27 June 2024
Fenikso
Limited
("Fenikso" or "the Company")
Annual results for the year ended 31
December 2023
Fenikso Limited (AQSE: FNK), the Cayman Islands
enterprise company, is pleased to announce its final audited
results for the year ended 31 December 2023 (the "Accounts" or
"Annual Report").
A copy of the full Accounts will shortly be available
on the Company's website: https://feniksoplc.com/
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company are responsible for the release of
this announcement.
For further information, please
visit www.feniksoltd.com or contact:
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Fenikso
Limited
Thomas Richardson, Chairman
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info@feniksoplc.com
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First Sentinel
Corporate Finance (AQSE Corporate Adviser)
Brian Stockbridge
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+44 (0) 20 3855 5551
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Comments from Tom
Richardson, Chairman of Fenikso:
2023 was the first year of trading under the
name, Fenikso Limited, following the settlement agreement with
Lekoil Nigeria which had been entered in to on December
31st 2022. The first three quarters of 2023 were spent
repaying creditors that had been built up over the course of the
litigation against Lekoil Nigeria. The litigation was across
multiple jurisdictions, extremely complex and costly. The legal
fees relating to the litigation were paid off by the end of Q3
2023. The Company then started to repay the US$16,256,159 loan owed
to Savanah Energy Investments Limited ("SEIL"). By the end of the
year the Company had accumulated over US$2,603,000 of cash on its
balance sheet.
At the outset of 2023 the board was focused on
ensuring the Company paid off its creditors and established a
stable financial position as quickly as possible. Achieving this
would demonstrate that the settlement agreement with Lekoil Nigeria
was working. Looking forward to 2024 the Board will start to look
at possible options to best utilise the growing cash balance the
Company will have built up. Based on the performance of the loan
during 2023 the Company will soon be in a position to consider a
number of different options that it can discuss with shareholders
on how best to create value from the money on its balance
sheet.
Financial
Review
The Company's financial position at the start
of the year was a loan outstanding to Lekoil Nigeria of
US$51,919,467, approximately US$2.6 million owed to creditors and
US$16,256,159 owed to SEIL. By the end of 2023 the Company had over
US$2.6 million of cash on its balance sheet and had repaid over
US$2m of the Savanah loan with over US$45m of the Lekoil Nigeria
loan still outstanding. From this perspective the Company is now a
stable going concern and has a valuable asset still sitting on its
balance sheet. Currently the Company's only source of income is
from the proceeds of oil sales at the Otakikpo field in Nigeria.
The oil sales take place on approximately a six to eight week basis
and so far the Company has received 12 payments under the
settlement agreement. The Company has no subsidiaries and has no
remaining liabilities in connection with any of its historic
subsidiaries. The Company's only liability is the loan to SEIL
which is only due for repayment if the Company receives repayment
of the Lekoil Nigeria Loan. The Company passes a proportion of the
proceeds to SEIL as repayment of the SEIL loan. 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 ("LOGI") 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. 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. We thank our shareholders for their support during this
period whilst we work on a new strategy for the Company.
Thomas Richardson
Chairman
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STATEMENT OF COMPREHENSIVE INCOME
FOR
THE YEAR ENDED 31 DECEMBER 2023
|
|
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2023
|
2022
|
|
Notes
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$000
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$000
|
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Revenue
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-
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-
|
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Administrative expenses
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(366)
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(1,526)
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Operating loss
4
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(366)
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(1,526)
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Fair value gains and (losses) on
receivables
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2,109
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(20,710)
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Fair value gains and (losses) on
borrowings
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(1,582)
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6,839
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Profit/(loss) before taxation
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161
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(15,397)
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Tax on profit/(loss)
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-
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-
|
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Profit/(loss) for the financial year
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161
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(15,397)
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Basic and diluted profit (loss) per
share
9
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-
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(0.03)
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The notes contained in the Company's Annual Report
form part of these financial statements.
The income statement has been prepared on the basis
that all operations are continuing operations.
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STATEMENT OF FINANCIAL
POSITION
AS
AT 31 DECEMBER 2023
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|
|
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2023
|
|
2022
|
|
|
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Notes
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$000
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$000
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$000
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$000
|
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Current assets
Trade and other receivables
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10
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26,587
|
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31,209
|
|
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Cash and cash equivalents
|
|
2,603
|
|
208
|
|
|
|
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29,190
|
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31,417
|
|
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Current liabilities
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11
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(3,488)
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(4,501)
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|
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Net
current assets
|
|
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25,702
|
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26,916
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Non-current liabilities
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12
|
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(6,023)
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(7,398)
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Net
assets
|
|
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19,679
|
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19,518
|
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Equity
Called up share capital
|
14
|
|
25
|
|
30
|
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Share premium account
|
|
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264,729
|
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264,729
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Retained earnings
|
|
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(245,075)
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(245,241)
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Total equity
|
|
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19,679
|
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19,518
|
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The notes contained in the Company's
Annual Report form part of these financial statements.
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The financial statements were approved by the board
of directors and authorised for issue on 24th June and
are signed on its behalf by:
Thomas Richardson
Chairman
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STATEMENT OF CHANGES IN
EQUITY
FOR THE YEAR ENDED 31
DECEMBER 2023
|
|
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Share
capital
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Share premium account
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Retained earnings
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Total
|
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Notes
$000
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$000
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$000
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$000
|
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Balance at 1 January 2022
27
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264,004
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(229,844)
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34,187
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Year ended 31 December 2022:
|
|
|
|
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Loss and total comprehensive
income
-
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-
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(15,397)
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(15,397)
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Issue of share capital
14
13
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1,863
|
-
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1,876
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Reduction of shares
14
(10)
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(1,138)
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-
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(1,148)
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Balance at 31 December 2022
30
|
264,729
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(245,241)
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19,518
|
|
Year ended 31 December 2023:
|
|
|
|
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Profit and total comprehensive
income
-
|
-
|
161
|
161
|
|
 Reduction
of shares
14
(5)
|
-
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5
|
-
|
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Balance at 31 December 2023
25
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264,729
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(245,075)
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19,679
|
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The notes contained in the Company's
Annual Report form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER
2023
2023
2022
Notes
$000
$000
$000
$000
Cash flows from operating activities
Cash generated from operations
16
2,395 158
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Net
increase in cash and cash equivalents
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2,395
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158
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Cash and cash equivalents at
beginning of year
|
208
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50
|
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Cash and cash equivalents at end of year
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2,603
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208
|
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The notes contained in the Company's
Annual Report form part of these financial statements.
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