Business
Annual results for the year ended 31 December 2023
Annual results for the year ended 31 December 2023.
About this update from Fenikso Ltd
[{"type":"text","content":"\n\n \n \n \n27 June 2024\nFenikso Limited\n(\"Fenikso\" or \"the Company\") \nAnnual results for the year ended 31 December 2023\n \nFenikso 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\").\n \nA copy of the full Accounts will shortly be available on the Company's website: https://feniksoplc.com/\n \nThis 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.\nFor further information, please visit www.feniksoltd.com or contact:\n \n\n\n\n\nFenikso Limited \nThomas Richardson, Chairman \n\n\[email protected] \n\n\n\n\nFirst Sentinel Corporate Finance (AQSE Corporate Adviser) \nBrian Stockbridge \n\n\n \n+44 (0) 20 3855 5551\n\n\n\n\n \n \nComments from Tom Richardson, Chairman of Fenikso:\n \n2023 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.\n \nAt 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...