(Alliance News) - Fenikso Ltd on Tuesday reported a narrowed loss in its latest six-month period and said it intends to repay all creditors, and the first instalment of amounts due to Savannah Energy, by the end of the current year.
The investor in Nigerian oil and gas assets, previously known as Lekoil Ltd, reported a USD224,000 loss for the first half of 2023, reduced from a GBP944,000 loss the year before. The loss consisted entirely of recurring administrative expenses.
Fenikso's basic and diluted loss per share, meanwhile, narrowed to 0.0003 pence from 0.001p. Cash and equivalents at June 30 had grown to USD1.1 million, from USD547,000 million at the same time one year prior.
Fenikso also noted that during the first half, it had received USD2.6 million total in repayments from a USD51.9 million loan granted to Lekoil Oil & Gas Investments Ltd in a settlement deed in December 2022. It received a further USD1.5 million during the current half.
Following the settlement, Fenikso entered a loan agreement with Savannah Energy agreeing to pay certain upfront amounts plus 25% of all amounts received pursuant to the Lekoil Oil & Gas loan, up to approximately USD16.3 million.
Fenikso said it intends to pay all creditors before the end of 2023, and to complete the first instalment of its repayments to Savannah.
"Once these steps have been taken the company will look to build its cash position before deciding how best to deploy the cash it builds up," Fenikso added.
Fenikso shares were untraded at 0.75 pence in London on Tuesday. They last traded on September 11.
By Emma Curzon, Alliance News reporter
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