RNS Number : 7198A
Fenikso Limited
25 September 2025
25 September 2025
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 2025 (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 $1,580,000 for the six month period ended 30 June 2025.
Net assets of the Company at the end of the Reporting Period were $21.7 million. Cash balances as at the end of the Reporting Period were $975,000.
OPERATIONS REPORT AND ASSET SUMMARY
The principal business of the Company is to manage the existing proceeds and future recovery of the entire LOGI Loan. The Company has received payments under the LOGI Loan as at the end of 30 June 2025 amounting to $1,648,002. The Board will continue to monitor the compliance with the terms and conditions of the LOGI Loan. As at the end of June 2025 LOGI had complied with all conditions of the Settlement Deed save for the cancellation of 1,215,210 shares in the Company owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu.
OUTLOOK
The Company is focused on repaying the entire Savanah Energy Investments Limited loan ("SEIL") ("SEIL Loan") in accordance with the renegotiated terms of the SEIL Loan announced on 25 April 2025, before the end of 2025 such that the Company will have no liabilities whatsoever 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 2025
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2025
2024
2024
$000
$000
$000
OTHER OPERATING INCOME
Cost of sales
-
-
-
Gross (loss)
-
-
-
Fair value adjustment of receivables
-
-
1,938
Exceptional item - Release of creditor
5,763
Fair value adjustment borrowings
(4,084)
-
(1,173)
Administrative expenses
Recurring administrative costs
(164)
(126)
(210)
OPERATING PROFIT (LOSS)
1,515
(126)
555
Finance income
65
-
358
Finance cost
-
-
(2)
PROFIT (LOSS) FROM CONTINUING
1,580
(126)
911
ACTIVITIES BEFORE TAXATION
Tax expense
-
-
-
PROFIT (LOSS) FOR THE PERIOD
1,580
(126)
911
ATTRIBUTABLE TO THE
EQUITY HOLDERS
TOTAL COMPREHENSIVE Profit (LOSS)
1,580
(126)
911
ATTRIBUTABLE TO THE
EQUIT Y HOLDERS
Loss per share - basic
(0.0032)
(0.0003)
(0.0018)
Loss per share - diluted
(0.0033)
(0.0003)
(0.0019)
Statement of Financial Position
At 30 June 2024
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2025
2024
2024
$000
$000
$000
CURRENT ASSETS
Investments
1,252
1
863
Trade and other receivables due within one year
4,424
2,853
8,258
Cash and cash equivalents
975
5,262
2,701
TOTAL CURRENT ASSETS
6,651
8,116
11,822
Trade and other receivables due after one year
17,895
20,211
16,787
TOTAL ASSETS
24,546
28,327
28,609
EQUITY
Share capital
25
25
25
Share premium account
264,729
264,729
264,729
Treasury Shares
(415)
(337)
Retained earnings
(242,584)
(245,201)
(244,164)
TOTAL EQUITY
21,755
19,553
20,253
CURRENT LIABILITIES
Trade and other payables due within one year
2,791
3,305
3,862
TOTAL CURRENT LIABILITIES
2,791
3,305
3,862
Trade and other payables due after one year
5,469
4,494
TOTAL LIABILITIES
2,791
8,774
8,356
TOTAL EQUITY AND LIABILITIES
24,546
28,327
28,609
Statement of Changes in Equity
For the six months ended 30 June 2025
Share capital
Share
Treasury
Retained
Total
Premium
Shares
losses
shareholder
equity
$000
$000
$001
$000
$000
Balance (restated) as at
31 December 2021
27
264,004
(229,844)
34,187
Loss for the period
-
-
-
(944)
(944)
Total comprehensive income for the period
27
264,004
-
(230,788)
33,243
Issue of ordinary shares
11
1,496
-
1,507
Total transactions with owners
11
1,496
-
1,507
Balance at 30 June 2022
38
265,500
-
(230,788)
34,750
Loss for the period
-
-
(14,453)
(14,453)
Total comprehensive income for the period
38
265,500
-
(245,241)
20,297
Issue of ordinary shares
2
367
-
369
Shares cancelled
(10)
(1,138)
-
(1,148)
Total transactions with owners
(8)
(771)
-
-
(779)
Balance at 31 December 2022
30
264,729
-
(245,241)
19,518
Loss for the period
-
-
(224)
(224)
Total comprehensive income for the period
30
264,729
-
(245,465)
19,294
Issue of ordinary shares
-
-
-
-
Total transactions with owners
-
-
-
-
-
Balance at 30 June 2023
30
264,729
-
(245,465)
19,294
Loss for the period
-
-
385
385
Total comprehensive income for the period
30
264,729
-
(245,080)
19,679
Issue of ordinary shares
-
-
-
-
-
Shares cancelled
(5)
-
-
5
-
Total transactions with owners
(5)
-
-
5
-
Balance at 31 December 2023
25
264,729
-
(245,075)
19,679
Loss for the period
-
(126)
(126)
Total comprehensive income for the period
25
264,729
-
(245,201)
19,553
Issue of ordinary shares
-
-
-
-
Total transactions with owners
-
-
-
-
-
Balance at 30 June 2024
25
264,729
-
(245,201)
19,553
Loss for the period
-
1,037
1,037
Total comprehensive income for the period
25
264,729
-
(244,164)
20,590
Purchase of own shares
-
-
(337)
-
(337)
Total transactions with owners
-
-
(337)
-
(337)
Balance at 31 December 2024
25
264,729
(337)
(244,164)
20,253
Loss for the period
-
1,580
1,580
Total comprehensive income for the period
25
264,729
(337)
(242,584)
21,833
Purchase of own shares
-
-
(78)
-
(78)
Total transactions with owners
-
-
(78)
-
(78)
Balance at 30 June 2025
25
264,729
(415)
(242,584)
21,755
Statement of Cashflows
For the six months ended 30 June 2025
Unaudited
Unaudited
Audited
6 months
6 months
Year
ended
ended
ended
30 June
30 June
31 December
2025
2024
2024
$000
$000
$000
Operating activities
Profit/(Loss) before taxation
1,580
(126)
911
Decrease in trade and other receivables
2,435
3,522
3,480
(Decrease) / increase in trade and other payables
(5,176)
(737)
(2,328)
Adjustments for Investing activities
(353)
Adjustments for Financing activities
(770)
Net cash used in operating activities
(1,161)
2,659
940
Cash Flows from Financing Activities
Purchase of investments
(389)
-
(858)
Income from Investments
353
Purchase of treasury shares
(78)
-
(337)
Net Cash generated from Financing Activities
(467)
-
(842)
Increase in cash and cash equivalents in period
(1,628)
2,659
98
Cash and cash equivalents at beginning of period
2,603
2,603
2,603
Cash and cash equivalents at end of period
975
5,262
2,701
Notes to the Interim Report
For the six months ended 30 June 2025
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 2024 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 US$000.
The interim financial statements for the six months ended 30 June 2025 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 2024 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 2024.
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
2025
2024
2024
$000
$000
$000
Profit/(Loss) for the period
1,580
(126)
911
Weighted average number of shares
492,953
492,953
492,953
Weighted average number of shares (adjusted for treasury shares)
473,143
492,953
473,143
Loss per share - diluted
(0.0033)
(0.0003)
(0.0019)
4. TRADE AND OTHER RECEIVABLES
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2025
2024
2024
$000
$000
$000
Current - falling due within one year
Trade receivables
-
-
-
Other receivables
4,424
2,853
8,258
4,424
2,853
8,258
Non current - falling due after one year
Other receivable
17,895
20,211
16,787
Total
17,895
20,211
16,787
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. In the year 2024, the company has announced it has received a total of $6,747,634 as partial repayment of the loan of US$51,919,467. The amount received equates to 8.653% of the value of the crude oil sales by LOGI. The proceeds will go towards reducing the company's creditor balances. At 31 December 2024, $38,439,950 was due from LOGI. The company has carried out an assessment of the value of the amounts due at 31 December 2024 on a discounted basis using a rate of 18.350% (2023: 18.112%) to effect a current market value of the loan of $20,128,057. A gain of $1,937,637 has been recognised in the statement of comprehensive income. During the period to 30 June 2025, the Company has announced it has received a total of $1,648,002.
5. TRADE AND OTHER PAYABLES
Unaudited
Unaudited
Audited
30 June
30 June
31 December
2025
2024
2024
$000
$000
$000
Current - falling due within one year
Trade payables
29
550
44
Other payables
2,708
2,573
3,732
Accruals
54
182
86
2,791
3,305
3,862
Non current - falling due after one year
Other payables
-
5,469
4,494
Total
2,791
8,774
8,356
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. The Company assessed the value of the loan amount at 31 December 2022 on a discounted basis using a rate of 16.821% to effect a current market value of $9,417,555. The difference of $6,838,604 was recognised in the statement of comprehensive income. During the year, the company made a total repayment of $2,219,579 to SEIL. As at 31 December 2024, an amount of $11,842,597 was due to Savannah Energy. The company has assessed the value of the loan amount at 31 December 2024 on a discounted basis using a rate of 18.350% (2023: 18.112%%) to effect a current market value of $7,758,719. A loss of $1,172,525 has been recognised in the statement of comprehensive income. During the period to 30 June 2025, the Company has announced it has negotiated the loan balance. As at 25 April 2025 the loan had an outstanding balance of $11,525,424 and it has been agreed that it will be settled for $5,762,712. Fenikso agreed to pay $2,500,000 immediately on signing with the remaining US$3,262,712 payable on or before the 31st December 2025. Total payments in the period amounted to $3,370,058.
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