FNK.AQSE

Fenikso Limited
Fenikso Limited - Annual results for the year ended 31 December 2023
27th June 2024, 06:00
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RNS Number : 0468U
Fenikso Limited
27 June 2024
 

 

 

 

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:

 

Fenikso Limited      

Thomas Richardson, Chairman     

info@feniksoplc.com     

First Sentinel Corporate Finance (AQSE Corporate Adviser)  

Brian Stockbridge  

 

+44 (0) 20 3855 5551

 

 

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.

 

 

A picture containing sketch, child art Description automatically generated

Thomas Richardson

Chairman

 

 

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023


 

2023

 

2022

Notes

$000

$000

Revenue

-

-

Administrative expenses

(366)

(1,526)

Operating loss                                                               4

(366)

(1,526)

Fair value gains and (losses) on receivables

2,109

(20,710)

Fair value gains and (losses) on borrowings

(1,582)

6,839

Profit/(loss) before taxation

 

161

 

(15,397)

Tax on profit/(loss)

-

-

Profit/(loss) for the financial year

161

(15,397)

Basic and diluted profit (loss) per share                        9

 

 

-

 

 

(0.03)

 

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.

 

 


 

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023



 

2023


 

2022



Notes

$000

$000

$000

$000

Current assets

Trade and other receivables

 

10

 

26,587


 

31,209


Cash and cash equivalents


2,603


208




29,190


31,417


Current liabilities

11

(3,488)


(4,501)


Net current assets


25,702

26,916

Non-current liabilities

12


(6,023)


(7,398)

Net assets



19,679


19,518

 

Equity

Called up share capital

 

 

14


 

 

25


 

 

30

Share premium account



264,729


264,729

Retained earnings



(245,075)


(245,241)

Total equity



19,679


19,518

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

 

 

 

The financial statements were approved by the board of directors and authorised for issue on 24th June and

are signed on its behalf by:

 

A picture containing sketch, child art Description automatically generated

 



Thomas Richardson

Chairman

 

 

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023


 

Share capital

 

Share premium account

 

Retained earnings

 

Total

Notes              $000

$000

$000

$000

Balance at 1 January 2022                                                                    27

264,004

(229,844)

34,187

Year ended 31 December 2022:




Loss and total comprehensive income                                                      -

-

(15,397)

(15,397)

Issue of share capital                                                         14                  13

1,863

-

1,876

Reduction of shares                                                           14                 (10)

(1,138)

-

(1,148)

Balance at 31 December 2022                                                              30

 

264,729

 

(245,241)

 

19,518

Year ended 31 December 2023:




Profit and total comprehensive income                                                    -

-

161

161

Reduction of shares                                                           14                 (5)

-

5

-

Balance at 31 December 2023                                                             25

264,729

(245,075)

19,679

 

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

 

 

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

 

Net increase in cash and cash equivalents

2,395

158

Cash and cash equivalents at beginning of year

208

50

Cash and cash equivalents at end of year

2,603

208

 

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

 

 

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