174 Annual Report 2025 Group Note 2025 2024 US$’000 US$’000 Cash flows from operating activities Loss after tax (152,700) (50,204) Adjustments for: Impairment loss on exploration and evaluation assets 3, 24 10,893 378 Impairment loss on oil and gas properties 4, 24 88,679 41,421 Bargain purchase on acquisition of additional interest in oil and gas licences 4, 26 – (2,130) Depletion of oil and gas properties 4, 26 107,283 97,931 Impairment of goodwill 5, 24 – 7,764 Amortisation of intangible assets 5, 26 1,601 1,598 Depreciation of property, plant and equipment 6, 26 6,633 1,050 Gain on disposal of jointly controlled entity 26, 30(ii) – (1,095) Net gain on disposal of subsidiaries 26 – (88) Gain on derecognition of lease – (36) Net finance expense 22,973 19,040 Share of loss of equity-accounted investees, net of tax – 1,572 Change in fair value of derivative financial instruments 26 324 333 Change in fair value of quoted investments 26 (207) (328) Gain on disposal of quoted investments 26 (109) (195) Operating cash flows before movements in working capital 85,370 117,011 Changes in: - Inventories 2,191 1,730 - Trade and other receivables, and contract assets 21,014 (17,404) - Trade and other payables, and contract liabilities 30,238 (17,527) - Provisions 8,661 – - Income taxes 891 30,701 - Restricted bank deposits 2,560 (208) Cash generated from operations 150,925 114,303 Tax paid (20,555) (29,804) Net cash from operating activities 130,370 84,499 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2025
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