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    Indus Gas Limited - Half-year Financial Report

    Picture of Indus Gas logoIndus Gas
    22/12/2025 07:00
    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)

 


    NotesAs at
    30 September 2025    		As at
    30 September 2024    		As at
    31 March 2025
    (Unaudited)(Unaudited)(Audited)
    ASSETS
    Non-current assets
    Property, plant and equipment6788,225,4461,302,111,915776,139,979
    Tax assets375,395783,134333,262
    Other assets8,9588,7228,957
    Total non-current assets788,609,7991,302,903,771776,482,198
    Current assets
    Inventories5,472,0597,332,2456,898,623
    Trade and other receivables643,156310,041638,220
    Receivable from related party110,913,912109,268,500109,239,970
    Cash and cash equivalents646,316218,271240,220
    Total current assets117,675,443117,129,058117,017,033
    Total assets906,285,2421,420,032,829893,499,231
    LIABILITIES AND EQUITY
    Shareholders' equity
    Share capital3,619,4433,619,4433,619,443
    Additional paid-in capital46,733,68946,733,68946,733,689
    Currency translation reserve(9,313,782)(9,313,782)(9,313,782)
    Merger reserve19,570,28819,570,28819,570,288
    Retained earnings(53,413,053)303,657,986(54,557,477)
    Total shareholders' equity7,196,585364,267,6246,052,161
    

   


    LIABILITIES
    Non-current liabilities
    Long term debt, excluding current portion7163,931,631159,740,230159,581,721
    Payable to related parties, excluding current portion9715,914,347696,835,347709,560,347
    Deferred tax liabilities (net)11,037,774160,748,27610,253,484
    Provision for decommissioning1,908,6071,881,6061,899,606
    Total non-current liabilities892,792,3591,019,205,459881,295,158
    Current liabilities
    Current portion of long-term debt74,689,8739,582,3944,505,626
    Current portion payable to related parties914,19720,28343,762
    Trade and other payables1,592,2281,486,0931,602,524
    Deferred revenue-25,470,135-
    Total current liabilities6,296,29836,559,7466,151,912
    Total liabilities899,088,6571,055,765,205887,447,070
    Total liabilities and equity906,285,2421,420,032,829893,499,231
    

(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)


    NotesSix months ended
    30 September 2025    		Six months ended
    30 September 2024
    UnauditedUnaudited
    Revenue3,986,6662,336,556
    Cost of sales(1,411,597)(651,992)
    Administrative expenses(646,209)(440,812)
    Profit from operations1,928,8601,243,752
    Foreign exchange gain/(loss), net(146)714
    Interest income-
    Profit before tax1,928,7141,244,466
    Income taxes
    Provision for Deferred tax charge    		-
    (784,290)    		-
    (605,418)
    

                             


    Profit for the period1,144,424639,048
    Total comprehensive income for the period1,144,424639,048
    Earnings per share10
    Basic0.010.01
    Diluted0.010.01
    


    (The accompanying notes are an integral part of theseUnaudited Condensed Consolidated Interim Financial Statements)
    

Unaudited Condensed Consolidated Statement of Changes in Equity

(All amounts in US $, unless otherwise stated)

 


    Common StockNumber AmountAdditional paid-in capitalCurrency translation reserveMerger reserve(Accumulated Profits)/ Retained earningsTotal stockholders' equity
    Balance as at 1 April 2025182,973,9243,619,44346,733,689(9,313,782)19,570,288(54,557,477)6,052,161
    Profit for the period-----1,144,4241,144,424
    Total comprehensive income for the period-----1,144,4241,144,424
    Balance as at 30 September 2025182,973,9243,619,44346,733,689(9,313,782)19,570,288(53,413,053)7,196,585
    

               

 


    Balance as at 1 April 2024182,973,9243,619,44346,733,689(9,313,782)19,570,288303,018,938363,628,576
    Profit for the period-----639,048639,048
    Total comprehensive income for the period-----639,048639,048
    Balance as at 30 September 2024182,973,9243,619,44346,733,689(9,313,782)19,570,288303,657,986364,267,624
    

 

(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
    30 September 2025
    (Unaudited)    		Six months ended
    30 September 2024
    (Unaudited)
    (A) Cash flow from operating activities
    Profit before tax1,928,7141,244,023
    Adjustments
    Unrealised exchange loss/ (gain)145(714)
    Depreciation665,167471,469
    Changes in operating assets and liabilities
    Inventories1,426,5641,612,144
    Trade receivables(4,938)303,664
    Trade and other payables1,464,950832,004
    Other current and non-current assets-7,959
    Provisions for decommissioning9,000-
    Other liabilities(39,863)(30,975)
    Cash generated from operations5,449,7394,439,874
    Income taxes paid/refund(42,128)(19,898)
    Net cash generated from operating activities5,407,6114,419,976
    (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
    Proceeds from long-term debt    		-
    4,350,000    		(10,800,000)
    -
    Proceeds from Related Party6,354,00018,425,000
    Payment of interest(6,471,111)(7,047,469)
    Net cash used in financing activities4,232,889577,531
    Net change in cash and cash equivalents406,241(1,851,687)
    Cash and cash equivalents at the beginning of the period240,2202,069,244
    Effect of exchange rate change on cash and cash equivalents(145)714
    Cash and cash equivalents at the end of the period646,316218,271
    

               

 

 (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 30th 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:


    CostLandExtended well test equipmentDevelopment AssetsProduction AssetsBunk HousesVehiclesOther assetsCapital work-in-progressTotal
    Balance as at 1 April 2025167,2489,213,444949,347,153417,794,3688,441,1544,078,3441,708,6431,474,1301,392,224,474
    Additions
    Disposals    		-
    -    		-
    -    		13,088,785
    -    		-
    -    		-
    -    		-
    (12,065)    		-
    -    		-
    -    		13,088,785
    (12,065)
    Balance as at 30
    September 2025    		167,2489,213,444962,435,938417,794,3688,441,1544,066,2791,708,6431,474,1301,405,301,194
    Accumulated depreciation
    Balance as at 1 April 2025-6,165,332386,880,485209,175,2927,487,7104,078,3381,696,608600,741616,084,506
    Depreciation on assets transferred-209,491-665,167126,264-2,385-1,003,307
    Depreciation for the period-----(12,065)--(12,065)
    Impairment for the year
    Balance as at 30 September 2025-6,374,823386,880,485209,840,4597,613,9744,066,2731,698,993600,741617,075,748
    Carrying value167,2482,838,621575,555,453207,953,909827,180569,650873,389788,225,446
    As at 30 September 2025
    

 

 

 

 


    CostLandExtended well test equipmentDevelopment AssetsProduction AssetsBunk HousesVehiclesOther assetsCapital work-in-progressTotal
    Balance as at 1 April 2024167,2489,213,444935,804,466409,502,2057,869,5754,963,9231,695,2653,699,4871,372,915,613
    Additions
    Disposals/Transfers    		-
    -    		-
    -    		11,259,592
    -    		410
    -    		-
    -    		-
    -    		13,035
    -    		-
    -    		11,273,037
    -
    Balance as at 30
    September 2024    		167,2489,213,444947,064,058409,502,6157,869,5754,963,9231,708,3003,699,4871,384,188,650
    Accumulated depreciation
    Balance as at 1 April 2024-3,555,792-64,478,3636,608,7814,963,8751,685,736-81,292,547
    Depreciation for the period-231,296-471,46997,76842913-784,188
    Balance as at 30 September 2024-3,787,088-64,949,8326,706,5494,963,9171,686,649-82,076,735
    Carrying value
    As at 30 September 2024167,2485,426,356947,064,058344,552,7831,163,0264621,6513,699,4871,302,111,915
    

 

 

 


    CostLandExtended well test equipmentDevelopmentProduction assetsBunk housesVehiclesOther assetsCapital work-in-progressTotal
    Balance as at 1 April 2024167,2489,213,444935,804,466409,502,2057,869,5754,963,9231,695,2653,699,4871,372,915,613
    Additions
    Transfers
    Disposals    		-
    -
    -    		-
    -
    -    		20,140,425 (6,597,738)
    -    		-
    8,292,163
    -    		-
    571,579
    -    		-
    -
    (885,579)    		13,378
    -
    -    		40,637
    (2,266,004)
    -    		20,194,440
    -
    (885,579)
    Balance as at 31 March 2025167,2489,213,444949,347,153417,794,3688,441,1544,078,3441,708,6431,474,1201,392,224,474
    Accumulated depreciation
    Balance as at 1 April 2024-3,555,792-64,478,3626,608,7814,963,8751,685,736-81,292,546
    Depreciation on assets transferred-----(885,537)--(885,537)
    Depreciation for the period-425,589-1,202,824195,692-2,249-1,826,354
    Impairment for the year2,183,951386,880,485143,494,106683,236-8,623600,731533,851,132
    Balance as at 31 March 2025-6,165,332386,880,485209,175,2927,487,7094,078,3381,696,608600,731616,084,495
    Carrying value
    As at 31 March 2025167,2483,048,112562,466,668208,619,076953,445612,035873,389776,139,979
    

 

 

7.  LONG TERM DEBTS

 

From Banks


    30 September 2025
    (Unaudited)    		30 September 2024
    (Unaudited)    		31 March 2025
    (Audited)
    Current portion of long-term debt from banks-5,244,617-
    Total5,244,617-
    

 

 

From Bonds/Debts


    30 September 2025
    (Unaudited)    		30 September 2024
    (Unaudited)    		31 March 2025
    (Audited)
    Non-current portion of long-term debt163,931,631159,740,228159,581,721
    Current portion of long-term debt4,689,8734,337,7784,505,626
    Total168,621,504164,078,006164,087,347
    

 

 

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 relationshipRelated Party's Name
    I. Holding CompanyGynia Holdings Ltd.
    II.Enterprise over which Key Management Personnel (KMP) exercise control(with whom there are transactions)Focus Energy Limited
    

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

 


    ParticularsPeriod ended
    30 September 2025    		Period ended
    30 September 2024
    Loan Received from Related Party6,354,00018,425,000
    Short term employee benefits (KMP)50,27784,005
    Cost incurred by the Focus on behalf of the group in respect of the Block5,713,0582,418,570
    Remittances to Focus7,387,0004,381,505
    

 

 

 

 

 

 

9.PAYABLE/RECEIVABLE TO RELATED PARTIES

 


    ParticularsAs at
    30 September 2025    		As at
    30 September 2024    		As at
    31 March 2025
    Receivable form Focus110,913,912109,268,500109,239,970
    Payables to Related Party715,914,347696,835,347709,560,347
    Employee obligation (KMP)14,19720,28343,726
    

 

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
    30 September 2025    		Period ended
    30 September 2024
    Profit attributable to shareholders of Indus Gas Limited, for basic and dilutive1,144,424639,048
    Weighted average number of shares (used for basic profit per share)182,973,924182,973,924
    No. of equivalent shares in respect of outstanding options--
    Diluted weighted average number of shares (used for dilutedprofitper share182,973,924182,973,924
    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 202530 September 202431 March 2025
    Loans
    - Security deposits    		8,9588,7228,958
    Current assets
    -Trade receivables643,156310,041638,230
    -Cash and cash equivalents646,316218,271240,220
    - Prepayment and other assets due from a related party110,913,912109,268,500109,239,970
    Total financial assets112,212,342109,805,534110,127,378
    Financial liabilities measured at amortized cost
    Non-current liabilities
    - Long term debts/bonds163,931,631159,740,230159,581,721
    - Payable to related parties715,914,347696,835,347709,560,347
    Current liabilities
    - Current portion of long-term debts/bonds4,689,8739,782,3944,505,626
    - Current portion of payable to related parties14,19720,28343,762
    - Accrued expenses and other liabilities1,537,1251,486,9331,548,070
    Total financial liability measured at amortized cost886,087,173867,665,187875,239,526
    

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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