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"scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00172": { "value": "33443000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00173": { "value": "79692000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00174": { "value": "46249000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00175": { "value": "58898000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00176": { "value": "79692000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "Note 01
Corporate information
The \ufb01nancial report of the company and its subsidiaries
(together the \u201cGroup\u201d or the \u201cPetroNor Group\u201d) for the
year ended 31 December 2025 was authorised for issue in
accordance with a resolution of the Directors on 29 April 2026.
PetroNor E&P ASA (the \u201cCompany\u201d or \u201cPetroNor\u201d) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "The \ufb01nancial report of the company and its subsidiaries
(together the \u201cGroup\u201d or the \u201cPetroNor Group\u201d) for the
year ended 31 December 2025 was authorised for issue in
accordance with a resolution of the Directors on 29 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "PetroNor E&P ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "PetroNor E&P ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "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 2025, and Norwegian disclosure
requirements listed in the Norwegian Accounting Act as of
31 December 2025. 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.
PNGF SUD OFFSHORE LICENCE
The Group holds its interest in the PNGF Sud o\ufb00shore licence
through an arrangement that does not constitute a separate
legal entity and is not subject to joint control. The arrangement
is therefore accounted for in accordance with IAS 8 by applying
principles consistent with joint operations, with the Group
recognising its proportionate share of assets, liabilities,
revenues and expenses.
OML 113 LICENCE
The Group holds its interests in the OML 113 licence through a
joint venture. This investment is accounted for using the equity
method, with the underlying licence recognised as an intangible
asset within the joint venture.
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.
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.
In the view of the Board, the consolidated statement of
comprehensive income, consolidated statement of changes
in equity, consolidated statement of \ufb01nancial position and
consolidated statement of cash \ufb02ows provide satisfactory
information about the operations, \ufb01nancial results and position
of the Group and the Parent company at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "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 2025, and Norwegian disclosure
requirements listed in the Norwegian Accounting Act as of
31 December 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "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.
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.
In the view of the Board, the consolidated statement of
comprehensive income, consolidated statement of changes
in equity, consolidated statement of \ufb01nancial position and
consolidated statement of cash \ufb02ows provide satisfactory
information about the operations, \ufb01nancial results and position
of the Group and the Parent company at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "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 70 USD/bbl. The carrying amount of oil
and gas properties and licences at 31 December 2025 are shown
in Note 15 and 16.
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:
\ue001
The carrying value of oil and gas properties may be a\ufb00ected
due to changes in estimated future cash \ufb02ows, Note 15;
\ue001
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 15;
\ue001
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 19.
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 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "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 70 USD/bbl. The carrying amount of oil
and gas properties and licences at 31 December 2025 are shown
in Note 15 and 16.
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:
\ue001
The carrying value of oil and gas properties may be a\ufb00ected
due to changes in estimated future cash \ufb02ows, Note 15;
\ue001
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 15;
\ue001
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 19.
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 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "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 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "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\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
2025
2024
Revenue from contracts from customers
\u00a0 \u00a0
Revenue from sales of petroleum products
1
33,116
139,945
Other Revenue
\u00a0 \u00a0
Assignment of tax oil
31,111
39,976
Assignment of royalties
18,887
24,442
Marketing fees
-
170
Total Revenue
83,114
204,533
Quantity of oil lifted (barrels)
540,079
1,795,459
Average selling price (USD per barrel)
61.32
77.94
Quantity of net oil produced after royalty, cost oil and tax oil (barrels)
1,110,370
1,202,459
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "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\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
2025
2024
Revenue from contracts from customers
\u00a0 \u00a0
Revenue from sales of petroleum products
1
33,116
139,945
Other Revenue
\u00a0 \u00a0
Assignment of tax oil
31,111
39,976
Assignment of royalties
18,887
24,442
Marketing fees
-
170
Total Revenue
83,114
204,533
Quantity of oil lifted (barrels)
540,079
1,795,459
Average selling price (USD per barrel)
61.32
77.94
Quantity of net oil produced after royalty, cost oil and tax oil (barrels)
1,110,370
1,202,459
\n
1 All revenue from the sales of petroleum products in 2025 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 the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "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\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
2025
2024
Operating expenses
20,556
19,957
Movement in oil overlift position
(35,467)
35,467
Royalty
18,887
24,442
Depreciation and amortisation of oil and gas properties
21,983
20,615
Provision for Diversi\ufb01ed Investment
1,259
1,627
Movement in oil inventory
(974)
3,081
Total
26,244
105,189
\n
The Congolese government levies a proportional 15 per cent
mining royalty on gross production before any cost recovery
for the PNGF Sud licences. Plus a further 1 per cent for
Provision for Diversi\ufb01ed Investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Note 06
Exploration and evaluation 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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Geological and geophysical studies
266
43
Impairment loss
1
6,675
-
Total
6,941
43
\n1 Impairment loss includes a USD 6.7 million impairment of the intangible asset for the Gambian A4 licence. Refer to note 16 for impairment rationale", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Note 07
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\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
2025
2024
Employee bene\ufb01t expenses
4,067
5,271
Legal and professional expenses
2,285
5,757
Travelling expenses
427
475
Corporate social responsibility
-
103
Restructuring expenses
313
726
Other expenses
881
1,649
Total
7,973
13,981
\n
In accordance with Norwegian law PetroNor is required to
have an occupational pension scheme (\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.
The average full-time equivalent (FTE) employees for 2025 was
10 (2024: 15).
7A.
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
2025
2024
Paid or payable to BDO
\u00a0 \u00a0
Audit review of \ufb01nancial reports
\u00a0 \u00a0
BDO AS
408
256
BDO Network \ufb01rms
95
46
Total
503
302
Other non-assurance services
\u00a0 \u00a0
BDO related practices
17
77
Total
17
77
Paid or payable to other audit \ufb01rms
\u00a0 \u00a0
Audit or review of \ufb01nancial reports
20
62
Other non-assurance services
77
35
Total
97
97
\nFees, excluding VAT, to the auditors are included in administration expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "In accordance with Norwegian law PetroNor is required to
have an occupational pension scheme (\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.
The average full-time equivalent (FTE) employees for 2025 was
10 (2024: 15). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "7A.
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
2025
2024
Paid or payable to BDO
\u00a0 \u00a0
Audit review of \ufb01nancial reports
\u00a0 \u00a0
BDO AS
408
256
BDO Network \ufb01rms
95
46
Total
503
302
Other non-assurance services
\u00a0 \u00a0
BDO related practices
17
77
Total
17
77
Paid or payable to other audit \ufb01rms
\u00a0 \u00a0
Audit or review of \ufb01nancial reports
20
62
Other non-assurance services
77
35
Total
97
97
Fees, excluding VAT, to the auditors are included in administration expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "Note 08
Finance income and expense
Finance Income
\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
2025
2024
Interest income
1,915
1,865
Total
1,915
1,865
\n
Finance Expense
\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\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2025
2024
Unwinding of discount on decommissioning provision
19
352
3,306
Other \ufb01nance costs
\u00a0
9
30
Interest on loans
18
-
353
Total
\u00a0
361
3,689
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Note 08
Finance income and expense
Finance Income
\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
2025
2024
Interest income
1,915
1,865
Total
1,915
1,865
\n
Finance Expense
\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\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2025
2024
Unwinding of discount on decommissioning provision
19
352
3,306
Other \ufb01nance costs
\u00a0
9
30
Interest on loans
18
-
353
Total
\u00a0
361
3,689
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "Note 08
Finance income and expense
Finance Income
\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
2025
2024
Interest income
1,915
1,865
Total
1,915
1,865
\n
Finance Expense
\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\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2025
2024
Unwinding of discount on decommissioning provision
19
352
3,306
Other \ufb01nance costs
\u00a0
9
30
Interest on loans
18
-
353
Total
\u00a0
361
3,689
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Note 08
Finance income and expense
Finance Income
\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
2025
2024
Interest income
1,915
1,865
Total
1,915
1,865
\n
Finance Expense
\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\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2025
2024
Unwinding of discount on decommissioning provision
19
352
3,306
Other \ufb01nance costs
\u00a0
9
30
Interest on loans
18
-
353
Total
\u00a0
361
3,689
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Note 08
Finance income and expense
Finance Income
\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
2025
2024
Interest income
1,915
1,865
Total
1,915
1,865
\n
Finance Expense
\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\n
\u00a0 \u00a0
Amounts in USD thousand
Note
2025
2024
Unwinding of discount on decommissioning provision
19
352
3,306
Other \ufb01nance costs
\u00a0
9
30
Interest on loans
18
-
353
Total
\u00a0
361
3,689
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "Note 09
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
2025
2024
Tax expense
\u00a0 \u00a0
Current income tax charge
31,389
39,976
Total tax expense reported in the consolidated statement of comprehensive income
31,389
39,976
\n
The petroleum tax charge relates to the Congolese subsidiary
and re\ufb02ects the State\u2019s entitlement to a portion of oil
production under the applicable \ufb01scal regime. Instead of paying
taxes based on taxable income in cash, the government receives
its share directly in physical oil. This includes a mining royalty
representing a \ufb01xed percentage (15%) of gross production, as
well as a share of pro\ufb01t oil (and super pro\ufb01t oil when oil prices
exceed certain thresholds). Pro\ufb01t oil is allocated between the
State and the joint venture partners in accordance with the
production sharing contracts. As a result, corporate income
tax is e\ufb00ectively settled through the State\u2019s share of pro\ufb01t oil,
and no separate cash tax payment is made. Revenues from oil
sales are therefore recognised net of the State\u2019s production
entitlements.
Average e\ufb00ective tax rate for the year was 38 per cent (2024:
20 per cent) based on gross revenue of the Group. The tax
expense in Congo is associated to the gross production for the
year and not the timing of oil sales lifting. Consequently, the
lower e\ufb00ective rate on gross revenue in 2024 for the group was
due to the signi\ufb01cant overlift and record oil sales last year.
No deferred tax has been recognised in relation to loss making
Group subsidiaries engaged in exploration and or development
projects due to the uncertainty on whether there will be
su\ufb03cient future taxable pro\ufb01ts for these subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Note 10
Earnings per share
There are nil options as at 31 December 2025 (31 December 2024: nil).
Amounts in USD thousand
2025
2024
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
8,013
35,172
Pro\ufb01t attributable to the ordinary equity holders used in calculating
\u00a0 \u00a0
basic/diluted pro\ufb01t per share
8,013
35,172
Weighted average number of ordinary shares outstanding during the period used in the
\u00a0 \u00a0
calculation of pro\ufb01t/(loss) per share
2025
2024
Basic
142,356,855
142,356,855
Diluted
142,356,855
142,356,855
Earnings per share
2025
2024
\u00a0
USD Cents
USD Cents
Basic
5.63
24.7
Diluted
5.63
24.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "Note 11
Inventories
Amounts in USD thousand
2025
2024
Crude oil inventory
661
-
Materials and supplies
14,433
13,265
Total
15,094
13,265
\n
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Note 12
Trade and other receivables
\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
2025
2024
Recoverability less than one year
\u00a0 \u00a0
Trade receivables
-
64,010
Other receivables
1
7,905
5,405
Total
7,905
69,415
Recoverability more than one year
\u00a0 \u00a0
Other receivables:
\u00a0 \u00a0
Due from related parties
2
13,543
11,681
Advance against decommissioning cost
3
31,700
30,515
Fair value of contingent consideration
4
1,880
2,600
Total
47,123
44,796
\n
1
As at 31 December 2025, Other receivables included a balance of USD 7.58 million in relation to advance payments of consideration for the agreement with
New Age to acquire their 32 per cent project and economic and voting interest of OML 113 in Nigeria. This transaction completed post period end in February
2026.
2
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 settled via the allotment and issue of new shares in Aje Production
AS. USD 1 million relates to an assignment fee to be recovered from the joint venture in due course. Refer to note 22c for further information. The entire
receivable is held against Aje Production AS and once the share settlement eventuates, the value will be reclassi\ufb01ed to an investment in Aje Production AS.
3
In addition to the booking of the decommissioning cost asset and provision, the contractors group and the Congolese Government have agreed 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 0.50 per barrel produced (2024: USD 0.50 per barrel). Refer to Note 19 for further details on the decommissioning provision.
4
PetroNor assessment of the fair value of the contingent consideration of the exploration licences in Guinea-Bissau as at 31 December 2025 was USD 1.88
million an impairment of by USD 0.7 million on prior valuation .
There was a nil balance for Trade receivables at year-end, after
the oil sales lifting in November was settled in cash during
December.
The Group has adopted the simpli\ufb01ed approach allowable
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 position, adjusted
for factors that are speci\ufb01c to the debtors\u2019 general economic
conditions and forward looking elements 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. 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 2025, the provision for
the Group is nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Note 13
Cash and cash equivalents
\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
2025
2024
Cash in bank
58,874
79,668
Restricted cash
24
24
\u00a0
58,898
79,692
\n
Restricted cash at 31 December 2025 represents ringfenced cash payable to Norwegian authorities in relation to employment
obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Note 13
Cash and cash equivalents
\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
2025
2024
Cash in bank
58,874
79,668
Restricted cash
24
24
\u00a0
58,898
79,692
\n
Restricted cash at 31 December 2025 represents ringfenced cash payable to Norwegian authorities in relation to employment
obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Note 14
Segment information
The operating segment has 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\u2019s 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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Congo
114,152
118,059
Gambia
-
6,414
Guinea-Bissau
1,880
2,600
Norway and other
\u00a0 \u00a0
countries
13,570
11,791
\u00a0
129,602
138,864
\n
The interest in OML 113 in Nigeria is held indirectly via
the jointly controlled holding company Aje Production AS,
therefore is classi\ufb01ed within the Norwegian assets in the table
above.
Note 15
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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
145,095
132,033
Additions
16,814
13,061
Disposals
-
-
At 31 December
161,909
145,095
Depreciation
\u00a0 \u00a0
At 1 January
59,205
39,243
Charge for the year
21,582
19,962
Depreciation on disposals
-
-
At 31 December
80,787
59,205
Net carrying amount
\u00a0 \u00a0
At 31 December
81,122
85,890
\n
Production assets and equipment are carried at the following values:
\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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Oil & gas CAPEX
75,256
74,842
Decommissioning costs
5,732
10,910
Other
134
138
\u00a0
81,122
85,890
\n
PPE assets are distributed geographically as follow:
\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
2025
2024
Congo
81,100
85,780
Other
22
110
\u00a0
81,122
85,890
\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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Right-of-use assets
118
120
\n
During the year, the price-book fell below one, a possible
indicator of impairment. The carrying value of production
assets were assessed against their risked economic value. 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 70 USD/bbl. Please reference the Reserves report and the
reserves table included in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Note 14
Segment information
The operating segment has 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\u2019s 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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Congo
114,152
118,059
Gambia
-
6,414
Guinea-Bissau
1,880
2,600
Norway and other
\u00a0 \u00a0
countries
13,570
11,791
\u00a0
129,602
138,864
\n
The interest in OML 113 in Nigeria is held indirectly via
the jointly controlled holding company Aje Production AS,
therefore is classi\ufb01ed within the Norwegian assets in the table
above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "Note 15
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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
145,095
132,033
Additions
16,814
13,061
Disposals
-
-
At 31 December
161,909
145,095
Depreciation
\u00a0 \u00a0
At 1 January
59,205
39,243
Charge for the year
21,582
19,962
Depreciation on disposals
-
-
At 31 December
80,787
59,205
Net carrying amount
\u00a0 \u00a0
At 31 December
81,122
85,890
\n
Production assets and equipment are carried at the following values:
\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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Oil & gas CAPEX
75,256
74,842
Decommissioning costs
5,732
10,910
Other
134
138
\u00a0
81,122
85,890
\n
PPE assets are distributed geographically as follow:
\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
2025
2024
Congo
81,100
85,780
Other
22
110
\u00a0
81,122
85,890
\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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Right-of-use assets
118
120
\n
During the year, the price-book fell below one, a possible
indicator of impairment. The carrying value of production
assets were assessed against their risked economic value. 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 70 USD/bbl. Please reference the Reserves report and the
reserves table included in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
145,095
132,033
Additions
16,814
13,061
Disposals
-
-
At 31 December
161,909
145,095
Depreciation
\u00a0 \u00a0
At 1 January
59,205
39,243
Charge for the year
21,582
19,962
Depreciation on disposals
-
-
At 31 December
80,787
59,205
Net carrying amount
\u00a0 \u00a0
At 31 December
81,122
85,890
\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\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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
13,803
13,025
Additions
261
952
Disposals
-
(174)
Impairment loss (refer to note 6)
(6,675)
-
At 31 December
7,389
13,803
Accumulated amortisation and impairment
\u00a0 \u00a0
At 1 January
5,625
5,165
Amortisation
412
460
At 31 December
6,037
5,625
Net carrying value
\u00a0 \u00a0
At 1 January
8,178
7,860
At 31 December
1,352
8,178
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "Note 16
Intangible assets
LICENCES AND APPROVALS
\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\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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
13,803
13,025
Additions
261
952
Disposals
-
(174)
Impairment loss (refer to note 6)
(6,675)
-
At 31 December
7,389
13,803
Accumulated amortisation and impairment
\u00a0 \u00a0
At 1 January
5,625
5,165
Amortisation
412
460
At 31 December
6,037
5,625
Net carrying value
\u00a0 \u00a0
At 1 January
8,178
7,860
At 31 December
1,352
8,178
\n
LICENCE OVERVIEW
Congo
In 2017, subsidiary company Hemla E&P Congo SA acquired
interests in three development and production permits
(Tchendo II: 20 per cent; Tchibouela II: 20 per cent and Tchibeli-
Litanzi II: 20 per cent) which will respectively end in December
2037, with possible extensions for \ufb01ve years. All these three
licences are called or named collectively \u201cPNGF Sud\u201d and
together comprise an area of 482.28 km
2
. The operator of the
licences is Perenco, and the carrying value as at 31 December
2025 is USD 1.3 million. This number is net of depletion, the
Congo intangible assets are the only intangibles in active use
and being amortised.
The Gambia
In December 2025 PetroNor announced that following
discussions with the government of The Gambia it was
relinquishing its rights to the licence.
RESERVES AND RESOURCES
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. Three60 Energy Norway AS provided the
third party veri\ufb01cations of the PNGF Sud reserves. AGR Tracs
provided the third party veri\ufb01cation of the Aje resources.
The following is a summary of key results from the Annual
Reserve Report (ASR) (net of the Group\u2019s share):
\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
\u00a0
1P/1C
2P/2C
3P/3C
\u00a0
reserves/
reserves/
reserves/
\u00a0
resources
resources
resources
Asset
MMbbls
MMbbls
MMbbls
PNGF Sud reserves
10.5
14.6
18.3
PNGF Sud contingent
\u00a0 \u00a0 \u00a0
resources
2.9
7.2
15.6
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "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\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
2025
2024
Cost
\u00a0 \u00a0
At 1 January
13,803
13,025
Additions
261
952
Disposals
-
(174)
Impairment loss (refer to note 6)
(6,675)
-
At 31 December
7,389
13,803
Accumulated amortisation and impairment
\u00a0 \u00a0
At 1 January
5,625
5,165
Amortisation
412
460
At 31 December
6,037
5,625
Net carrying value
\u00a0 \u00a0
At 1 January
8,178
7,860
At 31 December
1,352
8,178
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "Note 17
Overlift, trade and other payables
Amounts in USD thousand
2025
2024
Amounts due less than one year:
\u00a0 \u00a0
Trade payables
6,879
5,525
Overlift payable
1
-
35,782
Other payables and accrued liabilities
3,289
3,291
Taxes and state payables
487
529
\u00a0
10,655
45,127
Amounts due more than one year:
\u00a0 \u00a0
Other payables
55
3
\u00a0
55
3
\n
1 A trading agreement entered during the second quarter of 2024, allowed PetroNor to lift and sell more oil than the entitlement interest it had in stock at the
Djeno terminal at the time of lifting. This overlift position and was replenished from continuing production during the \ufb01rst half of 2025, thus being reduced
to nil as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "
Amounts in USD thousand
2025
2024
Amounts due less than one year:
\u00a0 \u00a0
Trade payables
6,879
5,525
Overlift payable
1
-
35,782
Other payables and accrued liabilities
3,289
3,291
Taxes and state payables
487
529
\u00a0
10,655
45,127
Amounts due more than one year:
\u00a0 \u00a0
Other payables
55
3
\u00a0
55
3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "Note 18
Loans and borrowings
Amounts in USD thousand
2025
2024
At 1 January
-
5,500
Principal repayment
-
(5,500)
Interest on loan accrued
-
353
Interest on loan paid
-
(353)
At 31 December
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Note 19
Provisions
DECOMMISSIONING PROVISION
In accordance with 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 PNGF Sud 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 6.25 per cent
(2024: 6.25 per cent) and an in\ufb02ation rate of 3.1 per cent (2024:
4.3 per cent). The initial decommissioning provision study was
prepared internally by the operator Perenco. The Company
reassessed the applicable in\ufb02ation rate during 2025, the impact
of the reassessment was a net liability decrease of USD 4.3
million where USD 1.6 million was o\ufb00set against the unwinding
of discount of the decommissioning in 2025.
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
Amounts in USD thousand
Note
2025
2024
At 1 January
\u00a0
31,859
23,749
Arising during the year
\u00a0
-
4,804
Adjustment to estimated retirement obligation
\u00a0
(2,625)
-
Unwinding of discount on decommissioning
8
352
3,306
At 31 December
\u00a0
29,586
31,859
Other provisions
\u00a0
2,982
3,364
Total provisions
\u00a0
32,568
35,223
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "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\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
\u00a0
Number of fully
Number of fully
\u00a0
paid ordinary
paid ordinary
\u00a0
shares
shares
\u00a0
2025
2024
Balance at the beginning of the year
142,356,855
142,356,855
Balance at end of the year
142,356,855
142,356,855
\n
The share capital of the Company is NOK 1,423,658.55 divided into 142,356,855 shares, each with a nominal value of NOK 0.01.
Reconciliation of movements in issued capital
Share capital
\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 thousands
2025
2024
Opening balance
159
159
Balance at end of the period
159
159
\n
Share premium
Share premium reserve represents excess of subscription
value of the shares over the nominal amount.
\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 thousands
2025
2024
Opening balance
71,956
71,956
Return of capital to shareholders
(55,809)
-
Balance at end of the period
16,147
71,956
\n
On 23 December 2024, the Board of Directors resolved to
propose a distribution in the amount of NOK 2.0 per share to
shareholders in the Company to take place in January 2025,
based on an audited interim balance sheet from 9 December
2024. Following the approval received at the Company\u2019s
Extraordinary General Meeting held on 23 January 2025, the
distribution took place on 31 January 2025.
A further distribution was
proposed on 28 April 2025 in the
amount of NOK 2.2 per share to shareholders in the Company.
The distribution took place on 31 May 2025 following the
approval received at the Company\u2019s Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "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 PetroNor E&P
ASA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "Dividends
No dividends were declared during the year by PetroNor E&P
ASA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "Note 22
Related party transactions
22A.
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 28, and the following other key 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\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
Jens Pace
Chief Executive O\ufb03cer
Claus Frimann-Dahl
Chief Technical O\ufb03cer
Chris Butler
Group Financial Controller
\n
Remuneration of board and 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Post-
\u00a0
2025
\u00a0
Salary
\u00a0
Other cash
Severance
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
Package
bene\ufb01ts
Total
J Iskander
Chair
67,357
-
-
-
-
67,357
J Norman-Hansen
Board member
53,343
-
-
-
-
53,343
A Georghiou
Board member
58,585
-
-
-
-
58,585
J Pace
Chief Executive O\ufb03cer
518,723
137,283
-
-
-
656,006
C Frimann-Dahl
Chief Technical O\ufb03cer
257,646
161,960
3,163
-
5,345
428,114
C Butler
Group Financial Controller
260,155
174,352
6,498
-
19,416
460,421
A Fawzi
1
Board member
12,763
-
-
-
-
12,763
TOTAL
\u00a0
1,228,572
473,595
9,661
-
24,761
1,736,589
\n
1
Azza Fawsi did not stand for re-election as board member at the Company\u2019s Extraordinary General Meeting held on 20 March 2025.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Post-
\u00a0
2024
\u00a0
Salary
\u00a0
Other cash
Severance
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
Package
bene\ufb01ts
Total
J Iskander
Chair
42,987
83,064
-
-
-
126,051
E Alhomouz
1
Former chair
172,500
140,877
\u00a0 \u00a0 \u00a0
313,377
I Smines Tybring-Gjedde
2
Board member
38,973
84,526
\u00a0 \u00a0 \u00a0
123,499
G Kielland
2
Board member
38,973
84,526
\u00a0 \u00a0 \u00a0
123,499
A Fawzi
Board member
47,208
84,526
-
-
-
131,734
J Norman-Hansen
Board member
47,208
84,526
-
-
-
131,734
J Pace
Chief Executive O\ufb03cer
523,580
135,623
-
-
-
659,203
C Frimann-Dahl
Chief Technical O\ufb03cer
257,646
39,324
2,666
-
15,569
305,180
M Barrett
Exploration Manager
209,289
-
1,886
223,964
-
435,139
C Butler
Group Financial Controller
252,317
41,599
6,936
-
18,824
319,676
E Sultan
3
Strategy and contracts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Manager
126,000
-
-
21,000
-
126,000
TOTAL
\u00a0
1,725,656
778,591
11,488
244,964
34,393
2,795,092
\n
1
Eyas Alhomouz did not stand for re-election as Chair at the Annual General meeting held on 29 May 2024.
2
Ingvil Smines Tybring-Gjedde and Gro Kielland resigned as board members on 1 November 2024.
3
As part of the restructuring process Michael Barrett and Emad Sultan left the company on 31 August 2024 and 30 June 2024 respectively.
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 2025
purchased
remuneration
other
31 December 2025
J Norman-Hansen
1
215,060
-
-
-
215,060
J Pace
146,553
-
-
-
146,553
C Frimann-Dahl
60,456
-
-
-
60,456
C Butler
23,430
-
-
-
23,430
\u00a0
445,499
-
-
-
445,499
\n
1
In addition to the share holding above, Jarle Norman-Hansen holds shares indirectly through Ambolt Invest AS totalling 8,758,329
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.
22B.
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
31 December 2025
31 December 2024
Shareholder
Place of incorporation
Ownership
Ownership
Petromal LLC \u2013 Sole Proprietorship LLC
UAE
33.82%
33.82%
Symero Ltd
Cyprus
9.99%
9.75%
Ambolt Invest AS
Norway
6.15%
6.15%
Sj\u00f8vollen AS
Norway
4.20%
8.62%
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.
Non-Executive Chairman, Mr. Joseph Iskander is the Chief Executive O\ufb03cer of Emirates International Investment
Company, sister company to Petromal LLC. Gulshagen III AS is controlled by Sj\u00f8vollen AS. Ambolt Invest AS is a company controlled
by Jarle Norman-Hansen who is a board member.
22C.
TRANSACTIONS AND PERIOD-END BALANCES WITH RELATED PARTIES
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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Balances due from related parties
\u00a0 \u00a0
Receivable from Aje Production AS and its subsidiaries
13,543
11,681
\u00a0
13,543
11,681
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "22A.
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 28, and the following other key 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\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
Jens Pace
Chief Executive O\ufb03cer
Claus Frimann-Dahl
Chief Technical O\ufb03cer
Chris Butler
Group Financial Controller
\n
Remuneration of board and 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Post-
\u00a0
2025
\u00a0
Salary
\u00a0
Other cash
Severance
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
Package
bene\ufb01ts
Total
J Iskander
Chair
67,357
-
-
-
-
67,357
J Norman-Hansen
Board member
53,343
-
-
-
-
53,343
A Georghiou
Board member
58,585
-
-
-
-
58,585
J Pace
Chief Executive O\ufb03cer
518,723
137,283
-
-
-
656,006
C Frimann-Dahl
Chief Technical O\ufb03cer
257,646
161,960
3,163
-
5,345
428,114
C Butler
Group Financial Controller
260,155
174,352
6,498
-
19,416
460,421
A Fawzi
1
Board member
12,763
-
-
-
-
12,763
TOTAL
\u00a0
1,228,572
473,595
9,661
-
24,761
1,736,589
\n
1
Azza Fawsi did not stand for re-election as board member at the Company\u2019s Extraordinary General Meeting held on 20 March 2025.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Post-
\u00a0
2024
\u00a0
Salary
\u00a0
Other cash
Severance
employment
\u00a0
Amounts in USD
Designation
and fees
Bonus
bene\ufb01ts
Package
bene\ufb01ts
Total
J Iskander
Chair
42,987
83,064
-
-
-
126,051
E Alhomouz
1
Former chair
172,500
140,877
\u00a0 \u00a0 \u00a0
313,377
I Smines Tybring-Gjedde
2
Board member
38,973
84,526
\u00a0 \u00a0 \u00a0
123,499
G Kielland
2
Board member
38,973
84,526
\u00a0 \u00a0 \u00a0
123,499
A Fawzi
Board member
47,208
84,526
-
-
-
131,734
J Norman-Hansen
Board member
47,208
84,526
-
-
-
131,734
J Pace
Chief Executive O\ufb03cer
523,580
135,623
-
-
-
659,203
C Frimann-Dahl
Chief Technical O\ufb03cer
257,646
39,324
2,666
-
15,569
305,180
M Barrett
Exploration Manager
209,289
-
1,886
223,964
-
435,139
C Butler
Group Financial Controller
252,317
41,599
6,936
-
18,824
319,676
E Sultan
3
Strategy and contracts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Manager
126,000
-
-
21,000
-
126,000
TOTAL
\u00a0
1,725,656
778,591
11,488
244,964
34,393
2,795,092
\n
1
Eyas Alhomouz did not stand for re-election as Chair at the Annual General meeting held on 29 May 2024.
2
Ingvil Smines Tybring-Gjedde and Gro Kielland resigned as board members on 1 November 2024.
3
As part of the restructuring process Michael Barrett and Emad Sultan left the company on 31 August 2024 and 30 June 2024 respectively.
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 2025
purchased
remuneration
other
31 December 2025
J Norman-Hansen
1
215,060
-
-
-
215,060
J Pace
146,553
-
-
-
146,553
C Frimann-Dahl
60,456
-
-
-
60,456
C Butler
23,430
-
-
-
23,430
\u00a0
445,499
-
-
-
445,499
\n
1
In addition to the share holding above, Jarle Norman-Hansen holds shares indirectly through Ambolt Invest AS totalling 8,758,329
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "22C.
TRANSACTIONS AND PERIOD-END BALANCES WITH RELATED PARTIES
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\n
\u00a0 \u00a0
Amounts in USD thousand
2025
2024
Balances due from related parties
\u00a0 \u00a0
Receivable from Aje Production AS and its subsidiaries
13,543
11,681
\u00a0
13,543
11,681
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "Note 23
Risk Management
CREDIT RISK
Credit risk is the risk of \ufb01nancial loss to the Group if a
counterparty fails to meet its contractual obligations. The
Group\u2019s exposure to credit risk arises primarily from cash and
cash equivalents, receivables (including amounts due from
related parties), and other \ufb01nancial assets.
The Group\u2019s exposure to third-party credit risk is limited. Trade
receivables arise mainly from crude oil sales to established
counterparties, with contractual payment terms typically
within 30 days of bill of lading. At 31 December 2025, the
Group had no outstanding trade receivables (2024: USD 64.0
million), re\ufb02ecting the timing of liftings and receipts around the
reporting date.
A signi\ufb01cant portion of the Group\u2019s \ufb01nancial assets relates to
balances with related parties, including entities involved in
the development of oil and gas interests. These entities may
not yet generate revenue and are therefore dependent on
shareholder funding. Credit risk associated with these balances
is managed through ongoing monitoring of the \ufb01nancial
position, cash \ufb02ow forecasts and funding requirements of the
relevant counterparties. The Group also considers its ability and
intention to provide continued \ufb01nancial support to such entities,
where appropriate.
The Group\u2019s \ufb01nancial assets at 31 December 2025 primarily
comprise cash and cash equivalents of USD 58.9 million
(2024: USD 79.7 million), amounts due from related parties of
USD 13.5 million (2024: USD 11.7 million), advances relating to
decommissioning costs of USD 31.7 million (2024: USD 30.5
million), and other receivables of USD 9.7 million (2024: USD 8.0
million).
Cash and cash equivalents are held with \ufb01nancial institutions
with high credit ratings. The Group manages its exposure
by placing funds only with approved counterparties and by
monitoring the creditworthiness of these institutions on an
ongoing basis.
The Group applies the expected credit loss model in accordance
with IFRS 9. Given the nature of its counterparties and the
Group\u2019s assessment of their \ufb01nancial position, including
the availability of shareholder support, no expected credit
losses have been recognised in respect of \ufb01nancial assets at
31 December 2025 (2024: nil).
The maximum exposure to credit risk at the reporting date is
represented by the carrying amount of each class of \ufb01nancial
asset.
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 2025 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\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 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
6,884
-
-
-
6,884
Amounts due to related parties
22d
-
-
-
-
-
-
Other payable
17
3,289
-
-
-
55
3,344
Total
\u00a0
3,289
6,884
-
-
55
10,228
\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\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 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
5,525
-
-
-
5,525
Amounts due to related parties
22c
8
-
-
-
-
8
Other payable
17
3,283
-
-
-
3
3,286
Total
\u00a0
3,291
5,525
-
-
3
8,819
\n
The Company had USD million 58.9 million (2024: 79.7 million)
in unrestricted cash as of 31 December 2025. 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.
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, on
a pre-tax basis, 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 per cent strengthening or weakening of the USD against
the following currencies at 31 December 2025 would have
increased/(decreased) equity and pro\ufb01t or loss, on a pre-tax
basis, 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 2025
31 December 2024
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(27)
27
(6)
6
Receivables
(22)
22
(49)
49
Payables
95
(95)
103
(103)
\u00a0
46
(46)
48
(48)
USD vs GBP
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(13)
13
(13)
13
Receivables
6
(6)
(2)
2
Payables
27
(27)
26
(26)
\u00a0
20
(20)
11
(11)
\n
CAPITAL MANAGEMENT
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
2026 activities. The Group manages its capital structure and
adjusts 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 expects future investments in hydrocarbon assets
to be served by cash \ufb02ow for ongoing operations However it
is also expected that the group will look to raise debt to part-
fund future growth. Uncertainties arising from the indictment
of a Group company may make access to capital markets
challenging. Financing may only be available on unfavourable
or restrictive terms . Restrictions in access to capital may make
the Group lose or forego attractive opportunities which in turn
would have a negative impact on the group\u2019s \ufb01nancial position
and future prospects.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "Note 23
Risk Management
CREDIT RISK
Credit risk is the risk of \ufb01nancial loss to the Group if a
counterparty fails to meet its contractual obligations. The
Group\u2019s exposure to credit risk arises primarily from cash and
cash equivalents, receivables (including amounts due from
related parties), and other \ufb01nancial assets.
The Group\u2019s exposure to third-party credit risk is limited. Trade
receivables arise mainly from crude oil sales to established
counterparties, with contractual payment terms typically
within 30 days of bill of lading. At 31 December 2025, the
Group had no outstanding trade receivables (2024: USD 64.0
million), re\ufb02ecting the timing of liftings and receipts around the
reporting date.
A signi\ufb01cant portion of the Group\u2019s \ufb01nancial assets relates to
balances with related parties, including entities involved in
the development of oil and gas interests. These entities may
not yet generate revenue and are therefore dependent on
shareholder funding. Credit risk associated with these balances
is managed through ongoing monitoring of the \ufb01nancial
position, cash \ufb02ow forecasts and funding requirements of the
relevant counterparties. The Group also considers its ability and
intention to provide continued \ufb01nancial support to such entities,
where appropriate.
The Group\u2019s \ufb01nancial assets at 31 December 2025 primarily
comprise cash and cash equivalents of USD 58.9 million
(2024: USD 79.7 million), amounts due from related parties of
USD 13.5 million (2024: USD 11.7 million), advances relating to
decommissioning costs of USD 31.7 million (2024: USD 30.5
million), and other receivables of USD 9.7 million (2024: USD 8.0
million).
Cash and cash equivalents are held with \ufb01nancial institutions
with high credit ratings. The Group manages its exposure
by placing funds only with approved counterparties and by
monitoring the creditworthiness of these institutions on an
ongoing basis.
The Group applies the expected credit loss model in accordance
with IFRS 9. Given the nature of its counterparties and the
Group\u2019s assessment of their \ufb01nancial position, including
the availability of shareholder support, no expected credit
losses have been recognised in respect of \ufb01nancial assets at
31 December 2025 (2024: nil).
The maximum exposure to credit risk at the reporting date is
represented by the carrying amount of each class of \ufb01nancial
asset.
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 2025 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\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 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
6,884
-
-
-
6,884
Amounts due to related parties
22d
-
-
-
-
-
-
Other payable
17
3,289
-
-
-
55
3,344
Total
\u00a0
3,289
6,884
-
-
55
10,228
\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\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 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
5,525
-
-
-
5,525
Amounts due to related parties
22c
8
-
-
-
-
8
Other payable
17
3,283
-
-
-
3
3,286
Total
\u00a0
3,291
5,525
-
-
3
8,819
\n
The Company had USD million 58.9 million (2024: 79.7 million)
in unrestricted cash as of 31 December 2025. 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.
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, on
a pre-tax basis, 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 per cent strengthening or weakening of the USD against
the following currencies at 31 December 2025 would have
increased/(decreased) equity and pro\ufb01t or loss, on a pre-tax
basis, 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 2025
31 December 2024
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(27)
27
(6)
6
Receivables
(22)
22
(49)
49
Payables
95
(95)
103
(103)
\u00a0
46
(46)
48
(48)
USD vs GBP
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(13)
13
(13)
13
Receivables
6
(6)
(2)
2
Payables
27
(27)
26
(26)
\u00a0
20
(20)
11
(11)
\n
CAPITAL MANAGEMENT
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
2026 activities. The Group manages its capital structure and
adjusts 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 expects future investments in hydrocarbon assets
to be served by cash \ufb02ow for ongoing operations However it
is also expected that the group will look to raise debt to part-
fund future growth. Uncertainties arising from the indictment
of a Group company may make access to capital markets
challenging. Financing may only be available on unfavourable
or restrictive terms . Restrictions in access to capital may make
the Group lose or forego attractive opportunities which in turn
would have a negative impact on the group\u2019s \ufb01nancial position
and future prospects.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "CREDIT RISK
Credit risk is the risk of \ufb01nancial loss to the Group if a
counterparty fails to meet its contractual obligations. The
Group\u2019s exposure to credit risk arises primarily from cash and
cash equivalents, receivables (including amounts due from
related parties), and other \ufb01nancial assets.
The Group\u2019s exposure to third-party credit risk is limited. Trade
receivables arise mainly from crude oil sales to established
counterparties, with contractual payment terms typically
within 30 days of bill of lading. At 31 December 2025, the
Group had no outstanding trade receivables (2024: USD 64.0
million), re\ufb02ecting the timing of liftings and receipts around the
reporting date.
A signi\ufb01cant portion of the Group\u2019s \ufb01nancial assets relates to
balances with related parties, including entities involved in
the development of oil and gas interests. These entities may
not yet generate revenue and are therefore dependent on
shareholder funding. Credit risk associated with these balances
is managed through ongoing monitoring of the \ufb01nancial
position, cash \ufb02ow forecasts and funding requirements of the
relevant counterparties. The Group also considers its ability and
intention to provide continued \ufb01nancial support to such entities,
where appropriate.
The Group\u2019s \ufb01nancial assets at 31 December 2025 primarily
comprise cash and cash equivalents of USD 58.9 million
(2024: USD 79.7 million), amounts due from related parties of
USD 13.5 million (2024: USD 11.7 million), advances relating to
decommissioning costs of USD 31.7 million (2024: USD 30.5
million), and other receivables of USD 9.7 million (2024: USD 8.0
million).
Cash and cash equivalents are held with \ufb01nancial institutions
with high credit ratings. The Group manages its exposure
by placing funds only with approved counterparties and by
monitoring the creditworthiness of these institutions on an
ongoing basis.
The Group applies the expected credit loss model in accordance
with IFRS 9. Given the nature of its counterparties and the
Group\u2019s assessment of their \ufb01nancial position, including
the availability of shareholder support, no expected credit
losses have been recognised in respect of \ufb01nancial assets at
31 December 2025 (2024: nil).
The maximum exposure to credit risk at the reporting date is
represented by the carrying amount of each class of \ufb01nancial
asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "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 2025 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\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 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
6,884
-
-
-
6,884
Amounts due to related parties
22d
-
-
-
-
-
-
Other payable
17
3,289
-
-
-
55
3,344
Total
\u00a0
3,289
6,884
-
-
55
10,228
\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\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 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade accounts payable
17
-
5,525
-
-
-
5,525
Amounts due to related parties
22c
8
-
-
-
-
8
Other payable
17
3,283
-
-
-
3
3,286
Total
\u00a0
3,291
5,525
-
-
3
8,819
\n
The Company had USD million 58.9 million (2024: 79.7 million)
in unrestricted cash as of 31 December 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "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, on
a pre-tax basis, 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 per cent strengthening or weakening of the USD against
the following currencies at 31 December 2025 would have
increased/(decreased) equity and pro\ufb01t or loss, on a pre-tax
basis, 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 2025
31 December 2024
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(27)
27
(6)
6
Receivables
(22)
22
(49)
49
Payables
95
(95)
103
(103)
\u00a0
46
(46)
48
(48)
USD vs GBP
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(13)
13
(13)
13
Receivables
6
(6)
(2)
2
Payables
27
(27)
26
(26)
\u00a0
20
(20)
11
(11)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 2025
31 December 2024
Amounts in USD thousand
+20%
-20%
+20%
-20%
USD vs NOK
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(27)
27
(6)
6
Receivables
(22)
22
(49)
49
Payables
95
(95)
103
(103)
\u00a0
46
(46)
48
(48)
USD vs GBP
\u00a0 \u00a0 \u00a0 \u00a0
Cash
(13)
13
(13)
13
Receivables
6
(6)
(2)
2
Payables
27
(27)
26
(26)
\u00a0
20
(20)
11
(11)
\n", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "CAPITAL MANAGEMENT
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
2026 activities. The Group manages its capital structure and
adjusts 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 expects future investments in hydrocarbon assets
to be served by cash \ufb02ow for ongoing operations However it
is also expected that the group will look to raise debt to part-
fund future growth. Uncertainties arising from the indictment
of a Group company may make access to capital markets
challenging. Financing may only be available on unfavourable
or restrictive terms . Restrictions in access to capital may make
the Group lose or forego attractive opportunities which in turn
would have a negative impact on the group\u2019s \ufb01nancial position
and future prospects.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "Note 24
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.
Financial Assets
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Fair value through
\u00a0 \u00a0
\u00a0
pro\ufb01t or loss
Amortised cost
Amounts in USD thousand
2025
2024
2025
2024
Cash and cash equivalents
-
-
58,898
79,692
Trade and other receivables
2
1,880
2,600
21,383
81,096
Advance against decommissioning cost
1
-
-
31,700
30,515
\u00a0
1,880
2,600
111,981
191,303
\n
1 The Group has advanced USD 31.7 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF asset.
2 The valuation of contingent consideration was reviewed, and the risk pro\ufb01le increased, therefore there was a reduction in fair value booked.
Financial Liabilities
\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\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
\u00a0
Amortised cost
Amounts in USD thousand
2025
2024
Trade and other payables
10,646
45,129
\u00a0
10,646
45,129
\n
The fair values of the Group\u2019s \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "Note 24
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.
Financial Assets
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Fair value through
\u00a0 \u00a0
\u00a0
pro\ufb01t or loss
Amortised cost
Amounts in USD thousand
2025
2024
2025
2024
Cash and cash equivalents
-
-
58,898
79,692
Trade and other receivables
2
1,880
2,600
21,383
81,096
Advance against decommissioning cost
1
-
-
31,700
30,515
\u00a0
1,880
2,600
111,981
191,303
\n
1 The Group has advanced USD 31.7 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF asset.
2 The valuation of contingent consideration was reviewed, and the risk pro\ufb01le increased, therefore there was a reduction in fair value booked.
Financial Liabilities
\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\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
\u00a0
Amortised cost
Amounts in USD thousand
2025
2024
Trade and other payables
10,646
45,129
\u00a0
10,646
45,129
\n
The fair values of the Group\u2019s \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Note 24
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.
Financial Assets
\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Fair value through
\u00a0 \u00a0
\u00a0
pro\ufb01t or loss
Amortised cost
Amounts in USD thousand
2025
2024
2025
2024
Cash and cash equivalents
-
-
58,898
79,692
Trade and other receivables
2
1,880
2,600
21,383
81,096
Advance against decommissioning cost
1
-
-
31,700
30,515
\u00a0
1,880
2,600
111,981
191,303
\n
1 The Group has advanced USD 31.7 million in cash to the operator as a contribution towards the future obligation to decommission the PNGF asset.
2 The valuation of contingent consideration was reviewed, and the risk pro\ufb01le increased, therefore there was a reduction in fair value booked.
Financial Liabilities
\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\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
\u00a0
Amortised cost
Amounts in USD thousand
2025
2024
Trade and other payables
10,646
45,129
\u00a0
10,646
45,129
\n
The fair values of the Group\u2019s \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "Note 25
Subsidiaries and joint ventures
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\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Proportion of e\ufb00ective ownership
\u00a0 \u00a0 \u00a0
interest at 31 December
\u00a0
Country of
Principal place
\u00a0 \u00a0
Name
incorporation
of business
2025
2024
PetroNor E&P Pty Limited
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 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
100%
100%
\n
HEMLA E&P CONGO SA
Material non-controlling interests
The Group holds 84.15 per cent 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\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\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
\u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2025
2024
Current asset
50,782
109,754
Current liabilities
8,456
42,445
Current net assets
42,326
67,309
Non-current assets
114,152
118,059
Non-current liabilities
32,623
35,223
Non-current net assets
81,529
82,836
Net assets
123,855
150,145
Accumulated NCI
20,256
24,693
Summarised statement of comprehensive income
\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\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
\u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2025
2024
Revenue
83,114
204,532
Pro\ufb01t for the period
23,710
53,740
Other comprehensive income
-
-
Total comprehensive income for the year
23,710
53,740
Pro\ufb01t allocated to NCI
3,758
8,518
Dividends paid to NCI
7,925
7,925
\n
Summarised cash \ufb02ows
\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\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
\u00a0
Hemla E&P Congo SA
Amounts in USD thousand
2025
2024
Cash \ufb02ows from operating activities
30,227
29,186
Cash \ufb02ows from investing activities
(19,433)
(8,649)
Cash \ufb02ows from \ufb01nancing activities
(7,925)
(7,925)
Net (decrease)/increase in cash and cash equivalents
2,869
12,612
\n
Joint Ventures
\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Proportion of e\ufb00ective control
\u00a0 \u00a0 \u00a0
at 31 December
\u00a0
Country of
Principal place
\u00a0 \u00a0
Name
incorporation
of business
2025
2024
Aje Production AS
Norway
Norway
50%
50%
\n
Aje Production AS is a small group that holds non-operating
interests in the Nigerian OML 113 licence through Nigerian
subsidiaries Aje Production Ltd and YFP Deepwater Company
Ltd.
PetorNor\u2019s interest in Aje Production AS is carried as an
\u201cother receivable\u201d on the balance sheet at 31 December
2025 at USD 13.5 million. Comprising the initial USD 11.0
million consideration and PetroNor\u2019s subsequent USD 2.5
million
funding for joint venture redevelopment activity.
Consideration share have not yet been issued . Once the
issue of shares is formally recognised this will be reclassi\ufb01ed
as an investment and recognised at fair
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:
\ue001
Assets, including its share of any assets held jointly;
\ue001
Liabilities, including its share of any liabilities incurred
jointly;
\ue001
Revenue from the sale of its share of the output arising from
the joint operation;
\ue001
Share of revenue from the sale of the output by the joint
operation; and
\ue001
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "Note 25
Subsidiaries and joint ventures
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\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Proportion of e\ufb00ective ownership
\u00a0 \u00a0 \u00a0
interest at 31 December
\u00a0
Country of
Principal place
\u00a0 \u00a0
Name
incorporation
of business
2025
2024
PetroNor E&P Pty Limited
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 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
100%
100%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "HEMLA E&P CONGO SA
Material non-controlling interests
The Group holds 84.15 per cent 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "Note 26
Commitments and contingencies
COMMITMENTS
Production asset commitments
As at 31 December 2025, the Group had approved the budget
for PNGF Sud operations in Congo that included planned
capex expenditure for coming year of USD 4.6 million (2024
USD 18.3 million) representing HEPCO\u2019s equity interest funding
commitment in the licence.
CONTINGENCIES
Legal matters
As at 31 December 2025, group subsidiary Hemla Africa Holding
AS was a defendant in a civil lawsuit in the courts in Norway
concerning a claim for compensation. The merits of the matter
have not yet been scheduled to be heard in court.
No provision has been recognised in relation to this matter
which is considered a contingent liability.
OML 113 Conditional Consideration
An additional consideration of USD 0.10 per 1,000 cubic feet
of the Aje Natural Gas Sales Volume is to be paid once the
conditions of the past share purchase acquisition are met. This
conditional consideration is capped at USD 16.67 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "COMMITMENTS
Production asset commitments
As at 31 December 2025, the Group had approved the budget
for PNGF Sud operations in Congo that included planned
capex expenditure for coming year of USD 4.6 million (2024
USD 18.3 million) representing HEPCO\u2019s equity interest funding
commitment in the licence.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "CONTINGENCIES
Legal matters
As at 31 December 2025, group subsidiary Hemla Africa Holding
AS was a defendant in a civil lawsuit in the courts in Norway
concerning a claim for compensation. The merits of the matter
have not yet been scheduled to be heard in court.
No provision has been recognised in relation to this matter
which is considered a contingent liability.
OML 113 Conditional Consideration
An additional consideration of USD 0.10 per 1,000 cubic feet
of the Aje Natural Gas Sales Volume is to be paid once the
conditions of the past share purchase acquisition are met. This
conditional consideration is capped at USD 16.67 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "Note 27
Events subsequent to reporting date
In January 2026, \u00d8kokrim decided to formally indict group
subsidiary Hemla Africa Holding AS (\u201cHemla\u201d) in relation to
suspected corruption committed on behalf of Hemla in the
Congo. Hemla categorically contests the indictment, though
the indictment creates a legal obligation to incur defence costs
and exposes Hemla to the risk of potential \ufb01nes and penalties
depending on the \ufb01nal outcome of the court process.
No provision or contingent liability has been recognised for
the indictment of Hemla in 2025 \ufb01nancial reports and the
indictment is classi\ufb01ed as a non-adjusting, post-balance sheet
event. PetroNor will continue to reassess recognition and
measurement of the potential \ufb01nancial impact as the legal
process progresses.
In February 2026, PetroNor further increased its economic
interest in the OML 113 licence in Nigeria from 20.2 per cent to
52.2 per cent, with completion of the corporate acquisition of JV
partner on the licence, NewAge Exploration Nigeria Ltd. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "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
The International Accounting Standards Board (IASB) has
issued several amendments to standards and interpretations
e\ufb00ective from 1 January 2025. PetroNor has adopted these
standards in the \ufb01nancial year, and the impacts were not
material to PetroNor\u2019s consolidated \ufb01nancial statements upon
adoption.
During the period, the IASB also issued IFRS 18 Presentation
and Disclosure in Financial Statements, which will replace IAS
1 Presentation of Financial Statements and is e\ufb00ective for
annual reporting periods beginning on or after 1 January 2027,
with earlier application permitted. IFRS 18 introduces new
requirements for the presentation of the statement of pro\ufb01t
or loss, including de\ufb01ned subtotals and enhanced disclosure
requirements for management-de\ufb01ned performance
measures. The Group is currently assessing the impact of IFRS
18 on its consolidated \ufb01nancial statements.
Impacts of other standards, amendments to standards, and
interpretations 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 (the \u201cCompany\u201d, formerly
PetroNor E&P Ltd) and its subsidiaries for the year ended
31 December 2025 (together the \u201cGroup\u2019).
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:
\ue001
Power over the entity (i.e., existing rights that give it the
current ability to direct the relevant activities of the entity)
\ue001
Exposure, or rights, to variable returns from its involvement
with the entity, and
\ue001
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:
\ue001
The contractual arrangement with the other vote holders of
the entity
\ue001
Rights arising from other contractual arrangements
\ue001
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:
\ue001
Derecognises the assets (including goodwill) and liabilities of
the subsidiary
\ue001
Derecognises the carrying amount of any non-controlling
interests
\ue001
Derecognises the cumulative translation di\ufb00erences
recorded in equity
\ue001
Recognises the fair value of the consideration received
\ue001
Recognises the fair value of any investment retained
\ue001
Recognises any surplus or de\ufb01cit in pro\ufb01t or loss
\ue001
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.
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 that is expected to be utilised beyond the
life of a speci\ufb01c \ufb01eld is depreciated over its estimated useful
life, re\ufb02ecting the period over which it is expected to generate
economic bene\ufb01ts to the Group, rather than the life of an
individual \ufb01eld.
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
arising as a licence obligation for example licence rental costs,
training and corporate and social responsibility obligations
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:
\ue001
it is expected to be recouped through successful
development and exploitation of the area of interest or
alternatively by its sale; or
\ue001
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. Licence costs capitalised as intangible
that relate to a producing licence 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.
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)
Overlift and underlift
\ue001
Overlift where lifted volumes exceed the company\u2019s
entitlement oil stock is recognised as a liability, measured
at the higher of selling price and fair value, representing
the obligation to deliver future production or cash to joint
venture partners.
\ue001
Underlift where lifted volumes are less than the company\u2019s
entitlement oil stock do not arise under PetroNor\u2019s current
contractual arrangements.
These balances are assessed at each reporting date and
included within current assets or liabilities, as appropriate.
28I.
TAXES
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.
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 provision
A decommissioning provision 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 provision 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 provision until the balance sheet date, is
classi\ufb01ed as an advance against decommissioning provision 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:
\ue001
Assets, including its share of any assets held jointly;
\ue001
Liabilities, including its share of any liabilities incurred
jointly;
\ue001
Revenue from the sale of its share of the output arising from
the joint operation;
\ue001
Share of revenue from the sale of the output by the joint
operation; and
\ue001
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "28A.
ADOPTION OF NEW AND REVISED ACCOUNTING
STANDARDS
The International Accounting Standards Board (IASB) has
issued several amendments to standards and interpretations
e\ufb00ective from 1 January 2025. PetroNor has adopted these
standards in the \ufb01nancial year, and the impacts were not
material to PetroNor\u2019s consolidated \ufb01nancial statements upon
adoption.
During the period, the IASB also issued IFRS 18 Presentation
and Disclosure in Financial Statements, which will replace IAS
1 Presentation of Financial Statements and is e\ufb00ective for
annual reporting periods beginning on or after 1 January 2027,
with earlier application permitted. IFRS 18 introduces new
requirements for the presentation of the statement of pro\ufb01t
or loss, including de\ufb01ned subtotals and enhanced disclosure
requirements for management-de\ufb01ned performance
measures. The Group is currently assessing the impact of IFRS
18 on its consolidated \ufb01nancial statements.
Impacts of other standards, amendments to standards, and
interpretations 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "28B.
CONSOLIDATION
The consolidated \ufb01nancial statements comprise the \ufb01nancial
statements of PetroNor E&P ASA (the \u201cCompany\u201d, formerly
PetroNor E&P Ltd) and its subsidiaries for the year ended
31 December 2025 (together the \u201cGroup\u2019).
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:
\ue001
Power over the entity (i.e., existing rights that give it the
current ability to direct the relevant activities of the entity)
\ue001
Exposure, or rights, to variable returns from its involvement
with the entity, and
\ue001
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:
\ue001
The contractual arrangement with the other vote holders of
the entity
\ue001
Rights arising from other contractual arrangements
\ue001
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:
\ue001
Derecognises the assets (including goodwill) and liabilities of
the subsidiary
\ue001
Derecognises the carrying amount of any non-controlling
interests
\ue001
Derecognises the cumulative translation di\ufb00erences
recorded in equity
\ue001
Recognises the fair value of the consideration received
\ue001
Recognises the fair value of any investment retained
\ue001
Recognises any surplus or de\ufb01cit in pro\ufb01t or loss
\ue001
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "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 that is expected to be utilised beyond the
life of a speci\ufb01c \ufb01eld is depreciated over its estimated useful
life, re\ufb02ecting the period over which it is expected to generate
economic bene\ufb01ts to the Group, rather than the life of an
individual \ufb01eld.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "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 that is expected to be utilised beyond the
life of a speci\ufb01c \ufb01eld is depreciated over its estimated useful
life, re\ufb02ecting the period over which it is expected to generate
economic bene\ufb01ts to the Group, rather than the life of an
individual \ufb01eld.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "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
arising as a licence obligation for example licence rental costs,
training and corporate and social responsibility obligations
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:
\ue001
it is expected to be recouped through successful
development and exploitation of the area of interest or
alternatively by its sale; or
\ue001
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. Licence costs capitalised as intangible
that relate to a producing licence 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "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
arising as a licence obligation for example licence rental costs,
training and corporate and social responsibility obligations
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:
\ue001
it is expected to be recouped through successful
development and exploitation of the area of interest or
alternatively by its sale; or
\ue001
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. Licence costs capitalised as intangible
that relate to a producing licence 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "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)
Overlift and underlift
\ue001
Overlift where lifted volumes exceed the company\u2019s
entitlement oil stock is recognised as a liability, measured
at the higher of selling price and fair value, representing
the obligation to deliver future production or cash to joint
venture partners.
\ue001
Underlift where lifted volumes are less than the company\u2019s
entitlement oil stock do not arise under PetroNor\u2019s current
contractual arrangements.
These balances are assessed at each reporting date and
included within current assets or liabilities, as appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "28I.
TAXES
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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "28L.
PROVISIONS
Decommissioning provision
A decommissioning provision 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 provision 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 provision until the balance sheet date, is
classi\ufb01ed as an advance against decommissioning provision in
current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "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:
\ue001
Assets, including its share of any assets held jointly;
\ue001
Liabilities, including its share of any liabilities incurred
jointly;
\ue001
Revenue from the sale of its share of the output arising from
the joint operation;
\ue001
Share of revenue from the sale of the output by the joint
operation; and
\ue001
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "Drammensveien 126 A, 0277 Oslo Norway ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500AEEH2D2AK42C11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }