Fenikso Limited - Annual results for the year ended 31 December 2024

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

18 June 2025

Fenikso Limited

("Fenikso" or "the Company")   

Annual results for the year ended 31 December 2024

Fenikso Limited (AQSE: FNK), the Cayman Islands enterprise company, announces its final audited results for the year ended 31 December 2024 (the "Annual Report").

A copy of the Annual Report will shortly be available on the Company's website: https://feniksoplc.com/investors/corporate-documents/.

For further information, please visit https://feniksoplc.com/ or contact:

Comments from Tom Richardson, Chairman of Fenikso:

2024 was the second year of trading under the name, Fenikso Limited, following the settlement agreement with Lekoil Nigeria which had been entered in to on December 31^st 2022. The first year was spent repaying creditors that had been built up over the course of the litigation against Lekoil Nigeria. The second year saw Fenikso accumulate cash and make its initial investments in order to grow the cash that it received from Lekoil Oil & Gas Investments ("LOGI").

The board has been focused on short term high yielding investments whilst always maintaining a cash balance of over US$4m throughout the year. Looking forward to 2025 the Board will start to look at possible options to best utilise the growing cash balance the Company has built up. The cash balance of the Company peaked at US$7m in early 2025. The Company was presented with an opportunity to acquire the Savanah Energy Investments Loan ("SEIL") for half of the remaining value of the loan. The directors believed this was a good use of its cash and have paid the first installment of US$2.5m with the remaining balance due on or before the 31^st December 2025. The board believes this investment is in the best interest of the Company and its shareholders and will be value accretive over the coming years. In addition to buying back the Savanah debt the Company has also bought back over 23 million shares during 2024 and the first half of 2025 which is almost 5% of the Company's issued ordinary shares. The Company will continue to try to buy back shares during 2025 as the board believes at current share price levels it is extremely value accretive. The board will likely be seeking a reapproval from shareholders of the permission it received at the last AGM to buy back shares. Given the lower cash balance post the buy back of the loan the board continues to take a cautious approach on capital deployment. As the cash position grows the board will look to make higher yielding investments that can materially change the value of the Company. 

Financial Review

The Company is a stable going concern and has a valuable asset still sitting on its balance sheet with LOGI owing Fenikso over US$38 million as of December 31^st 2024. The remaining balance owed to Savanah stands at US$3.3 million following the renegotiation on the 25^th April 2025. Currently the Company's main source of income is from the proceeds of oil sales at the Otakikpo field in Nigeria. The oil sales take place on approximately an eight week basis and in 2024 the Company received 10 payments under the settlement agreement. The Company has no subsidiaries. The Company's only liability is the loan to SEIL which is due for repayment on or before the 31^st December 2025. The Company has three board members and is listed on the AQSE stock exchange in the United Kingdom.

Corporate Structure

The Company has simplified its corporate structure, having sold all its subsidiaries and restructured all its intercompany loans into one loan owed by Lekoil Oil & Gas Investments which in turn owns a 40% interest in the Otakikpo oil and gas field in Nigeria. The board consists of three people Marco D'Attanasio, Tom Richardson and Dipo Sofola. Dipo is a representative of Savanah Energy and sits on the board to ensure Savanah's rights under their loan are upheld. Tom Richardson carries out the executive functions required in the Company as it pays down its creditors and invests its cash received from LOGI. The Board does not intend to hire any management until such a point where its strategy would require a management team. The Board is able to carry out the day to day activities of the Company to keep it listed and manage the financial position of the business.

Outlook

The Board is now in a strong enough financial position where it can look at options on how to grow shareholder value from the cash received under the Lekoil Nigeria loan agreement. The board will continue to seek to buy back shares from the market as it believes the shares are under valued. We thank our shareholders for their support during this period whilst we work on a new strategy for the Company.

Directors Responsibility

The directors are responsible for preparing the Strategic Report, the Directors' report and the annual report and the financial statements in accordance with applicable law and regulations.

Company law and the company's Articles of Association require the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (as adopted by the UK (IFRSs)). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

·    select suitable accounting policies and then apply them consistently;

·    make judgements and accounting estimates that are reasonable and prudent;

·    state whether applicable IFRSs have been followed, subject to any material departures disclosed and explained in the financial statements;

·    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. The company is compliant with the Aquis Growth Market Rulebook regarding the company's website.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes contained in the Company's Annual Report form part of these financial statements.

Thomas Richardson

Director