Fenikso Limited - Half-year Financial Report
17 September 2026
Fenikso Limited
("Fenikso" or "the Company")
Interim Results
Fenikso Limited (AQSE: FNK) is pleased to announce its unaudited interim results (the "Interim Report") for the six months ended 30 June 2026 (the "Reporting Period").
For further information, please visit https://feniksoplc.com/ or contact:
Fenikso Limited
Thomas Richardson, Chairman
info@feniksoplc.com
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)
Brian Stockbridge
+44 20 3855 5551
The Directors of Fenikso accept responsibility for this announcement.
FINANCIAL REVIEW
Financial overview and performance
The Company reported a profit of $10,000 for the six month period ended 30 June 2026.
Net assets of the Company at the end of the Reporting Period were $22.1 million. Cash balances as at the end of the Reporting Period were $919,000.
OPERATIONS REPORT AND ASSET SUMMARY
The principal business of the Company is to manage and ensure the full recovery of the LOGI Loan. The Company has received payments under the LOGI Loan in the period to 30 June 2026 amounting to $2,723,754. The total cumulative amount received as at 30 June 2026 is $20,499,374The Board will continue to monitor the compliance with the terms and conditions of the LOGI Loan. As at the end of June 2026 LOGI had complied with all conditions of the Settlement Deed save for the cancellation of certain shares in the Company owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu.
OUTLOOK
The Company has repaid the entire Savanah loan in the period such that the Company has no liabilities beyond trade payables and will then receive 100% of the cash flows received from LOGI going forward.
Statement of Comprehensive Income
For the six months ended 30 June 2026
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2026
2025
2025
$000
$000
$000
OTHER OPERATING INCOME
Cost of sales
-
-
-
Gross (loss)
-
-
-
Fair value adjustment of receivables
-
-
1,940
Exceptional item - Release of creditor
5,763
Fair value adjustment borrowings
(4,084)
1,679
Administrative expenses
Recurring administrative costs
(282)
(164)
(497)
OPERATING PROFIT (LOSS)
(282)
1,515
3,122
Finance income
292
65
251
Finance cost
-
-
(76)
PROFIT (LOSS) FROM CONTINUING
10
1,580
3,297
ACTIVITIES BEFORE TAXATION
Tax expense
-
-
-
PROFIT (LOSS) FOR THE PERIOD
10
1,580
3,297
ATTRIBUTABLE TO THE
EQUITY HOLDERS
TOTAL COMPREHENSIVE Profit (LOSS)
10
1,580
3,297
ATTRIBUTABLE TO THE
EQUIT Y HOLDERS
Profit (Loss) per share - basic
0.00002
(0.0032)
0.0074
Profit (Loss) per share - diluted
0.00002
(0.0032)
0.0074
Statement of Financial Position
At 30 June 2026
Unaudited
Unaudited
Audited
30 June
2026
30 June
2025
31 December
2025
$000
$000
$000
Non-current ASSETS
Investments
CURRENT ASSETS
13,551
15,876
Investments
7,675
1,252
7,057
Trade and other receivables due within one year
139
4,424
15
Cash and cash equivalents
919
975
185
TOTAL CURRENT ASSETS
8,733
6,651
7,257
Trade and other receivables due after one year
17,895
TOTAL ASSETS
22,284
24,546
23,133
EQUITY
Share capital
25
25
25
Share premium account
264,729
264,729
264,729
Treasury Shares
(1,731)
(415)
(985)
Retained earnings
(240,857)
(242,584)
(240,867)
TOTAL EQUITY
22,166
21,755
22,902
CURRENT LIABILITIES
Trade and other payables due within one year
118
2,791
231
TOTAL CURRENT LIABILITIES
Trade and other payables due after one year
118
2,791
231
TOTAL LIABILITIES
118
2,791
231
TOTAL EQUITY AND LIABILITIES
22,284
24,546
23,133
Statement of Changes in Equity
For the six months ended 30 June 2026
Share capital
Share
Treasury
Retained
Total
Premium
Shares
losses
shareholder
equity
$000
$000
$001
$000
$000
Balance at 30 June 2024 25
264,729
-
(245,201)
19,553
Total comprehensive income (loss) for the period
-
1,037
1,037
Purchase of own shares -
(337)
-
(337)
Balance at 31 December 2024 25
264,729
(337)
(244,164)
20,253
Total comprehensive income (loss) for the period
1,580
1,580
Purchase of own shares -
-
(78)
-
(78)
Balance at 30 June 2025 25
264,729
(415)
(242,584)
21,755
Total comprehensive income (loss) for the period
1,717
1,717
Purchase of own shares -
-
(570)
-
(570)
Balance at 31 December 2025 25
264,729
(985)
(240,867)
22,902
Total comprehensive income (loss) for the period
Purchase of own shares -
-
(746)
10
-
(736)
-
Balance at 30 June 2026 25
264,729
(1,731)
(240,857)
22,166
Statement of Cashflows
For the six months ended 30 June 2026
Unaudited 6 months
ended
Unaudited 6 months
ended
Audited Year
ended
30 June
30 June
31 December
2026
2025
2025
Operating activities
$000
$000
$000
Profit/(Loss) before taxation
10
1,580
3,297
Decrease in trade and other receivables
(125)
2,435
4,311
(Decrease) / increase in trade and other payables
(113)
(5,176)
(6,524)
Adjustments for Investing activities
(292)
(251)
Adjustments for Financing activities
(3,542)
Net cash used in operating activities
(520)
(1,161)
(2,709)
Cash Flows from Financing Activities
Purchase of investments
(1,054)
(389)
(3,244)
Proceeds of investments
2,839
4,067
Income from Investments
202
116
Purchase of treasury shares
(746)
(78)
(648)
Net Cash generated from Financing Activities
1,240
(467)
291
Increase in cash and cash equivalents in period
720
(1,628)
(2,418)
Cash and cash equivalents at beginning of period
185
2,603
2,701
Effect of foreign exchange rates
14
(98)
Cash and cash equivalents at end of period
919
975
185
Notes to the Interim Report
For the six months ended 30 June 2026
1. GENERAL INFORMATION
Fenikso Limited ("the Company") is a company incorporated and domiciled in the Cayman Islands. The address of the registered office is 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands.
The Company's shares are traded on the Aquis Stock Exchange under symbol FNK and ISIN number KYG5462G1073.
2. BASIS OF PREPARATION
These condensed interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 December 2025 which were prepared in accordance with EU-endorsed International Financial Reporting Standards ('IFRSs'), IFRIC interpretations as adopted by the EU.
The financial statements have been prepared under the historical cost convention except for financial instruments and share based payments which are measured at fair value. Monetary amounts in these financial statements are rounded to the nearest $000.
The interim financial statements for the six months ended 30 June 2026 are unaudited and have not been reviewed by the Company's auditors, Bright Grahame Murray. The comparative interim figures for the six months ended 30 June 2025 are also unaudited.
The accounting policies applied by the Company in the preparation of these condensed consolidated interim financial statements are the same as those applied by the Company in its financial statements for the year ended 31 December 2025.
3. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2026
2025
2025
$000
$000
$000
Profit/(Loss) for the period
10
1,580
3,297
Weighted average number of shares
492,953
492,953
492,953
Weighted average number of shares (adjusted for treasury
407,579
473,143
443,541
Profit (Loss) per share
0.000020
(0.0032)
0.0074
4. Investments
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2026
2025
2025
Current - falling due within one year
$000
$000
$000
Loan investments at cost
3,448
-
2,830
Loan investments measured at fair value
4,227
-
4,227
7,675
-
7,057
Non current - falling due after one year
Listed investments at fair value
-
1,252
203
Loan investments at cost
1,051
449
Loan investments measured at fair value
12,500
15,224
Total
13,551
1,252
15,876
Under the settlement deed of 7 December 2022, the company granted a new loan of approximately $51,919,467 to Lekoil Oil and Gas Investments Limited ("LOGI") (the "LOGI Loan") in consideration for the transfer of certain loans granted to Lekoil Nigeria and its related entities to LOGI, the release of security related to such loans and the waiver of any repayment of amounts due under such loans. The loan is to be repaid by 8.653% of the aggregate proceeds of the sales received from Shell Western in respect of each lifting of crude oil by LOGI. Thus far, in 2026, the company has announced it has received a total of $2,723,754 as partial repayment of the loan of US$51,919,467. The total cumulative amount received as at 30 June 2026 is $20,499,374. The proceeds will be reinvested in new investment opportunities. At 30 June 2026, $31,420,093 was due from LOGI.
The company has carried out an assessment of the value of the amounts due at 31 December 2025 on a discounted basis using a rate of 16.576% (2024: 18.350%) to effect a current market value of the loan of $19,451,215. A gain of $1,970,834 was recognised in the profit and loss account.
The LOGI loan had previously been categorised as a receivable balance which was held at fair value. This has now been reclassified as an investment due to change in circumstance of the business to reflect the nature of the financial instrument. The expected balance due within 1 year is held as current investments with the long term aspect recognised as a non-current investment. There have been no change to the method of valuing the asset and this is a presentational switch between the debtors notes and financial instruments note, due to change in circumstances of the business. During the period to 30 June 2026, the Company has announced it has received a total of $2,723,754.
5. TRADE AND OTHER RECEIVABLES
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2026
2025
2025
$000
$000
$000
Current - falling due within one year
Trade receivables
-
-
-
Other receivables
139
4,424
15
139
4,424
15
Non current - falling due after one year
Other receivable
-
17,895
-
Total
-
17,895
-
The LOGI loan has been recategorised in the year to be held within fixed asset investments 'loans'. Details of the loan and valuation method can be found in note 4.
6. TRADE AND OTHER PAYABLES
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2026
2025
2025
$000 $000 $000
Current - falling due wit hin one year
Trade payables 82 29 -
Other payables 2 2,708 190
Accruals 34 54 41118 2,791 231
Non current - falling due after one year
Other payables - - -
Total 118 2,791 231
Following the Settlement Deed, the Company entered into a loan agreement with Savannah Energy pursuant to which the Company agreed to pay Savannah Energy certain upfront payments together with 25% of all amounts received by the Company from LOGI pursuant to the LOGI Loan, subject to a maximum total payment of approximately $16,256,159. During the year ended 31 December 2025 the Company renegotiated the Savanah Energy Investments Limited loan. As at 25th April 2025 there was an outstanding balance of US$11,525,424 and it was agreed that it will be settled for US$5,762,712. The company agreed to pay US$2,500,000 immediately with the remaining US$3,262,712 payable on or before the 31st December 2025. The balance was settled in full before the year end. Due to foreign exchange differences on the final payment a true up payment was made in January 2026 for the difference. The gain on the re-negotiated balance of $5,762,712 less the release of the historic fair value adjustments of $4,083,878 lead to a gain on fair value adjustments of $1,678,834. As at 30 June 2026 no amounts are due to Savanah Energy Investments.
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