Q4
International Petroleum Corporation
Audited Consolidated Financial
Statements
For the years ended December 31, 2024 and 2023
2
Contents
Report of Management 3
Report of Independent Auditor 4
Consolidated Statement of Operations 9
Consolidated Statement of Comprehensive Income/(Loss) 10
Consolidated Balance Sheet 11
Consolidated Statement of Cash Flow 12
Consolidated Statement of Changes in Equity 13
Notes to the Consolidated Financial Statements 14
Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
3
Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
REPORT OF MANAGEMENT
The accompanying consolidated financial statements of International Petroleum Corporation (“IPC” or the “Corporation” and,
together with its subsidiaries, the “Group”) and other information contained in the management’s discussion and analysis are the
responsibility of management and have been approved by the Board of Directors. The consolidated financial statements have been
prepared by management in accordance with IFRS Accounting Standards as issued by the International Accounting Standards
Board (“IFRS Accounting Standards”) as outlined in Part 1 of the Handbook of the Chartered Professional Accountants of Canada,
and include some amounts that are based on management’s estimates and judgment.
The Board of Directors carries out its responsibility for the consolidated financial statements principally through its Audit
Committee, which is comprised solely of independent directors. The Audit Committee reviews the Group’s annual consolidated
financial statements and recommends its approval to the Board of Directors. The Corporation’s auditors have full access to the
Audit Committee, with and without management being present. These consolidated financial statements have been audited by
PricewaterhouseCoopers LLP, Chartered Professional Accountants, in accordance with Canadian generally accepted auditing
standards on behalf of the shareholders.
(Signed) William Lundin (Signed) Christophe Nerguararian
Director, President and Chief Executive Officer Chief Financial Officer
Vancouver, Canada
February 11, 2025
4
PricewaterhouseCoopers LLP
Suncor Energy Centre, 111 5th Avenue South West, Suite 3100, Calgary, Alberta, Canada T2P 5L3
T.: +1 403 509 7500, F.: +1 403 781 1825, Fax to mail: ca_calgary_main_fax@pwc.com
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
Independent auditor’s report
To the Shareholders of International Petroleum Corporation
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the financial position of International Petroleum Corporation and its subsidiaries (together, the
Corporation) as at December 31, 2024 and its financial performance and its cash flows for the year then
ended in accordance with IFRS Accounting Standards as issued by the International Accounting
Standards Board (IFRS Accounting Standards).
What we have audited
The Corporation’s consolidated financial statements comprise:
the consolidated statement of operations for the year ended December 31, 2024;
the consolidated statement of comprehensive income/(loss) for the year then ended;
the consolidated balance sheet as at December 31, 2024;
the consolidated statement of cash flow for the year then ended;
the consolidated statement of changes in equity for the year then ended; and
the notes to the consolidated financial statements, which include material accounting policies and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Corporation in accordance with the ethical requirements that are relevant to
our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical
responsibilities in accordance with these requirements.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
The impact of oil and gas reserves on oil and
gas properties within net property, plant and
equipment (PP&E) for the Canada and
Malaysia segments
Refer to note 1 – Corporate information and
material accounting policies, note 2 – Critical
accounting estimates and judgments, and note 9
– Property, plant and equipment to the
consolidated financial statements.
The Canada and Malaysia segments had
$1,316.6 million and $69.4 million of oil and gas
properties within PP&E, as at December 31,
2024, and depletion charges were $88.6 million
and $27.5 million, respectively, for the year then
ended. Oil and gas properties are depleted based
on the year’s production in relation to the
estimated total proved and probable oil and gas
reserves in accordance with the unit of production
method. Significant assumptions developed by
management used to determine the proved and
probable oil and gas reserves include expected
production volumes, future oil and gas prices,
future development costs and future production
costs.
I
ndependent qualified reserves auditors
(management’s experts) review these estimates.
We considered this a key audit matter due to i)
the judgments by management, including the use
of management’s experts, when estimating the
proved and probable oil and gas reserves and ii)
a high degree of auditor judgment, subjectivity
and effort in performing procedures relating to the
significant assumptions.
Our approach to addressing the matter included the
following procedures, among others:
Tested how management determined the total
proved and probable oil and gas reserves for
certain properties in the Canada and Malaysia
segments, which included the following:
The work of management’s experts was used
in performing the procedures to evaluate the
reasonableness of the proved and probable
oil and gas reserves used to determine the
depletion charges. As a basis for using this
work, the competence, capabilities, and
objectivity of management’s experts were
evaluated, the work performed was
understood and the appropriateness of the
work as audit evidence was evaluated. The
procedures performed also included
evaluation of the methods and assumptions
used by management’s experts, tests of data
used by management’s experts and an
evaluation of their findings.
Evaluated the reasonableness of significant
assumptions used, including expected
production volumes, future development
costs and future production costs by
considering current and past performance of
the Corporation and whether these
assumptions were consistent with evidence
obtained in other areas of the audit, as
applicable.
Evaluated the reasonableness of future oil
and gas prices by comparing them with third
party industry forecasts.
6
Recalculated depletion charges for the Canada
and Malaysia segments.
Comparative information
The consolidated financial statements of the Corporation for the year ended December 31, 2023 were
audited by another auditor who expressed an unmodified opinion on those consolidated financial
statements on February 6, 2024.
Other information
Management is responsible for the other information. The other information comprises the Management’s
Discussion and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
Corporation’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Corporation or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Corporation’s financial reporting
process.
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Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Corporation’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Corporation’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Corporation to
cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Corporation as a basis for forming an opinion on
the consolidated financial statements. We are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit. We remain solely responsible for our audit
opinion.
8
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Kory Wickenhauser.
Chartered Professional Accountants
Calgary, Alberta
February 11, 2025
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Consolidated Statement of Operations
For the years ended December 31, 2024 and 2023, AUDITED
USD Thousands Note 2024 2023
Revenue
3
797,783 853,906
Cost of sales
Production costs
4
(448,218) (491,303)
Depletion and decommissioning costs
3,9
(128,392) (101,922)
Depreciation of other tangible fixed assets
3,9
(8,933) (7,812)
Exploration and business development costs
3
(2,069) (2,355)
Gross profit
3
210,171 250,514
Other income / (expense)
9
1,137 19,018
General, administration and depreciation expenses
(16,055) (18,455)
Profit before financial items
195,253 251,077
Finance income
5
17,721 21,774
Finance costs
6
(77,430) (44,510)
Net financial items
(59,709) (22,736)
Profit before tax
135,544 228,341
Income tax expense
7
(33,325) (55,362)
Net result
102,219 172,979
Net result attributable to:
Shareholders of the Parent Company 102,202 172,951
Non-controlling interest
17 28
102,219 172,979
Earnings per share – USD
1
16
0.82 1.31
Earnings per share fully diluted – USD
1
16
0.81 1.28
1
Based on net result attributable to shareholders of the Parent Company
See accompanying notes to the consolidated financial statements
10
Consolidated Statement of Comprehensive Income/(Loss)
For the years ended December 31, 2024 and 2023, AUDITED
USD Thousands Note 2024 2023
Net result 102,219 172,979
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss:
Gain/(loss) on cash flow hedges (35,498) 48,786
Reclassification of hedging (gains)/losses to profit or
loss
3, 22
(22,370) (18,928)
Income tax relating to these items 13,753 (7,051)
Currency translation adjustments (73,931) 20,994
Items that will not be reclassified to profit or loss:
Re-measurements on defined pension plan
20
(3,491) (679)
Total comprehensive income/(loss)
(19,318) 216,101
Total comprehensive income/(loss) attributable to:
Shareholders of the Parent Company (19,329) 216,076
Non-controlling interest
11 25
(19,318) 216,101
See accompanying notes to the consolidated financial statements
11
Consolidated Balance Sheet
As at December 31, 2024 and 2023, AUDITED
USD Thousands Note December 31, 2024 December 31, 2023
ASSETS
Non-current assets
Exploration and evaluation assets
8
480
–
Property, Plant and Equipment
9
1,500,912 1,303,860
Right-of-use assets
10
3,103 2,814
Deferred tax assets
7
1,673 1,827
Derivative instruments
22, 23 –
7,049
Other non-current assets
11
48,665 56,838
Total non-current assets
1,554,833 1,372,388
Current assets
Inventories
12
20,073 21,808
Trade and other receivables
13
127,450 113,497
Derivative instruments
22, 23
3,219 35,504
Current tax receivables 1,514 2,714
Cash and cash equivalents
14
246,593 517,074
Total current assets
398,849 690,597
TOTAL ASSETS 1,953,682 2,062,985
LIABILITIES
Non-current liabilities
Financial liabilities
18, 22
1,719 5,442
Bonds
18, 22
439,862 435,041
Lease liabilities
10
2,728 2,087
Provisions
19
268,509 250,657
Deferred tax liabilities
7
92,754 86,348
Derivative instruments
22,23
562 263
Total non-current liabilities
806,134 779,838
Current liabilities
Trade and other payables
21
176,371 188,871
Financial liabilities
18,22
3,402 3,589
Derivative instruments
22, 23
19,869 1,267
Current tax liabilities 1,146 255
Lease liabilities
10
573 809
Provisions
19
6,717 8,097
Total current liabilities
208,078 202,888
EQUITY
Shareholders’ equity 939,315 1,080,074
Non-controlling interest
155 185
Net shareholders’ equity
939,470 1,080,259
TOTAL EQUITY AND LIABILITIES
1,953,682 2,062,985
Approved by the Board of Directors
(Signed) C. Ashley Heppenstall (Signed) William Lundin
Director Director
See accompanying notes to the consolidated financial statements
12
Consolidated Statement of Cash Flow
For the years ended December 31, 2024 and 2023, AUDITED
USD Thousands Note
2024 2023
Cash flow from operating activities
Net result 102,219 172,979
Depletion, depreciation and amortization
3, 9,10
138,566 111,303
Write-off of exploration costs
8
1,419 –
Gain on sale of assets
9
(400) (19,018)
Income tax
7
33,325 55,362
Amortization of capitalized financing fees
6
2,057 1,605
Foreign currency exchange loss/(gain)
6
23,427 1,911
Interest income
5
(17,721) (21,774)
Interest expense
6
35,905 25,635
Unwinding of asset retirement obligation discount
6
14,568 13,408
Change in pension liability
20
682 446
Share-based costs
17
8,539 11,690
Changes in working capital (47,092) 36,058
Decommissioning costs paid
19
(7,711) (8,118)
Other payments
19
(1,997) (2,370)
Net income taxes paid (6,362) (34,868)
Interest received 18,619 20,884
Interest paid (32,821) (21,977)
Other
865 2,998
Net cash flow from operating activities
266,087 346,154
Cash flow used in investing activities
Investment in oil and gas properties
9
(432,794) (312,690)
Investment in exploration and evaluation assets
8
(1,919) (39)
Disposal of assets
9
221 20,191
Acquisitions net of cash acquired
9
– (59,419)
Investment in other tangible fixed assets
(363) (510)
Net cash (outflow) from investing activities
(434,855) (352,467)
Cash flow from financing activities
Repayments
18
(3,910) (3,111)
Net bonds issuance proceeds
18
– 137,550
Paid financing fees – (507)
Repurchase of own shares (“NCIB”)
15
(102,188) (95,358)
Other payments (964) (980)
Dividend paid
(41) (31)
Net cash (outflow) from financing activities
(107,103) 37,563
Change in cash and cash equivalents (275,871) 31,250
Cash and cash equivalents at the beginning of the
year
517,074 487,240
Currency exchange difference in cash and cash
equivalents
5,390 (1,416)
Cash and cash equivalents at the end of the year
246,593 517,074
See accompanying notes to the consolidated financial statements
13
Consolidated Statement of Changes in Equity
For the years ended December 31, 2024 and 2023, AUDITED
USD Thousands
Share
capital and
premium
Retained
earnings
CTA
IFRS 2
reserve
MTM
reserve
Pension
reserve
Total
Non-
controlling
interest
Total
equity
Balance at January 1, 2024 243,361 795,490 (10,745) 18,838 31,344 1,786 1,080,074 185 1,080,259
Net result – 102,202 – – – – 102,202 17 102,219
Re-measurements on defined
pension plan
– – – – – (3,491) (3,491) – (3,491)
Cash flow hedges – – – – (44,115) – (44,115) – (44,115)
Currency translation difference
– – (70,447) (3,244) (367) 133 (73,925) (6) (73,931)
Total comprehensive income
– 102,202 (70,447) (3,244) (44,482) (3,358) (19,329) 11 (19,318)
Repurchase of own shares
(NCIB)
1
(102,188) – – – – – (102,188) – (102,188)
Dividend distribution – – – – – – – (41) (41)
Share based costs – – – 8,629 – – 8,629 – 8,629
Share based payments
2
– (21,740) – (6,131) – – (27,871) – (27,871)
Balance at December 31, 2024
141,173 875,952 (81,192) 18,092 (13,138) (1,572) 939,315 155 939,470
1
See Note 15
2
The third instalment of IPC RSP 2021 awards, the second instalment of IPC RSP 2022 awards, the first instalment of IPC RSP 2023 awards and
the IPC PSP 2021 awards vested on February 1, 2024, at a price of CAD 14.90 per award. The difference between the value at vesting date and
at grant (respectively CAD 4.07 per award, CAD 9.09 per award, CAD 14.27 per award and CAD 3.61 per award) was offset against retained
earnings.
USD Thousands
Share
capital and
premium
Retained
earnings
CTA
IFRS 2
reserve
MTM
reserve
Pension
reserve
Total
Non-
controlling
interest
Total
equity
Balance at January 1, 2023 338,719 635,895 (31,292) 11,349 7,958 2,511 965,140 191 965,331
Net result – 172,951 – – – – 172,951 28 172,979
Re-measurements on defined
pension plan
– – – – – (679) (679) – (679)
Acquisitions of Cor4
1
– – – – 881 – 881 – 881
Cash flow hedges – – – – 21,926 – 21,926 – 21,926
Currency translation difference
– – 20,547 (83) 579 (46) 20,997 (3) 20,994
Total comprehensive income
– 172,951 20,547 (83) 23,386 (725) 216,076 25 216,101
Dividend distribution – – – – – – – (31) (31)
Repurchase of own shares
(NCIB)
2
(95,358) – – – – – (95,358) – (95,358)
Share based costs – – – 13,535 – – 13,535 – 13,535
Share based payments
3
– (13,356) – (5,963) – – (19,319) – (19,319)
Balance at December 31, 2023
243,361 795,490 (10,745) 18,838 31,344 1,786 1,080,074 185 1,080,259
1
See Note 9
2
See Note 15
3
The third instalment of IPC RSP 2020 awards, the second instalment of IPC RSP 2021 awards, the first instalment of IPC RSP 2022 awards and
the IPC PSP 2020 awards vested on February 1, 2023, at a price of CAD 14.26 per award. The difference between the value at vesting date
and at grant (respectively CAD 4.35 per award, CAD 4.07 per award, CAD 9.09 per award and CAD 3.65 per award) was offset against retained
earnings.
See accompanying notes to the consolidated financial statements
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Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
1. CORPORATE INFORMATION AND MATERIAL ACCOUNTING POLICIES
A. The Group
International Petroleum Corporation (“IPC” or the “Corporation” and, together with its subsidiaries, the “Group”) is in the business
of exploring for, developing and producing oil and gas. IPC holds a portfolio of oil and gas production assets and development
projects in Canada, Malaysia and France with exposure to growth opportunities.
The Corporation’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm
Exchange in Sweden. The Corporation is incorporated and domiciled in British Columbia, Canada under the Business Corporations
Act. The address of its registered office is Suite 3500, 1133 Melville Street, Vancouver, BC V6E 4E5, Canada and its business
address is Suite 2800, 1055 Dunsmuir Street, Vancouver, BC V7X 1L2, Canada.
On March 3, 2023, IPC completed the acquisition (the “Cor4 acquisition”) of all of the issued and outstanding shares of Cor4 Oil
Corp. (“Cor4”). On June 1, 2023, Cor4 was amalgamated into IPC Canada Ltd.
B. Basis of preparation
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by
the International Accounting Standards Board (“IFRS Accounting Standards”).
These consolidated financial statements are presented in United States Dollars (USD), which is the Group’s presentation and
functional currency. The consolidated financial statements have been prepared on a historical cost basis, except for items that are
required to be accounted for at fair value as detailed in the Group’s accounting policies. Intercompany transactions and balances
have been eliminated.
These consolidated financial statements have been approved by the Board of Directors of IPC and authorized for issuance on
February 11, 2025.
C. Change in presentation
Certain comparative figures have been reclassified to conform with the financial statements presentation in the current year, more
specifically the following item:
• Oil and gas properties and other tangible fixed assets, formerly presented separately as “Oil and gas properties” and “Other
tangible fixed assets”, are now presented together on the consolidated balance sheet as “Property, Plant and Equipment”.
Refer to Note 9.
D. Going concern
The Group’s consolidated financial statements for the year ended December 31, 2024, have been prepared on a going concern
basis, which assumes that the Group will be able to realize its assets and discharge its liabilities in the normal course of business
as they become due in the foreseeable future.
E. Changes in accounting policies and disclosures
During the year ended December 31, 2024, the Group applied the amended accounting standards, interpretations and annual
improvement points that are effective as of January 1, 2024. The application of the amendments did not have a material impact on
the consolidated financial statements.
There are no plans for the early adoption of published standards, interpretations, or amendments prior to their mandatory effective
date. The Group does not expect that other changes in IFRS Accounting Standards will have a material impact on the consolidated
financial statements.
F. Future accounting changes
On April 9, 2024, the International Accounting Standards Boards issued IFRS 18 Presentation and Disclosure in Financial
Statements (”IFRS 18”), which aims to improve how companies communicate their financial statements, with a focus on
information about financial performance in the statement of profit or loss. IFRS 18 is effective January 1, 2027. The Company is in
the process of assessing the impact that the standard will have on its financial statements.
On May 30, 2024, the International Accounting Standards Board issued amendments to IFRS 9 Financial Instruments and IFRS 7
Financial Instruments: Disclosures, which aim to improve the classification and measurement of financial instruments, including
clarifications on contractual cash flow characteristics and Environmental, Social and Governance-related features (”ESG”). The
amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted. The
Company is in the process of assessing the impact that these amendments will have on its financial statements.
15
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
G. Basis of Consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control and are consolidated. The Corporation controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity.
The non-controlling interest in a subsidiary represents the portion of the subsidiary not owned by Group companies. The equity of
the subsidiary relating to the non-controlling shareholders is shown as a separate item within changes in net equity.
Inter-company transactions, balances, income and expenses on transactions between companies are eliminated. Profits and losses
resulting from intercompany transactions that are recognized in assets are also eliminated.
H. Joint Arrangements
Oil and gas operations of the Group are conducted as co-licensees in unincorporated joint ventures with other companies and are
classified as joint operations. The consolidated financial statements reflect the relevant proportions of production, capital costs,
operating costs and current assets and liabilities of the joint operation applicable to the Corporation’s interests.
I. Foreign Currency Translation
Transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the balance
sheet date and foreign exchange currency differences are recognized in the consolidated statement of operations. Transactions
in foreign currencies are translated at exchange rates prevailing at the transaction date. Foreign exchange gains and losses are
presented within finance income and costs in the consolidated statement of operations.
Functional and presentation currency
Items included in the financial statements of each of the operational entities are measured using the currency of the primary
economic environment in which the entity operates (the “functional currency”). The functional currency of the Corporation’s
operational entities are the USD, CAD, MYR and EUR. The consolidated financial statements are presented in USD which is the
Corporation’s presentation currency. The balance sheets and income statements of foreign companies are translated using the
current rate method. All assets and liabilities are translated at the balance sheet date rates of exchange, whereas the income
statements are translated at average rates of exchange for the year, except for transactions where it is more relevant to use the
rate of the day of the transaction. The translation differences which arise are recorded directly in net assets.
Exchange rates for the relevant currencies of the Group with respect to the US Dollar are as follows:
December 31, 2024 December 31, 2023Average Year end Average Year end1 EUR equals USD 1.0821 1.0389 1.0816 1.10501 USD equals CAD 1.3698 1.4388 1.3496 1.32511 USD equals MYR 4.5759 4.4715 4.5598 4.5950
J. Classification of assets and liabilities
Non-current assets, long-term liabilities and provisions consist of amounts that are expected to be recovered or paid more than
twelve months after the balance sheet date. Current assets and current liabilities consist solely of amounts that are expected to be
recovered or paid within twelve months after the balance sheet date.
K. Exploration and evaluation assets
Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. If it is determined
that a commercial discovery has not been achieved or if there is a decision to not continue with a field specific exploration
program, the costs will be expensed at the time the decision is made. During the exploration and development phases, no
depletion is charged. The field will be transferred from the non-producing assets to the producing assets within oil and gas
properties once production commences and accounted for as a producing asset.
L. Property, Plant and Equipment
Oil and gas properties
Oil and gas properties are recorded at historical cost less depletion. All costs for acquiring concessions, licences or interests in
production sharing contracts and for the survey, drilling and development of such interests are capitalized on a field area cost
center basis. Routine maintenance costs for producing assets are expensed to the statement of operations when they occur.
16
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
Oil and gas properties are depleted based on the year’s production in relation to estimated total proved and probable reserves of
oil and gas in accordance with the unit of production method. Depletion of a field area is charged to the statement of operations
through cost of sales once production commences.
Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated
with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current
economic conditions, operating methods and governmental regulations. Proved reserves can be categorized as developed or
undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence
that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the
quantities actually recovered will equal or exceed the estimates.
Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than
not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50 percent probability that
the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves.
Proceeds from the sale or farm-out of oil and gas concessions in the exploration stage are offset against the related capitalized
costs of each cost center with any excess of net proceeds over the costs capitalized included in the statement of operations. In
the event of a sale in the exploration stage, any deficit is included in the statement of operations.
When there are facts and circumstances that suggest that the net book value of capitalized costs within each field area cost
center is higher than anticipated future net cash flow from oil and gas reserves attributable to the Corporation’s interest in the
related field areas, the Corporation performs an assessment as to whether an asset may be impaired. Management determines
the recoverable amounts of property, plant and equipment based on the higher of fair value less costs of disposal and value in use
using estimated future discounted net cash flows of proved and probable oil and gas reserves. The Corporation’s estimates of
proved and probable oil and gas reserves used in the calculations for impairment tests and accounting for depletion are reviewed
annually by Management’s experts, specifically independent qualified reserves auditor (“IQRE”).
The recoverable amount of the asset or cash-generating unit (“CGU”) is estimated as the the higher of fair value less costs of
disposal (“FVLCOD”) and value in use (“VIU”). In determining FVLCOD, recent market transactions are considered, if available.
In the absence of such transactions, FVLCOD is estimated based on the dicounted after-tax cash flows of reserves using forward
prices, costs to develop and operating costs, consistent with IPC’s IQREs. Value in use is estimated by discounting future cash
flows expected to arise from the continuing use of a CGU or asset, to their present value, using a discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. When the recoverable amount is less
than the carrying value an impairment loss is recognized with the expensed charge to the statement of operations. If indications
exist that previously recognized impairment losses no longer exist or are decreased, the recoverable amount is reversed. When
a previously recognized impairment loss is reversed the carrying amount of the asset is increased to the estimated recoverable
amount but the increased carrying amount may not exceed the carrying amount after depreciation that would have been
determined had no impairment loss been recognized for the asset in prior years. If the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets, the asset is tested as part of a CGU, which is the smallest
identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or
groups of assets.
Other tangible fixed assets
Other tangible fixed assets are stated at cost less accumulated depreciation. The cost includes the original purchase price of the
asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is based on cost
and is calculated on a straight line basis over the estimated economic life of 3 to 5 years for office equipment and other assets.
The Floating Production Storage and Offloading (“FPSO”) located on the Bertam field, Malaysia, is being depreciated to its residual
value on a unit of production basis to August 2025.
Additional costs to existing assets are included in the assets’ net book value or recognized as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. The net book value of any replaced parts is written off. Other additional expenses are deemed to be repair and
maintenance costs and are charged to the statement of operations when they are incurred.
The net book value is written down immediately to its recoverable amount when the net book value is higher. The recoverable
amount is the higher of an asset’s fair value less cost of disposal and value in use. The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of each reporting period.
M. Leases
The Group leases various offices, warehouses, equipment and cars. Rental contracts are typically made for fixed periods of 3 to
5 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different
terms and conditions.
Right-of-use assets and corresponding liabilities are recognized when the leased asset is available for use by the Group. Each
lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the period so
as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
17
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of the fixed and variable lease payments and the exercise price of the purchase option. The lease payments are discounted
using the incremental borrowing rate and are classified as finance leases. The right-of-use assets are measured at cost comprising
the amount of the initial measurement of the lease liability, any lease payments made and any initial direct costs.
Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense
in profit or loss.
N. Financial Instruments
Financial assets and financial liabilities are recognized on the consolidated balance sheet on the trade date, the date on which
the Group becomes a party to the contractual provisions of the financial instrument. All financial instruments are required to
be classified and measured at fair value on initial recognition. Measurement in subsequent periods is dependent upon the
classification of the financial instrument. The Group classifies its financial instruments in the following categories:
Financial Assets at Amortized Cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
interest are measured at amortized cost. The Group’s loans and receivables consist of fixed or determined cash flows related
solely to principal and interest amounts or contractual sales of oil. The Group’s intent is to hold these receivables until cash flows
are collected. Loans and receivables are recognized initially at fair value, net of any transaction costs incurred and subsequently
measured at amortized cost.
Financial Assets at Fair Value through Profit or Loss (“FVTPL”)
Financial assets measured at FVTPL are assets which do not qualify as financial assets at amortized cost or at fair value through
other comprehensive income.
Financial Liabilities at Amortized Cost
Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL, or the Group has opted
to measure them at FVTPL. Borrowings and accounts payable are recognized initially at fair value, net of any transaction costs
incurred, and subsequently at amortized cost using the effective interest method.
Financial Liabilities at FVTPL
Financial liabilities measured at FVTPL are liabilities which include embedded derivatives and cannot be classified as amortized
cost.
Impairment of Financial Assets
The measurement of impairment of financial assets is based on the expected credit losses model. For the trade and other
receivables, the Group applies the simplified approach which requires the use of the lifetime expected loss provision for all trade
receivables. In estimating the lifetime expected loss provision, the Group considered historical industry default rates as well as
credit ratings of major customers. Additional disclosure related to the Group’s financial assets is included in Note 22.
O. Derivative Financial Instruments and Hedging Activities
Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured
to their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either hedges of a
particular risk associated with a recognized asset or liability or a highly probable forecasted transaction, hedges of the fair value of
recognized assets and liabilities or a firm commitment, or hedges of a net investment in a foreign operation.
The Group documents at the inception of the transaction the relationship between hedging instruments and the hedged items, as
well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions
are highly effective in offsetting changes in fair values or cash flows of the hedged items. The fair values of various derivative
financial instruments used for hedging purposes are disclosed in Note 22. Movements on the hedging reserve is reflected in other
comprehensive income. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining
maturity of the hedged item is more than twelve months and as a current asset or liability when the remaining maturity of the
hedged item is less than twelve months.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income. The gain or loss relating to the ineffective portion, if any, is recognized immediately within statement
of operations. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects
profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is
ultimately recognized in the statement of operations. When a forecasted transaction is no longer expected to occur, the cumulative
gain or loss that was reported in equity is immediately recognized in the statement of operations.
18
P. Inventories
Inventories of consumable well supplies are stated at the lower of cost and net realizable value, cost being determined on a
weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable
variable selling expenses. Inventories of hydrocarbons are stated at the lower of cost and net realizable value. Under or overlifted
positions of hydrocarbons are valued at market prices prevailing at the balance sheet date. An underlift of production from a field
is included in the current receivables and valued at the reporting date spot price or prevailing contract price and an overlift of
production from a field is included in the current liabilities and valued at the reporting date spot price or prevailing contract price.
A change in the over or underlift position is reflected in the statement of operations as revenue.
Q. Cash and cash equivalents
Cash and cash equivalents include cash at bank and cash in hand.
R. Provisions
A provision is reported when the Group has a legal or constructive obligation as a consequence of a past event and when it is
more likely than not that an outflow of resources is required to settle the obligation and a reliable estimate can be made of the
amount.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount
rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in
the provision due to passage of time is recognized as financial expense.
On fields where there is an obligation to contribute to asset retirement obligation costs, a provision is recorded to recognize the
future commitment. An asset is created, as part of the oil and gas property, to represent the discounted value of the anticipated
asset retirement obligation liability and depleted over the life of the field on a unit of production basis. The corresponding
accounting entry to the creation of the asset recognizes the discounted value of the future liability. The discount applied to
the anticipated asset retirement obligation liability is subsequently released over the life of the field and is charged to financial
expenses. Changes in asset retirement obligation costs and reserves are treated prospectively and consistent with the treatment
applied upon initial recognition.
S. Revenue and Other Operating Revenue
Revenue associated with the sale of crude oil and natural gas is measured based on the consideration specified in a contract with
a customer and excludes amounts collected on behalf of third parties. The Group recognizes revenue when it transfers control of
the product or service to a customer, which is generally when title passes from the Group to its customer. The Group satisfies its
performance obligations in contracts with customers upon the delivery of crude oil and natural gas, which is generally at a point in
time.
Royalties payments to governments and other mineral interest owners are recognized as a cost in the revenue section.
Production and sales taxes directly attributable to fields, including export duties, are expensed in the statement of operations
and classified as direct production taxes included within production costs. Production taxes payable in cash are accrued in the
accounting period in which the liability arises.
T. Employee Benefits
Short-term employee benefits
Short-term employee benefits such as salaries, social premiums and holiday pay, are expensed when incurred.
Pension obligations
The pension obligations consist of defined contribution plans for all companies within the Group except for one Swiss subsidiary,
International Petroleum SA. A defined contribution plan is a pension plan under which the Group pays fixed contributions. The
Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an expense
when they are due.
International Petroleum SA has a defined benefit pension plan that is managed through a private pension plan. Independent
actuaries determine the cost of the defined benefit plan on an annual basis, and the subsidiary pays the annual insurance premium.
The pension plan provides benefits coverage to the employees of International Petroleum SA in the event of retirement, death or
disability. International Petroleum SA and its employees jointly finance retirement and risk benefits. Employees of International
Petroleum SA pay 40% of the savings contributions, of the risk contributions and of the cost contributions and International
Petroleum SA contributes the difference between the total of all required pension plan contributions and the total of all employees’
contributions.
Share-based payments
The Group operates an equity-settled, share-based compensation plan under which the entity receives services from employees,
directors and officers as consideration for equity instruments of the Corporation. Equity-settled share-based payments are
recognized in the statement of operations as expenses during the vesting period and as equity in the balance sheet. The option
is measured at fair value at the date of the grant using an appropriate options pricing model and is charged to the statement of
operations over the vesting period without revaluation of the value of the option.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
19
U. Taxation
The components of tax are current and deferred. Tax is recognized in the statement of operations, except to the extent that it
relates to items recognized in other comprehensive income or directly in equity, in which case it is accounted for consistently with
the related item.
Current tax is tax that is to be paid or received for the year in question and also includes adjustments of current tax attributable to
previous periods.
Deferred income tax is a non-cash charge provided, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying values. Temporary differences can occur for example where investment
expenditure is capitalized for accounting purposes but the tax deduction is accelerated or where asset retirement obligation
costs are provided for in the financial statements but not deductible for tax purposes until they are actually incurred. However,
the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by the Corporation and it is probable that the temporary difference
will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized
or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future
taxable profit will be available against which the temporary differences can be utilized.
Deferred tax assets are offset against deferred tax liabilities in the balance sheet where they relate to the same jurisdiction and
there is a legally enforceable right to offset.
V. Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker,
which, due to the unique nature of each country’s operations, commercial terms or fiscal environment, is at a country level.
W. Business combinations
Acquisitions of businesses are accounted for using the purchase method of accounting whereby all identifiable assets and
liabilities are recorded at their fair values as at the date of acquisition. Any excess purchase price over the aggregate fair value of
net assets is recorded as goodwill. Goodwill is identified and allocated to CGU, or groups of CGUs, that are expected to benefit
from the synergies of the acquisition. Goodwill is not amortized. Any excess of the aggregate fair value of net assets over the
purchase price is recognized in the consolidated statement of operations.
A CGU to which goodwill has been allocated is tested for impairment at least annually or when events or circumstances indicate
that an assessment for impairment is required. For goodwill arising on an acquisition in a financial year, the CGU to which the
goodwill has been allocated is tested for impairment before the end of that financial year.
When the recoverable amount of the CGU is less than the carrying amount of that CGU, the impairment loss is allocated to
reduce the carrying amount of any goodwill allocated to that CGU first, and then to the other assets of that CGU pro rata on the
basis of the carrying amount of each asset in the CGU. Any impairment loss for goodwill is recognized directly in the consolidated
statement of earnings. An impairment loss for goodwill is not reversed in subsequent periods.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
20
2. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
In connection with the preparation of the consolidated financial statements, the Group’s management has made assumptions
and estimates about future events and applied judgments that affect the reported values of assets, liabilities, revenues, expenses
and related disclosures. The assumptions, estimates and judgments are based on historical experience, current trends and other
factors that management believes to be relevant at the time the consolidated financial statements are prepared. On a regular
basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that the consolidated
financial statements are presented fairly in accordance with IFRS Accounting Standards. However, because future events and
their effects cannot be determined with certainty, actual results could differ from these assumptions and estimates, and such
differences could be material.
Management believes the following critical accounting policies affect the more significant judgments and estimates used in the
preparation of the consolidated financial statements:
Estimates of oil and gas reserves
Estimates of oil and gas reserves are used in the calculations for impairment tests and accounting for depletion and asset
retirement obligation. Standard recognized evaluation techniques are used to estimate the proved and probable reserves. These
techniques take into account the future level of development required to produce the reserves. Independent qualified reserves
auditors reviews these estimates. Changes in estimates in oil and gas reserves, resulting in different future production profiles,
will affect the discounted cash flows used in impairment testing, the anticipated date of site decommissioning and restoration
and the depletion charges in accordance with the unit of production method. Changes in estimates in oil and gas reserves could
for example result from additional drilling, observation of long-term reservoir performance or changes in economic factors such
as oil price and inflation rates. Significant assumptions developed by management used to determine estimates of proved and
probable oil and gas reserves include expected production volumes, future oil and gas prices, future development costs and future
production costs.
Impairment of oil and gas properties
Impairment tests are performed when there are indicators of impairment. Key assumptions in the impairment models relate to
prices and costs that are based on forward curves and the long-term corporate assumptions. The impairment test requires the
use of estimates. For the purpose of determining a potential impairment, the significant assumptions developed by management
used to determine the recoverable amount include the estimates of oil an gas reserves and the discount rate. These assumptions
and judgements of management that are based on them are subject to change as new information becomes available. Changes in
economic conditions can also affect the rate used to discount future cash flow estimates and the discount rate applied is reviewed
throughout the year.
Provision for asset retirement obligations
Amounts used in recording a provision for asset retirement obligations are estimates based on current legal and constructive
requirements and current technology and price levels for the removal of facilities and decommissioning. Due to changes in relation
to these items, the future actual cash outflows in relation to the site decommissioning and restoration can be different. To reflect
the effects due to changes in legislation, requirements and technology and price levels, the carrying amounts of asset retirement
obligation provisions are reviewed on a regular basis.
Deferred income tax assets
The Group accounts for differences that arise between the carrying amount of assets and liabilities and their tax bases in
accordance with IAS 12, Income Taxes, which requires deferred income tax assets only to be recognized to the extent that
is probable that future taxable profits will be available against which the temporary differences can be utilized. Management
estimates future taxable profits based on the financial models used to value its oil and gas properties. Any change to the estimates
and assumptions used for the key operational and financial variables used within the business models could affect the amount of
deferred income tax assets recognized.
The effects of changes in estimates do not give rise to prior year adjustments and are treated prospectively over the estimated
remaining commercial reserves of each field. While the Group uses its best estimates and judgement, actual results could differ
from these estimates.
Fair value of assets acquired and liabilities assumed in a business combination
The fair value of assets acquired and liabilities assumed in a business combination, including contingent consideration and
any goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied
for measuring fair value including market comparables and discounted cash flows which rely on assumptions such as forward
commodity prices, reserves and resources estimates, production costs and discount rates. Changes in these variables could
significantly impact the carrying value of the net assets.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
21
3. SEGMENT INFORMATION
The Group operates within several geographical areas. Operating segments are reported at a country level which is consistent with
the internal reporting provided to the CEO, who is the chief operating decision maker.
The following tables present segment information regarding: revenue, production costs, other operating costs and gross profit/
(loss). The Group derives its revenue from contracts with customers primarily through the transfer of oil and gas at a point in time.
In addition, certain identifiable asset segment information is reported in Note 8 and 9.
2024USD ThousandsCanada Malaysia France Other TotalCrude oil 678,094 105,445 70,948 – 854,487NGLs 927 – – – 927Gas 34,040 – – – 34,040Sales of oil and gas 713,061 105,445 70,948 – 889,454Change in under/over lift position – – 41 – 41Royalties (111,114) – (4,285) – (115,399)Hedging settlement 22,370 – – – 22,370Other operating revenue – – 914 403 1,317Revenue 624,317 105,445 67,618 403 797,783Operating costs (225,775) (32,771) (35,464) – (294,010)Cost of blending (152,735) – – – (152,735)Change in inventory position (594) (1,024) 145 – (1,473)Depletion and decommissioning costs (88,583) (27,481) (12,328) – (128,392)Depreciation of other tangible fixed assets – (8,933) – – (8,933)Exploration and business development costs – (1,407) (12) (650) (2,069)Gross profit 156,630 33,829 19,959 (247) 210,171
2023USD ThousandsCanada Malaysia France Other TotalCrude oil 688,891 101,237 81,093 – 871,221NGLs 1,172 – – – 1,172Gas 67,338 – – – 67,338Net sales of oil and gas 757,401 101,237 81,093 – 939,731Change in under/over lift position – – 400 – 400Royalties (101,177) – (5,120) – (106,297)Hedging settlement 18,928 – – – 18,928Other operating revenue 7 – 867 270 1,144Revenue 675,159 101,237 77,240 270 853,906Operating costs (249,995) (35,679) (36,288) – (321,962)Cost of blending (172,996) – – – (172,996)Change in inventory position 504 3,358 (207) – 3,655Depletion and decommissioning costs (70,104) (17,800) (14,018) – (101,922)Depreciation of other tangible fixed assets – (7,812) – – (7,812)Exploration and business development costs (834) – (39) (1,482) (2,355)Gross profit/(loss) 181,734 43,304 26,688 (1,212) 250,514
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
22
Assets LiabilitiesUSD Thousands2024 2023 2024 2023Canada 2,010,107 1,966,370 1,226,081 1,082,035Malaysia 165,701 175,159 104,290 112,467France 158,518 204,006 83,581 95,840Other 205,293 199,177 186,197 174,111Intercompany balance elimination(585,937) (481,727) (585,937) (481,727)Total Assets / Liabilities 1,953,682 2,062,985 1,014,212 982,726Shareholders’ equity – – 939,315 1,080,074Non-controlling interest– – 155 185Total equity for the group– – 939,470 1,080,259Total consolidated1,953,682 2,062,985 1,953,682 2,062,985
4. PRODUCTION COSTS
USD Thousands2024 2023Cost of operations 251,070 275,868Tariff and transportation expenses 38,195 40,929Direct production taxes4,745 5,165Operating costs294,010 321,9621Cost of blending152,735 172,996Change in inventory position1,473 (3,655)Total production costs448,218 491,303
1
In Canada, oil production is blended with purchased condensate diluent to meet pipeline specifications. Cost of blending represents the contracted
purchase of diluent used for blending.
5. FINANCE INCOME
USD Thousands2024 2023Interest income17,721 21,774Total finance income17,721 21,774
6. FINANCE COSTS
USD Thousands2024 20231Foreign exchange loss, net23,427 1,911Interest expense 35,905 25,635Unwinding of asset retirement obligation discount 14,568 13,408Amortization of capitalized financing fees 2,057 1,605Loan commitment fees 837 672Other financial costs636 1,279Total finance costs77,430 44,510
1
Includes an amount of USD 10.8 million related to realized losses on currency cashflow hedges.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
23
7. INCOME TAX
USD Thousands2024 2023Current tax (8,313) (14,457)Deferred tax(25,012) (40,905)Total tax expense(33,325) (55,362)
The Group is within the scope of the OECD Pillar Two model rules. The Group applies the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12
issued in May 2023.
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate of Canada as follows:
USD Thousands2024 2023Profit before tax 135,544 228,341Tax calculated at the corporate tax rate in Canada 25% (33,886) (57,086)Effect of foreign and domestic tax rates 6,473 7,470Tax effect of recognition / (derecognition) of unrecorded tax losses (6,216) (4,736)Tax effect due to true-up of provision to prior year tax filings 790 (102)Other(486) (908)Total tax(33,325) (55,362)
Specification of deferred tax assets and tax liabilities
1
USD Thousands2024 2023Unused tax loss carry forward 40,042 34,446Derivative hedges 3,933 –Other 10,302 5,959Deferred tax assets54,277 40,405Accelerated allowances 145,358 115,399Derivative hedges– 9,527Deferred tax liabilities145,358 124,926Deferred taxes, net (91,081) (84,521)
1
The specification of deferred tax assets and tax liabilities does not agree to the face of the balance sheet due to the netting off of balances in the
balance sheet when they relate to the same jurisdiction.
The deferred tax liabilities consist of accelerated allowances, being the difference between the book and the tax value of oil and
gas properties and site restoration provisions. The deferred tax liabilities will be released over the life of the oil and gas assets as
the book value is depleted for accounting purposes.
Deferred tax assets in relation to tax loss carried forwards are only recognized in so far that there is a reasonable certainty as to
the timing and the extent of their realization. The recognized unused tax loss carry forward mainly relates to Canada. The Group
has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved
business plans and budgets.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
24
8. EXPLORATION AND EVALUATION ASSETS
USD ThousandsCanada Malaysia France TotalCostJanuary 1, 2024 – – – –Additions 500 1,407 12 1,919Write-off – (1,407) (12) (1,419)Reclassification – – – –Currency translation adjustments (20) – – (20)Net book value December 31, 2024 480 – – 480
USD ThousandsCanada Malaysia France TotalCostJanuary 1, 2023 – – 4,764 4,764Additions – – 39 39Write-off – – (39) (39)Reclassification – – (4,937) (4,937)Currency translation adjustments – – 173 173Net book value December 31, 2023 – – – –
9. PROPERTY, PLANT AND EQUIPMENT
USD Thousands2024 2023Oil and gas properties 1,484,487 1,278,422Other tangible fixed assets16,425 25,438Property, Plant and Equipment 1,500,912 1,303,860
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
25
Oil and gas properties
USD Thousands Canada Malaysia France TotalCostJanuary 1, 2024 1,465,010 591,123 436,693 2,492,826Additions 412,284 17,035 3,475 432,794Disposals (94) – – (94)Change in estimates 36,995 (8,424) (9,018) 19,553Reclassification (10,773) – – (10,773)Currency translation adjustments(135,842) – (26,021) (161,863)December 31, 20241,767,580 599,734 405,129 2,772,443Accumulated depletionJanuary 1, 2024 (398,288) (502,834) (313,282) (1,214,404)Depletion charge for the year (88,583) (27,481) (12,328) (128,392)Disposals 94 – – 94Currency translation adjustments35,760 – 18,986 54,746December 31, 2024(451,017) (530,315) (306,624) (1,287,956)Net book value December 31, 20241,316,563 69,419 98,505 1,484,487
USD Thousands Canada Malaysia France TotalCostJanuary 1, 2023 1,089,789 566,606 399,237 2,055,632Acquisition of Cor4 72,242 – – 72,242Additions 278,613 17,873 16,204 312,6901Disposals(7,854) – – (7,854)Change in estimates 24,454 6,644 1,738 32,836Reclassification (22,857) – 4,937 (17,920)Currency translation adjustments30,623 – 14,577 45,200December 31, 20231,465,010 591,123 436,693 2,492,826Accumulated depletionJanuary 1, 2023 (323,273) (485,034) (288,714) (1,097,021)Depletion charge for the year (94,192) (17,800) (14,018) (126,010)1Disposals4,474 – – 4,4742Other22,857 – – 22,857Currency translation adjustments(8,154) – (10,550) (18,704)December 31, 2023(398,288) (502,834) (313,282) (1,214,404)Net book value December 31, 20231,066,722 88,289 123,411 1,278,422
1
In Canada, includes the disposal of non-core properties in the John Lake area.
2
In Canada, includes an adjustment in the first quarter of 2023 for accelerated decommissioning activities funded by a non-cash site rehabilitation
program.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
26
Cor4 acquistion
On March 3, 2023, IPC completed the acquisition of all of the issued and outstanding shares of Cor4. At such date, Cor4 became
an indirect, wholly-owned subsidiary of IPC. Cor4 owned assets in the Brooks area, Alberta. On June 1, 2023, Cor4 was amalga-
mated into IPC Canada Ltd.
The Cor4 acquisition has been accounted for as a business combination with IPC being the acquirer, and in accordance with IFRS 3
Business Combinations, the assets acquired and liabilities assumed have been recorded at their fair values.
The total cash consideration paid, after preliminary closing adjustments, amounted to USD 62.2 million (CAD 84.7 million).
The amounts recognized in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
USD ThousandsCash2,792Trade and other receivables 7,671Prepaid expenses and deposits 2,417Fair value of risk management assets 1,144Deferred tax assets 19,334Right-of-use assets 109Property, plant and equipment 72,242Accounts payable and accrued liabilities (12,623)Right-of-use liabilities (109)Decommissioning liabilities (29,885)Mark-To-Market (“MTM”) reserve in equity(881)Total Consideration62,211
Acquisition-related costs of approximately USD 0.8 million have been recognized in the statement of operations during the year
ended December 31, 2023.
Decommissioning liabilities
The fair value of the decommissioning liability at the acquisition date was based on the estimated future cash flows to
decommission the acquired oil and natural gas properties at the end of their useful life. The discount rate used to determine the
net present value of the decommissioning obligation was a credit risk adjusted rate of 8%.
Impairment test
As of December 31, 2024, the Group determined that no internal or external indicators of impairment existed on its oil and gas
properties; therefore, the performance of an impairment test was determined not to be necessary.
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
27
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
Other tangible fixed assets
USD Thousands FPSO Other TotalCostJanuary 1, 2024 204,853 10,048 214,901Additions – 363 363Currency translation adjustments– (587) (587)December 31, 2024204,853 9,824 214,677Accumulated depreciationJanuary 1, 2024 (181,123) (8,340) (189,463)Depreciation charge for the year (8,933) (334) (9,267)Currency translation adjustments– 478 478December 31, 2024(190,056) (8,196) (198,252)Net book value December 31, 202414,797 1,628 16,425
USD Thousands FPSO Other TotalCostJanuary 1, 2023 204,853 9,779 214,632Additions – 510 510Disposals – (487) (487)Currency translation adjustments– 246 246December 31, 2023204,853 10,048 214,901Accumulated depreciationJanuary 1, 2023 (173,311) (7,947) (181,258)Depreciation charge for the year (7,812) (684) (8,496)Disposals – 487 487Currency translation adjustments– (196) (196)December 31, 2023(181,123) (8,340) (189,463)Net book value December 31, 202323,730 1,708 25,438
1
Depreciation of Other is included in General, administration and depreciation expenses in the statement of operations.
The Floating Production Storage and Offloading facility (“FPSO“) located on the Bertam field, Malaysia, is being depreciated to its
residual value on a unit of production basis to August 2025. The depreciation charge is included in the depreciation of other assets
line in the statement of operations.
For office equipment and other assets, the depreciation charge for the year is based on cost and an estimated useful life of 3 to
5 years. The depreciation charge is included within the general, administration and depreciation expenses in the Statement of
Operations.
28
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
10. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
USD Thousands TotalJanuary 1, 2024 2,814Additions 1,292Depreciation (907)Currency translation adjustments(96)Right-of-use-assets as at December 31, 20243,103Current 573Non-Current2,728Lease Liabilities as at December 31, 20243,301
USD Thousands TotalJanuary 1, 20231,217Acquisition of Cor4 - See note 9 109Additions 2,508Disposal (162)Depreciation (885)Currency translation adjustments27Right-of-use-assets as at December 31, 20232,814Current 809Non-Current2,087Lease Liabilities as at December 31, 20232,896
11. OTHER NON-CURRENT ASSETS
USD Thousands December 31, 2024 December 31, 2023Financial assets 34,788 41,486Intangible assets 13,877 15,352 48,665 56,838
Financial assets mainly represent cash payments made in local currency to an asset retirement obligation fund for the Bertam
field, Malaysia for an amount equivalent of USD 30.6 million (2023: USD 28.7 million). Financial assets also include cash-
collateralized guarantees placed in 2023 in respect of work commitments in Malaysia amounting to USD 4.0 million.
Intangible assets mainly represent carbon offsets purchased in Canada.
12. INVENTORIES
USD ThousandsDecember 31, 2024 December 31, 2023Hydrocarbon stocks 11,250 13,530 Well supplies and operational spares 8,823 8,278 20,073 21,808
29
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
13. TRADE AND OTHER RECEIVABLES
USD ThousandsDecember 31, 2024 December 31, 2023Trade receivables 94,265 97,264Underlift 1,007 1,029Joint operations debtors 1,432 910Prepaid expenses and accrued income 12,346 10,986Other18,400 3,308127,450 113,497
Other receivables include secured amounts of USD 7.7 million towards the future asset retirement obligation for the Bertam
field.
14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include only cash at hand or held in bank accounts.
15. SHARE CAPITAL
The Corporation’s issued common share capital is as follows:
Number of sharesBalance at January 1, 2023 136,827,999Cancellation of repurchased common shares (NCIB) (9,835,933)Balance at December 31, 2023126,992,066Cancellation of repurchased common shares (NCIB) (7,822,595)Balance at December 31, 2024119,169,471
The common shares of IPC are listed to trade on both the Toronto Stock Exchange and the Nasdaq Stockholm Exchange. The
Corporation is authorized to issue an unlimited number of Common Shares without par value.
As at January 1, 2023, IPC had a total of 136,827,999 common shares issued and outstanding, with no common shares held in
treasury.
During 2023, under the normal course issuer bid (NCIB) announced in December 2022 and renewed in December 2023, IPC
purchased and cancelled an aggregate of 9,835,933 common shares.
As at December 31, 2023, IPC had a total of 126,992,066 common shares issued and outstanding, with no common shares held in
treasury.
From January 1, 2024 to December 4, 2024, IPC purchased and cancelled a total of 7,109,365 common shares under the NCIB.
The NCIB was further renewed in Q4 2024 and IPC is entitled to purchase up to 7,465,356 common shares over the period of
December 5, 2024 to December 4, 2025. During December 2024, IPC purchased 823,386 and cancelled 713,230 common shares
under the renewed NCIB for on aggregate of 7,822,595 common shares cancelled in 2024.
As at December 31, 2024, IPC had a total of 119,169,471 common shares issued and outstanding and held 110,156 common
shares held in treasury.
In addition, IPC has 117,485,389 outstanding class A preferred shares, issued as a part of an internal corporate structuring to a
wholly-owned subsidiary of IPC. Such preferred shares are not listed on any stock exchange and do not carry the right to vote on
matters to be decided by the holders of IPC’s common shares.
30
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
16. EARNINGS PER SHARE
Basic earnings per share are based on net result attributable to the common shareholders and is calculated based upon the
weighted-average number of common shares outstanding during the years presented.
2024 2023Net result attributable to shareholders of the Parent Company, USD 102,201,942 172,951,130Weighted average number of shares for the year124,072,452 132,080,662Earnings per share, USD 0.82 1.31Weighted average diluted number of shares for the year 126,299,688 135,349,211Earnings per share fully diluted, USD0.81 1.28
17. SHARE BASED PAYMENTS
IPC Share Unit Plan
The shareholders of IPC at the 2018 Annual General Meeting and at the 2021 Annual General Meeting approved a Share Unit Plan.
Awards under the plan will be accounted from the date of grant.
The IPC Performance Share Plan (“PSP”) 2021 awards vested on February 1, 2024 at a price of CAD 14.90 per award.
The IPC PSP 2022 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2024, is 937,000 which vested on February 1, 2025 at a price of CAD 18.89. Each
award was fair valued at the grant date at CAD 8.40 using an adjusted share price calculated with a hybrid valuation model based
on the Monte Carlo simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 0.38%,
expected volatility of 45%, dividend yield rate of 0%, and an exercise price of CAD zero.
The IPC PSP 2023 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2024, is 813,000 which vest on February 1, 2026. Each award was fair valued
at the grant date at CAD 11.51 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo
simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 2.17%, expected volatility
of 46%, dividend yield rate of 0%, and an exercise price of CAD zero.
The IPC PSP 2024 awards are subject to continued employment and to certain performance conditions being met. The total
outstanding number of awards at December 31, 2024, is 819,000 which vest on February 1, 2027. Each award was fair valued
at the grant date at CAD 11.52 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo
simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 2.27%, expected volatility
of 39%, dividend yield rate of 0%, and an exercise price of CAD zero.
IPC Performance Share Plan 2021 Awards 2022 Awards 2023 Awards 2024 Awards TotalOutstanding at January 1, 2024 1,716,000 937,000 813,000 – 3,466,000Awarded during the year – – – 819,000 819,000Forfeited during the year – – – – –Vested during the year(1,716,000) – – – (1,716,000)Outstanding at December 31, 2024– 937,000 813,000 819,000 2,569,000Vesting dateFebruary 1, 2025 – 937,000 – – 937,000February 1, 2026 – – 813,000 – 813,000February 1, 2027– – – 819,000 819,000Outstanding at December 31, 2024– 937,000 813,000 819,000 2,569,000
The third instalment of the IPC Restricted Share Plan (“RSP”) 2021 awards vested on February 1, 2024, at a price of CAD 14.90
per award.
31
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
The second instalment of the IPC RSP 2022 awards vested on February 1, 2024, at a price of CAD 14.90 per award. The total
outstanding number of 2022 awards under the IPC RSP as at December 31, 2024, is 151,035 which vested on February 1, 2025, at
a price of CAD 18.89. Each award was fair valued at the grant date at CAD 9.09.
The first instalment of the IPC RSP 2023 awards vested on February 1, 2024, at a price of CAD 14.90 per award. The second
instalment of the IPC RSP 2023 awards vested on February 1, 2025, at a price of CAD 18.89 per award. The third instalment vest
on February 1, 2026, subject to continued employment. Each award was fair valued at the grant date at CAD 14.27.
The first instalment of the IPC RSP 2024 awards vested on February 1, 2025, at a price of CAD 18.89 per award. The second and
third instalment vest respectively on February 1, 2026, and February 1, 2027, subject to continued employment. Each award was
fair valued at the grant date at CAD 14.82.
IPC Restricted Share Plan 2021 Awards 2022 Awards 2023 Awards 2024 Awards TotalOutstanding at January 1, 2024 321,512 307,359 330,708 – 959,579Awarded during the year – – – 370,338 370,338Forfeited during the year – (2,082) (3,436) (6,303) (11,821)Vested during the year(321,512) (154,242) (110,192) – (585,946)Outstanding at December 31, 2024– 151,035 217,080 364,035 732,150Vesting dateFebruary 1, 2025 – 151,035 108,916 122,095 382,046February 1, 2026 – – 108,164 121,131 229,295February 1, 2027– – – 120,809 120,809Outstanding at December 31, 2024– 151,035 217,080 364,035 732,150
Under the IPC Share Unit Plan, the Group allows non-employee directors of the Corporation to elect for awards for fees for
services performed as a director and otherwise payable in cash. These awards will vest immediately at the time of grant. However,
these awards may not be redeemed before the end of service as a director of the Corporation. The 2021 outstanding RSP awards
as at December 31, 2024 is 4,333 awards issued with a fair value at the grant date at CAD 6.95. The 2022 outstanding RSP awards
as at December 31, 2024 is 2,391 awards issued with a fair value at the grant date at CAD 12.80, and 2,072 awards issued with
a fair value at the grant date at CAD 15.53. The 2023 outstanding RSP awards as at December 31, 2024 is 3,244 awards issued
with a fair value at the grant date at CAD 10.52, and 2,443 awards issued with a fair value at the grant date at CAD 16.24. The
2024 outstanding RSP awards as at December 31, 2024 is 4,328 awards issued with a fair value at the grant date at CAD 18.19
and 5,607 awards issued with a fair value at the grant date at CAD 15.72. The total outstanding RSP awards outstanding as at
December 31, 2024, is 24,418.
The costs charged to the statement of operations of the Group for the Share-Based payments are summarized in the following
table:
USD Thousands2024 2023IPC PSP – 2020 Awards – 159IPC RSP – 2020 Awards – 35IPC PSP – 2021 Awards 108 1,881IPC RSP – 2021 Awards 52 377IPC PSP – 2022 Awards 1,477 2,856IPC RSP – 2022 Awards 464 1,063IPC PSP – 2023 Awards 1,728 3,360IPC RSP – 2023 Awards 1,048 1,959IPC PSP – 2024 Awards 1,414 –IPC RSP – 2024 Awards2,248 –8,539 11,690
32
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
18. FINANCIAL LIABILITIES
USD Thousands December 31, 2024 December 31, 2023Current bank loans 3,402 3,589Non current bank loans 1,719 5,442Bonds 443,407 440,288Capitalized financing fees(3,545) (5,247)444,983 444,072
As at January 2023, IPC had USD 300 million of bonds outstanding, issued in February 2022 and maturing in February 2027 with a
fixed coupon rate of 7.25% per annum, payable in semi-annual instalments in August and February. The Group also had a revolving
credit facility of CAD 75 million (the “Canadian RCF”) in connection with its oil and gas assets in Canada.
In Q3 2023, IPC completed a tap issue of USD 150 million under IPC’s existing 7.25% bond framework issued at 7% discount
to par value with proceeds amounting to USD 139.5 million before transaction costs. For accounting purposes, the discounted
amount was recognised in the balance sheet and the discount will be unwound over the period to maturity of the bond and
charged to the interest expense line of the statement of operations using the effective interest rate methodology. As at
December 31, 2024, IPC had a nominal USD 450 million of bonds outstanding with maturity in February 2027. The bond repayment
obligations as at December 31, 2024, are classified as non-current as there are no mandatory repayments within the next twelve
months.
During 2023, the Group increased the Canadian RCF from MCAD 75 to MCAD 180 with a maturity to May 2025. During Q2
2024, the Group extended the maturity of the Canadian RCF to May 2026. The Canadian RCF is undrawn and fully available as at
December 31, 2024. During Q3 2024, the Group entered into a letter of credit facility in Canada (the “LC Facility”) to cover existing
operational letters of credit. As at December 31, 2024, operational letters of credit in an aggregate of MCAD 40.2 have been
issued under the LC Facility, including letters of credit issued in Q2 2024 for a total amount of MCAD 35 to support the third party
pipeline construction agreements for the Blackrod project during 2024 and 2025.
As at December 31, 2024, IPC had an unsecured Euro credit facility in France (the “France Facility“), with maturity in May
2026. IPC makes quarterly repayments of the French Facility and the amount remaining outstanding under the France Facility as at
December 31, 2024 was USD 5.1 million (EUR 4.9 million). An amount of USD 3.4 million (EUR 3.3 million) drawn under the France
Facility as at December 31, 2024 is classified as current representing the repayment planned within the next twelve months.
The Group is in compliance with the covenants of the bonds and its financing facilities as at December 31, 2024.
The net (debt)/cash reconciliation can be summarized as follows:
USD Thousands December 31, 2024 December 31, 2023Cash and cash equivalents 246,593 517,074 Bonds (443,407) (440,288)Borrowings (5,121) (9,031)Lease liabilities(3,301) (2,896)Net (debt)/cash(205,236) 64,859
33
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
The net (debt)/cash and the movements in net (debt)/cash can be summarized as follows:
Financial Financial LeaseBonds due USD ThousandsCashliabilities due liabilities due Totalliabilitiesafter 1 yearbefore 1 yearafter 1 yearNet (debt)/cash as at January 1, 2024 517,074 (2,896) (3,589) (5,442) (440,288) 64,859Cash flows (275,871) 964 – 3,910 (3,119) (274,116)Reclassification Long term / Short term – – 187 (187) – –Additional leases – (1,480) – – – (1,480)Currency translation adjustments 5,390 111 – – – 5,501Net (debt)/cash as at December 31, 2024 246,593 (3,301) (3,402) (1,719) (443,407) (205,236)Net debt (excluding lease liabilities and including the redeemable bonds value (208,528)at maturity (USD 450 million))
Financial Financial LeaseBonds due USD ThousandsCashliabilities due liabilities due Totalliabilitiesafter 1 yearbefore 1 yearafter 1 yearNet (debt)/cash as at January 1, 2023 487,240 (1,259) (3,431) (8,711) (300,000) 173,839Cash flows 31,250 980 – 3,111 (140,288) (104,947)Reclassification Long term / Short term – – (158) 158 – –Additional leases – (2,651) – – – (2,651)Currency translation adjustments (1,416) 34 – – – (1,382)Net (debt)/cash as at December 31, 2023 517,074 (2,896) (3,589) (5,442) (440,288) 64,859Net cash (excluding lease liabilities and including the redeemable bonds value 58,043at maturity (USD 450 million))
19. PROVISIONS
Asset Farm-in Pension retirement Other TotalUSD ThousandsobligationobligationobligationJanuary 1, 2024 253,949 2,176 551 2,078 258,754Additions – – 682 544 1,226Disposals (197) – – – (197)Unwinding of asset retirement obligation discount 14,568 – – – 14,568Payments (7,711) (591) (906) (500) (9,708)Change in estimates 19,553 – 3,491 – 23,0441Reclassification1,013 – – – 1,013Currency translation adjustments (13,385) 94 (133) (50) (13,474)December 31, 2024 267,790 1,679 3,685 2,072 275,226Non-current 261,632 1,120 3,685 2,072 268,509Current 6,158 559 – – 6,717Total 267,790 1,679 3,685 2,072 275,226
1
The reclassification of the asset retirement obligation related to the 2024 payment to the asset retirement obligation fund in respect of the Bertam
asset, Malaysia (see Note 11).
34
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
Asset Farm-in Pension retirement Other TotalUSD ThousandsobligationobligationobligationJanuary 1, 2023 206,249 3,404 306 1,478 211,437Acquisition of Cor4 - See note 9 29,885 – – – 29,885Additions – – 446 938 1,384Unwinding of asset retirement obligation discount 13,408 – – – 13,4081Disposals(2,483) – – – (2,483)Changes in estimates 9,973 – 679 – 10,652Payments (8,118) (1,081) (925) (364) (10,488)2Other(1,272) – – – (1,272)3Reclassification1,781 – – – 1,781Currency translation adjustments 4,526 (147) 45 26 4,450December 31, 2023 253,949 2,176 551 2,078 258,754Non-current 246,396 1,632 551 2,078 250,657Current 7,553 544 – – 8,097Total 253,949 2,176 551 2,078 258,754
1
In Canada, includes the disposal of non-core properties in the John Lake area.
2
Includes accelerated decommissioning activities funded by a non cash site rehabilitation program.
3
The reclassification of the asset retirement obligation related to the 2023 payment to the asset retirement obligation fund in respect of the Bertam
asset, Malaysia (see Note 11).
The farm-in obligation relates to future payments for historic costs on the Bertam field in Malaysia payable for every 1 MMboe
gross that the field produces above 10 MMboe gross and is capped at cumulative production of 27.5 MMboe gross.
In calculating the present value of the asset retirement obligation provision, a blended rate of 6% (2023: 6%) per annum was used,
based on a credit risk adjusted rate.
20. PENSION LIABILITY
The Group operates a pension plan for employees in Switzerland that is managed through a private pension plan. The amount
recognized in the balance sheet associated with the Swiss pension plan is as follows:
USD Thousands December 31, 2024 December 31, 2023Present value of defined benefit obligation 19,569 22,241Fair value of plan assets(15,884) (21,690)Pension obligation, ending balance3,685 551
The movement in the defined benefit obligation over the year is as follows:
For the year endedFor the year endedUSD ThousandsDecember 31, 2024December 31, 2023Opening balance 22,241 13,910Current service cost 608 423Ordinary contributions paid by employees 604 617Additional contributions paid by employees 1,340 6,685Interest expense on defined benefit obligation 402 322Actuarial (gain)/loss on defined benefit obligation 3,390 524Administration costs 18 16Benefits paid from plan assets (7,440) (2,135)Past service cost 46 –Foreign exchange (gain)/loss (1,640) 1,879Defined benefit obligation, ending balance19,569 22,241
35
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
The weighted average duration of the defined benefit obligation is 16.7 years. There is no maturity profile since the average
remaining life before active employees reach final age according to the plan is 9.3 years.
The movement in the fair value of the plan assets over the year is as follows:
For the year endedFor the year endedUSD ThousandsDecember 31, 2024December 31, 2023Opening balance 21,690 13,604Ordinary contributions paid by employer 906 925Ordinary contributions paid by employees 604 617Additional contributions paid by employees 1,340 6,685Interest income on plan assets 392 315Return on plan assets excluding interest income (101) (155)Foreign exchange gain/(loss) (1,507) 1,834Benefits paid from plan assets(7,440) (2,135)Fair value of plan assets, ending balance15,884 21,690
The plan assets are under an insurance contract comprised entirely of free funds and reserves, such as fluctuation reserves and
employer contribution reserves, for which there is no quoted price in an active market.
The amount recognized in the statement of operations associated with the Group’s pension plan is as follows:
For the year endedFor the year endedUSD ThousandsDecember 31, 2024December 31, 2023Current service cost 608 423Interest expense on defined benefit obligation 402 322Administration costs 18 16Past service cost 46 –Interest income on plan assets(392) (315)Total expense recognized682 446
The expense associated with the Group’s pension plan of USD 682 thousand was included within general and administrative
expenses. The Group also recognized in other comprehensive income a USD 3,491 thousand net actuarial loss on defined benefit
obligations and pension plan assets.
The principal actuarial assumptions used to estimate the Group’s pension obligation are as follows:
For the year endedFor the year endedUSD ThousandsDecember 31, 2024December 31, 2023Discount rate 1.00% 1.90%Inflation rate 1.00% 1.25%Future salary increase 1.25% 1.25%Future pension increases 0.00% 0.00%Retirement ages, male (‘M’) and female (‘F’) M65/F65 M65/F64
Assumptions regarding future mortality are set based on actuarial advice in accordance with the BVG 2020 GT generational
published statistics and experience in Switzerland. The discount rate is determined by reference to the yield on high quality
corporate bonds. The rate of inflation is based on the expected value of future annual inflation adjustments in Switzerland. The rate
for future salary increases is based on the average increase in the salaries paid by the Group, and the rate of pension increases is
based on the annual increase in risk, retirement and survivors’ benefits.
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Change inIncrease inDecrease inassumptionassumptionassumptionDiscount rate 0.50% Decrease by 7.4% Increase by 8.4%Salary growth rate 0.50% Increase by 0.4% Decrease by 0.4%Life Expectancy One year Increase by 1.3% Decrease by 1.4%
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions, the same method has been applied as when calculating the pension
liability recognized within the consolidated balance sheet.
36
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
21. TRADE AND OTHER PAYABLES
USD Thousands December 31, 2024 December 31, 2023Trade payables 42,634 42,761Joint operations creditors 11,671 22,257Accrued expenses 119,316 118,912Other 2,750 4,941 176,371 188,871
22. FINANCIAL ASSETS AND LIABILITIES
Financial assets and liabilities by category
The accounting policies for financial instruments have been applied to the line items below:
Fair value Financial assets Derivatives recognized in Totalat amortized used for December 31, 2024profit or loss costhedgingUSD Thousands(FVTPL)1Other assets34,788 34,788 – –Derivative instruments 3,219 – – 3,219Joint operation debtors 1,432 1,432 – –2Other current receivables115,186 114,179 1,007 –Cash and cash equivalents246,593 246,593 – –Financial assets401,218 396,992 1,007 3,219
1
See Note 11
2
Prepayments are not included in other current assets as prepayments are not deemed to be financial instruments.
Fair value Financial Derivatives recognized in Totalliabilities at used for December 31, 2024profit or loss amortized costhedgingUSD Thousands(FVTPL)Non-current financial liabilities 441,581 441,581 – –Current financial liabilities 3,402 3,402 – –Derivative instruments 20,431 – – 20,431Joint operation creditors 11,671 11,671 – –Other current liabilities165,846 165,846 – –Financial liabilities642,931 622,500 – 20,431
The accounting policies for financial instruments have been applied to the line items below:
Fair value Financial assets Derivatives recognized in Totalat amortized used for December 31, 2023profit or loss costhedgingUSD Thousands(FVTPL)1Other assets41,486 41,486 – –Derivative instruments 42,553 – – 42,553Joint operation debtors 910 910 – –2Other current receivables104,315 103,286 1,029 –Cash and cash equivalents517,074 517,074 – –Financial assets706,338 662,756 1,029 42,553
1
See Note 11
2
Prepayments are not included in other current assets as prepayments are not deemed to be financial instruments.
37
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
Fair value Financial Derivatives recognized in Totalliabilities at used for December 31, 2023profit or loss amortized costhedgingUSD Thousands(FVTPL)Non-current financial liabilities 440,483 440,483 – –Current financial liabilities 3,589 3,589 – –Derivative instruments 1,530 – – 1,530Joint operation creditors 22,257 22,257 – –Other current liabilities166,869 166,869 – –Financial liabilities634,728 633,198 – 1,530
The carrying amount of the Group’s financial assets and liabilities approximate their fair values at the balance sheet dates.
For financial instruments measured at fair value in the balance sheet, the following fair value measurement hierarchy is used:
– Level 1: based on quoted prices in active markets;
– Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly observable;
– Level 3: based on inputs which are not based on observable market data.
Based on this hierarchy, financial instruments measured at fair value can be detailed as follows:
December 31, 2024Level 1 Level 2 Level 3USD ThousandsOther current receivables 1,007 – –Derivative instruments – current – 3,219 –Derivative instruments – non-current– – –Financial assets1,007 3,219 –Derivative instruments – current – 19,869 –Derivative instruments – non-current– – 562Financial liabilities– 19,869 562
December 31, 2023Level 1 Level 2 Level 3USD ThousandsOther current receivables 1,029 – –Derivative instruments – current – 35,504 –Derivative instruments – non-current– 7,049 –Financial assets1,029 42,553 –Derivative instruments – current – 1,267 –Derivative instruments – non-current– 61 202Financial liabilities– 1,328 202
23. MANAGEMENT OF FINANCIAL RISK
The Corporation’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, foreign exchange
risk, commodity price risk and interest rate risk.
a) Credit risk
The exposure to credit risk arises through the failure of a customer or another third party to meet its contractual obligations to the
Corporation. The Corporation believes that its maximum exposure to credit risk as at December 31, 2024, is the carrying value of
its trade receivables. The Group’s policy is to limit credit risk by limiting the counterparties to major oil and gas companies. Where
it is determined that there is a credit risk for oil and gas sales, the policy is to require an irrevocable letter of credit for the full value
of the sale. The policy on joint operation parties is to rely on the provisions of the underlying joint operating agreements to take
possession of the licence or the partner’s share of production for non-payment of cash calls or other amounts due.
As at December 31, 2024, the trade receivables amounted to USD 94,265 thousand and there is no recent history of default. The
expected credit loss associated with these receivables is not significant. Cash and cash equivalents are maintained with banks
having strong long-term credit ratings.
38
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
b) Liquidity risk
Liquidity risk is defined as the risk that the Group could not be able to settle or meet its obligations on time or at a reasonable
price. Corporation treasury is responsible for liquidity, funding as well as settlement management. The Corporation has in
place a planning and forecasting process to help determine the funds required to support the Corporation’s normal operating
requirements on an ongoing basis. The Corporation ensures that there is sufficient available capital to meet its short-term business
requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents,
including bond proceeds. The Corporation has credit facilities in place to assist with meeting its cash flow needs as required (Note
18).
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet date to the contractual maturity date. Loan repayments are made upon a net present value calculation of the assets’
future cash flows. No loan repayments are currently forecast under this calculation.
USD Thousands December 31, 2024 December 31, 2023Non-current Repayment within 1- 5 years: - Bank loans 1,719 5,442 1 - Bonds443,407 440,288 445,126 445,730CurrentRepayment within 12 months: - Bank loans 3,402 3,589Payment within 6 months: - Trade payables 42,634 42,761 - Joint operation creditors 11,671 22,257 - Other current liabilities 2,750 4,941 - Current tax liabilities1,146 255 61,603 73,803
1
The bonds redeemable value at maturity in February 2027 is USD 450 million.
c) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily with respect
to EUR and CAD. The Group’s risk management objective is to manage cash flow risk related to foreign denominated cash flows.
The Corporation is exposed to currency risk related to changes in rates of exchange between foreign denominated balances and
the functional currencies of the Group’s principal operating subsidiaries. The Group’s revenues are denominated in US dollars,
while most of its operating and capital expenditures are denominated in the local currencies. A significant change in the currency
exchange rates between the US dollar and foreign currencies could have a material effect on the Group’s net earnings and on other
comprehensive income.
The Group entered into currency hedges to purchase :
(i) a total CAD 520 million for the period January 2025 to December 2025 at an average rate of CAD 1.36 (sell USD);
(ii) a total EUR 27 million for the period January 2025 to December 2025 at an average rate of EUR 1.07 (sell USD);
(iii) a total MYR 138 million for the period January 2025 to December 2025 at an average rate of MYR 4.40 (sell USD).
The above hedges are treated as effective and changes to the fair value are reflected in other comprehensive income.
39
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
The outstanding derivative instruments can be specified as follows:
Fair value of outstanding derivative instruments in the balance sheet
December 31, 2024 December 31, 2023USD ThousandsAssets Liabilities Assets LiabilitiesCurrency hedge - CAD – 19,030 13,644 1,328Currency hedge - EUR – 557 – –Currency hedge - MYR– 282 618 –Total– 19,869 14,262 1,328Non-current – – 7,049 61Current– 19,869 7,213 1,267Total– 19,869 14,262 1,328
The following tables summarize the effects that changes in currencies against the US Dollar would have on gross profit through the
conversion of the income statements of the Group’s subsidiaries from functional currency to the presentation currency US Dollar for
the years ended at December 31, 2024 and 2023.
Shift of currency exchange ratesAverage rateUSD weakeningUSD strengthening USD Thousands202410%10%Gross profit in the financial statements 210,171 210,171EUR/USD 0.9241 0.8401 1.0170CAD/USD 1.3698 1.2453 1.5068Total effect on gross profit17,054 (17,054)
Shift of currency exchange ratesAverage rateUSD weakeningUSD strengthening USD Thousands202310%10%Gross profit in the financial statements 250,514 250,514EUR/USD 0.9246 0.8405 1.0170CAD/USD 1.3496 1.2269 1.4846Total effect on gross profit20,700 (20,700)
d) Commodity price risk
The Group is subject to price risk associated with fluctuations in the market prices for oil and gas. Prices of oil and gas are affected by
the normal economic drivers of supply and demand as well as the financial investors and market uncertainty. Factors that influence
these include operational decisions, natural disasters, economic conditions, political instability or conflicts or actions by major oil
exporting countries. Price fluctuations can affect the Corporation’s financial position.
Commodity price risk is the risk that future cash flows will fluctuate as a result of changes in the price of oil and natural gas.
Commodity prices are impacted by world economic events that affect supply and demand, which are generally beyond the Group’s
control. Changes in crude oil prices may significantly affect the Corporation’s results of operations, cash generated from operating
activities, capital spending and the Corporation’s ability to meet its obligations. The majority of the Corporation’s production is sold
under short-term contracts; consequently the Group is at risk to near term price movements. The Corporation manages this risk by
constantly monitoring commodity prices and factoring them into operational decisions, such as contracting or expanding its capital
expenditures program.
The Corporation enters into certain risk management contracts in order to manage the exposure to market risks from fluctuations
in commodity prices. These risk management contracts are not used for trading or speculative purposes. The Corporation has
designated its risk management contracts as effective accounting hedges, and thus has applied hedge accounting. As a result, all
risk management contracts are recorded at fair value at each reporting period with the change in fair value being recognized on the
statement of comprehensive income.
40
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
The Group had oil price sale financial hedges outstanding as at December 31, 2024, which are summarized as follows:
Period Volume (barrels per day) Type Average Pricing January 1, 2025 - December 31, 2025 11,700 WTI/WCS Differential USD -14.26/bblJanuary 1, 2025 - March 31, 2025 5,000 WTI Sale Swap USD 70.00/bblApril 1, 2025 - June 30, 2025 2,500 WTI Sale Swap USD 70.00/bbl
The Group had gas price sale financial hedges outstanding as at December, 2024 which are summarized as follows:
Volume (Gigajoules (GJ) per PeriodType Average Pricing day))January 1, 2025 - December 31, 2025 10,000 AECO Swap CAD 2.500/GJ
The Group had electricity financial hedges outstanding as at December 31, 2024, which are summarized as follows:
Period Volume (MW) Type Average Pricing October 1, 2025 – September 30, 2040 3AESO CAD 75.00/MWh
All of the above hedges are treated as effective and changes to the fair value are reflected in other comprehensive income.
The outstanding derivative instruments can be specified as follows:
Fair value of outstanding derivative instruments in the balance sheet:
December 31, 2024 December 31, 2023USD ThousandsAssets Liabilities Assets LiabilitiesOil price hedge 1,949 28,291Gas price hedge 1,270 – – –Electricity price hedge– 562 – 202Total3,219 562 28,291 202Non-current – 562 – 202Current3,219 – 28,291 –Total3,219 562 28,291 202
The table below summarizes the effect that a change in the oil and gas price would have had on the net result at December 31, 2024
and 2023:
2024 net result (USD Thousands) 102,219 102,219Possible shift (%) (10%) 10%Total effect on net result (USD Thousands) (65,653) 65,6532023 net result (USD Thousands) 172,979 172,979Possible shift (%) (10%) 10%Total effect on net result (USD Thousands) (60,010) 60,010
e) Interest rate risk
The Group’s exposure to interest rate risk arises from the interest rate impact on its debt facilities. As at December 31, 2024, the
Group’s long-term debt is mainly comprised of a fixed coupon rate of 7.25%. As such, changes in the interest rate will not have a
significant adverse impact on interest expense.
41
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
24. MANAGEMENT OF CAPITAL RISK
The objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to meet its committed
work program requirements in order to create shareholder value. The Corporation may put in place new credit facilities, repay debt, or
other such restructuring activities as appropriate. Management continuously monitors and manages the capital and liquidity position in
order to assess the requirement for changes to the capital structure to meet the objectives and to maintain flexibility.
No significant changes were made in the objectives, policies or procedures during the year ended December 31, 2024 or in the
comparative years.
Through the ongoing management of its capital, the Corporation will modify the structure of its capital based on changing economic
conditions in the jurisdictions in which it operates. In doing so, the Corporation may issue new shares or debt, buy back issued
shares, or pay off any outstanding debt.
25. SALARY AND OTHER COMPENSATION EXPENSES
a) Employee compensation expenses
The following table provides a breakdown of gross salaries, short-term benefits, share-based compensation and other compensation
expenses included in the consolidated statement of comprehensive income:
USD Thousands 2024 2023Salaries, bonuses and other short-term benefits 53,370 57,280Security social costs 6,988 7,1001Share-based incentive plans8,539 11,69068,897 76,070
1
Vested during the year and based on IFRS 2 valuation (see Note 17)
b) Remuneration of Directors and Senior Management
Remuneration of Directors and Senior Management includes all amounts earned and awarded to the Group’s Board of Directors and
Senior Management. Senior Management includes the Group’s President and Chief Executive Officer, Chief Financial Officer, Chief
Operating Officer, General Counsel and Corporate Secretary, Senior Vice President Corporate Planning and Investor Relations, Senior
Vice President Canada, Vice President Asset Management and Corporate Planning Canada, and Vice President Commercial Canada.
Directors’ fees include Board and Committee fees. Senior Management’s remuneration includes salary, short-term benefits, bonuses
and any other compensation earned is as follows:
USD Thousands 2024 2023Directors’ fees 900 665Senior Management’s salaries, bonuses and other short-term benefits 6,196 8,198Share-based incentive plans paid to Senior Management15,155 7,93322,251 16,796
26. CONTRACTUAL OBLIGATIONS AND COMMITMENTS
In the normal course of business, the Group has committed to certain payments which are not recognised as liabilities. The
following table summarizes the Group’s commitments in Canada as at December 31, 2024:
CAD Millions2025 2026 2027 2028 2029 Thereafter1Transportation service33.3 60.6 89.2 92.8 96.7 1,391.62Power14.5 12.4 12.4 9.8 – –Total commitments 47.8 73.0 101.6 102.6 96.7 1,391.6
1
IPC has firm transportation commitments on oil and natural gas pipelines that expire between 2037 and 2045.
2
IPC has physical delivery power hedges to purchase 15MWh at a weighted average price of CAD 74.92/MWh from January 1, 2025 to December
31, 2028, an additional 5MWh at a weighted average price of CAD 58.31/MWh from January 1, 2025 to December 31, 2027, and an additional
5MWh at a weighted average price of CAD 46.85/MWh from January 1, 2025 to December 31, 2025.
42
Notes to the Consolidated Financial Statements
For the years ended December 31, 2024 and 2023, AUDITED
27. RELATED PARTIES
During the year 2024, the Group paid USD 444 thousand to the Lundin Foundation in respect of sustainability advisory services
provided to the Group and USD 834 thousand to Orrön Energy in respect of office space rental.
During the year 2024, Orrön Energy and ShaMaran Petroleum Corp. paid respectively USD 546 thousand and USD 186 thousand to
the Group in respect of support services provided during the year 2024.
All transactions with related parties are in the normal course of business and are made on the same terms and conditions as with
parties at arm’s length.
28. SUBSEQUENT EVENTS
In January 2025, the Group entered into the following oil price sale financial hedges:
Period Volume (barrels per day) Type Average Pricing January 1, 2025 - January 31, 2025 2,000 WTI Sale Swap USD 72.00/bblFebruary 1, 2025 - March 31, 2025 5,000 WTI Sale Swap USD 72.60/bblApril 1, 2025 - June 30, 2025 7,500 WTI Sale Swap USD 71.73/bblJuly 1, 2025 - December 31, 2025 10,000 WTI Sale Swap USD 71.30/bblJanuary 1, 2025 - January 31, 2025 1,000 Brent Sale Swap USD 75.00/bblFebruary 1, 2025 - December 31, 2025 2,000 Brent Sale Swap USD 75.78/bbl
No other events have occurred since December 31, 2024, that are expected to have a substantial effect on this report.
Corporate Office
International Petroleum Corp
Suite 2800
1055 Dunsmuir Street
Vancouver, British Columbia
V7X 1L2, Canada
Tel: +1 604 689 7842
E-mail: info@international-petroleum.com
Web: international-petroleum.com
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