|
Statement of Comprehensive Income
|
|
|
|
For the six months ended 30 June
2024
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
30 June
|
30 June
|
31 December
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
|
|
|
|
|
|
OTHER OPERATING INCOME
|
|
|
|
|
Cost of sales
|
|
-
|
-
|
-
|
|
Gross (loss)
|
|
-
|
-
|
-
|
|
Fair value adjustment of
receivables
|
-
|
-
|
2,109
|
|
Fair value adjustment
borrowings
|
-
|
-
|
(1,582)
|
|
Administrative expenses
|
|
|
|
|
|
Recurring administrative
costs
|
(126)
|
(224)
|
(366)
|
|
OPERATING LOSS
|
|
(126)
|
(224)
|
161
|
|
Finance income
|
|
-
|
-
|
-
|
|
Finance cost
|
|
-
|
-
|
-
|
|
LOSS FROM CONTINUING
|
(126)
|
(224)
|
161
|
|
ACTIVITIES BEFORE TAXATION
|
|
|
|
|
Tax expense
|
|
-
|
-
|
-
|
|
LOSS FOR THE PERIOD
|
|
(126)
|
(224)
|
161
|
|
ATTRIBUTABLE TO THE
|
|
|
|
|
|
EQUITY HOLDERS
|
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS
|
(126)
|
(224)
|
161
|
|
ATTRIBUTABLE TO THE
|
|
|
|
|
|
EQUITY HOLDERS
|
|
|
|
|
|
Loss per share - basic
|
|
(0.0003)
|
(0.0003)
|
0.0003
|
|
Loss per share - diluted
|
|
(0.0003)
|
(0.0003)
|
0.0003
|
|
Statement of Financial Position
|
|
|
|
|
At 30 June 2024
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
30 June
|
30 June
|
31 December
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Fixed Assets
|
|
1
|
-
|
-
|
|
Trade and other receivables due
within one year
|
2,853
|
2,474
|
6,336
|
|
Cash and cash equivalents
|
|
5,262
|
1,093
|
2,603
|
|
TOTAL CURRENT ASSETS
|
|
8,116
|
3,567
|
8,939
|
|
Trade and other receivables due
after one year
|
20,211
|
26,120
|
20,251
|
|
TOTAL ASSETS
|
|
28,327
|
29,687
|
29,190
|
|
EQUITY
|
|
|
|
|
|
Share capital
|
|
25
|
30
|
25
|
|
Share premium account
|
|
264,729
|
264,729
|
264,729
|
|
Retained earnings
|
|
(245,201)
|
(245,465)
|
(245,075)
|
|
TOTAL EQUITY
|
|
19,553
|
19,294
|
19,679
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade and other payables due within
one year
|
3,305
|
2,995
|
3,488
|
|
TOTAL CURRENT LIABILITIES
|
3,305
|
2,995
|
3,488
|
|
Trade and other payables due after one year
|
5,469
|
7,398
|
6,023
|
|
TOTAL LIABILITIES
|
|
8,774
|
10,393
|
9,511
|
|
TOTAL EQUITY AND LIABILITIES
|
28,327
|
29,687
|
29,190
|
|
|
|
|
|
|
|
Statement of Changes in Equity
|
|
|
|
For the six months ended 30 June
2024
|
|
|
|
|
Share
capital
|
Share
|
Retained
|
Total
|
|
|
|
Premium
|
losses
|
shareholder
|
|
|
|
|
|
equity
|
|
|
$000
|
$000
|
$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
|
|
|
|
|
|
|
|
Statement of Cashflows
|
|
|
|
|
|
For the six months ended 30 June
2024
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
6 months
|
6 months
|
Year
|
|
|
|
ended
|
ended
|
ended
|
|
|
|
30 June
|
30 June
|
31 December
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
Operating activities
|
|
|
|
|
|
Profit/(Loss) before
taxation
|
|
(126)
|
(224)
|
161
|
|
Decrease in trade and other
receivables
|
5,917
|
2,615
|
4,622
|
|
(Decrease) / increase in trade and
other payables
|
(737)
|
(1,506)
|
(2,389)
|
|
Net cash used in operating
activities
|
5,054
|
885
|
2,394
|
|
Cash Flows from Financing Activities
|
|
|
|
Loans received
|
|
-
|
-
|
-
|
|
Loan repayment via issue of
shares
|
-
|
-
|
-
|
|
Net Cash generated from Financing
Activities
|
-
|
-
|
-
|
|
Increase in cash and cash
equivalents in period
|
5,054
|
885
|
2,394
|
|
Cash and cash equivalents at
beginning of period
|
208
|
208
|
208
|
|
Cash and cash equivalents at end of
period
|
5,262
|
1,093
|
2,602
|
|
|
|
|
|
|
|
Notes to the Interim Report
|
|
|
|
|
For the six months ended 30 June
2024
|
|
|
|
|
|
|
|
|
|
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 2023 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 2024 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 2023
are also unaudited and are restated to reflect the adjustments made
in the audited financial statements for the year ended 31 December
2023 to the prior year comparatives for the year ended 31 December
2022.
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
2023.
|
|
|
|
|
|
|
|
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
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
Profit/(Loss) for the
period
|
(126)
|
(224)
|
161
|
|
Weighted average number of
shares
|
492,953
|
599,396
|
492,953
|
|
Loss per share - diluted
|
|
(0.0003)
|
(0.0003)
|
0.0003
|
|
|
|
|
|
|
|
4.
TRADE AND OTHER RECEIVABLES
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
30 June
|
30 June
|
31 December
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
Current - falling due within one year
|
|
|
|
Trade receivables
|
|
-
|
-
|
-
|
|
Other receivables
|
|
2,853
|
2,474
|
6,336
|
|
|
|
2,853
|
2,474
|
6,336
|
|
|
|
|
|
|
|
Non
current - falling due aft er one year
|
|
|
|
Other receivable
|
|
20,211
|
26,120
|
20,251
|
|
Total
|
|
20,211
|
26,120
|
20,251
|
|
|
|
|
|
|
|
Under the settlement deed of 7
December 2022, the Company granted a new loan of approximately
US$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. In
the year 2023, the Company has announced it has received a total of
US$6,731,883 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 2023, US$45,187,584 was due from
LOGI. The Company has carried out an assessment of the value of the
amounts due at 31 December 2023 on a discounted basis using a rate
of 18.112% (2022: 16.821%) to effect a current market value of the
loan of US$26,586,056. A gain of US$2,108,531 has been recognised
in the statement of comprehensive income. The loan is being 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.
During the period to 30 June 2024, the Company has announced it has
received a total of US$3,522,176 as partial repayment of the loan
of US$51,919,467.
|
|
|
|
|
|
|
|
5.
TRADE AND OTHER PAYABLES
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
30 June
|
30 June
|
31 December
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
|
$000
|
$000
|
$000
|
|
Current - falling due within one year
|
|
|
|
Trade payables
|
|
550
|
542
|
474
|
|
Other payables
|
|
2,573
|
2,020
|
2,783
|
|
Accruals
|
|
182
|
433
|
231
|
|
|
|
3,305
|
2,995
|
3,488
|
|
Noncurrent - falling due after one
year
|
|
|
|
Other payables
|
|
5,469
|
7,398
|
6,023
|
|
Total
|
|
8,774
|
10,393
|
9,511
|
|
|
|
|
|
|
|
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 US$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
US$9,417,555. The difference of US$6,838,604 was recognised in the statement of
comprehensive income. During the financial year of 2023, the
Company made a total repayment of US$2,193,983 to SEIL. As at 31
December 2023, an amount of US$14,062,176 was due to Savannah
Energy. The Company has assessed the value of the loan amount at 31
December 2023 on a discounted basis using a rate of 18.112% (2022:
16.821%) to effect a current market value of US$8,805,773. A loss
of US$1,582,201 has been recognised in the statement of
comprehensive income in the financial year of 2023.
|