Half-year Financial Report

17 September 2026

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 2026 (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 $10,000 for the six month period ended 30 June 2026.

Net assets of the Company at the end of the Reporting Period were $22.1 million. Cash balances as at the end of the Reporting Period were $919,000.

OPERATIONS REPORT AND ASSET SUMMARY

The principal business of the Company is to manage and ensure the full recovery of the LOGI Loan. The Company has received payments under the LOGI Loan in the period to 30 June 2026 amounting to $2,723,754. The total cumulative amount received as at 30 June 2026 is $20,499,374The Board will continue to monitor the compliance with the terms and conditions of the LOGI Loan. As at the end of June 2026 LOGI had complied with all conditions of the Settlement Deed save for the cancellation of certain shares in the Company owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu.

OUTLOOK

The Company has repaid the entire Savanah loan in the period such that the Company has no liabilities beyond trade payables and will then receive 100% of the cash flows received from LOGI going forward.

Statement of Cashflows

For the six months ended 30 June 2026

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 2025 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 2026 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 2025 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 2025.

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.

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. 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. Thus far, in 2026, the company has announced it has received a total of $2,723,754 as partial repayment of the loan of US$51,919,467. The total cumulative amount received as at 30 June 2026 is $20,499,374. The proceeds will be reinvested in new investment opportunities. At 30 June 2026, $31,420,093 was due from LOGI.

The company has carried out an assessment of the value of the amounts due at 31 December 2025 on a discounted basis using a rate of 16.576% (2024: 18.350%) to effect a current market value of the loan of $19,451,215. A gain of $1,970,834 was recognised in the profit and loss account.

The LOGI loan had previously been categorised as a receivable balance which was held at fair value. This has now been reclassified as an investment due to change in circumstance of the business to reflect the nature of the financial instrument. The expected balance due within 1 year is held as current investments with the long term aspect recognised as a non-current investment. There have been no change to the method of valuing the asset and this is a presentational switch between the debtors notes and financial instruments note, due to change in circumstances of the business. During the period to 30 June 2026, the Company has announced it has received a total of $2,723,754.

The LOGI loan has been recategorised in the year to be held within fixed asset investments 'loans'. Details of the loan and valuation method can be found in note 4.

6.           TRADE AND OTHER PAYABLES

$000                 $000                 $000

Current - falling due wit hin one year

Trade payables                                                                              82                      29                      -

Other payables                                                                                2                  2,708                190

Accruals                                                                                         34                      54                   41

118                 2,791                 231

Non current - falling due after one year

Other payables                                                                                -                         -                       -

Total                                                                                               118                 2,791                 231

 

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. During the year ended 31 December 2025 the Company renegotiated the Savanah Energy Investments Limited loan. As at 25th April 2025 there was an outstanding balance of US$11,525,424 and it was agreed that it will be settled for US$5,762,712. The company agreed to pay US$2,500,000 immediately with the remaining US$3,262,712 payable on or before the 31st December 2025. The balance was settled in full before the year end. Due to foreign exchange differences on the final payment a true up payment was made in January 2026 for the difference. The gain on the re-negotiated balance of $5,762,712 less the release of the historic fair value adjustments of $4,083,878 lead to a gain on fair value adjustments of $1,678,834. As at 30 June 2026 no amounts are due to Savanah Energy Investments.