Fenikso Limited - Interim Results

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:

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.

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.                           

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.                            

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.