Half-year Financial Report
Summary by AI BETAClose X
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 |
|
|
|
|
|||
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||||
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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 41
118 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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