IFRS 18 | Presentation of financial statements |
IFRS 9 and IFRS 7 | Amendments to the Classification and Measurement of Financial Instruments |
IFRS 19 | Subsidiaries without Public Accountability: Disclosures |
Amendments to IAS 21 | Lack of Exchangeability |
2025 | 2026 | 2027 | 2028> (i) | |
Brent oil ($/bbl) | 75.0 | 75.0 | 75.0 | 77.0 |
Adjustments | ||||||
Year ended 31 December 2024 | All other | Total | and | |||
$’000 | North Sea | Malaysia | segments | segments | eliminations (i), (iii) | Consolidated |
Revenue and other operating income: | ||||||
Revenue from contracts with customers | 1,063,829 | 123,728 | – | 1,187,557 | – | 1,187,557 |
Other operating income/(expense) | 2,709 | – | 260 | 2,969 | (9,817) | (6,848) |
Total revenue and other operating income/(expense) | 1,066,538 | 123,728 | 260 | 1,190,526 | (9,817) | 1,180,709 |
Income/(expenses) line items: | ||||||
Depreciation and depletion | (252,208) | (17,042) | (41) | (269,291) | – | (269,291) |
Net impairment (charge)/reversal to oil and gas assets | (71,414) | – | – | (71,414) | – | (71,414) |
Exploration write-off and impairments | – | (183) | – | (183) | – | (183) |
Segment profit/(loss) (ii), (iii) | 274,354 | 45,536 | 9,013 | 328,903 | (17,375) | 311,528 |
Other disclosures: | ||||||
Capital expenditure (iv) | 313,557 | 32,774 | 15 | 346,346 | – | 346,346 |
Adjustments | ||||||
Year ended 31 December 2023 | All other | Total | and | |||
$’000 | North Sea | Malaysia | segments | segments | eliminations (i), (iii) | Consolidated |
Revenue and other operating income: | ||||||
Revenue from contracts with customers | 1,325,200 | 142,510 | – | 1,467,710 | – | 1,467,710 |
Other operating income/(expense) | 2,229 | – | 281 | 2,510 | 17,199 | 19,709 |
Total revenue and other operating income/(expense) | 1,327,429 | 142,510 | 281 | 1,470,220 | 17,199 | 1,487,419 |
Income/(expenses) line items: | ||||||
Depreciation and depletion | (278,280) | (19,923) | (105) | (298,308) | – | (298,308) |
Net impairment (charge)/reversal to oil and gas assets | (117,396) | – | – | (117,396) | – | (117,396) |
Exploration write-off and impairments | – | (5,640) | – | (5,640) | – | (5,640) |
Segment profit/(loss) (ii), (iii) | 330,501 | 46,192 | 4,474 | 381,167 | 16,206 | 397,373 |
Other disclosures: | ||||||
Capital expenditure (iv) | 149,093 | 11,817 | 12 | 160,922 | – | 160,922 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Segment profit/(loss) before tax and finance income/(costs) | 328,903 | 381,167 |
Finance costs | (159,422) | (172,087) |
Finance income | 14,508 | 6,493 |
(Loss)/gain on derivatives (i) | (17,375) | 16,206 |
Profit/(loss) before tax | 166,614 | 231,779 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Revenue from contracts with customers: | ||
Revenue from crude oil sales | 1,020,266 | 1,127,419 |
Revenue from gas and condensate sales (i) | 164,647 | 338,973 |
Tariff revenue | 2,644 | 1,318 |
Total revenue from contracts with customers | 1,187,557 | 1,467,710 |
Realised (losses)/gains on commodity derivative contracts (see note 18) | (12,907) | (11,264) |
Unrealised gains/(losses) on commodity derivative contracts (see note 18) | 3,090 | 28,463 |
Other | 2,969 | 2,510 |
Total revenue and other operating income | 1,180,709 | 1,487,419 |
Year ended | Year ended | |||||
31 December 2024 | 31 December 2023 | |||||
$’000 | $’000 | |||||
North Sea | Malaysia | Total | North Sea | Malaysia | Total | |
Revenue from contracts with customers: | ||||||
Revenue from crude oil sales | 900,310 | 119,956 | 1,020,266 | 987,610 | 139,809 | 1,127,419 |
Revenue from gas and condensate sales (i) | 162,951 | 1,696 | 164,647 | 336,902 | 2,071 | 338,973 |
Tariff revenue | 568 | 2,076 | 2,644 | 689 | 629 | 1,318 |
Total revenue from contracts with customers | 1,063,829 | 123,728 | 1,187,557 | 1,325,201 | 142,509 | 1,467,710 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Production costs | 307,634 | 308,331 |
Tariff and transportation expenses | 70,449 | 41,736 |
Realised loss/(gain) on derivative contracts related to operating costs (see note 18) | 4,735 | (2,839) |
Unrealised losses/(gains) on derivative contracts related to operating costs (see note 18) | 2,823 | 3,832 |
Change in lifting position | 3,528 | (2,669) |
Crude oil inventory movement | (1,356) | (1,575) |
Depletion of oil and gas assets (i) | 263,251 | 292,199 |
Movement in contractor dispute provision | – | 1,818 |
Other cost of operations (ii) | 136,319 | 305,919 |
Total cost of sales | 787,383 | 946,752 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Staff costs (see note 4(e)) | 75,833 | 77,517 |
Depreciation (i) | 6,040 | 6,109 |
Other general and administration costs | 26,748 | 25,490 |
Recharge of costs to operations and joint venture partners | (102,919) | (102,768) |
Total general and administration expenses | 5,702 | 6,348 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Net foreign exchange gains/(losses) | 9,975 | (11,659) |
Rental income from office sublease | 2,201 | 2,286 |
Fair value changes in contingent consideration (see note 21) (i) | (15,904) | 10,811 |
Change in decommissioning provisions (see note 22) | (6,666) | (31,159) |
Change in Thistle decommissioning provision (see note 22) | (412) | (1,605) |
Drilling rig contract cancellation costs (ii) | (14,629) | – |
Unsuccessful exploration expenditure (see note 11) | (183) | (5,640) |
Insurance income | 1,663 | 4,127 |
Reversal of provisions | – | 101 |
Other | 19,273 | 13,188 |
Total other (expenses)/income | (4,682) | (19,550) |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Wages and salaries | 66,700 | 63,458 |
Social security costs | 5,899 | 5,457 |
Defined contribution pension costs | 5,265 | 5,038 |
Expense of share-based payments (see note 20) | 983 | 3,320 |
Other staff costs | 12,300 | 11,079 |
Total employee costs | 91,147 | 88,352 |
Contractor costs | 37,493 | 38,304 |
Total staff costs | 128,640 | 126,656 |
General and administration staff costs (see note 4(c)) | 75,833 | 77,517 |
Non-general and administration costs | 52,807 | 49,139 |
Total staff costs | 128,640 | 126,656 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Fees payable to the Company’s auditor for the audit of the parent company and Group financial statements | 1,367 | 1,239 |
The audit of the Company’s subsidiaries | 173 | 149 |
Total audit | 1,540 | 1,388 |
Audit-related assurance services (i) | 589 | 314 |
Total audit and audit-related assurance services | 2,129 | 1,702 |
Total auditor’s remuneration | 2,129 | 1,702 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Finance costs: | ||
Loan interest payable | 18,524 | 30,708 |
Bond interest payable | 54,971 | 58,999 |
Unwinding of discount on decommissioning provisions (see note 22) | 30,290 | 24,236 |
Unwinding of discount on other provisions (see note 22) | 911 | 1,145 |
Debt refinancing fees (see note 17) | 4,809 | – |
Finance charges payable under leases (see note 23) | 27,673 | 43,801 |
Finance fees on loans and bonds including amortisation of capitalised fees | 14,473 | 7,899 |
Other financial expenses (i) | 7,771 | 5,299 |
Total finance costs | 159,422 | 172,087 |
Finance income: | ||
Bank interest receivable | 11,110 | 6,493 |
RockRose loan interest (see note 18(f)) | 3,263 | – |
Other financial income | 135 | – |
Total finance income | 14,508 | 6,493 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Current UK income tax | ||
Current income tax charge | – | – |
Adjustments in respect of current income tax of previous years | – | (14) |
Current overseas income tax | ||
Current income tax charge | 11,432 | 24,685 |
Adjustments in respect of current income tax of previous years | (746) | (2,567) |
UK Energy Profits Levy | ||
Current year charge | 10,262 | 175,118 |
Adjustments in respect of current charge of previous years | (8,803) | (11,605) |
Total current income tax | 12,145 | 185,617 |
Deferred UK income tax | ||
Relating to origination and reversal of temporary differences | 42,745 | 160,712 |
Adjustments in respect of deferred income tax of previous years | (9,103) | 4,974 |
Deferred overseas income tax | ||
Relating to origination and reversal of temporary differences | 7,071 | (3,761) |
Adjustments in respect of deferred income tax of previous years | 31 | 1,430 |
Deferred UK Energy Profits Levy | ||
Relating to origination and reversal of temporary differences | 11,156 | (58,661) |
Adjustments in respect of changes in tax rates | 6,889 | – |
Adjustments in respect of deferred charge of previous years | 1,907 | (27,699) |
Total deferred income tax | 60,696 | 76,995 |
Income tax expense reported in profit or loss | 72,841 | 262,612 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Profit/(loss) before tax | 166,614 | 231,779 |
UK statutory tax rate applying to North Sea oil and gas activities of 40% (2023: 40%) | 66,646 | 92,712 |
Supplementary corporation tax non-deductible expenditure | 5,809 | 10,580 |
Non-deductible expenditure (i) | 26,114 | 69,494 |
Non-taxable gain on sale of assets | 505 | – |
Petroleum revenue tax (net of income tax benefit) | (8,938) | (8,200) |
Tax in respect of non-ring-fence trade | 7,298 | 7,418 |
Deferred tax asset not recognised in respect of non-ring-fence trade | 12,243 | 11,696 |
Deferred tax asset recognised on previously unrecognised losses | (48,115) | – |
UK Energy Profits Levy (ii) | (13,921) | 116,457 |
UK Energy Profits Levy – changes in tax rates (ii) | 6,889 | – |
UK Energy Profits Levy – abolishment of Investment Allowance (ii) | 35,339 | – |
Adjustments in respect of prior years | (16,713) | (35,481) |
Overseas tax rate differences | 2,045 | (1,114) |
Share-based payments | (1,407) | (90) |
Other differences | (953) | (860) |
At the effective income tax rate of 44% (2023: 113%) | 72,841 | 262,612 |
Charge/(credit) for the year | ||||
Group balance sheet | recognised in profit or loss | |||
2024 | 2023 | 2024 | 2023 | |
$’000 | $’000 | $’000 | $’000 | |
Deferred tax liability | ||||
Accelerated capital allowances | 911,501 | 877,800 | 33,701 | (86,015) |
911,501 | 877,800 | |||
Deferred tax asset | ||||
Losses | (717,900) | (695,888) | (22,012) | 206,213 |
Decommissioning liability | (263,705) | (265,800) | 2,095 | (27,176) |
Other temporary differences (i) | (331,679) | (378,591) | 46,912 | (16,027) |
(1,313,284) | (1,340,279) | 60,696 | 76,995 | |
Net deferred tax (assets) (ii) | (401,783) | (462,479) | ||
Reflected in the balance sheet as follows: | ||||
Deferred tax assets | (506,481) | (540,122) | ||
Deferred tax liabilities | 104,698 | 77,643 | ||
Net deferred tax (assets) | (401,783) | (462,479) |
2024 | 2023 | |
$’000 | $’000 | |
At 1 January | 462,479 | 539,474 |
Tax expense during the period recognised in profit or loss | (60,696) | (76,995) |
At 31 December | 401,783 | 462,479 |
Profit/(loss) | Weighted average number | Earnings | ||||
after tax | of Ordinary shares | per share | ||||
Year ended 31 December | Year ended 31 December | Year ended 31 December | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
$’000 | $’000 | million | million | $ | $ | |
Basic | 93,773 | (30,833) | 1,891.9 | 1,871.9 | 0.050 | (0.016) |
Dilutive potential of Ordinary shares granted under | ||||||
share-based incentive schemes | – | – | 24.3 | 32.4 | (0.001) | – |
Diluted (i) | 93,773 | (30,833) | 1,916.2 | 1,904.3 | 0.049 | (0.016) |
Office furniture and equipment | Five years |
Fixtures and fittings | Ten years |
Right-of-use assets (i) | Lease term |
Office | ||||
furniture, | Right-of- | |||
Oil and gas | fixtures and | use assets | ||
assets | fittings | (note 23) | Total | |
$’000 | $’000 | $’000 | $’000 | |
Cost: | ||||
At 1 January 2023 | 9,037,851 | 67,321 | 876,859 | 9,982,031 |
Additions | 120,820 | 1,257 | 28,378 | 150,455 |
Change in decommissioning provision | 53,333 | – | – | 53,333 |
Disposal | – | – | (243) | (243) |
Reclassification from intangible assets (note 11) | 31,803 | – | – | 31,803 |
At 1 January 2024 | 9,243,807 | 68,578 | 904,994 | 10,217,379 |
Additions | 325,813 | 394 | 16,453 | 342,660 |
Change in decommissioning provision (note 22) | (741) | – | – | (741) |
At 31 December 2024 | 9,568,879 | 68,972 | 921,447 | 10,559,298 |
Accumulated depreciation, depletion and impairment: | ||||
At 1 January 2023 | 7,000,950 | 56,625 | 447,481 | 7,505,056 |
Charge for the year | 239,640 | 2,689 | 55,979 | 298,308 |
Net impairment charge/(reversal) for the year | 123,473 | – | (6,077) | 117,396 |
Disposal | – | – | (121) | (121) |
At 1 January 2024 | 7,364,063 | 59,314 | 497,262 | 7,920,639 |
Charge for the year | 211,873 | 2,683 | 54,735 | 269,291 |
Net impairment charge/(reversal) for the year | 75,428 | – | (4,014) | 71,414 |
At 31 December 2024 | 7,651,364 | 61,997 | 547,983 | 8,261,344 |
Net carrying amount: | ||||
At 31 December 2024 | 1,917,515 | 6,975 | 373,464 | 2,297,954 |
At 31 December 2023 | 1,879,744 | 9,264 | 407,732 | 2,296,740 |
At 1 January 2023 | 2,036,901 | 10,696 | 429,378 2,476,975 |
Impairment | Recoverable | |||
(charge)/reversal | amount (i) | |||
Year ended | Year ended | |||
31 December | 31 December | 31 December | 31 December | |
2024 | 2023 | 2024 | 2023 | |
$’000 | $’000 | $’000 | $’000 | |
North Sea | (71,414) | (117,396) | 1,172,487 | 1,323,009 |
Net pre-tax impairment (charge)/reversal | (71,414) | (117,396) |
2024 | 2023 | |
$’000 | $’000 | |
Cost and net carrying amount | ||
At 1 January | 134,400 | 134,400 |
At 31 December | 134,400 | 134,400 |
Exploration | |||
and | |||
appraisal | UK emissions | ||
assets | allowances | Total | |
$’000 | $’000 | $’000 | |
Cost: | |||
At 1 January 2023 | 154,937 | 1,199 | 156,136 |
Additions | 10,467 | 876 | 11,343 |
Write-off of relinquished licences previously impaired | (485) | – | (485) |
Write-off of unsuccessful exploration expenditure | (5,640) | – | (5,640) |
Transfer to property, plant and equipment (note 9) | (31,803) | – | (31,803) |
Disposal | – | (1,199) | (1,199) |
At 1 January 2024 | 127,476 | 876 | 128,352 |
Additions | 3,686 | 1,138 | 4,824 |
Write-off of unsuccessful exploration expenditure | (183) | – | (183) |
Disposal | (1,263) | (876) | (2,139) |
At 31 December 2024 | 129,716 | 1,138 | 130,854 |
Accumulated impairment: | |||
At 1 January 2023 | (109,638) | – | (109,638) |
Write-off of relinquished licences previously impaired | 485 | – | 485 |
At 1 January 2024 and 31 December 2024 | (109,153) | – | (109,153) |
Net carrying amount: | |||
At 31 December 2024 | 20,563 | 1,138 | 21,701 |
At 31 December 2023 | 18,323 | 876 | 19,199 |
At 1 January 2023 | 45,299 | 1,199 | 46,498 |
2024 | 2023 | |
$’000 | $’000 | |
Hydrocarbon inventories | 22,544 | 21,189 |
Well supplies | 26,432 | 63,608 |
48,976 | 84,797 |
2024 | 2023 | |
$’000 | $’000 | |
Available cash | 226,317 | 313,028 |
Restricted cash | 53,922 | 544 |
Cash and cash equivalents | 280,239 | 313,572 |
Quoted | ||||||
prices in | Significant | Significant | ||||
active | observable | unobservable | ||||
Carrying | markets | inputs | inputs | |||
Value | Total | (Level 1) | (Level 2) | (Level 3) | ||
31 December 2024 | Notes | $’000 | $’000 | $’000 | $’000 | $’000 |
Financial assets measured at fair value: | ||||||
Derivative financial assets measured at FVPL | ||||||
Gas commodity contracts | 18(a) | 69 | 69 | – | 69 | – |
Other financial assets measured at FVPL | – | |||||
Quoted equity shares | 6 | 6 | 6 | – | – | |
Total financial assets measured at fair value | 75 | 75 | 6 | 69 | – | |
Financial assets measured at amortised cost: | ||||||
Vendor financing facility | 18(f) | 38,453 | 38,453 | – | 38,453 | – |
Total financial assets measured at amortised cost (i) | 38,453 | 38,453 | – | 38,453 | – | |
Liabilities measured at fair value: | ||||||
Derivative financial liabilities measured at FVPL | ||||||
Commodity derivative contracts | 18(a) | 10,497 | 10,497 | – | 10,497 | – |
Forward foreign currency contracts | 18(a) | 2,354 | 2,354 | – | 2,354 | – |
Forward UKA contracts | 18(a) | 8,729 | 8,729 | – | 8,729 | – |
Other financial liabilities measured at FVPL | ||||||
Contingent consideration | 21 | 473,294 | 473,294 | – | – | 473,294 |
Total liabilities measured at fair value | 494,874 | 494,874 | – | 21,580 | 473,294 | |
Liabilities measured at amortised cost | ||||||
Interest-bearing loans and borrowings (i) | 17 | 33,972 | 33,972 | – | 33,972 | – |
Retail bond 9.00% (ii) | 17 | 169,371 | 161,461 | 161,461 | – | – |
High yield bond 11.625% (ii) | 17 | 461,514 | 466,102 | 466,102 | – | – |
Total liabilities measured at amortised cost (iii) | 664,857 | 661,535 | 627,563 | 33,972 | – |
Quoted | ||||||
prices in | Significant | Significant | ||||
active | observable | unobservable | ||||
Carrying | markets | inputs | inputs | |||
Value | Total | (Level 1) | (Level 2) | (Level 3) | ||
31 December 2023 | Notes | $’000 | $’000 | $’000 | $’000 | $’000 |
Financial assets measured at fair value: | ||||||
Derivative financial assets measured at FVPL | ||||||
Gas commodity contracts | 18(a) | 4,499 | 4,499 | – | 4,499 | – |
Other financial assets measured at FVPL | ||||||
Quoted equity shares | 6 | 6 | 6 | – | – | |
Total financial assets measured at fair value | 4,505 | 4,405 | 6 | 4,499 | – | |
Financial assets measured at amortised cost: | ||||||
Vendor financing facility | 18(f) | 145,103 | 145,103 | – | 145,103 | – |
Total financial assets measured at amortised cost (i) | 145,103 | 145,103 | – | 145,103 | – | |
Liabilities measured at fair value: | ||||||
Derivative financial liabilities measured at FVPL | ||||||
Oil commodity derivative contracts | 18(a) | 18,418 | 18,418 | – | 18,418 | – |
Forward UKA contracts | 18(a) | 8,261 | 8,261 | – | 8,261 | – |
Other financial liabilities measured at FVPL | ||||||
Contingent consideration | 21 | 507,796 | 507,796 | – | – | 507,796 |
Total liabilities measured at fair value | 534,475 | 534,475 | – | 26,679 | 507,796 | |
Liabilities measured at amortised cost | ||||||
Interest-bearing loans and borrowings (i) | 17 | 319,784 | 319,784 | – | 319,784 | – |
Retail bond 9.00% | 17 | 169,669 | 158,683 | 158,683 | – | – |
High yield bond 11.625% | 17 | 294,276 | 292,419 | 292,419 | – | – |
Total liabilities measured at amortised cost (ii) | 783,729 | 770,886 | 451,102 | 319,784 | – |
2024 | 2023 | |
$’000 | $’000 | |
Current | ||
Trade receivables | 20,151 | 31,905 |
Joint venture receivables | 106,963 | 79,036 |
Under-lift position | 16,806 | 22,309 |
VAT receivable | 7,574 | 3,314 |
Other receivables | 4,729 | 3,715 |
Prepayments | 7,822 | 2,781 |
Accrued income | 66,926 | 82,426 |
Total current | 230,971 | 225,486 |
Non-current | ||
Other receivables | 2,102 | – |
Total non-current | 2,102 | – |
2024 | 2023 | |
$’000 | $’000 | |
Current | ||
Trade payables | 138,822 | 75,981 |
Accrued expenses | 209,225 | 228,664 |
Over-lift position | 16,849 | 18,824 |
Joint venture creditors | 46,187 | 20,262 |
Other payables | 3,307 | 3,678 |
Total current | 414,390 | 347,409 |
Non-current | ||
Joint venture creditors | – | 32,917 |
Total non-current | – | 32,917 |
2024 | 2023 | |
$’000 | $’000 | |
Loans | 33,972 | 311,231 |
Bonds | 630,885 | 463,945 |
664,857 | 775,176 |
2024 | 2023 | |||||
Principal | Fees | Total | Principal | Fees | Total | |
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
RBL facility (i) | – | – | – | 140,000 | (4,920) | 135,080 |
Term loan facility | – | – | – | 150,000 | (3,633) | 146,367 |
SVT working capital facility | 33,972 | – | 33,972 | 29,784 | – | 29,784 |
High yield bond 11.625% | 465,000 | (10,661) | 454,339 | 305,000 | (10,724) | 294,276 |
Retail bond 9.00% | 167,101 | – | 167,101 | 169,669 | – | 169,669 |
Accrued interest (ii) | 9,445 | – | 9,445 | – | – | – |
Total borrowings | 675,518 | (10,661) | 664,857 | 794,453 | (19,277) | 775,176 |
Due within one year | 43,417 | 27,364 | ||||
Due after more than one year | 621,440 | 747,812 | ||||
Total borrowings | 664,857 | 775,176 |
2024 | 2023 | |||
Assets | Liabilities | Assets | Liabilities | |
$’000 | $’000 | $’000 | $’000 | |
Fair value through profit or loss: | ||||
Derivative commodity contracts | 69 | 10,497 | 4,499 | 18,418 |
Forward foreign currency contracts | – | 2,354 | – | – |
Derivative UKA contracts | – | 8,729 | – | 8,261 |
Amortised cost: | ||||
Other receivables (Vendor financing facility) (notes 18(f), 24) | – | – | 108,827 | – |
Total current | 69 | 21,580 | 113,326 | 26,679 |
Fair value through profit or loss: | ||||
Quoted equity shares | 6 | – | 6 | – |
Amortised cost: | ||||
Other receivables (Vendor financing facility) (notes 18(f), 24) | 38,453 | – | 36,276 | – |
Total non-current | 38,459 | – | 36,282 | – |
Total other financial assets and liabilities | 38,528 | 21,580 | 149,608 | 26,679 |
Revenue and other | Cost of | |||
operating income | sales | |||
Realised | Unrealised | Realised | Unrealised | |
Year ended 31 December 2024 | $’000 | $’000 | $’000 | $’000 |
Commodity options | (19,899) | 10,617 | – | – |
Commodity swaps | 7,467 | (7,340) | – | – |
Commodity futures | (475) | (187) | – | – |
Foreign exchange contracts | – | – | 2,859 | (2,354) |
UKA contracts | – | – | (7,594) | (469) |
(12,907) | 3,090 | (4,735) | (2,823) |
Revenue and other | Cost of | |||
operating income- | sales | |||
Realised | Unrealised | Realised | Unrealised | |
Year ended 31 December 2023 | $’000 | $’000 | $’000 | $’000 |
Commodity options | (21,463) | 19,148 | – | – |
Commodity swaps | 12,474 | 9,315 | – | – |
Commodity futures | (2,275) | – | – | – |
Foreign exchange contracts | – | – | 5,695 | – |
UKA contracts | – | – | (2,856) | (3,832) |
(11,264) | 28,463 | 2,839 | (3,832) |
Other | |||
receivables | Equity shares | Total | |
$’000 | $’000 | $’000 | |
At 1 January 2023 | – | 6 | 6 |
Additions (i) | 145,103 | – | 145,103 |
At 31 December 2023 | 145,103 | 6 | 145,109 |
Interest | 3,263 | – | 3,263 |
Repayments | (107,518) | – | (107,518) |
Foreign exchange | (2,395) | – | (2,395) |
At 31 December 2024 | 38,453 | 6 | 38,459 |
Current | – | ||
Non-current | 38,459 | ||
38,459 |
Capital | ||||||
Ordinary shares of | Share | Share | Treasury | redemption | ||
£0.05 each | capital | premium | shares | reserve | Total | |
Authorised, issued and fully paid | Number | $’000 | $’000 | $’000 | $’000 | $’000 |
At 1 January 2024 | 1,912,304,113 | 133,285 | 260,546 | – | – | 393,831 |
Issue of new shares to EBT | 3,620,226 | 229 | – | – | – | 229 |
Repurchase and cancellation of shares | (30,894,836) | (2,006) | – | (4,425) | 2,006 | (4,425) |
At 31 December 2024 | 1,885,029,503 | 131,508 | 260,546 | (4,425) | 2,006 | 389,635 |
2024 | 2023 | |
$’000 | $’000 | |
Performance Share Plan | 511 | 2,120 |
Other performance share plans | 64 | 231 |
Sharesave Plan | 408 | 969 |
983 | 3,320 |
2024 | 2023 | |
Share plans | Number | Number |
Outstanding at 1 January | 87,367,455 | 102,271,264 |
Granted during the year | 35,353,664 | 33,940,859 |
Exercised during the year | (7,291,023) | (19,459,260) |
Forfeited during the year | (26,812,413) | (29,385,408) |
Outstanding at 31 December | 88,617,683 | 87,367,455 |
Exercisable at 31 December | 9,138,271 | 17,944,371 |
2024 | 2023 | |||
Weighted | Weighted | |||
average | average | |||
exercise price | exercise price | |||
Sharesave options | Number | $ | Number | $ |
Outstanding at 1 January | 18,658,144 | 0.16 | 33,308,249 | 0.14 |
Granted during the year | – | – | 10,268,853 | 0.14 |
Exercised during the year | (5,478,693) | 0.13 | (19,977,354) | 0.13 |
Forfeited during the year | (3,223,434) | 0.15 | (4,941,604) | 0.17 |
Outstanding at 31 December | 9,956,017 | 0.15 | 18,658,144 | 0.16 |
Exercisable at 31 December | 323,886 | 0.24 | 6,553,159 | 0.13 |
Magnus | |||
decommissioning- | |||
Magnus 75% | linked liability | Total | |
$’000 | $’000 | $’000 | |
At 31 December 2023 | 488,007 | 19,789 | 507,796 |
Unwinding of discount (see note 4(d)) | 55,144 | 2,301 | 57,445 |
Other changes in fair value (see note 4(d)) | (43,353) | 1,812 | (41,541) |
Utilisation | (48,465) | (1,941) | (50,406) |
At 31 December 2024 | 451,333 | 21,961 | 473,294 |
Classified as: | |||
Current | 18,905 | 1,498 | 20,403 |
Non-current | 432,428 | 20,463 | 452,891 |
451,333 | 21,961 | 473,294 |
Thistle | ||||
Decommissioning | decommissioning | Other | ||
provision | provision | provisions | Total | |
$’000 | $’000 | $’000 | $’000 | |
At 31 December 2023 | 755,762 | 25,355 | 14,180 | 795,297 |
Additions during the year (i) | 2,893 | – | 835 | 3,728 |
Changes in estimates (i) | 3,032 | 412 | – | 3,444 |
Unwinding of discount | 30,290 | 911 | – | 31,201 |
Utilisation | (50,412) | (8,319) | (9,063) | (67,794) |
Foreign exchange | – | (11) | 241 | 230 |
At 31 December 2024 | 741,565 | 18,348 | 6,193 | 766,106 |
Classified as: | ||||
Current | 42,030 | 7,700 | 5,400 | 55,130 |
Non-current | 699,535 | 10,648 | 793 | 710,976 |
741,565 | 18,348 | 6,193 | 766,106 |
Right-of-use | Lease | |
assets | liabilities | |
$’000 | $’000 | |
As at 31 December 2022 | 429,378 | 482,066 |
Additions in the period | 28,378 | 28,378 |
Depreciation expense | (55,979) | – |
Impairment reversal | 6,077 | – |
Disposal | (122) | – |
Interest expense | – | 43,801 |
Payments | – | (135,675) |
Foreign exchange movements | – | 3,604 |
As at 31 December 2023 | 407,732 | 422,174 |
Additions in the period (see note 9) | 16,453 | 16,453 |
Depreciation expense (see note 9) | (54,735) | – |
Impairment reversal (see note 9) | 4,014 | – |
Interest expense | – | 27,673 |
Payments | – | (130,065) |
Foreign exchange movements | – | (979) |
As at 31 December 2024 | 373,464 | 335,256 |
Current | 46,994 | |
Non-current | 288,262 | |
335,256 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Depreciation expense of right-of-use assets | 54,735 | 55,979 |
Impairment reversal of right-of-use assets | (4,014) | (6,077) |
Interest expense on lease liabilities | 27,673 | 43,801 |
Rent expense – short-term leases | 13,860 | 5,153 |
Rent expense – leases of low-value assets | 33 | 113 |
Total amounts recognised in profit or loss | 92,287 | 98,969 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Total cash outflow for leases | 130,065 | 135,675 |
2024 | 2023 | |
$’000 | $’000 | |
Less than one year | 2,029 | 2,682 |
One to two years | 858 | 2,011 |
Two to three years | 860 | 872 |
Three to four years | 875 | 873 |
Four to five years | 882 | 889 |
More than five years | 1,856 | 2,790 |
Total undiscounted lease payments | 7,360 | 10,117 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
$’000 | $’000 | |
Deferred income | 138,095 | 138,416 |
2024 | 2023 | |
$’000 | $’000 | |
Short-term employee benefits | 5,138 | 5,360 |
Share-based payments | 124 | 144 |
Post-employment pension benefits | 226 | 241 |
Termination payments | 947 | 367 |
6,435 | 6,112 |
Pre-tax profit | ||
+$10/bbl | -$10/bbl | |
increase | decrease | |
$’000 | $’000 | |
31 December 2024 | (47,600) | 47,200 |
31 December 2023 | (4,000) | 7,400 |
GBP | MYR | Other | Total | |
Year ended 31 December 2024 | $’000 | $’000 | $’000 | $’000 |
Total financial assets | 219,758 | 22,570 | 3,024 | 245,352 |
Total financial liabilities | 455,128 | 21,731 | 3,801 | 480,661 |
GBP | MYR | Other | Total | |
Year ended 31 December 2023 | $’000 | $’000 | $’000 | $’000 |
Total financial assets | 241,844 | 42,233 | 954 | 285,031 |
Total financial liabilities | 479,819 | 9,801 | 1,295 | 490,915 |
Pre-tax profit | ||
10% rate | 10% rate | |
increase | decrease | |
$’000 | $’000 | |
31 December 2024 | (19,956) | 19,956 |
31 December 2023 | (20,398) | 20,398 |
2024 | 2023 | |
Ageing of past due but not impaired receivables | $’000 | $’000 |
Less than 30 days | – | – |
30–60 days | – | – |
60–90 days | – | – |
90–120 days | – | – |
120+ days | – | – |
– | – |
On demand | Up to 1 year | 1 to 2 years | 2 to 5 years | Over 5 years | Total | |
Year ended 31 December 2024 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Loans | – | 34,168 | – | – | – | 34,168 |
Bonds | – | 69,095 | 69,095 | 701,197 | – | 839,387 |
Contingent consideration | – | 20,675 | 64,877 | 265,854 | 425,027 | 776,433 |
Obligations under lease liabilities | – | 66,092 | 71,600 | 222,093 | 31,696 | 391,481 |
Trade and other payables | – | 414,390 | – | – | – | 414,390 |
– | 604,420 | 205,572 | 1,189,144 | 456,723 | 2,455,859 | |
On demand | Up to 1 year | 1 to 2 years | 2 to 5 years | Over 5 years | Total | |
Year ended 31 December 2023 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Loans | – | 64,518 | 131,081 | 221,311 | – | 416,910 |
Bonds | – | 50,749 | 50,749 | 576,415 | – | 677,913 |
Contingent consideration | – | 46,555 | 95,335 | 289,823 | 393,187 | 824,900 |
Obligations under lease liabilities | – | 160,341 | 70,062 | 229,310 | 36,322 | 496,035 |
Trade and other payables | – | 347,408 | 13,167 | 19,750 | – | 380,325 |
– | 669,571 | 360,394 | 1,336,609 | 429,509 | 2,796,083 |
Less than 3 | 3 to 12 | |||||
On demand | months | months | 1 to 2 years | Over 2 years | Total | |
Year ended 31 December 2024 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Commodity derivative contracts | – | 546 | 8,908 | 999 | – | 10,453 |
Foreign exchange derivative contracts | – | 1,105 | 1,249 | – | – | 2,354 |
Other derivative contracts | – | 23,902 | 3,802 | 1,928 | – | 29,632 |
– | 25,553 | 13,959 | 2,927 | – | 42,439 | |
Less than 3 | 3 to 12 | |||||
On demand | months | Months | 1 to 2 years | Over 2 years | Total | |
Year ended 31 December 2023 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Commodity derivative contracts | 414 | 3,111 | 17,264 | 1,000 | – | 21,789 |
Other derivative contracts | – | 8,261 | – | – | – | 8,261 |
414 | 11,372 | 17,264 | 1,000 | – | 30,050 |
2024 | 2023 | |
$’000 | $’000 | |
Loans, borrowings and bond (i) (A) (see note 17) | 666,073 | 794,453 |
Cash and cash equivalents (see note 13) | (280,239) | (313,572) |
EnQuest net debt (B) (ii) | 385,834 | 480,881 |
Equity attributable to EnQuest PLC shareholders (C) | 542,466 | 456,728 |
Profit/(loss) for the year attributable to EnQuest PLC shareholders (D) | 93,773 | (30,833) |
Adjusted EBITDA (F) (ii) | 672,585 | 824,666 |
Gross gearing ratio (A/C) | 1.2 | 1.7 |
Net gearing ratio (B/C) | 0.7 | 1.1 |
EnQuest net debt/adjusted EBITDA (B/F) (ii) | 0.6 | 0.6 |
Shareholders’ return on investment (D/C) | 17.3% | N/A |
Proportion of | |||
nominal value of | |||
issued Ordinary | |||
shares | |||
Country of | controlled by the | ||
Name of company | Principal activity | incorporation | Group |
EnQuest Britain Limited | Intermediate holding company and provision of Group | England | 100% |
manpower and contracting/procurement services | |||
EnQuest Heather Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Thistle Limited (i) 4 | Exploration, extraction and production of hydrocarbons | England | 100% |
Stratic UK (Holdings) Limited (i) 4 | Intermediate holding company | England | 100% |
EnQuest ENS Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest UKCS Limited (i) 4 | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Heather Leasing Limited (i) | Leasing | England | 100% |
EQ Petroleum Sabah Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Dons Leasing Limited (i) | Leasing | England | 100% |
EnQuest Energy Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Production Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Global Limited | Intermediate holding company | England | 100% |
EnQuest NWO Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EQ Petroleum Production Malaysia Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
NSIP (GKA) Limited 1 | Dormant | Scotland | 100% |
EnQuest Global Services Limited (i) 2 | Provision of Group manpower and contracting/procurement | Jersey | 100% |
services for the international business | |||
EnQuest Marketing and Trading Limited | Marketing and trading of crude oil | England | 100% |
NorthWestOctober Limited (i) 4 | Dormant | England | 100% |
EnQuest UK Limited (i) 4 | Dormant | England | 100% |
EnQuest Petroleum Developments | Exploration, extraction and production of hydrocarbons | Malaysia | 100% |
Malaysia SDN. BHD (i) 3 | |||
EnQuest NNS Holdings Limited (i) 4 | Intermediate holding company | England | 100% |
EnQuest NNS Limited (i) 4 | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Advance Holdings Limited (i) | Intermediate holding company | England | 100% |
EnQuest Advance Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Forward Holdings Limited (i) 4 | Intermediate holding company | England | 100% |
EnQuest Forward Limited (i) 4 | Exploration, extraction and production of hydrocarbons | England | 100% |
EnQuest Progress Limited (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
North Sea (Golden Eagle) Resources Ltd (i) | Exploration, extraction and production of hydrocarbons | England | 100% |
Veri Energy (CCS) Limited (i) | Assessment and development of new energy | England | 100% |
and decarbonisation opportunities | |||
Veri Energy (Hydrogen) Limited (i) | Assessment and development of new energy | England | 100% |
and decarbonisation opportunities | |||
Veri Energy Holdings Limited | Intermediate holding company | England | 100% |
Veri Energy Limited (i) | Assessment and development of new energy | England | 100% |
and decarbonisation opportunities |
Year ended | Year ended | ||
31 December | 31 December | ||
2024 | 2023 | ||
Notes | $’000 | $’000 | |
Profit/(loss) before tax | 166,614 | 231,779 | |
Depreciation | 4(c) | 6,040 | 6,109 |
Depletion | 4(b) | 263,252 | 292,199 |
Exploration and appraisal expense | 183 | 5,640 | |
Net impairment charge to oil and gas assets | 9 | 71,414 | 117,396 |
Net (write back)/disposal of inventory | (5,539) | (622) | |
Share-based payment charge | 4(e) | 983 | 3,320 |
Change in Magnus related contingent consideration | 21 | 15,904 | (10,811) |
Change in provisions | 22 | 39,116 | 59,970 |
Other non-cash income | 4(d) | – | (4,058) |
Change in Golden Eagle related contingent consideration | 21 | – | 1,663 |
Unrealised (gain)/loss on commodity financial instruments | 4(a) | (3,090) | (28,463) |
Unrealised loss/(gain) on other financial instruments | 4(b) | 2,823 | 3,832 |
Unrealised exchange (gain)/loss | (8,714) | 12,401 | |
Net finance expense | 113,711 | 140,213 | |
Operating cash flow before working capital changes | 662,697 | 830,568 | |
(Increase)/decrease in trade and other receivables | (4,561) | 51,724 | |
(Increase)/decrease in inventories | (5,786) | (9,518) | |
Increase/(decrease) in trade and other payables | 33,596 | (18,028) | |
Cash generated from operations | 685,946 | 854,746 |
Loans and | Lease | |||
borrowings | Bonds | liabilities | Total | |
$’000 | $’000 | $’000 | $’000 | |
At 1 January 2023 | (413,528) | (597,283) | (482,066) (1,492,877) | |
Cash movements: | ||||
Repayments of loans and borrowings | 289,684 | 138,052 | – | 427,736 |
Proceeds from loans and borrowings | (190,657) | – | – | (190,657) |
Payment of lease liabilities | – | – | 135,675 | 135,675 |
Cash interest paid in year | 36,285 | 62,130 | – | 98,415 |
Non-cash movements: | ||||
Additions | – | – | (28,377) | (28,377) |
Interest/finance charge payable | (30,708) | (58,999) | (43,801) | (133,508) |
Fee amortisation | (1,476) | (3,091) | – | (4,567) |
Foreign exchange and other non-cash movements | (810) | (11,828) | (3,605) | (16,243) |
At 31 December 2023 | (311,210) | (471,019) | (422,174) (1,204,403) | |
Cash movements: | ||||
Repayments of loans and borrowings (i) | 312,304 | – | – | 312,304 |
Proceeds from loans and borrowings (ii) | (26,928) | (160,000) | – | (186,928) |
Payment of lease liabilities | – | – | 130,065 | 130,065 |
Cash interest paid in year (iii) | 18,524 | 52,494 | – | 71,018 |
Non-cash movements: | ||||
Additions | – | 3,362 | (16,453) | (13,091) |
Interest/finance charge payable | (18,524) | (54,971) | (27,673) | (101,168) |
Fee amortisation | (5,036) | (3,493) | – | (8,529) |
Foreign exchange and other non-cash movements | (3,102) | 2,742 | 980 | 620 |
At 31 December 2024 | (33,972) | (630,885) | (335,255) | (1,000,112) |
Loans | Bonds | Lease liabilities | ||
(see note 17) | (see note 17) | (see note 23) | Total | |
$’000 | $’000 | $’000 | $’000 | |
Principal | (319,784) | (474,669) | (422,174) | (1,216,627) |
Unamortised fees | 8,553 | 10,724 | – | 19,277 |
Accrued interest | 21 | (7,074) | – | (7,053) |
At 31 December 2023 | (311,210) | (471,019) | (422,174) (1,204,403) | |
Principal | (33,972) | (632,101) | (335,255) (1,001,328) | |
Unamortised fees | – | 10,661 | – | 10,661 |
Accrued interest | – | (9,445) | – | (9,445) |
At 31 December 2024 | (33,972) | (630,885) | (335,255) | (1,000,112) |
2024 | 2023 | ||
Notes | $’000 | $’000 | |
Fixed assets | |||
Investments | 3 | 372,243 | 299,770 |
Current assets | |||
Trade and other debtors | |||
– due within one year | 4 | 811,983 | 661,631 |
– due after one year | 4 | 38,453 | 36,276 |
Cash at bank and in hand | 265 | 178 | |
850,701 | 698,085 | ||
Trade and other creditors: amounts falling due within one year | 6 | (3,328) | (152,634) |
Net current assets | 847,373 | 545,451 | |
Total assets less current liabilities | 1,219,616 | 845,221 | |
Trade and other creditors: amounts falling due after one year | 7 | (630,885) | (463,946) |
Net assets | 588,731 | 381,275 | |
Share capital and reserves | |||
Share capital and premium | 8 | 392,054 | 393,831 |
Treasury shares | (4,425) | - | |
Other reserve | 40,143 | 40,143 | |
Share-based payment reserve | 13,949 | 13,195 | |
Capital redemption reserve | 2,006 | - | |
Profit and loss account | 145,004 | (65,894) | |
Shareholders’ funds | 588,731 | 381,275 |
Share | ||||||||
capital and | Share-based | Capital | ||||||
share | Treasury | Other | payments | redemption | Profit and | |||
premium | shares | reserve | reserve | reserve | loss account | Total | ||
Notes | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
At 31 December 2022 | 392,196 | – | 40,143 | 11,510 | – | 27,513 | 471,362 | |
Profit/(loss) for the year | – | – | – | – | – | (93,407) | (93,407) | |
Total comprehensive expense for the | ||||||||
year | – | – | – | – | – | (93,407) | (93,407) | |
Issue of shares to Employee Benefit Trust | 1,635 | – | – | (1,635) | – | – | – | |
Share-based payment charge | – | – | – | 3,320 | – | – | 3,320 | |
At 31 December 2023 | 393,831 | – | 40,143 | 13,195 | – | (65,894) | 381,275 | |
Profit/(loss) for the year | – | – | – | – | – | 215,491 | 215,491 | |
Total comprehensive income for the year | – | – | – | – | – | 215,491 | 215,491 | |
Issue of shares to Employee Benefit Trust | 8 | 229 | – | – | (229) | - | – | – |
Repurchase and cancellation of shares | 8 | (2,006) | (4,425) | – | – | 2,006 | (4,593) | (9,018) |
Share-based payment charge | – | – | – | 983 | – | – | 983 | |
At 31 December 2024 | 392,054 | (4,425) | 40,143 | 13,949 | 2,006 | 145,004 | 588,731 |