NON-CURRENT LIABILITIES Total current and non-current loan and borrowings increased to US$142.08 million as at 31 December 2024 (31 December 2023: US$101.11 million) due to funds raised through the tap mechanism of a subsidiary’s existing senior secured bonds. Total current and non-current decommissioning provisions decreased to US$210.41 million as at 31 December 2024 (31 December 2023: US$215.66 million), mainly due to derecognition of decommissioning provisions in relation to the Brage Field of US$22.33 million, foreign currency translation loss on consolidation of US$20.64 million as a result of the weakening of the Norwegian Krone against the United States dollar, net against an increase due to the acquisition of an additional 15 per cent interest in the Yme Field of US$37.29 million. Deferred tax liabilities decreased to US$49.59 million as at 31 December 2024 (31 December 2023: US$84.70 million) mainly due to deferred tax assets recognised in relation to the acquisition of an additional 15 per cent interest in the Yme Field and foreign currency translation loss on consolidation as a result of the weakening of the Norwegian Krone against the United States dollar. CURRENT LIABILITIES Trade and other payables increased to US$55.44 million as at 31 December 2024 (31 December 2023: US$52.48 million) primarily due to accrual of the Oman Government’s share of December 2024 oil sales, net against payment of outstanding trade payables relating to the drilling operations. Contract liabilities decreased to US$30.34 million as at 31 December 2024 (31 December 2023: US$39.41 million) due to a decrease in advances from a customer, as a result of delivery of crude oil as at 31 December 2024. Income tax payable of US$18.66 million as at 31 December 2024 relates to tax payable arising from the acquisition of an additional 15 per cent interest in the Yme Field of US$21.89 million, net against overpayment of income tax to the Norwegian tax authorities. No income tax payable was recognised as at 31 December 2023. CASH FLOWS As at 31 December 2024, the Group’s cash and cash equivalents and quoted investments totalled US$130.17 million (31 December 2023: US$114.04 million); with cash and cash equivalents at US$117.20 million (31 December 2023: US$95.44 million); and quoted investments at US$12.98 million (31 December 2023: US$18.60 million). The Group reported net cash generated from operating activities of US$84.50 million in FY2024, after accounting for movements in working capital. This was primarily due to the sale of crude oil and gas in Norway and the sale of crude oil in Oman. The net cash generated from operating activities was partially offset by production and operating expenses used in production activities in Oman, as well as administrative and other operational expenses incurred in relation to the Group’s business. Net cash used in investing activities of US$85.00 million in FY2024 was mainly attributable to 1) additions to O&G properties of US$95.89 million; 2) exploration and evaluation expenditure of US$17.03 million; 3) disposal of a subsidiary, net of cash disposed of US$0.78 million. The net cash used in investing activities was partially offset by 1) the acquisition of oil and gas licences, net of cash acquired for the additional 15 per cent in the Yme Field of US$17.73 million; 2) proceeds from the disposal of quoted investments of US$6.15 million; 3) interest received of US$4.58 million and 4) proceeds from disposal of jointly controlled entity of US$1.10 million. Net cash from financing activities of US$26.62 million in FY2024 was mainly due to 1) proceeds from issuance of senior secured bonds by a subsidiary of US$149.75 million during 2024; and 2) capital contributions from noncontrolling interests in a subsidiary of US$0.62 million. The net cash from financing activities was partially offset by 1) interest paid of US$17.83 million, in relation to secured bonds issued by subsidiaries; 2) payment for transaction costs related to loans and borrowings of US$3.75 million; 3) redemption of senior secured bonds by a subsidiary of US$97.41 million; and 4) repayment of bank overdraft of US$4.00 million. As a result of the aforementioned, the Group recorded an overall net increase in cash and cash equivalents of US$26.11 million in FY2024, as compared to an overall decrease of US$21.18 million in FY2023. Annual Report 2024 5 6
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