REG - Indus Gas Limited - Half-year Financial Report
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RNS Number : 3793M Indus Gas Limited 22 December 2025
Indus Gas Limited and its subsidiaries
("Indus" or the "Company")
Unaudited Condensed Consolidated Interim Financial
Statements for the six-month period ended 30 September 2025
Indus Gas Limited (AIM: INDI), an oil & gas exploration and development
company, is pleased to report its interim results for the six-month period
ending 30 September 2025.
Consolidated reported adjusted revenues, operating profit and profit before
tax for the interim period ended 30 September 2025 were US$ 3.99m (US$ 2.34m
interim 2024), US$ 1.93m (US$ 1.24 m interim 2024) and US$ 1.93 m (US$ 1.24 m
interim 2024) respectively.
The Company has continued to make provision for a notional deferred tax
liability of US$ 0.78m (US$ 0.61m interim 2024), in accordance with IFRS
requirements.
Following on from the Company's annual results announced on 30 September 2025,
there is limited production from the SGL field as well as the SSF & SSG
fields. Gas supplies to Gail continue under an interim term sheet. Once the
PSC extension is granted to the block participants, a new gas sale and
purchase agreement is targeted to be signed. Updates will be made as and when
appropriate.
Jonathan Keeling, Chairman of Indus Gas, commented:
"PSC extension is being awaited by the block participants."
For further information, please contact:
Indus Gas Limited
Jonathan Keeling +44 (0) 20 81333375
Executive Chairman
Strand Hanson Limited (Nominated & Financial Adviser and Broker)
Ritchie Balmer, Rory Murphy +44 (0) 20 7409 3494
Unaudited Condensed Consolidated Statement of Financial Position
(All amounts in US$, unless otherwise stated)
Notes As at As at As at
30 September 2025 30 September 2024 31 March 2025
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 6 788,225,446 1,302,111,915 776,139,979
Tax assets 375,395 783,134 333,262
Other assets 8,958 8,722 8,957
Total non-current assets 788,609,799 1,302,903,771 776,482,198
Current assets
Inventories 5,472,059 7,332,245 6,898,623
Trade and other receivables 643,156 310,041 638,220
Receivable from related party 110,913,912 109,268,500 109,239,970
Cash and cash equivalents 646,316 218,271 240,220
Total current assets 117,675,443 117,129,058 117,017,033
Total assets 906,285,242 1,420,032,829 893,499,231
LIABILITIES AND EQUITY
Shareholders' equity
Share capital 3,619,443 3,619,443 3,619,443
Additional paid-in capital 46,733,689 46,733,689 46,733,689
Currency translation reserve (9,313,782) (9,313,782) (9,313,782)
Merger reserve 19,570,288 19,570,288 19,570,288
Retained earnings (53,413,053) 303,657,986 (54,557,477)
Total shareholders' equity 7,196,585 364,267,624 6,052,161
LIABILITIES
Non-current liabilities
Long term debt, excluding current portion 7 163,931,631 159,740,230 159,581,721
Payable to related parties, excluding current portion 9 715,914,347 696,835,347 709,560,347
Deferred tax liabilities (net) 11,037,774 160,748,276 10,253,484
Provision for decommissioning 1,908,607 1,881,606 1,899,606
Total non-current liabilities 892,792,359 1,019,205,459 881,295,158
Current liabilities
Current portion of long-term debt 7 4,689,873 9,582,394 4,505,626
Current portion payable to related parties 9 14,197 20,283 43,762
Trade and other payables 1,592,228 1,486,093 1,602,524
Deferred revenue - 25,470,135 -
Total current liabilities 6,296,298 36,559,746 6,151,912
Total liabilities 899,088,657 1,055,765,205 887,447,070
Total liabilities and equity 906,285,242 1,420,032,829 893,499,231
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in US $, unless otherwise stated)
Notes Six months ended Six months ended
30 September 2025 30 September 2024
Unaudited Unaudited
Revenue 3,986,666 2,336,556
Cost of sales (1,411,597) (651,992)
Administrative expenses (646,209) (440,812)
Profit from operations 1,928,860 1,243,752
Foreign exchange gain/(loss), net (146) 714
Interest income -
Profit before tax 1,928,714 1,244,466
Income taxes - -
Provision for Deferred tax charge (784,290) (605,418)
Profit for the period 1,144,424 639,048
Total comprehensive income for the period 1,144,424 639,048
Earnings per share 10
Basic 0.01 0.01
Diluted 0.01 0.01
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Changes in Equity
(All amounts in US $, unless otherwise stated)
Common Stock Number Amount Additional paid-in capital Currency translation reserve Merger reserve (Accumulated Profits)/ Retained earnings Total stockholders' equity
Balance as at 1 April 2025 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 (54,557,477) 6,052,161
Profit for the period - - - - - 1,144,424 1,144,424
Total comprehensive income for the period - - - - - 1,144,424 1,144,424
Balance as at 30 September 2025 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 (53,413,053) 7,196,585
Balance as at 1 April 2024 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 303,018,938 363,628,576
Profit for the period - - - - - 639,048 639,048
Total comprehensive income for the period - - - - - 639,048 639,048
Balance as at 30 September 2024 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 303,657,986 364,267,624
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in US $, unless otherwise stated)
Six months ended Six months ended
30 September 2025 30 September 2024
(Unaudited) (Unaudited)
(A) Cash flow from operating activities
Profit before tax 1,928,714 1,244,023
Adjustments
Unrealised exchange loss/ (gain) 145 (714)
Depreciation 665,167 471,469
Changes in operating assets and liabilities
Inventories 1,426,564 1,612,144
Trade receivables (4,938) 303,664
Trade and other payables 1,464,950 832,004
Other current and non-current assets - 7,959
Provisions for decommissioning 9,000 -
Other liabilities (39,863) (30,975)
Cash generated from operations 5,449,739 4,439,874
Income taxes paid/refund (42,128) (19,898)
Net cash generated from operating activities 5,407,611 4,419,976
(B) Cash flow from investing activities
Purchase of property, plant and equipment (9,234,259) (6,849,192)
Interest received -
Net cash used in investing activities (9,234,259) (6,849,192)
(C) Cash flow from financing activities
Repayment of long-term debt from banks - (10,800,000)
Proceeds from long-term debt 4,350,000 -
Proceeds from Related Party 6,354,000 18,425,000
Payment of interest (6,471,111) (7,047,469)
Net cash used in financing activities 4,232,889 577,531
Net change in cash and cash equivalents 406,241 (1,851,687)
Cash and cash equivalents at the beginning of the period
240,220 2,069,244
Effect of exchange rate change on cash and cash equivalents (145) 714
Cash and cash equivalents at the end of the period 646,316 218,271
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in US $, unless otherwise stated)
1. INTRODUCTION
Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the
Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of
the Island of Guernsey. The Company was set up to act as the holding company
of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited
("Newbury"). iServices and Newbury are companies incorporated in Mauritius and
Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury
was incorporated on 17 February 2005. The Company was admitted to trading on
the AIM of the London Stock Exchange on 6 June 2008. Indus Gas, through its
wholly owned subsidiaries iServices and Newbury (together the "Group"), is
engaged in the business of oil and gas exploration, development and
production.
Focus Energy Limited ("Focus"), an entity incorporated in India, entered into
a Production Sharing Contract("PSC") with the Government of India ("GOI") and
Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum
exploration and development concession in India known as RJ-ON/06 ("the
Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and
Newbury entered into an interest sharing agreement with Focus and obtained a
65 per cent and 25 per cent share respectively in the Block. The balance 10
per cent of participating interest is owned by Focus. The participating
interest explained above is subject to any option to acquire 30 per cent
Participating Interest exercised by ONGC in respect of discoveries. ONGC has
already exercised 30 per cent PI option for SGL field (as further explained in
Note 3).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are for the
six months ended 30 September 2025 and are presented in United States Dollar
(US$), which is the functional currency of the parent company and other
entities in the Group. They have been prepared in accordance with IAS 34
Interim Financial Reporting. They do not include all of the information
required in annual financial statements in accordance with International
Financial Reporting Standards as adopted by the European union, and should be
read in conjunction with the consolidated financial statements and related
notes of the Group for the year ended 31 March 2025.
The unaudited condensed consolidated interim financial statements have been
prepared on a going concern basis. The accounting policies applied in these
unaudited condensed consolidated interim financial statements are consistent
with the policies that were applied for the preparation of the consolidated
financial statements for the year ended 31 March 2025.
These unaudited condensed consolidated interim financial statements are for
the six months ended 30 September 2025 and have been approved for issue by the
Board of Directors.-
3. JOINTLY CONTROLLED ASSETS
As explained above, the Group through its subsidiaries iServices and Newbury
has an "Interest sharing arrangement" with Focus in the block, which under
IFRS 11 Joint Arrangements, is classified as a 'Joint operation'.
Under the PSC, the GOI, through ONGC has an option to acquire a 30 per cent
participating interest in any discovered field, upon such successful discovery
of oil or gas reserves, which has been declared as commercially feasible to
develop.
The block is divided into 3 fields - SGL, SSG and SSF.
Subsequent to the declaration of commercial discovery in SGL field, ONGC
exercised the option to acquire a 30 per cent participating interest in the
discovered fields on 6 June 2008. The exercise of this option has reduced the
interest of the existing partners proportionately.
However, on exercise of this option, ONGC is liable to pay its share of 30 per
cent of the SGL field development costs and production costs incurred after 21
January 2008 and in order to be entitled to their 30 per cent share in the
production of gas subject to recovery of contract costs as explained below.
The allocation of the production from the field to each participant in any
year is determined on the basis of the respective proportion of each
participant's cumulative unrecovered contract costs paid as at the end of the
previous year. As per PSC the recovery shall be first made of Production Costs
and next recovery be made of Exploration costs and the remaining shall be made
of Development costs.
On the basis of the above, gas production for the period ended 30(th)
September 2025 continues to be shared between Focus, iServices and Newbury in
the ratio of 10 percent, 65 percent, and 25 percent, respectively. ONGC will
not be entitled to any participating interest in the production until the full
exploration and development cost is recovered by other participants.
Subsequent to the declaration of commerciality for SSF and SSG discovery, ONGC
did not exercise the option to acquire 30 percent in respect of SSG and SSF
field. The participating interest in SSG and SSF field between Focus,
iServices and Newbury will remain in ratio of 10 percent, 65 percent and 25
percent respectively for exploration, evaluation and development cost, and
production revenue for SSF and SSG in the block.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these unaudited condensed interim consolidated financial
statements, the significant judgments made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
consistent with those that applied to the consolidated financial statements as
at and for the year ended 31 March 2025.
5. SEGMENT REPORTING
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the management in order
to allocate resources to the segments and to assess their performance. The
Company considers that it operates in a single operating segment being the
production and sale of gas.
6. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Cost Land Extended well test equipment Development Assets Production Assets Bunk Houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2025 167,248 9,213,444 949,347,153 417,794,368 8,441,154 4,078,344 1,708,643 1,474,130 1,392,224,474
Additions - - 13,088,785 - - - - - 13,088,785
Disposals - - - - - (12,065) - - (12,065)
Balance as at 30 167,248 9,213,444 962,435,938 417,794,368 8,441,154 4,066,279 1,708,643 1,474,130 1,405,301,194
September 2025
Accumulated depreciation
Balance as at 1 April 2025 - 6,165,332 386,880,485 209,175,292 7,487,710 4,078,338 1,696,608 600,741 616,084,506
Depreciation on assets transferred - 209,491 - 665,167 126,264 - 2,385 - 1,003,307
Depreciation for the period - - - - - (12,065) - - (12,065)
Impairment for the year
Balance as at 30 September 2025 - 6,374,823 386,880,485 209,840,459 7,613,974 4,066,273 1,698,993 600,741 617,075,748
Carrying value 167,248 2,838,621 575,555,453 207,953,909 827,1805 6 9,650 873,389 788,225,446
As at 30 September 2025
Cost Land Extended well test equipment Development Assets Production Assets Bunk Houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2024 167,248 9,213,444 935,804,466 409,502,205 7,869,575 4,963,923 1,695,265 3,699,487 1,372,915,613
Additions - - 11,259,592 410 - - 13,035 - 11,273,037
Disposals/Transfers - - - - - - - - -
Balance as at 30 167,248 9,213,444 947,064,058 409,502,615 7,869,575 4,963,923 1,708,300 3,699,487 1,384,188,650
September 2024
Accumulated depreciation
Balance as at 1 April 2024 - 3,555,792 - 64,478,363 6,608,781 4,963,875 1,685,736 - 81,292,547
Depreciation for the period - 231,296 - 471,469 97,768 42 913 - 784,188
Balance as at 30 September 2024 - 3,787,088 - 64,949,832 6,706,549 4,963,917 1,686,649 - 82,076,735
Carrying value
As at 30 September 2024 167,248 5,426,356 947,064,058 344,552,783 1,163,0264 6 21,651 3,699,487 1,302,111,915
Cost Land Extended well test equipment Development Production assets Bunk houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2024 167,248 9,213,444 935,804,466 409,502,205 7,869,575 4,963,923 1,695,265 3,699,487 1,372,915,613
Additions - - 20,140,425 (6,597,738) - - - 13,378 40,637 20,194,440
Transfers - - - 8,292,163 571,579 - - (2,266,004) -
Disposals - - - - (885,579) - - (885,579)
Balance as at 31 March 2025 167,248 9,213,444 949,347,153 417,794,368 8,441,154 4,078,344 1,708,643 1,474,120 1,392,224,474
Accumulated depreciation
Balance as at 1 April 2024 - 3,555,792 - 64,478,362 6,608,781 4,963,875 1,685,736 - 81,292,546
Depreciation on assets transferred - - - - - (885,537) - - (885,537)
Depreciation for the period - 425,589 - 1,202,824 195,692 - 2,249 - 1,826,354
Impairment for the year 2,183,951 386,880,485 143,494,106 683,236 - 8,623 600,731 533,851,132
Balance as at 31 March 2025 - 6,165,332 386,880,485 209,175,292 7,487,709 4,078,338 1,696,608 600,731 616,084,495
Carrying value
As at 31 March 2025 167,248 3,048,112 562,466,668 208,619,076 953,445 6 12,035 873,389 776,139,979
7. LONG TERM DEBTS
From Banks
30 September 2025 30 September 2024 31 March 2025
(Unaudited) (Unaudited) (Audited)
Current portion of long-term debt from banks - 5,244,617 -
Total 5,244,617 -
From Bonds/Debts
30 September 2025 30 September 2024 31 March 2025
(Unaudited) (Unaudited) (Audited)
Non-current portion of long-term debt 163,931,631 159,740,228 159,581,721
Current portion of long-term debt 4,689,873 4,337,778 4,505,626
Total 168,621,504 164,078,006 164,087,347
8. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised
in the table below:
Nature of the relationship Related Party's Name
I. Holding Company Gynia Holdings Ltd.
II.Enterprise over which Key Management Personnel (KMP) exercise control (with Focus Energy Limited
whom there are transactions)
Disclosure of transactions between the Group and related parties and the
outstanding balances as of 30 September 2025 and 30 September 2024 are as
follows:
Transactions during the period
Particulars Period ended Period ended
30 September 2025 30 September 2024
Loan Received from Related Party 6,354,000 18,425,000
Short term employee benefits (KMP) 50,277 84,005
Cost incurred by the Focus on behalf of the group in respect of the Block 5,713,058 2,418,570
Remittances to Focus 7,387,000 4,381,505
9.PAYABLE/RECEIVABLE TO RELATED PARTIES
Particulars As at As at As at
30 September 2025 30 September 2024 31 March 2025
Receivable form Focus 110,913,912 109,268,500 109,239,970
Payables to Related Party 715,914,347 696,835,347 709,560,347
Employee obligation (KMP) 14,197 20,283 43,726
Directors' remuneration
Directors' remuneration is included under administrative expenses, evaluation
and exploration assets or development assets in the unaudited consolidated
financial statements allocated on a systematic and rational manner.
Amount receivable from Focus
Amount receivable from Focus represents amounts paid in advance to them in
respect of contract costs in Block RJ-ON/6.
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the profits attributable
to ordinary shareholders divided by the weighted average number of shares
issued during the period.
Calculation of basic and diluted earnings per share is as follows:
Period ended Period ended
30 September 2025 30 September 2024
Profit attributable to shareholders of Indus Gas Limited, for basic and 1,144,424 639,048
dilutive
Weighted average number of shares (used for basic profit per share) 182,973,924 182,973,924
No. of equivalent shares in respect of outstanding options - -
Diluted weighted average number of shares (used for diluted profit per share 182,973,924 182,973,924
Basic earnings per share (US$) 0.01* 0.01*
Diluted earnings per share (US$) 0.01* 0.01*
*Rounded off to the nearest two decimal places.
11. COMMITMENTS AND CONTINGENCIES
At 30 September 2025, the Group had capital commitments of US$ Nil (30
September 2024: US$ Nil;31 March 2025: US$ Nil) in relation to property, plant
& equipment - development/producing assets, in the Block. The Group has no
contingencies as at 30 September 2025 (30 September 2024: Nil;31 March 2025:
Nil).
12. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for
the year ended 31 March 2025.
13. BASIS OF GOING CONCERN ASSUMPTION
The Production sharing Contract (PSC) entered by Wholly Owned Subsidiary
(WOS) expired on 20 August 2024. WOS has formally applied for an extension of
the PSC and operator of the block continues to engage with relevant
authorities to secure its renewal.
The Gas Sales and Purchase Agreement (GSPA) with the Group's sole customer
expired on 30september 2024. In its place, the Group entered into an Interim
Term Sheet for gas sales and purchases, which is extendable every six months.
The current Interim Term Sheet has been extended until 31 January 2026.
Operator of the block remains in active negotiations with the customer to
establish a long-term commercial arrangement. The repeated extensions of the
Interim Term Sheet, along with the customer's operational reliance on gas from
block to support regional power generation, support the expectation of further
extensions renewal of the GSPA.
Based on factors and forecasts, management is confident that the group will be
able to meet its obligations as they become due in the ordinary course of
business. Accordingly, these financial statements have been prepared on a
going concern basis.
14. FINANCIAL INSTRUMENTS
A summary of the Group's financial assets and liabilities by category is
mentioned in the table below. The carrying amounts of the Group's financial
assets and liabilities as recognized at the end of the reporting periods under
review may also be categorized as follows:
30 September 2025 30 September 2024 31 March 2025
Loans 8,958 8,722 8,958
- Security deposits
Current assets
-Trade receivables 643,156 310,041 638,230
-Cash and cash equivalents 646,316 218,271 240,220
- Prepayment and other assets due from a related party 110,913,912 109,268,500 109,239,970
Total financial assets 112,212,342 109,805,534 110,127,378
Financial liabilities measured at amortized cost
Non-current liabilities
- Long term debts/bonds 163,931,631 159,740,230 159,581,721
- Payable to related parties 715,914,347 696,835,347 709,560,347
Current liabilities
- Current portion of long-term debts/bonds 4,689,873 9,782,394 4,505,626
- Current portion of payable to related parties 14,197 20,283 43,762
- Accrued expenses and other liabilities 1,537,125 1,486,933 1,548,070
Total financial liability measured at amortized cost 886,087,173 867,665,187 875,239,526
The fair value of the financial assets and liabilities described above closely
approximates their carrying value on the statement of financial position
dates.
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