198 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 4 OIL AND GAS PROPERTIES (CONTINUED) Financial year ended 31 December 2025 (continued) Acquisition of interests in Schwarzbach and Lauben fields (continued) (a) Consideration The total cash consideration paid was US$1,967,000, and was included in cash flows from investing activities. (b) Fair value of identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the date of the acquisition. 2025 Note US$’000 Oil and gas properties 4 1,967 Restricted bank deposits 1,872 Decommissioning provisions 19 (1,872) Total net identifiable assets 1,967 Financial year ended 31 December 2024 Acquisition of additional 15% interest in producing Yme Field On 23 September 2024, Lime Petroleum AS (“LPA”), a subsidiary of the Group, entered into an agreement with OKEA AS (“OKEA”) to acquire OKEA’s 15% interest in the producing Yme Field on the Norwegian North Sea. The agreed purchase price was NOK 172,900,000 (equivalent to US$15.7 million), with an effective date of 1 January 2024. As a result of positive cash flow from the asset in the interim period between the effective date and the completion date on 29 November 2024, LPA received an amount of NOK 200,539,000 (equivalent to US$18.13 million) net of the agreed purchase price (the “Acquisition”). In addition, LPA will pay OKEA a deposit amount of US$9.2 million in 2027 as a security for OKEA’s secondary responsibility for abandonment of the field. The amount will be repaid to LPA in four 25% tranches upon operator confirmed completion of four pre-defined stages of abandonment of the field, operated by Repsol Norge AS. The Yme Field is located in PL 316 and PL 316B on the Norwegian Continental Shelf. According to the Norwegian Petroleum Directorate (now renamed Norwegian Offshore Directorate), Yme is a field in the south-eastern part of the Norwegian sector of the North Sea, 130 kilometres northeast of the Ula field. With this Acquisition, LPA increased its share in the Yme Field from 10% to 25%. The transaction was determined to constitute a business combination and was accounted for using the acquisition method of accounting as required by SFRS(I) 3 Business Combinations. The purchase price allocation (“PPA”) was finalised in 2025, and there were no adjustments to the provisional amounts upon finalisation of the PPA.
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