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:

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 31^st 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

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

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