Interim Results
Summary by AI BETAClose X
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 |
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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. |
|
|||||||
|
|
|
|
|
|
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|||
|
|
|
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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