carrying amount of any non-controlling
interests
\u25a0
Derecognises the cumulative translation di\ufb00erences
recorded in equity
\u25a0
Recognises the fair value of the consideration received
\u25a0
Recognises the fair value of any investment retained
\u25a0
Recognises any surplus or de\ufb01cit in pro\ufb01t or loss
\u25a0
Reclassi\ufb01es the parent\u2019s share of components previously
recognised in OCI to pro\ufb01t or loss or retained earnings, as
appropriate, as would be required if the group had directly
disposed of the related assets or liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13778": { "value": "28C.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The company has applied United States Dollars, being the
functional currency of all major subsidiaries in the group, as
its presentation currency. Where the functional currencies
of entities within the consolidated group di\ufb00er from United
States Dollars, they have been translated into United States
Dollars. The functional currency of PetroNor E&P ASA group is
United States Dollars.
Transactions and balances
Transactions in foreign currencies are initially recorded in the
functional currency by applying the exchange rates ruling at
the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the
rate of exchange ruling at the reporting date and any gains or
losses are recognised in the income statement.
Non-monetary items that are measured in terms of historical
cost in the foreign currency are translated using the exchange
rate as at the date of the initial transaction. Non-monetary
items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair
value was determined.
Translation of group companies\u2019 functional currency to
presentation currency
On consolidation, the assets and liabilities of foreign
operations are translated into United States Dollars at the rate
of exchange prevailing at the reporting date and their income
and expenditure are translated at exchange rates prevailing
at the dates of the transactions. The exchange di\ufb00erences
arising on translation for consolidation are recognised in other
comprehensive income. On disposal of a foreign operation, the
component of other comprehensive income relating to that
particular foreign operation is recognised in pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13782": { "value": "Functional and presentation currency
The company has applied United States Dollars, being the
functional currency of all major subsidiaries in the group, as
its presentation currency. Where the functional currencies
of entities within the consolidated group di\ufb00er from United
States Dollars, they have been translated into United States
Dollars. The functional currency of PetroNor E&P ASA group is
United States Dollars.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13818": { "value": "28D.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, deposits held
at call with banks, other short-term highly liquid investments
with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within short-term
borrowings in current liabilities on the Statement of Financial
Position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13829": { "value": "28E.
TRADE RECEIVABLES
Trade receivables are amounts due from customers for
goods sold or services performed in the ordinary course of
business. They are generally due for settlement within 30 days
and therefore are all classi\ufb01ed as current. Trade receivables
are recognised initially at the amount of consideration that
is unconditional unless they contain signi\ufb01cant \ufb01nancing
components, when they are recognised at fair value. The
group holds the trade receivables with the objective to collect
the contractual cash \ufb02ows and therefore measures them
subsequently at amortised cost using the e\ufb00ective interest
method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13845": { "value": "28F.
TANGIBLE ASSETS
Property, plant, and equipment
Oil & gas production assets
Oil and gas production assets are aggregated exploration and
evaluation tangible assets and development expenditures
associated with the production of proved reserves.
The cost of development and production assets also includes
the cost of acquisitions and purchases of such assets, directly
attributable overheads and the cost of recognising provisions
for future restoration and decommissioning.
Where major and identi\ufb01able parts of the production assets
have di\ufb00erent useful lives, they are accounted for as separate
items of property, plant and equipment. Costs of minor repairs
and maintenance are expensed as incurred. Oil and gas
production assets have a \ufb01nite life.
Depreciation
Oil and gas properties are depreciated using the unit-of-
production method. Unit-of production rates are based on 1P
proved reserves, which are oil, gas and other mineral reserves
estimated to be recovered from existing facilities using current
operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at
custody transfer or sales transaction points at the outlet valve
on the \ufb01eld storage tank.
Field infrastructure exceeding beyond the life of the \ufb01eld is
depreciated over the useful life of the infrastructure using a
straight-line method.
Property, plant and equipment not associated with exploration
and production activities are carried at cost less accumulated
depreciation. These assets are also evaluated for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13850": { "value": "Oil & gas production assets
Oil and gas production assets are aggregated exploration and
evaluation tangible assets and development expenditures
associated with the production of proved reserves.
The cost of development and production assets also includes
the cost of acquisitions and purchases of such assets, directly
attributable overheads and the cost of recognising provisions
for future restoration and decommissioning.
Where major and identi\ufb01able parts of the production assets
have di\ufb00erent useful lives, they are accounted for as separate
items of property, plant and equipment. Costs of minor repairs
and maintenance are expensed as incurred. Oil and gas
production assets have a \ufb01nite life.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13866": { "value": "Depreciation
Oil and gas properties are depreciated using the unit-of-
production method. Unit-of production rates are based on 1P
proved reserves, which are oil, gas and other mineral reserves
estimated to be recovered from existing facilities using current
operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at
custody transfer or sales transaction points at the outlet valve
on the \ufb01eld storage tank.
Field infrastructure exceeding beyond the life of the \ufb01eld is
depreciated over the useful life of the infrastructure using a
straight-line method.
Property, plant and equipment not associated with exploration
and production activities are carried at cost less accumulated
depreciation. These assets are also evaluated for impairment.Depreciation
Licence related costs capitalised as Intangible assets are
depreciated using the unit-of-production method. Unit-of
production rates are based on 1P proved reserves, which are
oil, gas and other mineral reserves estimated to be recovered
from existing facilities using current operating methods. Oil
and gas volumes are considered produced once they have
been measured through meters at custody transfer or sales
transaction points at the outlet valve on the \ufb01eld storage tank.
Technical goodwill
Technical goodwill recognised in business combinations
is allocated to each CGU for the purposes of impairment
testing. Impairment is tested on an annual basis or when
there are impairment indicators. Indicators may be speci\ufb01c
to an individual CGU or groups of CGUs to which the technical
goodwill is related. When conducting impairment testing,
deferred tax recognised in relation to the acquired licences
reduces the net carrying value prior to the impairment
charges.
Impairment is recognised if the recoverable amount of the
CGU (or groups of CGUs) to which the technical goodwill relates
to is less than the carrying amount.
Impairment of goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13908": { "value": "28G.
INTANGIBLE ASSETS
Exploration and evaluation activity involves the search for
hydrocarbon resources, the determination of technical
feasibility and the assessment of commercial viability of an
identi\ufb01ed resource. For each area of interest, expenditure
incurred in the acquisition of rights to explore and all costs
directly associated with holding the licence such as rental,
training and corporate and social responsibility are capitalised
as exploration and evaluation intangible assets. Signature
bonuses required by licence agreements are capitalised as
exploration and evaluation intangible assets. Other costs
directly associated with the licence are expensed as incurred.
Exploration, evaluation and development expenditure is
recorded at historical cost and allocated to cost pools on
an area of interest.
Expenditure on an area of interest is
capitalised and carried forward where rights to tenure of the
area of interest are current and:
it is expected to be recouped through successful development
and exploitation of the area of interest or alternatively by its
sale; or exploration and evaluation activities are continuing in
an area of interest but at reporting date have not yet reached a
stage which permits a reasonable assessment of the existence
or otherwise of economically recoverable reserves.
Accumulated costs in respect of areas of interest which are
abandoned are written o\ufb00 in full against pro\ufb01t in the period in
which the decision to abandon the area is made.
Projects are advanced to development status when it is expected
that further expenditure can be recouped through sale or
successful development and exploitation of the area of interest.
All capitalised costs are subject to commercial and
management review, as well as review for indicators of
impairment at least once a year. This is to con\ufb01rm the
continued intent to develop or otherwise extract value from
the discovery. When this is no longer the case, the costs are
written o\ufb00 through the statement of pro\ufb01t or loss and other
comprehensive income.
When proved reserves of oil and natural gas are identi\ufb01ed
and development is sanctioned by management, the relevant
capitalised expenditure is \ufb01rst assessed for impairment and
(if required) any impairment loss is recognised, then the
remaining balance is transferred to oil and gas properties.
Proceeds from disposal or farm-out transactions of intangible
exploration assets are used to reduce the carrying amount of
the assets. When proceeds exceed the carrying amount, the
di\ufb00erence is recognised as a gain. When the group disposes of
its full interests, gains or losses are recognised in accordance
with the policy for recognising gains or losses on sale of plant,
property and equipment.
Generally Intangible assets can be viewed inde\ufb01nite as
they will be retained on the balance sheet until impaired or
transferred to oil and gas properties. Certain licence related
costs capitalised as intangible assets are deemed to have a
\ufb01nite life and are accreted over the life of the licence area.
Depreciation
Licence related costs capitalised as Intangible assets are
depreciated using the unit-of-production method. Unit-of
production rates are based on 1P proved reserves, which are
oil, gas and other mineral reserves estimated to be recovered
from existing facilities using current operating methods. Oil
and gas volumes are considered produced once they have
been measured through meters at custody transfer or sales
transaction points at the outlet valve on the \ufb01eld storage tank.
Technical goodwill
Technical goodwill recognised in business combinations
is allocated to each CGU for the purposes of impairment
testing. Impairment is tested on an annual basis or when
there are impairment indicators. Indicators may be speci\ufb01c
to an individual CGU or groups of CGUs to which the technical
goodwill is related. When conducting impairment testing,
deferred tax recognised in relation to the acquired licences
reduces the net carrying value prior to the impairment
charges.
Impairment is recognised if the recoverable amount of the
CGU (or groups of CGUs) to which the technical goodwill relates
to is less than the carrying amount.
Impairment of goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13909": { "value": "28G.
INTANGIBLE ASSETS
Exploration and evaluation activity involves the search for
hydrocarbon resources, the determination of technical
feasibility and the assessment of commercial viability of an
identi\ufb01ed resource. For each area of interest, expenditure
incurred in the acquisition of rights to explore and all costs
directly associated with holding the licence such as rental,
training and corporate and social responsibility are capitalised
as exploration and evaluation intangible assets. Signature
bonuses required by licence agreements are capitalised as
exploration and evaluation intangible assets. Other costs
directly associated with the licence are expensed as incurred.
Exploration, evaluation and development expenditure is
recorded at historical cost and allocated to cost pools on
an area of interest.
Expenditure on an area of interest is
capitalised and carried forward where rights to tenure of the
area of interest are current and:
it is expected to be recouped through successful development
and exploitation of the area of interest or alternatively by its
sale; or exploration and evaluation activities are continuing in
an area of interest but at reporting date have not yet reached a
stage which permits a reasonable assessment of the existence
or otherwise of economically recoverable reserves.
Accumulated costs in respect of areas of interest which are
abandoned are written o\ufb00 in full against pro\ufb01t in the period in
which the decision to abandon the area is made.
Projects are advanced to development status when it is expected
that further expenditure can be recouped through sale or
successful development and exploitation of the area of interest.
All capitalised costs are subject to commercial and
management review, as well as review for indicators of
impairment at least once a year. This is to con\ufb01rm the
continued intent to develop or otherwise extract value from
the discovery. When this is no longer the case, the costs are
written o\ufb00 through the statement of pro\ufb01t or loss and other
comprehensive income.
When proved reserves of oil and natural gas are identi\ufb01ed
and development is sanctioned by management, the relevant
capitalised expenditure is \ufb01rst assessed for impairment and
(if required) any impairment loss is recognised, then the
remaining balance is transferred to oil and gas properties.
Proceeds from disposal or farm-out transactions of intangible
exploration assets are used to reduce the carrying amount of
the assets. When proceeds exceed the carrying amount, the
di\ufb00erence is recognised as a gain. When the group disposes of
its full interests, gains or losses are recognised in accordance
with the policy for recognising gains or losses on sale of plant,
property and equipment.
Generally Intangible assets can be viewed inde\ufb01nite as
they will be retained on the balance sheet until impaired or
transferred to oil and gas properties. Certain licence related
costs capitalised as intangible assets are deemed to have a
\ufb01nite life and are accreted over the life of the licence area.
Depreciation
Licence related costs capitalised as Intangible assets are
depreciated using the unit-of-production method. Unit-of
production rates are based on 1P proved reserves, which are
oil, gas and other mineral reserves estimated to be recovered
from existing facilities using current operating methods. Oil
and gas volumes are considered produced once they have
been measured through meters at custody transfer or sales
transaction points at the outlet valve on the \ufb01eld storage tank.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13996": { "value": "28H.
REVENUE
(i)
Revenue from petroleum products
Revenue from the sale of crude oil is recognised when a
customer obtains control (\u201csales\u201d or \u201clifting\u201d method), normally
this is when title passes at point of delivery. Revenues from
production of oil properties are recognised based on actual
volumes lifted and sold to customers during the period.
(ii)
Other revenue
Under a production sharing contract, where the group is
required to pay pro\ufb01t oil tax and royalties on production
of crude oil, such payments are settled in kind (where the
government lift the crude it is entitled to). The group presents
a gross-up of the pro\ufb01t oil tax as an income tax expense with
a corresponding increase in oil and gas revenues and any
associated royalties are included in the cost of sales.
The group assesses whether it acts as a principal or agent in
each of its revenue arrangements. The group has concluded
that in all sales transactions it acts as a principal.
(iii)
Variable consideration
If the consideration in a contract includes a variable amount,
the group recognises this amount as revenue only to the
extent that it is highly probable that a signi\ufb01cant reversal will
not occur in the future.
(iv)
Interest
Interest income is recognised on a time-proportional basis
using the e\ufb00ective interest method. This is a method of
calculating the amortised cost of a \ufb01nancial asset and
allocating the interest income over the relevant period using
the e\ufb00ective interest rate, which is the rate that exactly
discounts the estimated future cash receipts through the
expected useful life of the \ufb01nancial asset to the net carrying
amount of the \ufb01nancial asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14025": { "value": "(iv)
Interest
Interest income is recognised on a time-proportional basis
using the e\ufb00ective interest method. This is a method of
calculating the amortised cost of a \ufb01nancial asset and
allocating the interest income over the relevant period using
the e\ufb00ective interest rate, which is the rate that exactly
discounts the estimated future cash receipts through the
expected useful life of the \ufb01nancial asset to the net carrying
amount of the \ufb01nancial asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14062": { "value": "28I.
TAXES
The income tax expense or bene\ufb01t for the period consists of
two components: current and deferred tax.
The current income tax payable or recoverable is calculated
using the tax rates and legislation that have been enacted or
substantively enacted at year-end in each of the jurisdictions
and includes any adjustments for taxes payable or recovery in
respect of prior periods.
Deferred tax assets and liabilities are determined using
the balance sheet liability method based on temporary
di\ufb00erences between the carrying value of assets and liabilities
for \ufb01nancial reporting purposes and their tax bases. In
calculating the deferred tax assets and liabilities, the tax
rates used are those that have been enacted or substantively
enacted by year-end in each of the jurisdictions and that
are expected to apply when the assets are recovered, or the
liabilities are settled.
Revenue-based taxes
In addition to corporate income taxes, the group\u2019s
consolidated \ufb01nancial statements also include and recognise
as income taxes, other types of taxes on net income such as
certain revenue-based taxes.
Production-sharing arrangements
According to the production-sharing arrangement (PSA)
in certain licences, the share of the pro\ufb01t oil to which the
Government is entitled in any calendar year in accordance
with the PSA is deemed to include a portion representing the
corporate income tax imposed upon and due by the group.
This amount will be paid directly by the government on behalf
of the group to the appropriate tax authorities.
The income tax expense
The current income tax is calculated using the PSA, paid in
barrels and booked as income tax and also shown as revenue.
Other income tax relates to the gain on disposal of the farm-
out in Guinea-Bissau included in discontinued operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14073": { "value": "Deferred tax assets and liabilities are determined using
the balance sheet liability method based on temporary
di\ufb00erences between the carrying value of assets and liabilities
for \ufb01nancial reporting purposes and their tax bases. In
calculating the deferred tax assets and liabilities, the tax
rates used are those that have been enacted or substantively
enacted by year-end in each of the jurisdictions and that
are expected to apply when the assets are recovered, or the
liabilities are settled.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14104": { "value": "28J.
DEFINED CONTRIBUTION PENSION PLAN
The group pays contributions into de\ufb01ned contribution plans.
Obligations for contributions to de\ufb01ned contribution pension
plans are recognised as an expense in the income statement in
the periods during which services are rendered by employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14113": { "value": "28K.
TRADE AND OTHER PAYABLES
Trade and other payables are carried at amortised cost and
due to their short-term nature, they are not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14120": { "value": "28L.
PROVISIONS
Decommissioning liability
A decommissioning liability is recognised when the group has
a present legal or constructive obligation as a result of past
events, and it is probable that an out\ufb02ow of resources will be
required to settle the obligation, and a reliable estimate of the
amount of obligation can be made. A corresponding amount
equivalent to the obligation is also recognised as part of the
cost of the related production plant and equipment. The
amount recognised in the estimated cost of decommissioning,
discounted to its present value. Changes in the estimated
timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to
the provision, and a corresponding adjustment to production
plant and equipment. The unwinding of the discount on the
decommissioning liability is included as a \ufb01nance cost.
An escrow account is maintained by the operator of the licence
and is governed by a joint operating agreement and the
Congolese Government rules. The group\u2019s share, paid against
the decommissioning liability until the balance sheet date, is
classi\ufb01ed as an advance against decommissioning liability in
current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14146": { "value": "28M.
SHARE CAPITAL
Contributed equity is recognised at the fair value of the
consideration received by the group, less any capital raising
costs in relation to the issue.
Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of
tax, from the proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14157": { "value": "28N.
DIVIDEND DISTRIBUTION
Dividend distribution to the company\u2019s shareholders is
recognised as a liability in the group\u2019s \ufb01nancial statements
in the period in which the dividends are declared and
appropriately authorised or approved by the company\u2019s
shareholders\u2019 general meeting. Interim dividends proposed
by the board of directors are recognised as liabilities upon
declaration.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14169": { "value": "28O.
JOINT ARRANGEMENTS
Joint arrangements are arrangements of which two or more
parties have joint control. Joint control is the contractual
agreed sharing of control of the arrangement which
exists only when decisions about the relevant activities
require unanimous consent of the parties sharing control.
Control is assessed by applying the principles under IFRS
10 to determine whether the group has joint control . Joint
arrangements are classi\ufb01ed as either a joint operation or
joint venture, based on the rights and obligations arising
from the contractual obligations between the parties to the
arrangement. Considerations in assessing the classi\ufb01cations
would include assessments of control that are based not just
on voting rights but on the extent that the joint arrangement
provides the company with rights to the individual assets and
obligations arising from the joint arrangement.
If the arrangement is classi\ufb01ed as a joint operation the
company recognises its:
\u25a0
Assets, including its share of any assets held jointly;
\u25a0
Liabilities, including its share of any liabilities incurred jointly;
\u25a0
Revenue from the sale of its share of the output arising from
the joint operation;
\u25a0
Share of revenue from the sale of the output by the joint
operation; and
\u25a0
Expenses, including its share of any expenses incurred jointly.
A joint arrangement which provides the company with rights
to the net assets of the arrangement, is classi\ufb01ed as a joint
venture and accounted for using the equity method and
treated as an investment . Under the equity method, the cost
of the investment is adjusted by the post-acquisition changes
in the company\u2019s share of the net assets of the venture.
Where assets are transferred into separate legal entities
concurrent with the entities shares being sold to a third party
thereby resulting in a loss of control of those asset owning
subsidiaries these assets will be treated as a joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14170": { "value": "28O.
JOINT ARRANGEMENTS
Joint arrangements are arrangements of which two or more
parties have joint control. Joint control is the contractual
agreed sharing of control of the arrangement which
exists only when decisions about the relevant activities
require unanimous consent of the parties sharing control.
Control is assessed by applying the principles under IFRS
10 to determine whether the group has joint control . Joint
arrangements are classi\ufb01ed as either a joint operation or
joint venture, based on the rights and obligations arising
from the contractual obligations between the parties to the
arrangement. Considerations in assessing the classi\ufb01cations
would include assessments of control that are based not just
on voting rights but on the extent that the joint arrangement
provides the company with rights to the individual assets and
obligations arising from the joint arrangement.
If the arrangement is classi\ufb01ed as a joint operation the
company recognises its:
\u25a0
Assets, including its share of any assets held jointly;
\u25a0
Liabilities, including its share of any liabilities incurred jointly;
\u25a0
Revenue from the sale of its share of the output arising from
the joint operation;
\u25a0
Share of revenue from the sale of the output by the joint
operation; and
\u25a0
Expenses, including its share of any expenses incurred jointly.
A joint arrangement which provides the company with rights
to the net assets of the arrangement, is classi\ufb01ed as a joint
venture and accounted for using the equity method and
treated as an investment . Under the equity method, the cost
of the investment is adjusted by the post-acquisition changes
in the company\u2019s share of the net assets of the venture.
Where assets are transferred into separate legal entities
concurrent with the entities shares being sold to a third party
thereby resulting in a loss of control of those asset owning
subsidiaries these assets will be treated as a joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14239": { "value": "28P.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition
method.
The cost of an acquisition is measured as the
aggregate of the fair value at the date of exchange of assets
and liabilities acquired. Where a non-controlling interest
exists, the group elects whether to measure NCI in the
acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. The initial accounting for
a business combination can be changed if new information
about the fair value at the acquisition date is present. The
allocation can be amended within 12 months of the acquisition
date. When the consideration transferred by the group in a
business combination includes a contingent consideration
arrangement, the contingent consideration is measured at
its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes
in the fair value of the contingent consideration is re-measured
to fair value at subsequent reporting dates with changes in fair
value recognised in the income statement.
Goodwill is recognised as the aggregate of the consideration
transferred and the amount of any non-controlling interest
and deducted by the net of the acquisition-date amounts of
the identi\ufb01able assets acquired and the liabilities assumed.
Goodwill is not depreciated but is tested at least annually for
impairment. In connection with this, goodwill is allocated to
cash-generating units or groups of cash-generating units that
are expected to bene\ufb01t from synergies from the business
combination.
PetroNor recognises a gain/loss on disposal of subsidiary
when control is lost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14240": { "value": "28P.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition
method.
The cost of an acquisition is measured as the
aggregate of the fair value at the date of exchange of assets
and liabilities acquired. Where a non-controlling interest
exists, the group elects whether to measure NCI in the
acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. The initial accounting for
a business combination can be changed if new information
about the fair value at the acquisition date is present. The
allocation can be amended within 12 months of the acquisition
date. When the consideration transferred by the group in a
business combination includes a contingent consideration
arrangement, the contingent consideration is measured at
its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes
in the fair value of the contingent consideration is re-measured
to fair value at subsequent reporting dates with changes in fair
value recognised in the income statement.
Goodwill is recognised as the aggregate of the consideration
transferred and the amount of any non-controlling interest
and deducted by the net of the acquisition-date amounts of
the identi\ufb01able assets acquired and the liabilities assumed.
Goodwill is not depreciated but is tested at least annually for
impairment. In connection with this, goodwill is allocated to
cash-generating units or groups of cash-generating units that
are expected to bene\ufb01t from synergies from the business
combination.
PetroNor recognises a gain/loss on disposal of subsidiary
when control is lost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14241": { "value": "28P.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition
method.
The cost of an acquisition is measured as the
aggregate of the fair value at the date of exchange of assets
and liabilities acquired. Where a non-controlling interest
exists, the group elects whether to measure NCI in the
acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. The initial accounting for
a business combination can be changed if new information
about the fair value at the acquisition date is present. The
allocation can be amended within 12 months of the acquisition
date. When the consideration transferred by the group in a
business combination includes a contingent consideration
arrangement, the contingent consideration is measured at
its acquisition-date fair value and included as part of the
consideration transferred in a business combination. Changes
in the fair value of the contingent consideration is re-measured
to fair value at subsequent reporting dates with changes in fair
value recognised in the income statement.
Goodwill is recognised as the aggregate of the consideration
transferred and the amount of any non-controlling interest
and deducted by the net of the acquisition-date amounts of
the identi\ufb01able assets acquired and the liabilities assumed.
Goodwill is not depreciated but is tested at least annually for
impairment. In connection with this, goodwill is allocated to
cash-generating units or groups of cash-generating units that
are expected to bene\ufb01t from synergies from the business
combination.
PetroNor recognises a gain/loss on disposal of subsidiary
when control is lost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15701": { "value": "Fr\u00f8yas gate 13
NO-0273 Oslo
\nNorway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }