Rex Intl 5WH
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Financials
Rex International Holding Limited Annual Report 2025
Explore the statements
32 tablesStatements of financial position
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Statements of financial position | |||||
| Exploration and evaluation assetsUSD thousand | 41,987 | 34,903 | – | – | PDF p. 170 |
| Oil and gas propertiesUSD thousand | 285,491 | 173,856 | – | – | PDF p. 170 |
| Goodwill and intangible assetsUSD thousand | 4,210 | 4,967 | – | – | PDF p. 170 |
| Property, plant and equipmentUSD thousand | 173,569 | 2,650 | 814 | 402 | PDF p. 170 |
| SubsidiariesUSD thousand | – | – | 33,534 | 79,023 | PDF p. 170 |
| Other receivablesUSD thousand | 130,874 | 110,352 | 3,004 | – | PDF p. 170 |
| Non-current assetsUSD thousand | 636,131 | 326,728 | 37,352 | 79,425 | PDF p. 170 |
| InventoriesUSD thousand | 33,835 | 36,287 | – | – | PDF p. 170 |
| Trade and other receivablesUSD thousand | 36,414 | 78,795 | 11,709 | 10,174 | PDF p. 170 |
| Contract assetsUSD thousand | 6,171 | – | – | – | PDF p. 170 |
| Derivative financial instrumentsUSD thousand | 1,685 | 297 | – | – | PDF p. 170 |
| Quoted investmentsUSD thousand | 7,196 | 12,976 | 6,829 | 12,901 | PDF p. 170 |
| Cash and cash equivalentsUSD thousand | 49,056 | 117,196 | 1,046 | 4,281 | PDF p. 170 |
| Current assetsUSD thousand | 134,357 | 245,551 | 19,584 | 27,356 | PDF p. 170 |
| Total assetsUSD thousand | 770,488 | 572,279 | 56,936 | 106,781 | PDF p. 170 |
| Share capitalUSD thousand | 89,581 | 89,581 | 89,581 | 89,581 | PDF p. 170 |
| ReservesUSD thousand | (593) | 4,142 | 1,082 | 1,082 | PDF p. 170 |
| Accumulated lossesUSD thousand | (169,237) | (31,327) | (48,910) | (7,865) | PDF p. 170 |
| attributable to owners of the CompanyUSD thousand | (80,249) | 62,396 | 41,753 | 82,798 | PDF p. 170 |
| Non-controlling interestsUSD thousand | (14,183) | 1,568 | – | – | PDF p. 170 |
| Total equityUSD thousand | (94,432) | 63,964 | 41,753 | 82,798 | PDF p. 170 |
| Loans and borrowingsUSD thousand | 204,780 | 142,083 | – | – | PDF p. 170 |
| ProvisionsUSD thousand | 276,531 | 208,326 | – | – | PDF p. 170 |
| Lease liabilitiesUSD thousand | 131,187 | 1,146 | 445 | 17 | PDF p. 170 |
| Deferred tax liabilitiesUSD thousand | 36,681 | 49,588 | – | – | PDF p. 170 |
| Other payablesUSD thousand | 77 | – | 77 | – | PDF p. 170 |
| Non-current liabilitiesUSD thousand | 649,256 | 401,143 | 522 | 17 | PDF p. 170 |
| Loans and borrowingsUSD thousand | 43,915 | – | – | – | PDF p. 170 |
| ProvisionsUSD thousand | – | 2,088 | – | – | PDF p. 170 |
| Lease liabilitiesUSD thousand | 31,210 | 646 | 197 | 203 | PDF p. 170 |
| Trade and other payablesUSD thousand | 120,863 | 55,438 | 14,464 | 23,763 | PDF p. 170 |
| Contract liabilitiesUSD thousand | – | 30,340 | – | – | PDF p. 170 |
| Income tax payableUSD thousand | 19,676 | 18,660 | – | – | PDF p. 170 |
| Current liabilitiesUSD thousand | 215,664 | 107,172 | 14,661 | 23,966 | PDF p. 170 |
| Total liabilitiesUSD thousand | 864,920 | 508,315 | 15,183 | 23,983 | PDF p. 170 |
| Total equity and liabilitiesUSD thousand | 770,488 | 572,279 | 56,936 | 106,781 | PDF p. 170 |
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Definitions & sources
Original report: PDF p. 170 ↗
Group income and comprehensive income
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group income and comprehensive income | |||
| Sale of crude oil and gasUSD thousand | 318,795 | 298,135 | PDF p. 171 |
| Sale of goods and servicesUSD thousand | 927 | 748 | PDF p. 171 |
| Total revenueUSD thousand | 319,722 | 298,883 | PDF p. 171 |
| Cost of goods soldUSD thousand | (890) | (571) | PDF p. 171 |
| Cost of servicesUSD thousand | (562) | (502) | PDF p. 171 |
| Production and operating expensesUSD thousand | (175,420) | (95,314) | PDF p. 171 |
| Depletion of oil and gas propertiesUSD thousand | (107,283) | (97,931) | PDF p. 171 |
| Exploration and evaluation expenditureUSD thousand | (3,581) | (5,432) | PDF p. 171 |
| Gross profitUSD thousand | 31,986 | 99,133 | PDF p. 171 |
| Administrative expensesUSD thousand | (43,205) | (41,761) | PDF p. 171 |
| Other expensesUSD thousand | (108,655) | (50,238) | PDF p. 171 |
| Other incomeUSD thousand | 933 | 5,662 | PDF p. 171 |
| Results from operating activitiesUSD thousand | (118,941) | 12,796 | PDF p. 171 |
| Finance incomeUSD thousand | 9,854 | 10,750 | PDF p. 171 |
| Finance expenseUSD thousand | (32,827) | (29,790) | PDF p. 171 |
| Foreign currency exchange lossUSD thousand | (5,013) | (941) | PDF p. 171 |
| Net finance expenseUSD thousand | (27,986) | (19,981) | PDF p. 171 |
| Share of loss of equity-accounted investees, net of taxUSD thousand | – | (1,572) | PDF p. 171 |
| Loss before taxUSD thousand | (146,927) | (8,757) | PDF p. 171 |
| Tax expenseUSD thousand | (5,773) | (41,447) | PDF p. 171 |
| Loss for the year, net of taxUSD thousand | (152,700) | (50,204) | PDF p. 171 |
| Foreign currency translation differences from foreign operations, representing total other comprehensive (loss)/ income for the year, net of taxUSD thousand | (5,696) | 1,424 | PDF p. 171 |
| Total comprehensive loss for the year, net of taxUSD thousand | (158,396) | (48,780) | PDF p. 171 |
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Definitions & sources
Original report: PDF p. 171 ↗
Group profit and comprehensive income attribution
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group profit and comprehensive income attribution | |||
| Owners of the CompanyUSD thousand | (133,261) | (41,045) | PDF p. 172 |
| Non-controlling interestsUSD thousand | (19,439) | (9,159) | PDF p. 172 |
| Loss for the year, net of taxUSD thousand | (152,700) | (50,204) | PDF p. 172 |
| Owners of the CompanyUSD thousand | (137,996) | (39,100) | PDF p. 172 |
| Non-controlling interestsUSD thousand | (20,400) | (9,680) | PDF p. 172 |
| Total comprehensive loss for the yearUSD thousand | (158,396) | (48,780) | PDF p. 172 |
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Definitions & sources
Original report: PDF p. 172 ↗
Group loss per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group profit and comprehensive income attribution | |||
| Basic loss per share (cents)USD cents per share | (10.23) | (3.15) | PDF p. 172 |
| Diluted loss per share (cents)USD cents per share | (10.23) | (3.15) | PDF p. 172 |
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Definitions & sources
Original report: PDF p. 172 ↗
Group cashflows — operating activities
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group cashflows — operating activities | |||
| Loss after taxUSD thousand | (152,700) | (50,204) | PDF p. 176 |
| Impairment loss on exploration and evaluation assetsUSD thousand | 10,893 | 378 | PDF p. 176 |
| Impairment loss on oil and gas propertiesUSD thousand | 88,679 | 41,421 | PDF p. 176 |
| Bargain purchase on acquisition of additional interest in oil and gas licencesUSD thousand | – | (2,130) | PDF p. 176 |
| Depletion of oil and gas propertiesUSD thousand | 107,283 | 97,931 | PDF p. 176 |
| Impairment of goodwillUSD thousand | – | 7,764 | PDF p. 176 |
| Amortisation of intangible assetsUSD thousand | 1,601 | 1,598 | PDF p. 176 |
| Depreciation of property, plant and equipmentUSD thousand | 6,633 | 1,050 | PDF p. 176 |
| Gain on disposal of jointly controlled entityUSD thousand | – | (1,095) | PDF p. 176 |
| Net gain on disposal of subsidiariesUSD thousand | – | (88) | PDF p. 176 |
| Gain on derecognition of leaseUSD thousand | – | (36) | PDF p. 176 |
| Net finance expenseUSD thousand | 22,973 | 19,040 | PDF p. 176 |
| Share of loss of equity-accounted investees, net of taxUSD thousand | – | 1,572 | PDF p. 176 |
| Change in fair value of derivative financial instrumentsUSD thousand | 324 | 333 | PDF p. 176 |
| Change in fair value of quoted investmentsUSD thousand | (207) | (328) | PDF p. 176 |
| Gain on disposal of quoted investmentsUSD thousand | (109) | (195) | PDF p. 176 |
| Operating cash flows before movements in working capitalUSD thousand | 85,370 | 117,011 | PDF p. 176 |
| - InventoriesUSD thousand | 2,191 | 1,730 | PDF p. 176 |
| - Trade and other receivables, and contract assetsUSD thousand | 21,014 | (17,404) | PDF p. 176 |
| - Trade and other payables, and contract liabilitiesUSD thousand | 30,238 | (17,527) | PDF p. 176 |
| - ProvisionsUSD thousand | 8,661 | – | PDF p. 176 |
| - Income taxesUSD thousand | 891 | 30,701 | PDF p. 176 |
| - Restricted bank depositsUSD thousand | 2,560 | (208) | PDF p. 176 |
| Cash generated from operationsUSD thousand | 150,925 | 114,303 | PDF p. 176 |
| Tax paidUSD thousand | (20,555) | (29,804) | PDF p. 176 |
| Net cash from operating activitiesUSD thousand | 130,370 | 84,499 | PDF p. 176 |
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Definitions & sources
Original report: PDF p. 176 ↗
Group cashflows — investing, financing and cash
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group cashflows — investing, financing and cash | |||
| Interest receivedUSD thousand | 3,942 | 4,582 | PDF p. 177 |
| Exploration and evaluation expenditureUSD thousand | (15,907) | (17,027) | PDF p. 177 |
| Additions to oil and gas propertiesUSD thousand | (263,196) | (95,886) | PDF p. 177 |
| Acquisition of interests in oil and gas licencesUSD thousand | (1,967) | – | PDF p. 177 |
| Acquisition of oil and gas licences, net of cash acquiredUSD thousand | 402 | 17,726 | PDF p. 177 |
| Purchase of derivative financial instrumentsUSD thousand | (1,685) | (630) | PDF p. 177 |
| Proceeds from disposal of quoted investmentsUSD thousand | 6,108 | 6,147 | PDF p. 177 |
| Additions to development costsUSD thousand | (844) | – | PDF p. 177 |
| Purchase of patentsUSD thousand | – | (15) | PDF p. 177 |
| Purchase of property, plant and equipmentUSD thousand | (148) | (221) | PDF p. 177 |
| Proceeds from disposal of jointly controlled entityUSD thousand | – | 1,095 | PDF p. 177 |
| Disposal of a subsidiary, net of cash disposedUSD thousand | – | (775) | PDF p. 177 |
| Net cash used in investing activitiesUSD thousand | (273,295) | (85,004) | PDF p. 177 |
| Interest paidUSD thousand | (15,357) | (17,828) | PDF p. 177 |
| Payment for transaction costs related to loans and borrowingsUSD thousand | (3,874) | (3,753) | PDF p. 177 |
| Proceeds from issuance of bonds by subsidiariesUSD thousand | 143,086 | 149,751 | PDF p. 177 |
| Repayment of bondsUSD thousand | (54,233) | (97,411) | PDF p. 177 |
| Repayment of bank overdraftUSD thousand | – | (4,000) | PDF p. 177 |
| Repayment of lease liabilitiesUSD thousand | (5,876) | (758) | PDF p. 177 |
| Loan from non-controlling interest in a subsidiaryUSD thousand | 375 | – | PDF p. 177 |
| Contributions from non-controlling interests in a subsidiaryUSD thousand | – | 616 | PDF p. 177 |
| Net cash from financing activitiesUSD thousand | 64,121 | 26,617 | PDF p. 177 |
| Net (decrease)/ increase in cash and cash equivalentsUSD thousand | (78,804) | 26,112 | PDF p. 177 |
| Cash and cash equivalents at beginning of the yearUSD thousand | 108,876 | 86,394 | PDF p. 177 |
| Effect of exchange rate fluctuations on cash heldUSD thousand | 10,046 | (3,630) | PDF p. 177 |
| Cash and cash equivalents at end of the yearUSD thousand | 40,118 | 108,876 | PDF p. 177 |
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Definitions & sources
Original report: PDF p. 177 ↗
Group changes in equity — FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupTreasury shares | 2024GroupMerger reserve | 2024GroupCapital reserve | 2024GroupShare-based payment reserve | 2024GroupTranslation reserve | 2024GroupRetained earnings / accumulated losses | 2024GroupEquity attributable to owners | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | |||||||||||
| At 1 January 2024USD thousand | 89,581 | (716) | 4,129 | 2,180 | 1,536 | (4,932) | 13,733 | 105,511 | 9,256 | 114,767 | PDF p. 173 |
| Loss for the yearUSD thousand | – | – | – | – | – | – | (41,045) | (41,045) | (9,159) | (50,204) | PDF p. 173 |
| Other comprehensive income for the yearUSD thousand | – | – | – | – | – | 1,945 | – | 1,945 | (521) | 1,424 | PDF p. 173 |
| Total comprehensive lossUSD thousand | – | – | – | – | – | 1,945 | (41,045) | (39,100) | (9,680) | (48,780) | PDF p. 173 |
| Acquisition of non-controlling interests without a change in controlUSD thousand | – | – | – | – | – | – | (1,015) | (1,015) | (1,624) | (2,639) | PDF p. 173 |
| Changes in ownership interests in subsidiaries without a change in controlUSD thousand | – | – | – | – | – | – | (3,000) | (3,000) | 3,000 | – | PDF p. 173 |
| Contributions from non-controlling interestsUSD thousand | – | – | – | – | – | – | – | – | 616 | 616 | PDF p. 173 |
| Total transactions with ownersUSD thousand | – | – | – | – | – | – | (4,015) | (4,015) | 1,992 | (2,023) | PDF p. 173 |
| At 31 December 2024USD thousand | 89,581 | (716) | 4,129 | 2,180 | 1,536 | (2,987) | (31,327) | 62,396 | 1,568 | 63,964 | PDF p. 173 |
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Original report: PDF p. 173 ↗
Group changes in equity — FY2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupMerger reserve | 2025GroupCapital reserve | 2025GroupShare-based payment reserve | 2025GroupTranslation reserve | 2025GroupRetained earnings / accumulated losses | 2025GroupEquity attributable to owners | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | |||||||||||
| At 1 January 2025USD thousand | 89,581 | (716) | 4,129 | 2,180 | 1,536 | (2,987) | (31,327) | 62,396 | 1,568 | 63,964 | PDF p. 174 |
| Loss for the yearUSD thousand | – | – | – | – | – | – | (133,261) | (133,261) | (19,439) | (152,700) | PDF p. 174 |
| Other comprehensive loss for the yearUSD thousand | – | – | – | – | – | (4,735) | – | (4,735) | (961) | (5,696) | PDF p. 174 |
| Total comprehensive lossUSD thousand | – | – | – | – | – | (4,735) | (133,261) | (137,996) | (20,400) | (158,396) | PDF p. 174 |
| Changes in ownership interests in subsidiaries without a change in controlUSD thousand | – | – | – | – | – | – | (4,649) | (4,649) | 4,649 | – | PDF p. 174 |
| Total transactions with ownersUSD thousand | – | – | – | – | – | – | (4,649) | (4,649) | 4,649 | – | PDF p. 174 |
| At 31 December 2025USD thousand | 89,581 | (716) | 4,129 | 2,180 | 1,536 | (7,722) | (169,237) | (80,249) | (14,183) | (94,432) | PDF p. 174 |
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Original report: PDF p. 174 ↗
Company changes in equity — FY2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyTreasury shares | 2024CompanyCapital reserve | 2024CompanyShare-based payment reserve | 2024CompanyRetained earnings / accumulated losses | 2024CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| Company changes in equity | |||||||
| At 1 January 2024USD thousand | 89,581 | (716) | 505 | 1,293 | 171 | 90,834 | PDF p. 175 |
| Loss for the year representing total comprehensive lossUSD thousand | – | – | – | – | (8,036) | (8,036) | PDF p. 175 |
| At 31 December 2024USD thousand | 89,581 | (716) | 505 | 1,293 | (7,865) | 82,798 | PDF p. 175 |
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Definitions & sources
Original report: PDF p. 175 ↗
Company changes in equity — FY2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyCapital reserve | 2025CompanyShare-based payment reserve | 2025CompanyRetained earnings / accumulated losses | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| Company changes in equity | |||||||
| At 1 January 2025USD thousand | 89,581 | (716) | 505 | 1,293 | (7,865) | 82,798 | PDF p. 175 |
| Loss for the year representing total comprehensive lossUSD thousand | – | – | – | – | (41,045) | (41,045) | PDF p. 175 |
| At 31 December 2025USD thousand | 89,581 | (716) | 505 | 1,293 | (48,910) | 41,753 | PDF p. 175 |
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Definitions & sources
Original report: PDF p. 175 ↗
Cash balances and restricted bank deposits
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash balances and restricted bank deposits | |||||
| Cash at bank and on handUSD thousand | 49,056 | 117,196 | 1,046 | 4,281 | PDF p. 213 |
| Less: restricted bank depositsUSD thousand | (8,938) | (8,320) | – | – | PDF p. 213 |
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Original report: PDF p. 213 ↗
Cash equivalents in consolidated cashflows
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash equivalents in consolidated cashflows | |||
| Cash and cash equivalents in consolidated cashflowsUSD thousand | 40,118 | 108,876 | PDF p. 213 |
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Original report: PDF p. 213 ↗
Group loss per share — earnings and share-count support
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group loss per share — earnings and share-count support | |||
| Loss attributable to ordinary shareholdersUSD thousand | (133,261) | (41,045) | PDF p. 227 |
| Issued ordinary shares at1Januaryshares | 1,302,320,991 | 1,302,320,991 | PDF p. 227 |
| Weighted average ordinary shares — basic and dilutedshares | 1,302,320,991 | 1,302,320,991 | PDF p. 227 |
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Original report: PDF p. 227 ↗
Financial highlights — Group
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial highlights — Group | |||
| Revenue from sale of crude oil and gasUSD thousand | 318,795 | 298,135 | PDF p. 5 |
| Adjusted EBITDAUSD thousand | 91,135 | 160,425 | PDF p. 5 |
| Loss for the year, net of taxUSD thousand | (152,700) | (50,204) | PDF p. 5 |
| Total comprehensive loss for the year, net of taxUSD thousand | (158,396) | (48,780) | PDF p. 5 |
| Loss per shareUSD cents per share | (10.23) | (3.15) | PDF p. 5 |
| Non-current assetsUSD thousand | 636,131 | 326,728 | PDF p. 5 |
| Current assetsUSD thousand | 134,357 | 245,551 | PDF p. 5 |
| Total assetsUSD thousand | 770,488 | 572,279 | PDF p. 5 |
| Non-current liabilitiesUSD thousand | 649,256 | 401,143 | PDF p. 5 |
| Current liabilitiesUSD thousand | 215,664 | 107,172 | PDF p. 5 |
| Total liabilitiesUSD thousand | 864,920 | 508,315 | PDF p. 5 |
| Net asset value — including non-controlling interestsUSD thousand | (94,432) | 63,964 | PDF p. 5 |
| Total equityUSD thousand | (94,432) | 63,964 | PDF p. 5 |
| NAV per share — including non-controlling interestsUSD cents per share | (7.25) | 4.91 | PDF p. 5 |
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Original report: PDF p. 5 ↗
Share capital — current FY2025 source
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and CompanyShare count — thousand shares | 2025Group and CompanyShare capital — USD thousand | 2024Group and CompanyShare count — thousand shares | 2024Group and CompanyShare capital — USD thousand | Source |
|---|---|---|---|---|---|
| Share capital | |||||
| Issued share capital at beginning and end of yearthousand shares / USD thousand | 1,315,508 | 89,581 | 1,315,508 | 89,581 | PDF p. 214 |
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Original report: PDF p. 214 ↗
Financial position — as reported in FY2024 annual report
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Financial position | |||||
| Exploration and evaluation assetsUSD thousand | 34,903 | 25,783 | – | – | PDF p. 168 |
| Oil and gas propertiesUSD thousand | 173,856 | 208,800 | – | – | PDF p. 168 |
| Goodwill and intangible assetsUSD thousand | 4,967 | 19,746 | – | – | PDF p. 168 |
| Property, plant and equipmentUSD thousand | 2,650 | 2,118 | 402 | 666 | PDF p. 168 |
| SubsidiariesUSD thousand | – | – | 79,023 | 93,937 | PDF p. 168 |
| Jointly controlled entityUSD thousand | – | 1,572 | – | – | PDF p. 168 |
| Other receivablesUSD thousand | 110,352 | 145,481 | – | – | PDF p. 168 |
| Non-current assetsUSD thousand | 326,728 | 403,500 | 79,425 | 94,603 | PDF p. 168 |
| InventoriesUSD thousand | 36,287 | 33,272 | – | – | PDF p. 168 |
| Trade and other receivablesUSD thousand | 78,795 | 52,148 | 10,174 | 10,903 | PDF p. 168 |
| Contract assetsUSD thousand | – | 10,264 | – | – | PDF p. 168 |
| Derivative financial instrumentsUSD thousand | 297 | – | – | – | PDF p. 168 |
| Quoted investmentsUSD thousand | 12,976 | 18,600 | 12,901 | 18,599 | PDF p. 168 |
| Cash and cash equivalentsUSD thousand | 117,196 | 95,439 | 4,281 | 15,547 | PDF p. 168 |
| Current assetsUSD thousand | 245,551 | 209,723 | 27,356 | 45,049 | PDF p. 168 |
| Total assetsUSD thousand | 572,279 | 613,223 | 106,781 | 139,652 | PDF p. 168 |
| Share capitalUSD thousand | 89,581 | 89,581 | 89,581 | 89,581 | PDF p. 168 |
| ReservesUSD thousand | 4,142 | 2,197 | 1,082 | 1,082 | PDF p. 168 |
| (Accumulated losses)/ Retained earningsUSD thousand | (31,327) | 13,733 | (7,865) | 171 | PDF p. 168 |
| attributable to owners of the CompanyUSD thousand | 62,396 | 105,511 | 82,798 | 90,834 | PDF p. 168 |
| Non-controlling interestsUSD thousand | 1,568 | 9,256 | – | – | PDF p. 168 |
| Total equityUSD thousand | 63,964 | 114,767 | 82,798 | 90,834 | PDF p. 168 |
| Loans and borrowingsUSD thousand | 142,083 | 64,263 | – | – | PDF p. 168 |
| ProvisionsUSD thousand | 208,326 | 215,660 | – | – | PDF p. 168 |
| Lease liabilitiesUSD thousand | 1,146 | 621 | 17 | 221 | PDF p. 168 |
| Deferred tax liabilitiesUSD thousand | 49,588 | 84,701 | – | – | PDF p. 168 |
| Non-current liabilitiesUSD thousand | 401,143 | 365,245 | 17 | 221 | PDF p. 168 |
| Loans and borrowingsUSD thousand | – | 36,846 | – | – | PDF p. 168 |
| Bank overdraftUSD thousand | – | 4,000 | – | 4,000 | PDF p. 168 |
| ProvisionsUSD thousand | 2,088 | – | – | – | PDF p. 168 |
| Lease liabilitiesUSD thousand | 646 | 477 | 203 | 282 | PDF p. 168 |
| Trade and other payablesUSD thousand | 55,438 | 52,475 | 23,763 | 44,315 | PDF p. 168 |
| Contract liabilitiesUSD thousand | 30,340 | 39,413 | – | – | PDF p. 168 |
| Income tax payableUSD thousand | 18,660 | – | – | – | PDF p. 168 |
| Current liabilitiesUSD thousand | 107,172 | 133,211 | 23,966 | 48,597 | PDF p. 168 |
| Total liabilitiesUSD thousand | 508,315 | 498,456 | 23,983 | 48,818 | PDF p. 168 |
| Total equity and liabilitiesUSD thousand | 572,279 | 613,223 | 106,781 | 139,652 | PDF p. 168 |
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Original report: PDF p. 168 ↗
Income and comprehensive income — as reported in FY2024 annual report
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Income and comprehensive income | |||
| Sale of crude oil and gasUSD thousand | 298,135 | 222,387 | PDF p. 169 |
| Sale of goods and servicesUSD thousand | 748 | – | PDF p. 169 |
| Cost of goods soldUSD thousand | (571) | – | PDF p. 169 |
| Cost of servicesUSD thousand | (502) | (575) | PDF p. 169 |
| Production and operating expensesUSD thousand | (95,314) | (73,051) | PDF p. 169 |
| Depletion of oil and gas propertiesUSD thousand | (97,931) | (75,116) | PDF p. 169 |
| Exploration and evaluation expenditureUSD thousand | (5,432) | (9,169) | PDF p. 169 |
| Gross profitUSD thousand | 99,133 | 64,476 | PDF p. 169 |
| Administrative expensesUSD thousand | (41,761) | (28,641) | PDF p. 169 |
| Other expensesUSD thousand | (50,238) | (53,969) | PDF p. 169 |
| Other incomeUSD thousand | 5,662 | 1,785 | PDF p. 169 |
| Results from operating activitiesUSD thousand | 12,796 | (16,349) | PDF p. 169 |
| Finance incomeUSD thousand | 10,750 | 8,637 | PDF p. 169 |
| Finance expenseUSD thousand | (29,790) | (28,812) | PDF p. 169 |
| Foreign currency exchange lossUSD thousand | (941) | (4,222) | PDF p. 169 |
| Net finance expenseUSD thousand | (19,981) | (24,397) | PDF p. 169 |
| Share of loss of equity-accounted investees, net of taxUSD thousand | (1,572) | (577) | PDF p. 169 |
| Loss before taxUSD thousand | (8,757) | (41,323) | PDF p. 169 |
| Tax expenseUSD thousand | (41,447) | (28,039) | PDF p. 169 |
| Loss for the year, net of taxUSD thousand | (50,204) | (69,362) | PDF p. 169 |
| Foreign currency translation differences from foreign operations, representing other comprehensive income/ (loss) for the year, net of taxUSD thousand | 1,424 | (2,485) | PDF p. 169 |
| Total comprehensive loss for the year, net of taxUSD thousand | (48,780) | (71,847) | PDF p. 169 |
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Definitions & sources
Original report: PDF p. 169 ↗
Profit and comprehensive income attribution — as reported in FY2024 annual report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Attribution and EPS | |||
| Owners of the CompanyUSD thousand | (41,045) | (63,911) | PDF p. 170 |
| Non-controlling interestsUSD thousand | (9,159) | (5,451) | PDF p. 170 |
| Loss for the year, net of taxUSD thousand | (50,204) | (69,362) | PDF p. 170 |
| Owners of the CompanyUSD thousand | (39,100) | (66,191) | PDF p. 170 |
| Non-controlling interestsUSD thousand | (9,680) | (5,656) | PDF p. 170 |
| Total comprehensive loss for the yearUSD thousand | (48,780) | (71,847) | PDF p. 170 |
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Definitions & sources
Original report: PDF p. 170 ↗
Basic and diluted earnings per share — as reported in FY2024 annual report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Attribution and EPS | |||
| Basic loss per share (cents)USD cents per share | (3.15) | (4.91) | PDF p. 170 |
| Diluted loss per share (cents)USD cents per share | (3.15) | (4.91) | PDF p. 170 |
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Definitions & sources
Original report: PDF p. 170 ↗
Operating cashflows — as reported in FY2024 annual report
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Operating cashflows | |||
| Loss after taxUSD thousand | (50,204) | (69,362) | PDF p. 174 |
| Impairment loss on exploration and evaluation assetsUSD thousand | 378 | 19,544 | PDF p. 174 |
| Bargain purchase on acquisition of oil and gas licencesUSD thousand | (2,130) | – | PDF p. 174 |
| Depletion of oil and gas propertiesUSD thousand | 97,931 | 75,116 | PDF p. 174 |
| Impairment loss on oil and gas propertiesUSD thousand | 41,421 | 11,786 | PDF p. 174 |
| Write-off of oil and gas propertiesUSD thousand | – | 1,423 | PDF p. 174 |
| Amortisation of intangible assetsUSD thousand | 1,598 | 865 | PDF p. 174 |
| Impairment of goodwillUSD thousand | 7,764 | 21,856 | PDF p. 174 |
| Depreciation of property, plant and equipmentUSD thousand | 1,050 | 1,170 | PDF p. 174 |
| Loss on disposal of property, plant and equipmentUSD thousand | – | 7 | PDF p. 174 |
| Write-off of property, plant and equipmentUSD thousand | – | 8 | PDF p. 174 |
| Gain on disposal of jointly controlled entityUSD thousand | (1,095) | – | PDF p. 174 |
| Net gain on disposal of subsidiariesUSD thousand | (88) | – | PDF p. 174 |
| Gain on derecognition of leaseUSD thousand | (36) | – | PDF p. 174 |
| Net finance expenseUSD thousand | 19,040 | 20,175 | PDF p. 174 |
| Share of loss of equity-accounted investees, net of taxUSD thousand | 1,572 | 577 | PDF p. 174 |
| Change in fair value of derivative financial instrumentsUSD thousand | 333 | – | PDF p. 174 |
| Change in fair value of quoted investmentsUSD thousand | (328) | (1,695) | PDF p. 174 |
| (Gain)/ Loss on disposal of quoted investmentsUSD thousand | (195) | 766 | PDF p. 174 |
| Operating cash flows before movements in working capitalUSD thousand | 117,011 | 82,236 | PDF p. 174 |
| - InventoriesUSD thousand | 1,730 | (19,207) | PDF p. 174 |
| - Trade and other receivables, and contract assetsUSD thousand | (17,404) | (25,598) | PDF p. 174 |
| - Trade and other payables, and contract liabilitiesUSD thousand | (17,527) | (52,946) | PDF p. 174 |
| - Income taxesUSD thousand | 30,701 | 12,667 | PDF p. 174 |
| - Restricted bank depositsUSD thousand | (208) | 28 | PDF p. 174 |
| Cash generated from/ (used in) operationsUSD thousand | 114,303 | (2,820) | PDF p. 174 |
| (Tax paid)/ tax refundUSD thousand | (29,804) | 54,830 | PDF p. 174 |
| Net cash from operating activitiesUSD thousand | 84,499 | 52,010 | PDF p. 174 |
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Definitions & sources
Original report: PDF p. 174 ↗
Investing, financing and cashflows — as reported in FY2024 annual report
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Investing, financing and cashflows | |||
| Interest receivedUSD thousand | 4,582 | 2,732 | PDF p. 175 |
| Exploration and evaluation expenditureUSD thousand | (17,027) | (14,268) | PDF p. 175 |
| Additions to oil and gas propertiesUSD thousand | (95,886) | (53,151) | PDF p. 175 |
| Acquisition of oil and gas licences, net of cash acquiredUSD thousand | 17,726 | – | PDF p. 175 |
| Purchase of quoted investmentsUSD thousand | – | (18,080) | PDF p. 175 |
| Proceeds from disposal of quoted investmentsUSD thousand | 6,147 | 23,486 | PDF p. 175 |
| Purchase of derivative financial instrumentsUSD thousand | (630) | – | PDF p. 175 |
| Purchase of patentsUSD thousand | (15) | (38) | PDF p. 175 |
| Purchase of property, plant and equipmentUSD thousand | (221) | (247) | PDF p. 175 |
| Proceeds from sale of property, plant and equipmentUSD thousand | – | 5 | PDF p. 175 |
| Investment in an associateUSD thousand | – | (1,000) | PDF p. 175 |
| Proceeds from disposal of jointly controlled entityUSD thousand | 1,095 | – | PDF p. 175 |
| Acquisition of non-controlling interests in a subsidiary, net of cash acquiredUSD thousand | – | (816) | PDF p. 175 |
| Acquisition of a subsidiary, net of cash acquiredUSD thousand | – | (1,660) | PDF p. 175 |
| Disposal of a subsidiary, net of cash disposedUSD thousand | (775) | – | PDF p. 175 |
| Net cash used in investing activitiesUSD thousand | (85,004) | (63,037) | PDF p. 175 |
| Dividends paid to owners of the CompanyUSD thousand | – | (4,844) | PDF p. 175 |
| Interest paidUSD thousand | (17,828) | (20,148) | PDF p. 175 |
| Payment for transaction costs related to loans and borrowingsUSD thousand | (3,753) | (981) | PDF p. 175 |
| Proceeds from issuance of bonds by a subsidiaryUSD thousand | 149,751 | 30,047 | PDF p. 175 |
| Repayment of bondsUSD thousand | (97,411) | (17,431) | PDF p. 175 |
| (Repayment of)/ Proceeds from bank overdraftUSD thousand | (4,000) | 4,000 | PDF p. 175 |
| Repayment of lease liabilitiesUSD thousand | (758) | (799) | PDF p. 175 |
| Contributions from non-controlling interests in a subsidiaryUSD thousand | 616 | – | PDF p. 175 |
| Net cash from/ (used in) financing activitiesUSD thousand | 26,617 | (10,156) | PDF p. 175 |
| Net increase/ (decrease) in cash and cash equivalentsUSD thousand | 26,112 | (21,183) | PDF p. 175 |
| Cash and cash equivalents at beginning of the yearUSD thousand | 86,394 | 106,377 | PDF p. 175 |
| Effect of exchange rate fluctuations on cash heldUSD thousand | (3,630) | 1,200 | PDF p. 175 |
| Cash and cash equivalents at end of the yearUSD thousand | 108,876 | 86,394 | PDF p. 175 |
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Original report: PDF p. 175 ↗
Financial position — as reported in FY2022 annual report
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Financial position | |||||
| Exploration and evaluation assetsUSD thousand | 36,856 | 40,646 | – | – | PDF p. 162 |
| Oil and gas propertiesUSD thousand | 216,342 | 137,022 | – | – | PDF p. 162 |
| Goodwill and intangible assetsUSD thousand | 33,574 | 2,515 | – | – | PDF p. 162 |
| Property, plant and equipmentUSD thousand | 2,174 | 1,609 | 338 | 244 | PDF p. 162 |
| SubsidiariesUSD thousand | – | – | 92,621 | 92,621 | PDF p. 162 |
| AssociateUSD thousand | 2,514 | 1,000 | – | – | PDF p. 162 |
| Jointly controlled entitiesUSD thousand | 989 | – | – | – | PDF p. 162 |
| Other receivablesUSD thousand | 135,515 | 167,193 | – | – | PDF p. 162 |
| Non-current assetsUSD thousand | 427,964 | 349,985 | 92,959 | 92,865 | PDF p. 162 |
| InventoriesUSD thousand | 13,733 | 11,278 | – | – | PDF p. 162 |
| Trade and other receivablesUSD thousand | 88,062 | 94,988 | 5,226 | 1,130 | PDF p. 162 |
| Quoted investmentsUSD thousand | 23,041 | 26,306 | 23,040 | 26,298 | PDF p. 162 |
| Cash and cash equivalentsUSD thousand | 115,758 | 60,603 | 25,923 | 6,489 | PDF p. 162 |
| Current assetsUSD thousand | 240,594 | 193,175 | 54,189 | 33,917 | PDF p. 162 |
| Total assetsUSD thousand | 668,558 | 543,160 | 147,148 | 126,782 | PDF p. 162 |
| Share capitalUSD thousand | 257,677 | 257,677 | 257,677 | 257,677 | PDF p. 162 |
| ReservesUSD thousand | 4,477 | 8,753 | 1,082 | 725 | PDF p. 162 |
| Accumulated lossesUSD thousand | (85,608) | (80,067) | (161,609) | (168,096) | PDF p. 162 |
| attributable to owners of the CompanyUSD thousand | 176,546 | 186,363 | 97,150 | 90,306 | PDF p. 162 |
| Non-controlling interestsUSD thousand | 11,937 | 12,892 | – | – | PDF p. 162 |
| Total equityUSD thousand | 188,483 | 199,255 | 97,150 | 90,306 | PDF p. 162 |
| Loans and borrowingsUSD thousand | 77,987 | 47,107 | – | – | PDF p. 162 |
| ProvisionsUSD thousand | 190,661 | 197,147 | – | – | PDF p. 162 |
| Lease liabilitiesUSD thousand | 636 | 149 | 87 | 39 | PDF p. 162 |
| Deferred tax liabilitiesUSD thousand | 66,885 | 40,831 | – | – | PDF p. 162 |
| Non-current liabilitiesUSD thousand | 336,169 | 285,234 | 87 | 39 | PDF p. 162 |
| Loans and borrowingsUSD thousand | 13,961 | 8,512 | – | – | PDF p. 162 |
| Lease liabilitiesUSD thousand | 409 | 425 | 207 | 197 | PDF p. 162 |
| Trade and other payablesUSD thousand | 129,536 | 49,734 | 49,704 | 36,240 | PDF p. 162 |
| Current liabilitiesUSD thousand | 143,906 | 58,671 | 49,911 | 36,437 | PDF p. 162 |
| Total liabilitiesUSD thousand | 480,075 | 343,905 | 49,998 | 36,476 | PDF p. 162 |
| Total equity and liabilitiesUSD thousand | 668,558 | 543,160 | 147,148 | 126,782 | PDF p. 162 |
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Original report: PDF p. 162 ↗
Income and comprehensive income — as reported in FY2022 annual report
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Income and comprehensive income | |||
| Sale of crude oilUSD thousand | 170,259 | 158,444 | PDF p. 163 |
| Service revenueUSD thousand | – | 30 | PDF p. 163 |
| Total revenueUSD thousand | 170,259 | 158,474 | PDF p. 163 |
| Cost of servicesUSD thousand | (780) | (742) | PDF p. 163 |
| Production and operating expensesUSD thousand | (73,961) | (25,552) | PDF p. 163 |
| Depletion of oil and gas propertiesUSD thousand | (28,252) | (36,238) | PDF p. 163 |
| Exploration and evaluation expenditureUSD thousand | (27,510) | (14,613) | PDF p. 163 |
| Gross profitUSD thousand | 39,756 | 81,329 | PDF p. 163 |
| Administrative expensesUSD thousand | (28,567) | (29,114) | PDF p. 163 |
| Other expensesUSD thousand | (3,444) | (1) | PDF p. 163 |
| Other incomeUSD thousand | 617 | 20,830 | PDF p. 163 |
| Results from operating activitiesUSD thousand | 8,362 | 73,044 | PDF p. 163 |
| Finance incomeUSD thousand | 744 | 728 | PDF p. 163 |
| Finance expenseUSD thousand | (14,766) | (3,643) | PDF p. 163 |
| Foreign currency exchange lossUSD thousand | (1,451) | (707) | PDF p. 163 |
| Net finance expenseUSD thousand | (15,473) | (3,622) | PDF p. 163 |
| Share of profit of equity-accounted investees, net of taxUSD thousand | 503 | – | PDF p. 163 |
| (Loss)/Profit before taxUSD thousand | (6,608) | 69,422 | PDF p. 163 |
| Tax creditUSD thousand | 6,961 | 9,517 | PDF p. 163 |
| Profit for the year, net of taxUSD thousand | 353 | 78,939 | PDF p. 163 |
| Foreign currency translation differences from foreign operations, representing total other comprehensive (loss)/income for the year, net of taxUSD thousand | (5,057) | 1,033 | PDF p. 163 |
| Total comprehensive (loss)/income for the year, net of taxUSD thousand | (4,704) | 79,972 | PDF p. 163 |
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Definitions & sources
Original report: PDF p. 163 ↗
Profit and comprehensive income attribution — as reported in FY2022 annual report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Attribution and EPS | |||
| Owners of the CompanyUSD thousand | (1,000) | 67,157 | PDF p. 164 |
| Non-controlling interestsUSD thousand | 1,353 | 11,782 | PDF p. 164 |
| Profit for the year, net of taxUSD thousand | 353 | 78,939 | PDF p. 164 |
| Owners of the CompanyUSD thousand | (5,633) | 68,225 | PDF p. 164 |
| Non-controlling interestsUSD thousand | 929 | 11,747 | PDF p. 164 |
| Total comprehensive (loss)/income for the yearUSD thousand | (4,704) | 79,972 | PDF p. 164 |
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Definitions & sources
Original report: PDF p. 164 ↗
Basic and diluted earnings per share — as reported in FY2022 annual report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Attribution and EPS | |||
| Basic (loss)/earnings per share (cents)USD cents per share | (0.08) | 5.16 | PDF p. 164 |
| Diluted (loss)/earnings per share (cents)USD cents per share | (0.08) | 5.16 | PDF p. 164 |
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Definitions & sources
Original report: PDF p. 164 ↗
Operating and investing cashflows — as reported in FY2022 annual report
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Operating and investing cashflows | |||
| (Loss)/Profit before taxUSD thousand | (6,608) | 69,422 | PDF p. 168 |
| Bargain purchase from acquisition of oil and gas propertiesUSD thousand | – | (18,236) | PDF p. 168 |
| Amortisation of intangible assetsUSD thousand | 850 | 850 | PDF p. 168 |
| Depreciation of property, plant and equipmentUSD thousand | 853 | 752 | PDF p. 168 |
| Depletion of oil and gas propertiesUSD thousand | 28,252 | 36,238 | PDF p. 168 |
| Expensed exploration and evaluation costsUSD thousand | – | 9,733 | PDF p. 168 |
| Impairment loss on exploration and evaluation assetsUSD thousand | 24,285 | 1,018 | PDF p. 168 |
| Impairment loss on oil and gas propertiesUSD thousand | – | 1,681 | PDF p. 168 |
| Loss on disposal of property, plant and equipmentUSD thousand | 505 | – | PDF p. 168 |
| Net finance expenseUSD thousand | 14,022 | 2,915 | PDF p. 168 |
| Share of profit of equity-accounted investees, net of taxUSD thousand | (503) | – | PDF p. 168 |
| Change in fair value of quoted investmentsUSD thousand | 2,786 | (603) | PDF p. 168 |
| Gain on disposal of quoted investmentsUSD thousand | (615) | (122) | PDF p. 168 |
| Equity-settled share-based payment transactionsUSD thousand | 357 | 219 | PDF p. 168 |
| Operating cashflows before working capitalUSD thousand | 64,184 | 103,867 | PDF p. 168 |
| - InventoriesUSD thousand | 6,433 | (106) | PDF p. 168 |
| - Trade and other receivablesUSD thousand | 25,294 | (40,000) | PDF p. 168 |
| - Trade and other payablesUSD thousand | 34,385 | 16,998 | PDF p. 168 |
| - Restricted bank depositsUSD thousand | (305) | (10,065) | PDF p. 168 |
| Cash generated from operationsUSD thousand | 129,991 | 70,694 | PDF p. 168 |
| Tax receipts from exploration and evaluation activities in NorwayUSD thousand | 39,070 | 18,709 | PDF p. 168 |
| Net cash generated from operating activitiesUSD thousand | 169,061 | 89,403 | PDF p. 168 |
| Interest receivedUSD thousand | 744 | 728 | PDF p. 168 |
| Acquisition of oil and gas licencesUSD thousand | (54,821) | (40,961) | PDF p. 168 |
| Additions to oil and gas propertiesUSD thousand | (56,299) | (10,539) | PDF p. 168 |
| Exploration and evaluation expenditureUSD thousand | (24,522) | (22,204) | PDF p. 168 |
| Investment in an associateUSD thousand | (2,000) | (1,000) | PDF p. 168 |
| Purchase of quoted investmentsUSD thousand | (11,065) | (12,974) | PDF p. 168 |
| Proceeds from disposal of quoted investmentsUSD thousand | 11,649 | 13,165 | PDF p. 168 |
| Purchase of property, plant and equipmentUSD thousand | (951) | (211) | PDF p. 168 |
| Net cash used in investing activitiesUSD thousand | (137,265) | (73,996) | PDF p. 168 |
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Definitions & sources
Original report: PDF p. 168 ↗
Financing and cashflows — as reported in FY2022 annual report
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Financing and cashflows | |||
| Interest paidUSD thousand | (8,125) | (3,024) | PDF p. 169 |
| Dividends paid to owners of the CompanyUSD thousand | (4,541) | – | PDF p. 169 |
| Dividends paid to non-controlling interestsUSD thousand | – | (19,002) | PDF p. 169 |
| Acquisition of non-controlling interests in a subsidiaryUSD thousand | – | (2,710) | PDF p. 169 |
| Payment for transaction costs related to loans and borrowingsUSD thousand | (3,729) | (1,516) | PDF p. 169 |
| Proceeds from issuance of option agreementsUSD thousand | – | 550 | PDF p. 169 |
| Net proceeds from issuance of bonds by a subsidiaryUSD thousand | 89,358 | 57,069 | PDF p. 169 |
| Repayment of bondsUSD thousand | (50,598) | – | PDF p. 169 |
| Proceeds from bank loansUSD thousand | – | 2,914 | PDF p. 169 |
| Repayment of bank loansUSD thousand | – | (20,730) | PDF p. 169 |
| Repayment of lease liabilitiesUSD thousand | (443) | (412) | PDF p. 169 |
| Net cash generated from financing activitiesUSD thousand | 21,922 | 13,139 | PDF p. 169 |
| Net increase in cash and cash equivalentsUSD thousand | 53,718 | 28,546 | PDF p. 169 |
| Cash and cash equivalents at beginning of the yearUSD thousand | 50,538 | 20,375 | PDF p. 169 |
| Effect of exchange rate fluctuations on cash heldUSD thousand | 2,121 | 1,617 | PDF p. 169 |
| Cash and cash equivalents at end of the yearUSD thousand | 106,377 | 50,538 | PDF p. 169 |
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Definitions & sources
Original report: PDF p. 169 ↗
Cash and restricted deposits — FY2024 source
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Cash and restricted deposits — FY2024 source | |||||
| Cash at bank and on handUSD thousand | 117,196 | 95,439 | 4,281 | 15,547 | PDF p. 209 |
| Less: restricted bank depositsUSD thousand | (8,320) | (9,045) | – | – | PDF p. 209 |
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Definitions & sources
Original report: PDF p. 209 ↗
Cash equivalents — Group FY2024 source
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash equivalents — Group FY2024 source | |||
| Cash equivalents in cashflowUSD thousand | 108,876 | 86,394 | PDF p. 209 |
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Definitions & sources
Original report: PDF p. 209 ↗
Share capital rollforward — FY2024 source
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group and CompanyShare count — thousand shares | 2024Group and CompanyShare capital — USD thousand | 2023Group and CompanyShare count — thousand shares | 2023Group and CompanyShare capital — USD thousand | Source |
|---|---|---|---|---|---|
| Share capital rollforward — FY2024 source | |||||
| At beginning of yearthousand shares / USD thousand | 1,315,508 | 89,581 | 1,315,508 | 257,677 | PDF p. 209 |
| Cancellation of share capitalthousand shares / USD thousand | – | – | – | (168,096) | PDF p. 209 |
| At end of yearthousand shares / USD thousand | 1,315,508 | 89,581 | 1,315,508 | 89,581 | PDF p. 209 |
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Definitions & sources
Original report: PDF p. 209 ↗
Cash and restricted deposits — FY2022 source
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Cash and restricted deposits — FY2022 source | |||||
| Cash at bank and on handUSD thousand | 115,758 | 60,603 | 25,923 | 6,489 | PDF p. 211 |
| Less: restricted bank depositsUSD thousand | (9,381) | (10,065) | (475) | (475) | PDF p. 211 |
| Cash equivalents — as disclosed in cash noteUSD thousand | 106,377 | 50,538 | 25,448 | 6,014 | PDF p. 211 |
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Definitions & sources
Original report: PDF p. 211 ↗
Share capital — FY2022 source
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group and CompanyGroup and Company share capital | 2021Group and CompanyGroup and Company share capital | Source |
|---|---|---|---|
| Share capital — FY2022 source | |||
| Share capital at beginning and end of yearUSD thousand | 257,677 | 257,677 | PDF p. 211 |
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Definitions & sources
Original report: PDF p. 211 ↗
Where the money comes from
Segment information
By business
Operating segments 34 lines
| Item / unit | 2025Oil and Gas | 2025Non-Oil and Gas | 2025Corporate | 2025Total | 2024Oil and Gas | 2024Non-Oil and Gas | 2024Corporate | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Sale of crude oil and gasUS$’000 | 318,795 | – | – | 318,795 | 298,135 | – | – | 298,135 | PDF p. 228PDF p. 229 |
| Sale of goods and servicesUS$’000 | – | 1,920 | – | 1,920 | – | 1,741 | – | 1,741 | PDF p. 228PDF p. 229 |
| Total revenue for reportable segmentsUS$’000 | 318,795 | 1,920 | – | 320,715 | 298,135 | 1,741 | – | 299,876 | PDF p. 228PDF p. 229 |
| Elimination of inter-segment revenueUS$’000 | – | (993) | – | (993) | – | (993) | – | (993) | PDF p. 228PDF p. 229 |
| Consolidated revenueUS$’000 | 318,795 | 927 | – | 319,722 | 298,135 | 748 | – | 298,883 | PDF p. 228PDF p. 229 |
| Results | |||||||||
| Other incomeUS$’000 | 433 | – | 500 | 933 | 1,681 | 231 | 525 | 2,437 | PDF p. 228PDF p. 229 |
| Segment expenseUS$’000 | (204,629) | (3,535) | (7,682) | (215,846) | (123,544) | (6,698) | (11,365) | (141,607) | PDF p. 228PDF p. 229 |
| Depletion of oil and gas propertiesUS$’000 | (107,283) | – | – | (107,283) | (97,931) | – | – | (97,931) | PDF p. 228PDF p. 229 |
| Amortisation of intangible assetsUS$’000 | – | (1,601) | – | (1,601) | – | (1,598) | – | (1,598) | PDF p. 228PDF p. 229 |
| Depreciation of property, plant and equipmentUS$’000 | (6,010) | (189) | (434) | (6,633) | (469) | (167) | (414) | (1,050) | PDF p. 228PDF p. 229 |
| Finance incomeUS$’000 | 8,989 | – | 865 | 9,854 | 8,288 | 22 | 2,440 | 10,750 | PDF p. 228PDF p. 229 |
| Finance expenseUS$’000 | (32,751) | – | (76) | (32,827) | (20,508) | (36) | (9,246) | (29,790) | PDF p. 228PDF p. 229 |
| Foreign exchange (loss)/ gainUS$’000 | (7,474) | 1,043 | 1,418 | (5,013) | (113) | 359 | (1,187) | (941) | PDF p. 228PDF p. 229 |
| Other material non-cash items | |||||||||
| – Impairment loss on exploration and evaluation assetsUS$’000 | (10,893) | – | – | (10,893) | PDF p. 228 | ||||
| – Impairment loss on oil and gas propertiesUS$’000 | (88,679) | – | – | (88,679) | PDF p. 228 | ||||
| – Onerous contracts expenseUS$’000 | (8,661) | – | – | (8,661) | PDF p. 228 | ||||
| Results | |||||||||
| Reportable segment loss before taxUS$’000 | (138,163) | (3,355) | (5,409) | (146,927) | PDF p. 228 | ||||
| Assets | |||||||||
| Reportable segment assetsUS$’000 | 751,623 | 6,773 | 12,092 | 770,488 | 482,048 | 7,471 | 82,760 | 572,279 | PDF p. 228PDF p. 229 |
| Segment assets include: Additions to | |||||||||
| – Exploration and evaluation assetsUS$’000 | 15,907 | – | – | 15,907 | PDF p. 228 | ||||
| – Oil and gas propertiesUS$’000 | 263,196 | – | – | 263,196 | PDF p. 228 | ||||
| – Development costsUS$’000 | – | 844 | – | 844 | PDF p. 228 | ||||
| – Property, plant and equipment*US$’000 | 176,551 | 18 | 847 | 177,416 | PDF p. 228 | ||||
| Liabilities | |||||||||
| Reportable segment liabilitiesUS$’000 | 861,722 | 1,049 | 2,149 | 864,920 | 356,511 | 1,329 | 150,475 | 508,315 | PDF p. 228PDF p. 229 |
| Results | |||||||||
| Share of loss of equity-accounted investeesUS$’000 | – | (1,572) | – | (1,572) | PDF p. 229 | ||||
| Other material non-cash items | |||||||||
| - Impairment loss on exploration and evaluation assetsUS$’000 | (378) | – | – | (378) | PDF p. 229 | ||||
| Other material non-cash items (Bargain purchase on acquisition of additional interest in oil and gas licences) | |||||||||
| in oil and gas licencesUS$’000 | 2,130 | – | – | 2,130 | PDF p. 229 | ||||
| Other material non-cash items | |||||||||
| - Impairment loss on oil and gas propertiesUS$’000 | (41,421) | – | – | (41,421) | PDF p. 229 | ||||
| - Impairment of goodwillUS$’000 | (7,764) | – | – | (7,764) | PDF p. 229 | ||||
| - Gain on disposal of jointly controlled entityUS$’000 | – | 1,095 | – | 1,095 | PDF p. 229 | ||||
| Results | |||||||||
| Reportable segment profit/ (loss) before taxUS$’000 | 18,106 | (7,616) | (19,247) | (8,757) | PDF p. 229 | ||||
| Segment assets include: Additions to | |||||||||
| - Exploration and evaluation assetsUS$’000 | 17,027 | – | – | 17,027 | PDF p. 229 | ||||
| - Oil and gas propertiesUS$’000 | 95,886 | – | – | 95,886 | PDF p. 229 | ||||
| - PatentsUS$’000 | – | 15 | – | 15 | PDF p. 229 | ||||
| - Property, plant and equipment*US$’000 | 1,251 | 705 | 150 | 2,106 | PDF p. 229 | ||||
Notes
Property, plant and equipment* includes right-of-use assets.
By geography
Geographical information 16 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| SingaporeUS$’000 | 30,502 | 53,312 | PDF p. 230 |
| NorwayUS$’000 | 286,995 | 244,928 | PDF p. 230 |
| GermanyUS$’000 | 1,315 | – | PDF p. 230 |
| HungaryUS$’000 | 119 | 340 | PDF p. 230 |
| SwitzerlandUS$’000 | 268 | 184 | PDF p. 230 |
| United StatesUS$’000 | 120 | 119 | PDF p. 230 |
| CanadaUS$’000 | 37 | – | PDF p. 230 |
| ZambiaUS$’000 | 366 | – | PDF p. 230 |
| Revenue total (unlabelled)US$’000 | 319,722 | 298,883 | PDF p. 230 |
| Non-current assets* | |||
| BeninUS$’000 | 279,986 | 2,299 | PDF p. 230 |
| GermanyUS$’000 | 3,929 | 686 | PDF p. 230 |
| NorwayUS$’000 | 179,940 | 162,809 | PDF p. 230 |
| OmanUS$’000 | 35,938 | 44,603 | PDF p. 230 |
| SwitzerlandUS$’000 | 4,650 | 5,578 | PDF p. 230 |
| SingaporeUS$’000 | 814 | 401 | PDF p. 230 |
| Non-current assets total (unlabelled)US$’000 | 505,257 | 216,376 | PDF p. 230 |
Notes
Segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.
* Excludes non-current other receivables.
Major customer: Revenue from three (2024: three) external customers of the Group’s Oil and Gas segment represents approximately 99.30% (2024: 100%) of the Group’s total revenue.
Debt
Borrowings
Liquidity risk: contractual maturities of loans and borrowings and lease liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| Loans and borrowings (Group 2025: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 248,695 | 282,118 | 49,817 | 232,301 | PDF p. 242 |
| Lease liabilities (Group 2025: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 162,397 | 166,033 | 31,909 | 134,124 | PDF p. 242 |
| Group 2024 | |||||
| Loans and borrowings (Group 2024: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 142,083 | 161,875 | – | 161,875 | PDF p. 242 |
| Lease liabilities (Group 2024: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 1,792 | 1,880 | 677 | 1,203 | PDF p. 242 |
| Company 2025 | |||||
| Lease liabilities (Company 2025: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 642 | 655 | 201 | 454 | PDF p. 242 |
| Company 2024 | |||||
| Lease liabilities (Company 2024: carrying amount, contractual cash flows, within 1 year, more than 1 year)US$'000 | 220 | 225 | 208 | 17 | PDF p. 242 |
Notes
Columns per row in order: Carrying amount, Contractual cash flows, Within 1 year, More than 1 year (gross, undiscounted, include contractual interest). Rows are labelled by group/company and year section; the columns of this table are not year/scope columns but the scope of each row is in the section.
Table lists Group 2025, Group 2024, Company 2025, Company 2024 in separate blocks; the Company has no loans and borrowings listed.
Borrowing notes 1 tables
Loans and borrowings
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Loans and borrowings | |||
| Secured bond issuesUS$'000 | 248,318 | 142,083 | PDF p. 216 |
| Loan from non-controlling interest in a subsidiaryUS$'000 | 377 | – | PDF p. 216 |
| Analysed as | |||
| - Non-currentUS$'000 | 204,780 | 142,083 | PDF p. 216 |
| - CurrentUS$'000 | 43,915 | – | PDF p. 216 |
| TotalUS$'000 | 248,695 | 142,083 | PDF p. 216 |
Notes
Loan from non-controlling interest in a subsidiary is unsecured, bears interest at 14% per annum, and is repayable after the maturity of USD-denominated senior secured bonds issued by a subsidiary (Note 18).
NOK bonds: LPH three-month NIBOR plus 10.00%, matures 10 October 2028 (new bond); earlier bond NIBOR plus 9.25%, maturity 19 July 2027. USD bond by JEL: fixed coupon 14% per annum, maturity 12 December 2028.
Bonds are secured (see assets pledged as security).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | On 19 October 2021 and 28 February 2022, the Company announced that it has adopted a dividend policy, which allows for dividends to be paid-out subject to eligibility, for evaluation of the Company’s financial year results for the relevant period/year. The declaration and payment of dividends, if any, shall be determined at the sole discretion of the Board. Any recommendation for dividends to be paid will be tabled for Shareholders’ approval at the Company’s AGM, if required under applicable laws. | Company | PDF p. 149 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend has been declared or recommended for FY2025 | No dividend has been declared or recommended for FY2025 for the Company as the Group did not have any profits for FY2025. | Company, FY2025 | PDF p. 149 |
| Dividends | No dividends were declared or paid by the Group and the Company for the financial year ended 31 December 2025 and 31 December 2024. | Group and Company, FY2025 and FY2024 (comparative) | PDF p. 214 |
Extracted from Rex International Holding Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Yang Chi Chih | Group FY2025 | PDF p. 169 |
| Auditor's report date | 24 March 2026 | Group FY2025 · As at 2026-03-24 | PDF p. 169 |
| Opinion | Our opinion is not modified in respect of this matter. | Group and Company, year ended 31 December 2025 | PDF p. 165 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | these events indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern | Group · As at 2025-12-31 | PDF p. 165 |
| Material Uncertainty Related to Going Concern (Note 1.1) | As at 31 December 2025, the Group is in a capital deficiency position of US$94.4 million and in a net current liability position of US$81.3 million, and recorded a loss for the year of US$152.7 million. | Group · As at 2025-12-31 | PDF p. 178 |
| Material Uncertainty Related to Going Concern (Note 1.1) | such matters represent a material uncertainty that may cast significant doubt on LPH’s ability to continue as a going concern. | Subsidiary LPH | PDF p. 179 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment risk over oil and gas properties | Impairment risk over oil and gas properties | Group · As at 2025-12-31 | PDF p. 166 |
Extracted from Rex International Holding Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Rex International Holding Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts are USD thousand unless the row states otherwise. EPS and NAV per share use US cents; share-capital tables distinguish thousand shares from USD thousand. FY2021–2025 follow the linked original reports. Group and Company scopes remain separate.
Cashflow cash excludes the disclosed restricted bank deposits. Older operating cashflows start before tax; recent statements start after tax. The capital reduction of USD 168,096 thousand took effect on 7 March 2023 and changed capital amounts without changing share counts. The report identifies material uncertainty related to going concern in Note1.1.
No dividends were declared or paid by Group or Company for FY2024/FY2025, as stated in Note16. Year-end shares excluding treasury are used for EPS/NAV, while the March2026 ownership register reflects later placements. NAV includes non-controlling interests.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.