Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group income — FY2025 source | |||
| RevenueUS dollars thousands | 77,566 | 92,520 | PDF p. 55 |
| Cost of salesUS dollars thousands | (53,281) | (56,592) | PDF p. 55 |
| Gross profitUS dollars thousands | 24,285 | 35,928 | PDF p. 55 |
| Other incomeUS dollars thousands | 3,717 | 3,182 | PDF p. 55 |
| Administrative expensesUS dollars thousands | (3,976) | (4,547) | PDF p. 55 |
| Other expensesUS dollars thousands | (13,272) | (2,131) | PDF p. 55 |
| Finance costsUS dollars thousands | (738) | (733) | PDF p. 55 |
| Profit before taxUS dollars thousands | 10,016 | 31,699 | PDF p. 55 |
| Income tax expenseUS dollars thousands | (6,482) | (13,421) | PDF p. 55 |
| Profit for the financial yearUS dollars thousands | 3,534 | 18,278 | PDF p. 55 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 2,538 | 14,562 | PDF p. 55 |
| Group income — FY2025 source | |||
| Non-controlling interestsUS dollars thousands | 996 | 3,716 | PDF p. 55 |
| SubtotalUS dollars thousands | 3,534 | 18,278 | PDF p. 55 |
| Earnings per share (cents per share) | |||
| BasicUS cents per share | 0.30 | 1.74 | PDF p. 55 |
| DilutedUS cents per share | 0.30 | 1.74 | PDF p. 55 |
Original report: PDF p. 55 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2025 source | |||
| Profit for the financial yearUS dollars thousands | 3,534 | 18,278 | PDF p. 56 |
| Item that will not be reclassifi ed subsequently to profi t or loss: | |||
| Remeasurement of defined benefit planUS dollars thousands | 95 | (109) | PDF p. 56 |
| Other comprehensive income for the financial year, net of taxUS dollars thousands | 95 | (109) | PDF p. 56 |
| Total comprehensive income for the financial year, net of taxUS dollars thousands | 3,629 | 18,169 | PDF p. 56 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 2,616 | 14,472 | PDF p. 56 |
| Item that will not be reclassifi ed subsequently to profi t or loss: | |||
| Non-controlling interestsUS dollars thousands | 1,013 | 3,697 | PDF p. 56 |
| SubtotalUS dollars thousands | 3,629 | 18,169 | PDF p. 56 |
Original report: PDF p. 56 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Oil and gas propertiesUS dollars thousands | 9,813 | 11,062 | – | – | PDF p. 57 |
| Other plant and equipmentUS dollars thousands | 170 | 38 | 170 | 38 | PDF p. 57 |
| Deferred tax assetsUS dollars thousands | 809 | 1,157 | – | – | PDF p. 57 |
| Right-of-use assetsUS dollars thousands | 4,448 | 8,714 | 489 | 808 | PDF p. 57 |
| Exploration and evaluation assetsUS dollars thousands | 1,271 | 7,716 | – | – | PDF p. 57 |
| Cash and bank balancesUS dollars thousands | 4,153 | 3,493 | – | – | PDF p. 57 |
| Other non-current assetsUS dollars thousands | 2,409 | 2,204 | – | – | PDF p. 57 |
| Investment in subsidiariesUS dollars thousands | – | – | 103,674 | 104,199 | PDF p. 57 |
| SubtotalUS dollars thousands | 23,073 | 34,384 | 104,333 | 105,045 | PDF p. 57 |
| Current assets | |||||
| InventoriesUS dollars thousands | 11,787 | 10,107 | – | – | PDF p. 57 |
| Other current assetsUS dollars thousands | 36 | 32 | 36 | 32 | PDF p. 57 |
| Trade and other receivablesUS dollars thousands | 11,947 | 10,580 | 268 | 479 | PDF p. 57 |
| Amounts due from subsidiariesUS dollars thousands | – | – | 16,198 | 17,174 | PDF p. 57 |
| Cash and bank balancesUS dollars thousands | 61,284 | 52,316 | 5,523 | 1,780 | PDF p. 57 |
| SubtotalUS dollars thousands | 85,054 | 73,035 | 22,025 | 19,465 | PDF p. 57 |
| Total assetsUS dollars thousands | 108,127 | 107,419 | 126,358 | 124,510 | PDF p. 57 |
| Current liabilities | |||||
| Income tax payableUS dollars thousands | 2,231 | 3,528 | – | – | PDF p. 57 |
| Lease liabilitiesUS dollars thousands | 3,955 | 6,365 | 243 | 282 | PDF p. 57 |
| Trade and other payablesUS dollars thousands | 29,016 | 24,346 | 1,276 | 1,836 | PDF p. 57 |
| SubtotalUS dollars thousands | 35,202 | 34,239 | 1,519 | 2,118 | PDF p. 57 |
| Non-current liabilities | |||||
| ProvisionsUS dollars thousands | 3,287 | 3,463 | 37 | 35 | PDF p. 57 |
| Lease liabilitiesUS dollars thousands | 1,587 | 4,132 | 299 | 512 | PDF p. 57 |
| Amounts due to subsidiariesUS dollars thousands | – | – | 2,299 | 2,507 | PDF p. 57 |
| Other payableUS dollars thousands | 232 | – | – | – | PDF p. 57 |
| SubtotalUS dollars thousands | 5,106 | 7,595 | 2,635 | 3,054 | PDF p. 57 |
| Total liabilitiesUS dollars thousands | 40,308 | 41,834 | 4,154 | 5,172 | PDF p. 57 |
| Equity attributable to owners of the Company | |||||
| Share capitalUS dollars thousands | 270,283 | 270,138 | 270,283 | 270,138 | PDF p. 57 |
| Company | |||||
| ReservesUS dollars thousands | (211,059) | (213,635) | (148,079) | (150,800) | PDF p. 57 |
| SubtotalUS dollars thousands | 59,224 | 56,503 | 122,204 | 119,338 | PDF p. 57 |
| Non-controlling interestsUS dollars thousands | 8,595 | 9,082 | – | – | PDF p. 57 |
| Total equityUS dollars thousands | 67,819 | 65,585 | 122,204 | 119,338 | PDF p. 57 |
| Total liabilities and equityUS dollars thousands | 108,127 | 107,419 | 126,358 | 124,510 | PDF p. 57 |
Original report: PDF p. 57 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Capital reduction reserve | 2024Group / Foreign currency translation reserve | 2024Group / Reserve for defined benefit plan | 2024Group / Accumulated losses | 2024Group / Equity reserve | 2024Group / Employee share option reserve | 2024Group / Total reserves | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2025 source / complete two-year source panel | |||||||||||
| At 1 January 2024US dollars thousands | 270,138 | 2,886 | (90) | (178) | (233,101) | 1,764 | 485 | (228,234) | 6,885 | 48,789 | PDF p. 58 |
| Profit for the financial yearUS dollars thousands | – | – | – | – | 14,562 | – | – | 14,562 | 3,716 | 18,278 | PDF p. 58 Label p. 58 |
| Other comprehensive income for the financial yearUS dollars thousands | – | – | – | (90) | – | – | – | (90) | (19) | (109) | PDF p. 58 Label p. 58 |
| Total comprehensive | |||||||||||
| Total comprehensive income for the financial yearUS dollars thousands | – | – | – | (90) | 14,562 | – | – | 14,472 | 3,697 | 18,169 | PDF p. 58 Label p. 58 |
| Dividend paid by subsidiary to non-controlling interestUS dollars thousands | – | – | – | – | – | – | – | – | (1,500) | (1,500) | PDF p. 58 Label p. 58 |
| distributions to owners | |||||||||||
| Share-based payments (Note 25) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | 183 | 183 | – | 183 | PDF p. 58 Label p. 58 |
| Contributions by and | |||||||||||
| - Forfeiture of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | (56) | (56) | – | (56) | PDF p. 58 Label p. 58 |
| At 31 December 2024 and 1 January 2025US dollars thousands | 270,138 | 2,886 | (90) | (268) | (218,539) | 1,764 | 612 | (213,635) | 9,082 | 65,585 | PDF p. 58 Label p. 58 |
Original report: PDF p. 58 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Capital reduction reserve | 2025Group / Foreign currency translation reserve | 2025Group / Reserve for defined benefit plan | 2025Group / Accumulated losses | 2025Group / Equity reserve | 2025Group / Employee share option reserve | 2025Group / Total reserves | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Contributions by and | |||||||||||
| At 31 December 2024 and 1 January 2025US dollars thousands | 270,138 | 2,886 | (90) | (268) | (218,539) | 1,764 | 612 | (213,635) | 9,082 | 65,585 | PDF p. 58 Label p. 58 |
| Profit for the financial yearUS dollars thousands | – | – | – | – | 2,538 | – | – | 2,538 | 996 | 3,534 | PDF p. 58 Label p. 58 |
| Other comprehensive income for the financial yearUS dollars thousands | – | – | – | 78 | – | – | – | 78 | 17 | 95 | PDF p. 58 Label p. 58 |
| Total comprehensive | |||||||||||
| Total comprehensive income for the financial yearUS dollars thousands | – | – | – | 78 | 2,538 | – | – | 2,616 | 1,013 | 3,629 | PDF p. 58 Label p. 58 |
| Dividend payable by subsidiary to non-controlling interestUS dollars thousands | – | – | – | – | – | – | – | – | (1,500) | (1,500) | PDF p. 58 Label p. 58 |
| distributions to owners | |||||||||||
| Share-based payments (Note 25) - Exercise of employee share optionsUS dollars thousands | 145 | – | – | – | – | – | (59) | (59) | – | 86 | PDF p. 58 Label p. 58 |
| Contributions by and | |||||||||||
| - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | 19 | 19 | – | 19 | PDF p. 58 Label p. 58 |
| At 31 December 2025US dollars thousands | 270,283 | 2,886 | (90) | (190) | (216,001) | 1,764 | 572 | (211,059) | 8,595 | 67,819 | PDF p. 58 |
Original report: PDF p. 58 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Capital reduction reserve | 2024Company / Accumulated losses | 2024Company / Employee share option reserve | 2024Company / Total reserves | 2024Company / Total equity | Source |
|---|---|---|---|---|---|---|---|
| Company changes in equity — FY2025 source / complete two-year source panel | |||||||
| At 1 January 2024US dollars thousands | 270,138 | 2,886 | (156,274) | 485 | (152,903) | 117,235 | PDF p. 59 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | 1,976 | – | 1,976 | 1,976 | PDF p. 59 Label p. 59 |
| distributions to owners | |||||||
| Share-based payments - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 183 | 183 | 183 | PDF p. 59 Label p. 59 |
| Contributions by and distributions to owners | |||||||
| - Forfeiture of equity-settled share optionsUS dollars thousands | – | – | – | (56) | (56) | (56) | PDF p. 59 Label p. 59 |
| At 31 December 2024 and 1 January 2025US dollars thousands | 270,138 | 2,886 | (154,298) | 612 | (150,800) | 119,338 | PDF p. 59 Label p. 59 |
Original report: PDF p. 59 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / Share capital | 2025Company / Capital reduction reserve | 2025Company / Accumulated losses | 2025Company / Employee share option reserve | 2025Company / Total reserves | 2025Company / Total equity | Source |
|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||||
| At 31 December 2024 and 1 January 2025US dollars thousands | 270,138 | 2,886 | (154,298) | 612 | (150,800) | 119,338 | PDF p. 59 Label p. 59 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | 2,761 | – | 2,761 | 2,761 | PDF p. 59 Label p. 59 |
| distributions to owners | |||||||
| Share-based payments - Exercise of employee share optionsUS dollars thousands | 145 | – | – | (59) | (59) | 86 | PDF p. 59 Label p. 59 |
| Contributions by and distributions to owners | |||||||
| - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 19 | 19 | 19 | PDF p. 59 Label p. 59 |
| At 31 December 2025US dollars thousands | 270,283 | 2,886 | (151,537) | 572 | (148,079) | 122,204 | PDF p. 59 |
Original report: PDF p. 59 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS dollars thousands | 10,016 | 31,699 | PDF p. 60 |
| Adjustments for: | |||
| - Amortisation of signature bonus and upfront feesUS dollars thousands | 148 | 137 | PDF p. 60 |
| - Adjustment to decommissioning costsUS dollars thousands | – | (915) | PDF p. 60 |
| - Defined pension plan expensesUS dollars thousands | 893 | 991 | PDF p. 60 |
| - Depletion and amortisation of oil and gas propertiesUS dollars thousands | 2,267 | 437 | PDF p. 60 |
| - Depreciation of other plant and equipmentUS dollars thousands | 79 | 61 | PDF p. 60 |
| - Depreciation of right-of-use assetsUS dollars thousands | 4,980 | 4,529 | PDF p. 60 |
| - Interest expense on lease liabilitiesUS dollars thousands | 540 | 592 | PDF p. 60 |
| - Interest income from bank depositsUS dollars thousands | (2,019) | (1,122) | PDF p. 60 |
| - Interest income on cash callUS dollars thousands | (415) | (301) | PDF p. 60 |
| - Interest expenses on decommissioning costsUS dollars thousands | 415 | 301 | PDF p. 60 |
| - Loss on disposal of other plant and equipmentUS dollars thousands | 1 | – | PDF p. 60 |
| - Net loss/(gain) on early lease terminationUS dollars thousands | 11 | (195) | PDF p. 60 |
| - Other plant and equipment written offUS dollars thousands | 24 | – | PDF p. 60 |
| - Share-based paymentsUS dollars thousands | 19 | 127 | PDF p. 60 |
| - Unsuccessful/(reversal of unsuccessful) exploration and evaluation expendituresUS dollars thousands | 12,255 | (137) | PDF p. 60 Label p. 60 |
| - Expected credit loss for trade and other receivablesUS dollars thousands | 4 | 31 | PDF p. 60 |
| - Unwinding of discount on decommissioning provisionsUS dollars thousands | 198 | 141 | PDF p. 60 |
| - Unrealised foreign exchange gainUS dollars thousands | (68) | (13) | PDF p. 60 |
| - Write off of oil and gas propertiesUS dollars thousands | 435 | – | PDF p. 60 |
| Operating cash flows before changes in working capitalUS dollars thousands | 29,783 | 36,363 | PDF p. 60 |
| Changes in working capital | |||
| (Increase)/decrease in inventoriesUS dollars thousands | (1,680) | 1,652 | PDF p. 60 |
| (Increase)/decrease in trade and other receivablesUS dollars thousands | (1,372) | 5,390 | PDF p. 60 |
| Decrease in trade and other payablesUS dollars thousands | (77) | (380) | PDF p. 60 |
| Decrease in defined benefit plan liabilitiesUS dollars thousands | (317) | (677) | PDF p. 60 |
| Cash flows from operationsUS dollars thousands | 26,337 | 42,348 | PDF p. 60 |
| Income tax paidUS dollars thousands | (7,430) | (9,970) | PDF p. 60 |
| Interest receivedUS dollars thousands | 2,434 | 1,423 | PDF p. 60 |
| Net cash flows from operating activitiesUS dollars thousands | 21,341 | 33,801 | PDF p. 60 |
| Investing activities | |||
| Additions to exploration and evaluation assetsUS dollars thousands | (2,492) | (24,074) | PDF p. 60 |
| Additions to oil and gas propertiesUS dollars thousands | (1,501) | (682) | PDF p. 60 |
| Cash call contributions for decommissioning provisionsUS dollars thousands | (1,024) | (301) | PDF p. 60 |
| Increase in deposits pledgedUS dollars thousands | (661) | (300) | PDF p. 60 |
| Withdrawal/(placement) in short-term deposits with maturity more than 3 monthsUS dollars thousands | 1,600 | (31,610) | PDF p. 60 Label p. 60 |
| Payment for signature bonus and related costsUS dollars thousands | (353) | (64) | PDF p. 60 |
| Purchase of other plant and equipmentUS dollars thousands | (236) | (11) | PDF p. 60 |
| Net cash flows used in investing activitiesUS dollars thousands | (4,667) | (57,042) | PDF p. 60 |
| Financing activities | |||
| Dividend paid by subsidiary to non-controlling interestUS dollars thousands | – | (1,500) | PDF p. 60 |
| Payment of lease liabilitiesUS dollars thousands | (6,191) | (5,995) | PDF p. 60 |
| Proceeds from exercise of employee share optionsUS dollars thousands | 86 | – | PDF p. 60 |
| Net cash flows used in financing activitiesUS dollars thousands | (6,105) | (7,495) | PDF p. 60 |
| Net increase/(decrease) in cash and cash equivalentsUS dollars thousands | 10,569 | (30,736) | PDF p. 60 |
| Cash and cash equivalents at beginning of the financial yearUS dollars thousands | 20,706 | 51,442 | PDF p. 60 |
| Cash and cash equivalents at end of the financial yearUS dollars thousands | 31,275 | 20,706 | PDF p. 60 |
Original report: PDF p. 60 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Profit, net of tax, attributable to owners of the Company used in the computation of basic and diluted earnings per shareUS dollars thousands | 2,538 | 14,562 | PDF p. 80 Label p. 80 |
| Weighted average number of ordinary shares for basic earnings per share computationshares | 835,574,058 | 835,177,400 | PDF p. 80 Label p. 80 |
| - Share optionsshares | 253,578 | 247,836 | PDF p. 80 |
| Weighted average number of ordinary shares for diluted earnings per share computationshares | 835,827,636 | 835,425,236 | PDF p. 80 Label p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash composition including pledged balances | |||||
| Cash at banks and on handUS dollars thousands | 61,284 | 52,316 | 5,523 | 1,780 | PDF p. 91 |
| Long-term deposits pledgedUS dollars thousands | 4,153 | 3,493 | – | – | PDF p. 91 |
| SubtotalUS dollars thousands | 65,437 | 55,809 | 5,523 | 1,780 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash denominated in foreign currencies, presented in USD thousands | |||||
| Indonesian Rupiah (IDR)US dollars thousands | 1,793 | 2,815 | – | – | PDF p. 91 |
| Singapore Dollar (SGD)US dollars thousands | 2,833 | 1,416 | 2,792 | 1,408 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash-flow cash reconciliation | |||
| Cash and bank balancesUS dollars thousands | 65,437 | 55,809 | PDF p. 91 |
| Less: | |||
| Short-term deposits with maturity more than 3 monthsUS dollars thousands | (30,009) | (31,610) | PDF p. 91 |
| Cash-flow cash reconciliation | |||
| Long-term deposit pledgedUS dollars thousands | (4,153) | (3,493) | PDF p. 91 |
| Cash and cash equivalentsUS dollars thousands | 31,275 | 20,706 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group income — FY2024 source | |||
| RevenueUS dollars thousands | 92,520 | 94,091 | PDF p. 45 |
| Cost of salesUS dollars thousands | (56,592) | (68,065) | PDF p. 45 |
| Gross profitUS dollars thousands | 35,928 | 26,026 | PDF p. 45 |
| Other incomeUS dollars thousands | 3,182 | 3,413 | PDF p. 45 |
| Administrative expensesUS dollars thousands | (4,547) | (3,867) | PDF p. 45 |
| Other expensesUS dollars thousands | (2,131) | (19,580) | PDF p. 45 |
| Finance costsUS dollars thousands | (733) | (782) | PDF p. 45 |
| Profit before taxUS dollars thousands | 31,699 | 5,210 | PDF p. 45 |
| Income tax expenseUS dollars thousands | (13,421) | (2,057) | PDF p. 45 |
| Profit for the financial yearUS dollars thousands | 18,278 | 3,153 | PDF p. 45 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 14,562 | 2,596 | PDF p. 45 |
| Group income — FY2024 source | |||
| Non-controlling interestsUS dollars thousands | 3,716 | 557 | PDF p. 45 |
| SubtotalUS dollars thousands | 18,278 | 3,153 | PDF p. 45 |
| Earnings per share (cents per share) | |||
| BasicUS cents per share | 1.74 | 0.31 | PDF p. 45 |
| DilutedUS cents per share | 1.74 | 0.31 | PDF p. 45 |
Original report: PDF p. 45 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2024 source | |||
| Profit for the financial yearUS dollars thousands | 18,278 | 3,153 | PDF p. 46 |
| Item that will not be reclassifi ed subsequently to profi t or loss: | |||
| Remeasurement of defined benefit planUS dollars thousands | (109) | (215) | PDF p. 46 |
| Other comprehensive income for the financial year, net of taxUS dollars thousands | (109) | (215) | PDF p. 46 |
| Total comprehensive income for the financial year, net of taxUS dollars thousands | 18,169 | 2,938 | PDF p. 46 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 14,472 | 2,418 | PDF p. 46 |
| Item that will not be reclassifi ed subsequently to profi t or loss: | |||
| Non-controlling interestsUS dollars thousands | 3,697 | 520 | PDF p. 46 |
| SubtotalUS dollars thousands | 18,169 | 2,938 | PDF p. 46 |
Original report: PDF p. 46 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Oil and gas propertiesUS dollars thousands | 11,062 | 1,330 | – | – | PDF p. 47 |
| Other plant and equipmentUS dollars thousands | 38 | 88 | 38 | 75 | PDF p. 47 |
| Deferred tax assetsUS dollars thousands | 1,157 | 2,251 | – | – | PDF p. 47 |
| Right-of-use assetsUS dollars thousands | 8,714 | 6,888 | 808 | 235 | PDF p. 47 |
| Exploration and evaluation assetsUS dollars thousands | 7,716 | 9,258 | – | – | PDF p. 47 |
| Cash and bank balancesUS dollars thousands | 3,493 | 3,193 | – | – | PDF p. 47 |
| Amounts due from subsidiariesUS dollars thousands | – | – | – | 116,642 | PDF p. 47 |
| Other non-current assetsUS dollars thousands | 2,204 | 2,278 | – | – | PDF p. 47 |
| Investment in subsidiariesUS dollars thousands | – | – | 104,199 | – | PDF p. 47 |
| SubtotalUS dollars thousands | 34,384 | 25,286 | 105,045 | 116,952 | PDF p. 47 |
| Current assets | |||||
| InventoriesUS dollars thousands | 10,107 | 11,759 | – | – | PDF p. 47 |
| Other current assetsUS dollars thousands | 32 | 39 | 32 | 39 | PDF p. 47 |
| Trade and other receivablesUS dollars thousands | 10,580 | 15,994 | 479 | 247 | PDF p. 47 |
| Amounts due from subsidiariesUS dollars thousands | – | – | 17,174 | – | PDF p. 47 |
| Cash and bank balancesUS dollars thousands | 52,316 | 51,442 | 1,780 | 3,659 | PDF p. 47 |
| SubtotalUS dollars thousands | 73,035 | 79,234 | 19,465 | 3,945 | PDF p. 47 |
| Total assetsUS dollars thousands | 107,419 | 104,520 | 124,510 | 120,897 | PDF p. 47 |
| Current liabilities | |||||
| Income tax payableUS dollars thousands | 3,528 | 1,170 | – | – | PDF p. 47 |
| Lease liabilitiesUS dollars thousands | 6,365 | 6,693 | 282 | 139 | PDF p. 47 |
| Trade and other payablesUS dollars thousands | 24,346 | 41,084 | 1,836 | 1,044 | PDF p. 47 |
| SubtotalUS dollars thousands | 34,239 | 48,947 | 2,118 | 1,183 | PDF p. 47 |
| Non-current liabilities | |||||
| ProvisionsUS dollars thousands | 3,463 | 3,725 | 35 | 39 | PDF p. 47 |
| Lease liabilitiesUS dollars thousands | 4,132 | 3,059 | 512 | 97 | PDF p. 47 |
| Amounts due to subsidiariesUS dollars thousands | – | – | 2,507 | 2,343 | PDF p. 47 |
| SubtotalUS dollars thousands | 7,595 | 6,784 | 3,054 | 2,479 | PDF p. 47 |
| Total liabilitiesUS dollars thousands | 41,834 | 55,731 | 5,172 | 3,662 | PDF p. 47 |
| Equity attributable to owners of the Company | |||||
| Share capitalUS dollars thousands | 270,138 | 270,138 | 270,138 | 270,138 | PDF p. 47 |
| Company | |||||
| ReservesUS dollars thousands | (213,635) | (228,234) | (150,800) | (152,903) | PDF p. 47 |
| SubtotalUS dollars thousands | 56,503 | 41,904 | 119,338 | 117,235 | PDF p. 47 |
| Non-controlling interestsUS dollars thousands | 9,082 | 6,885 | – | – | PDF p. 47 |
| Total equityUS dollars thousands | 65,585 | 48,789 | 119,338 | 117,235 | PDF p. 47 |
| Total liabilities and equityUS dollars thousands | 107,419 | 104,520 | 124,510 | 120,897 | PDF p. 47 |
Original report: PDF p. 47 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Capital reduction reserve | 2023Group / Foreign currency translation reserve | 2023Group / Reserve for defined benefit plan | 2023Group / Accumulated losses | 2023Group / Equity reserve | 2023Group / Employee share option reserve | 2023Group / Total reserves | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source / complete two-year source panel | |||||||||||
| At 1 January 2023US dollars thousands | 270,065 | 2,886 | (90) | – | (235,697) | 1,764 | 199 | (230,938) | 7,865 | 46,992 | PDF p. 48 |
| Profit for the financial yearUS dollars thousands | – | – | – | – | 2,596 | – | – | 2,596 | 557 | 3,153 | PDF p. 48 Label p. 48 |
| Other comprehensive income for the financial yearUS dollars thousands | – | – | – | (178) | – | – | – | (178) | (37) | (215) | PDF p. 48 Label p. 48 |
| Total comprehensive | |||||||||||
| Total comprehensive income for the financial yearUS dollars thousands | – | – | – | (178) | 2,596 | – | – | 2,418 | 520 | 2,938 | PDF p. 48 Label p. 48 |
| Dividend paid by subsidiary to non-controlling interestUS dollars thousands | – | – | – | – | – | – | – | – | (1,500) | (1,500) | PDF p. 48 Label p. 48 |
| distributions to owners | |||||||||||
| Exercise of employee share optionsUS dollars thousands | 73 | – | – | – | – | – | (38) | (38) | – | 35 | PDF p. 48 Label p. 48 |
| Contributions by and | |||||||||||
| Share-based payments (Note 25) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | 324 | 324 | – | 324 | PDF p. 48 Label p. 48 |
| At 31 December 2023 and 1 January 2024US dollars thousands | 270,138 | 2,886 | (90) | (178) | (233,101) | 1,764 | 485 | (228,234) | 6,885 | 48,789 | PDF p. 48 Label p. 48 |
Original report: PDF p. 48 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Capital reduction reserve | 2024Group / Foreign currency translation reserve | 2024Group / Reserve for defined benefit plan | 2024Group / Accumulated losses | 2024Group / Equity reserve | 2024Group / Employee share option reserve | 2024Group / Total reserves | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Contributions by and | |||||||||||
| At 31 December 2023 and 1 January 2024US dollars thousands | 270,138 | 2,886 | (90) | (178) | (233,101) | 1,764 | 485 | (228,234) | 6,885 | 48,789 | PDF p. 48 Label p. 48 |
| Profit for the financial yearUS dollars thousands | – | – | – | – | 14,562 | – | – | 14,562 | 3,716 | 18,278 | PDF p. 48 Label p. 48 |
| Other comprehensive income for the financial yearUS dollars thousands | – | – | – | (90) | – | – | – | (90) | (19) | (109) | PDF p. 48 Label p. 48 |
| Total comprehensive | |||||||||||
| Total comprehensive income for the financial yearUS dollars thousands | – | – | – | (90) | 14,562 | – | – | 14,472 | 3,697 | 18,169 | PDF p. 48 Label p. 48 |
| Dividend paid by subsidiary to non-controlling interestUS dollars thousands | – | – | – | – | – | – | – | – | (1,500) | (1,500) | PDF p. 48 Label p. 48 |
| distributions to owners | |||||||||||
| Share-based payments (Note 25) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | 183 | 183 | – | 183 | PDF p. 48 Label p. 48 |
| Contributions by and | |||||||||||
| - Forfeiture of equity-settled share optionsUS dollars thousands | – | – | – | – | – | – | (56) | (56) | – | (56) | PDF p. 48 Label p. 48 |
| At 31 December 2024US dollars thousands | 270,138 | 2,886 | (90) | (268) | (218,539) | 1,764 | 612 | (213,635) | 9,082 | 65,585 | PDF p. 48 |
Original report: PDF p. 48 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / Share capital | 2023Company / Capital reduction reserve | 2023Company / Accumulated losses | 2023Company / Employee share option reserve | 2023Company / Total reserves | 2023Company / Total equity | Source |
|---|---|---|---|---|---|---|---|
| Company changes in equity — FY2024 source / complete two-year source panel | |||||||
| At 1 January 2023US dollars thousands | 270,065 | 2,886 | (268,547) | 199 | (265,462) | 4,603 | PDF p. 49 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | 112,273 | – | 112,273 | 112,273 | PDF p. 49 Label p. 49 |
| distributions to owners | |||||||
| Exercise of employee share optionsUS dollars thousands | 73 | – | – | (38) | (38) | 35 | PDF p. 49 Label p. 49 |
| Contributions by and distributions to owners | |||||||
| Share-based payments - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 324 | 324 | 324 | PDF p. 49 Label p. 49 |
| At 31 December 2023 and 1 January 2024US dollars thousands | 270,138 | 2,886 | (156,274) | 485 | (152,903) | 117,235 | PDF p. 49 Label p. 49 |
Original report: PDF p. 49 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Capital reduction reserve | 2024Company / Accumulated losses | 2024Company / Employee share option reserve | 2024Company / Total reserves | 2024Company / Total equity | Source |
|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||||
| At 31 December 2023 and 1 January 2024US dollars thousands | 270,138 | 2,886 | (156,274) | 485 | (152,903) | 117,235 | PDF p. 49 Label p. 49 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | 1,976 | – | 1,976 | 1,976 | PDF p. 49 Label p. 49 |
| distributions to owners | |||||||
| Share-based payments - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 183 | 183 | 183 | PDF p. 49 Label p. 49 |
| Contributions by and distributions to owners | |||||||
| - Forfeiture of equity-settled share optionsUS dollars thousands | – | – | – | (56) | (56) | (56) | PDF p. 49 Label p. 49 |
| At 31 December 2024US dollars thousands | 270,138 | 2,886 | (154,298) | 612 | (150,800) | 119,338 | PDF p. 49 |
Original report: PDF p. 49 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS dollars thousands | 31,699 | 5,210 | PDF p. 50 |
| Adjustments for: | |||
| - Amortisation of signature bonus and upfront feesUS dollars thousands | 137 | 137 | PDF p. 50 |
| - Adjustment to decommissioning costsUS dollars thousands | (915) | – | PDF p. 50 |
| - Defined pension plan expensesUS dollars thousands | 991 | 1,050 | PDF p. 50 |
| - Depletion and amortisation of oil and gas propertiesUS dollars thousands | 437 | 1,801 | PDF p. 50 |
| - Depreciation of other plant and equipmentUS dollars thousands | 61 | 186 | PDF p. 50 |
| - Depreciation of right-of-use assetsUS dollars thousands | 4,529 | 7,939 | PDF p. 50 |
| - Interest expense on lease liabilitiesUS dollars thousands | 592 | 782 | PDF p. 50 |
| - Interest income from bank depositsUS dollars thousands | (1,122) | (1,898) | PDF p. 50 |
| - Interest income on cash callUS dollars thousands | (301) | (649) | PDF p. 50 |
| - Interest expenses on decommissioning costsUS dollars thousands | 301 | 133 | PDF p. 50 |
| - Net gain on early lease terminationUS dollars thousands | (195) | (58) | PDF p. 50 |
| - Share-based paymentsUS dollars thousands | 127 | 324 | PDF p. 50 |
| - (Reversal)/unsuccessful exploration and evaluation expendituresUS dollars thousands | (137) | 17,727 | PDF p. 50 |
| - Write off /(back) of expected credit loss for other receivablesUS dollars thousands | 31 | (8) | PDF p. 50 |
| - Unwinding of discount on decommissioning provisionsUS dollars thousands | 141 | – | PDF p. 50 |
| - Unrealised foreign exchange gainUS dollars thousands | (13) | – | PDF p. 50 |
| Operating cash flows before changes in working capitalUS dollars thousands | 36,363 | 32,676 | PDF p. 50 |
| Changes in working capital | |||
| Decrease/(increase) in inventoriesUS dollars thousands | 1,652 | (10,489) | PDF p. 50 |
| Decrease/(increase) in trade and other receivablesUS dollars thousands | 5,390 | (2,728) | PDF p. 50 |
| (Decrease)/increase in trade and other payablesUS dollars thousands | (380) | 1,472 | PDF p. 50 |
| Decrease in defined benefit plan liabilitiesUS dollars thousands | (677) | (953) | PDF p. 50 |
| Cash flows from operationsUS dollars thousands | 42,348 | 19,978 | PDF p. 50 |
| Income tax paidUS dollars thousands | (9,970) | (5,054) | PDF p. 50 |
| Interest receivedUS dollars thousands | 1,423 | 1,898 | PDF p. 50 |
| Net cash flows from operating activitiesUS dollars thousands | 33,801 | 16,822 | PDF p. 50 |
| Investing activities | |||
| Additions to exploration and evaluation assetsUS dollars thousands | (24,074) | (9,852) | PDF p. 50 |
| Additions to oil and gas propertiesUS dollars thousands | (682) | (1,701) | PDF p. 50 |
| Cash call contributions for decommissioning provisionsUS dollars thousands | (301) | (133) | PDF p. 50 |
| Increase in deposits pledgedUS dollars thousands | (300) | (2) | PDF p. 50 |
| Placement in short-term deposits with maturity more than 3 monthsUS dollars thousands | (31,610) | – | PDF p. 50 |
| Payment for signature bonus and related costsUS dollars thousands | (64) | – | PDF p. 50 |
| Purchase of other plant and equipmentUS dollars thousands | (11) | (72) | PDF p. 50 |
| Net cash flows used in investing activitiesUS dollars thousands | (57,042) | (11,760) | PDF p. 50 |
| Financing activities | |||
| Dividend paid by subsidiary to non-controlling interestUS dollars thousands | (1,500) | (1,500) | PDF p. 50 |
| Payment of lease liabilitiesUS dollars thousands | (5,995) | (9,428) | PDF p. 50 |
| Proceeds from exercise of employee share optionsUS dollars thousands | – | 35 | PDF p. 50 |
| Net cash flows used in financing activitiesUS dollars thousands | (7,495) | (10,893) | PDF p. 50 |
| Net decrease in cash and cash equivalentsUS dollars thousands | (30,736) | (5,831) | PDF p. 50 |
| Cash and cash equivalents at beginning of the financial yearUS dollars thousands | 51,442 | 57,273 | PDF p. 50 |
| Cash and cash equivalents at end of the financial yearUS dollars thousands | 20,706 | 51,442 | PDF p. 50 |
Original report: PDF p. 50 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Profit, net of tax, attributable to owners of the Company used in the computation of basic and diluted earnings per shareUS dollars thousands | 14,562 | 2,596 | PDF p. 70 Label p. 70 |
| Weighted average number of ordinary shares for basic earnings per share computationshares | 835,177,400 | 834,833,729 | PDF p. 70 Label p. 70 |
| - Share optionsshares | 247,836 | 718,962 | PDF p. 70 |
| Weighted average number of ordinary shares for diluted earnings per share computationshares | 835,425,236 | 835,552,691 | PDF p. 70 Label p. 70 |
Original report: PDF p. 70 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group income and comprehensive income — FY2022 source | |||
| RevenueUS dollars thousands | 104,939 | 82,465 | PDF p. 50 |
| Cost of salesUS dollars thousands | (60,871) | (44,820) | PDF p. 50 |
| Gross profitUS dollars thousands | 44,068 | 37,645 | PDF p. 50 |
| Other incomeUS dollars thousands | 1,808 | 11,421 | PDF p. 50 |
| Administrative expensesUS dollars thousands | (4,106) | (3,516) | PDF p. 50 |
| Other expensesUS dollars thousands | (380) | (1,719) | PDF p. 50 |
| Finance costsUS dollars thousands | (1,343) | (1,642) | PDF p. 50 |
| Profit before taxUS dollars thousands | 40,047 | 42,189 | PDF p. 50 |
| Income tax expenseUS dollars thousands | (15,160) | (14,875) | PDF p. 50 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | 24,887 | 27,314 | PDF p. 50 Label p. 50 |
| Total comprehensive income for the fi nancial year attributable to: | |||
| Owners of the CompanyUS dollars thousands | 20,127 | 23,610 | PDF p. 50 |
| Non-controlling interestsUS dollars thousands | 4,760 | 3,704 | PDF p. 50 |
| SubtotalUS dollars thousands | 24,887 | 27,314 | PDF p. 50 |
| Earnings per share (cents per share) | |||
| BasicUS cents per share | 2.42 | 3.20 | PDF p. 50 |
| DilutedUS cents per share | 2.41 | 3.18 | PDF p. 50 |
Original report: PDF p. 50 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Oil and gas propertiesUS dollars thousands | – | 676 | – | – | PDF p. 51 |
| Other plant and equipmentUS dollars thousands | 202 | 351 | 27 | 13 | PDF p. 51 |
| Deferred tax assetsUS dollars thousands | 1,368 | 1,024 | – | – | PDF p. 51 |
| Right-of-use assetsUS dollars thousands | 12,999 | 11,140 | 79 | 198 | PDF p. 51 |
| Exploration and evaluation assetsUS dollars thousands | 161 | – | – | – | PDF p. 51 |
| Cash and bank balancesUS dollars thousands | 3,191 | 3,189 | – | – | PDF p. 51 |
| Amounts due from subsidiariesUS dollars thousands | – | – | 4,934 | 5,784 | PDF p. 51 |
| Other non-current assetsUS dollars thousands | 2,415 | 2,552 | – | – | PDF p. 51 |
| Investment in subsidiariesUS dollars thousands | – | – | – | – | PDF p. 51 |
| SubtotalUS dollars thousands | 20,336 | 18,932 | 5,040 | 5,995 | PDF p. 51 |
| Current assets | |||||
| InventoriesUS dollars thousands | 1,270 | 770 | – | – | PDF p. 51 |
| Other current assetsUS dollars thousands | 31 | 43 | 28 | 40 | PDF p. 51 |
| Trade and other receivablesUS dollars thousands | 13,266 | 12,400 | 169 | 156 | PDF p. 51 |
| Cash and bank balancesUS dollars thousands | 57,273 | 33,817 | 1,134 | 2,066 | PDF p. 51 |
| SubtotalUS dollars thousands | 71,840 | 47,030 | 1,331 | 2,262 | PDF p. 51 |
| Current liabilities | |||||
| Income tax payableUS dollars thousands | 3,286 | 6,873 | – | – | PDF p. 51 |
| Lease liabilitiesUS dollars thousands | 11,409 | 6,964 | 84 | 117 | PDF p. 51 |
| Trade and other payablesUS dollars thousands | 24,535 | 22,380 | 1,657 | 1,217 | PDF p. 51 |
| SubtotalUS dollars thousands | 39,230 | 36,217 | 1,741 | 1,334 | PDF p. 51 |
| Net current assets/(liabilities)US dollars thousands | 32,610 | 10,813 | (410) | 928 | PDF p. 51 |
| Non-current liabilities | |||||
| ProvisionsUS dollars thousands | 727 | 27 | 27 | 27 | PDF p. 51 |
| Lease liabilitiesUS dollars thousands | 5,227 | 7,842 | – | 84 | PDF p. 51 |
| SubtotalUS dollars thousands | 5,954 | 7,869 | 27 | 111 | PDF p. 51 |
| Net assetsUS dollars thousands | 46,992 | 21,876 | 4,603 | 6,812 | PDF p. 51 |
| Equity attributable to owners of the Company | |||||
| Share capitalUS dollars thousands | 270,065 | 269,982 | 270,065 | 269,982 | PDF p. 51 |
| Company | |||||
| ReservesUS dollars thousands | (230,938) | (251,211) | (265,462) | (263,170) | PDF p. 51 |
| SubtotalUS dollars thousands | 39,127 | 18,771 | 4,603 | 6,812 | PDF p. 51 |
| Non-controlling interestsUS dollars thousands | 7,865 | 3,105 | – | – | PDF p. 51 |
| Total equityUS dollars thousands | 46,992 | 21,876 | 4,603 | 6,812 | PDF p. 51 |
Original report: PDF p. 51 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Capital reduction reserve | 2021Group / Foreign currency translation reserve | 2021Group / Accumulated losses | 2021Group / Equity reserve | 2021Group / Employee share option reserve | 2021Group / Total reserves | 2021Group / Non-controlling interests | 2021Group / Total (deficit)/equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2022 source / complete two-year source panel | ||||||||||
| At 1 January 2021US dollars thousands | 258,160 | 2,886 | (90) | (279,434) | 1,764 | 275 | (274,599) | (14,319) | (30,758) | PDF p. 52 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | – | 23,610 | – | – | 23,610 | 3,704 | 27,314 | PDF p. 52 Label p. 52 |
| Effects of debt conversion of non-controlling interests in a subsidiary (Note 19)US dollars thousands | – | – | – | – | – | – | – | 13,720 | 13,720 | PDF p. 52 Label p. 52 |
| distributions to owners | ||||||||||
| Issuance of shares (Note 21)US dollars thousands | 11,432 | – | – | – | – | – | – | – | 11,432 | PDF p. 52 |
| Contributions by and distributions to owners | ||||||||||
| Share issuance expensesUS dollars thousands | (172) | – | – | – | – | – | – | – | (172) | PDF p. 52 |
| Exercise of employee share optionsUS dollars thousands | 562 | – | – | – | – | (266) | (266) | – | 296 | PDF p. 52 Label p. 52 |
| Share-based payments (Note 26) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | 44 | 44 | – | 44 | PDF p. 52 Label p. 52 |
| At 31 December 2021 and 1 January 2022US dollars thousands | 269,982 | 2,886 | (90) | (255,824) | 1,764 | 53 | (251,211) | 3,105 | 21,876 | PDF p. 52 Label p. 52 |
Original report: PDF p. 52 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Capital reduction reserve | 2022Group / Foreign currency translation reserve | 2022Group / Accumulated losses | 2022Group / Equity reserve | 2022Group / Employee share option reserve | 2022Group / Total reserves | 2022Group / Non-controlling interests | 2022Group / Total (deficit)/equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | ||||||||||
| At 31 December 2021 and 1 January 2022US dollars thousands | 269,982 | 2,886 | (90) | (255,824) | 1,764 | 53 | (251,211) | 3,105 | 21,876 | PDF p. 52 Label p. 52 |
| Profit for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | – | 20,127 | – | – | 20,127 | 4,760 | 24,887 | PDF p. 52 Label p. 52 |
| distributions to owners | ||||||||||
| Exercise of employee share optionsUS dollars thousands | 83 | – | – | – | – | (40) | (40) | – | 43 | PDF p. 52 Label p. 52 |
| Contributions by and distributions to owners | ||||||||||
| Share-based payments (Note 26) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | – | – | 186 | 186 | – | 186 | PDF p. 52 Label p. 52 |
| At 31 December 2022US dollars thousands | 270,065 | 2,886 | (90) | (235,697) | 1,764 | 199 | (230,938) | 7,865 | 46,992 | PDF p. 52 |
Original report: PDF p. 52 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / Share capital | 2021Company / Capital reduction reserve | 2021Company / Accumulated losses | 2021Company / Employee share option reserve | 2021Company / Total reserves | 2021Company / Total (deficit)/equity | Source |
|---|---|---|---|---|---|---|---|
| Company changes in equity — FY2022 source / complete two-year source panel | |||||||
| At 1 January 2021US dollars thousands | 258,160 | 2,886 | (264,136) | 275 | (260,975) | (2,815) | PDF p. 53 |
| Loss for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | (1,973) | – | (1,973) | (1,973) | PDF p. 53 Label p. 53 |
| distributions to owners | |||||||
| Issuance of shares (Note 21)US dollars thousands | 11,432 | – | – | – | – | 11,432 | PDF p. 53 |
| Contributions by and distributions to owners | |||||||
| Share issuance expensesUS dollars thousands | (172) | – | – | – | – | (172) | PDF p. 53 |
| Exercise of employee share optionsUS dollars thousands | 562 | – | – | (266) | (266) | 296 | PDF p. 53 Label p. 53 |
| Share-based payments (Note 26) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 44 | 44 | 44 | PDF p. 53 Label p. 53 |
| At 31 December 2021 and 1 January 2022US dollars thousands | 269,982 | 2,886 | (266,109) | 53 | (263,170) | 6,812 | PDF p. 53 Label p. 53 |
Original report: PDF p. 53 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / Share capital | 2022Company / Capital reduction reserve | 2022Company / Accumulated losses | 2022Company / Employee share option reserve | 2022Company / Total reserves | 2022Company / Total (deficit)/equity | Source |
|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||||
| At 31 December 2021 and 1 January 2022US dollars thousands | 269,982 | 2,886 | (266,109) | 53 | (263,170) | 6,812 | PDF p. 53 Label p. 53 |
| Loss for the financial year, representing total comprehensive income for the financial yearUS dollars thousands | – | – | (2,438) | – | (2,438) | (2,438) | PDF p. 53 Label p. 53 |
| distributions to owners | |||||||
| Exercise of employee share optionsUS dollars thousands | 83 | – | – | (40) | (40) | 43 | PDF p. 53 Label p. 53 |
| Contributions by and distributions to owners | |||||||
| Share-based payments (Note 26) - Grant of equity-settled share optionsUS dollars thousands | – | – | – | 186 | 186 | 186 | PDF p. 53 Label p. 53 |
| At 31 December 2022US dollars thousands | 270,065 | 2,886 | (268,547) | 199 | (265,462) | 4,603 | PDF p. 53 |
Original report: PDF p. 53 ↗
The original prints both years within one physical table. The shared closing/opening row is preserved separately as the previous year close and the next year opening, with the full original joint-date caption.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS dollars thousands | 40,047 | 42,189 | PDF p. 54 |
| Adjustments for: | |||
| - Amortisation of signature bonus and upfront feesUS dollars thousands | 137 | 137 | PDF p. 54 |
| - Defined pension plan expensesUS dollars thousands | 1,311 | 814 | PDF p. 54 |
| - Depletion and amortisation of oil and gas propertiesUS dollars thousands | 845 | 163 | PDF p. 54 |
| - Depreciation of other plant and equipmentUS dollars thousands | 175 | 161 | PDF p. 54 |
| - Depreciation of right-of-use assetsUS dollars thousands | 5,897 | 4,896 | PDF p. 54 |
| - Interest expense on lease liabilitiesUS dollars thousands | 1,343 | 1,642 | PDF p. 54 |
| - Interest income from bank depositsUS dollars thousands | (538) | (34) | PDF p. 54 |
| - Net gain on early lease terminationUS dollars thousands | – | (66) | PDF p. 54 |
| - Provision for decommissioning costsUS dollars thousands | 40 | 104 | PDF p. 54 |
| - Provision for expected credit loss for other receivablesUS dollars thousands | 21 | 509 | PDF p. 54 |
| - Reversal of accruals for potential claimsUS dollars thousands | – | (6,439) | PDF p. 54 |
| - Settlement of joint venture’s other payablesUS dollars thousands | – | (3,692) | PDF p. 54 |
| - Share-based paymentsUS dollars thousands | 186 | 44 | PDF p. 54 |
| Operating cash flows before changes in working capitalUS dollars thousands | 49,464 | 40,428 | PDF p. 54 |
| Changes in working capital | |||
| Increase in inventoriesUS dollars thousands | (500) | (770) | PDF p. 54 |
| Increase in trade and other receivablesUS dollars thousands | (875) | (64) | PDF p. 54 |
| Increase in trade and other payablesUS dollars thousands | 2,100 | 1,677 | PDF p. 54 |
| Defined benefit plan liabilitiesUS dollars thousands | (611) | (814) | PDF p. 54 |
| Cash flows from operationsUS dollars thousands | 49,578 | 40,457 | PDF p. 54 |
| Income tax paidUS dollars thousands | (19,092) | (12,829) | PDF p. 54 |
| Interest receivedUS dollars thousands | 538 | 34 | PDF p. 54 |
| Net cash flows from operating activitiesUS dollars thousands | 31,024 | 27,662 | PDF p. 54 |
| Investing activities | |||
| Additions to exploration and evaluation assetsUS dollars thousands | (105) | – | PDF p. 54 |
| Additions to oil and gas propertiesUS dollars thousands | (169) | (727) | PDF p. 54 |
| Cash call contributions for decommissioning provisionsUS dollars thousands | (40) | (671) | PDF p. 54 |
| Purchase of other plant and equipmentUS dollars thousands | (26) | (103) | PDF p. 54 |
| Net cash flows used in investing activitiesUS dollars thousands | (340) | (1,501) | PDF p. 54 |
| Financing activities | |||
| Increase in deposits pledgedUS dollars thousands | (2) | (2) | PDF p. 54 |
| Loan from non-controlling interestUS dollars thousands | – | 24 | PDF p. 54 |
| Payment of lease liabilitiesUS dollars thousands | (7,269) | (5,720) | PDF p. 54 |
| Proceeds from exercise of employee share optionsUS dollars thousands | 43 | 296 | PDF p. 54 |
| Repayment of advances to related partyUS dollars thousands | – | (1,683) | PDF p. 54 |
| Share issuance expenseUS dollars thousands | – | (172) | PDF p. 54 |
| Net cash flows used in financing activitiesUS dollars thousands | (7,228) | (7,257) | PDF p. 54 |
| Net increase in cash and cash equivalentsUS dollars thousands | 23,456 | 18,904 | PDF p. 54 |
| Cash and cash equivalents at beginning of the financial yearUS dollars thousands | 33,817 | 14,913 | PDF p. 54 |
| Cash and cash equivalents at end of the financial yearUS dollars thousands | 57,273 | 33,817 | PDF p. 54 |
Original report: PDF p. 54 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Profit, net of tax, attributable to owners of the Company used in the computation of basic and diluted earnings per shareUS dollars thousands | 20,127 | 23,610 | PDF p. 77 Label p. 77 |
| Weighted average number of ordinary shares for basic earnings per share computationshares | 832,556,777 | 738,471,384 | PDF p. 77 Label p. 77 |
| - Share optionsshares | 1,794,032 | 3,266,563 | PDF p. 77 |
| Weighted average number of ordinary shares for diluted earnings per share computationshares | 834,350,809 | 741,737,947 | PDF p. 77 Label p. 77 |
Original report: PDF p. 77 ↗
Where the money comes from
| Item / unit | 2025Oil and gas segment | 2024Oil and gas segment | 2025Adjustments | 2024Adjustments | 2025Per consolidated financial statements | 2024Per consolidated financial statements | Source |
|---|---|---|---|---|---|---|---|
| Segment information | |||||||
| RevenueUS$'000 | 77,566 | 92,520 | – | – | 77,566 | 92,520 | PDF p. 106 |
| Results | |||||||
| Amortisation of signature bonus and upfront feesUS$'000 | (148) | (137) | – | – | (148) | (137) | PDF p. 106 |
| Adjustment to decommissioning costsUS$'000 | – | 915 | – | – | – | 915 | PDF p. 106 |
| Defined pension plan expensesUS$'000 | (893) | (991) | – | – | (893) | (991) | PDF p. 106 |
| Depreciation and amortisationUS$'000 | (2,346) | (498) | – | – | (2,346) | (498) | PDF p. 106 |
| Depreciation of right-of-use assetsUS$'000 | (4,980) | (4,529) | – | – | (4,980) | (4,529) | PDF p. 106 |
| Finance costsUS$'000 | (738) | (733) | – | – | (738) | (733) | PDF p. 106 |
| Interest incomeUS$'000 | 2,019 | 1,122 | – | – | 2,019 | 1,122 | PDF p. 106 |
| Interest income on cash callUS$'000 | 415 | 301 | – | – | 415 | 301 | PDF p. 106 |
| Interest expenses on decommissioning costsUS$'000 | (415) | (301) | – | – | (415) | (301) | PDF p. 106 |
| Loss on disposal of other plant and equipmentUS$'000 | (1) | – | – | – | (1) | – | PDF p. 106 |
| Other plant and equipment written offUS$'000 | (24) | – | – | – | (24) | – | PDF p. 106 |
| Net (loss)/gain on early lease terminationUS$'000 | (11) | 195 | – | – | (11) | 195 | PDF p. 106 |
| Segment profit before taxUS$'000 | 10,016 | 31,699 | – | – | 10,016 | 31,699 | PDF p. 106 |
| Share-based paymentsUS$'000 | (19) | (127) | – | – | (19) | (127) | PDF p. 106 |
| (Unsuccessful)/reversal of unsuccessful exploration and evaluation expendituresUS$'000 | (12,255) | 137 | – | – | (12,255) | 137 | PDF p. 106 |
| Variable entitlement split adjustmentsUS$'000 | (103) | (976) | – | – | (103) | (976) | PDF p. 106 |
| Expected credit loss for trade and other receivablesUS$'000 | (4) | (31) | – | – | (4) | (31) | PDF p. 106 |
| Write off of oil and gas propertiesUS$'000 | (435) | – | – | – | (435) | – | PDF p. 106 |
| Assets | |||||||
| Total capital expenditureUS$'000 | 7,499 | 8,638 | – | – | 7,499 | 8,638 | PDF p. 106 |
| Segment assetsUS$'000 | 107,318 | 106,262 | 809 | 1,157 | 108,127 | 107,419 | PDF p. 106 |
| Segment liabilitiesUS$'000 | 38,077 | 38,306 | 2,231 | 3,528 | 40,308 | 41,834 | PDF p. 106 |
Group has only one reportable segment: exploration and production of oil and gas. No operating segments aggregated.
The printed 'Notes' column carries reference letters A (total capital expenditure) and B (segment assets/liabilities adjustments); not included in values.
Segment liabilities row appears under the Assets heading in the source layout.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Additions in | |||
| - Oil and gas propertiesUS$'000 | 2,486 | 1,240 | PDF p. 107 |
| - Exploration and evaluation assetsUS$'000 | 4,777 | 7,387 | PDF p. 107 |
| - Other plant and equipmentUS$'000 | 236 | 11 | PDF p. 107 |
| Segment assets (added to arrive at total assets) | |||
| Deferred tax assetsUS$'000 | 809 | 1,157 | PDF p. 107 |
| Segment liabilities (added to arrive at total liabilities) | |||
| Income tax payableUS$'000 | 2,231 | 3,528 | PDF p. 107 |
| Information about major customer | |||
| Customer AUS$'000 | 64,929 | 79,345 | PDF p. 107 |
Total of additions printed as 7,499 (2025) and 8,638 (2024).
Group derives revenue from one major customer (2024: one major customer).
| Item / unit | 2025Revenue | 2024Revenue | 2025Total assets | 2024Total assets | 2025Total capital expenditure | 2024Total capital expenditure | 2025Depletion and depreciation | 2024Depletion and depreciation | Source |
|---|---|---|---|---|---|---|---|---|---|
| By geographical market | |||||||||
| IndonesiaUS$'000 | 77,566 | 92,520 | 101,490 | 80,414 | 7,263 | 8,627 | 7,015 | 4,820 | PDF p. 107 |
| SingaporeUS$'000 | – | – | 6,637 | 27,005 | 236 | 11 | 311 | 208 | PDF p. 107 |
| TotalUS$'000 | 77,566 | 92,520 | 108,127 | 107,419 | 7,499 | 8,638 | 7,326 | 5,028 | PDF p. 107 |
Sales are by location of customers; total assets and capital expenditure by location of assets.
The total row has no printed label; 'Total' is a descriptor.
Debt
| Item / unit | 20251 year or less, US$'000 | 20251 to 5 years, US$'000 | 2025More than 5 years, US$'000 | 2025Total, US$'000 | 20241 year or less, US$'000 | 20241 to 5 years, US$'000 | 2024More than 5 years, US$'000 | 2024Total, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| Lease liabilitiesUS$'000 | 4,148 | 1,637 | – | 5,785 | 7,015 | 5,069 | – | 12,084 | PDF p. 102PDF p. 103 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 20251 year or less, US$'000 | 20251 to 5 years, US$'000 | 2025More than 5 years, US$'000 | 2025Total, US$'000 | 20241 year or less, US$'000 | 20241 to 5 years, US$'000 | 2024More than 5 years, US$'000 | 2024Total, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| Lease liabilitiesUS$'000 | 258 | 306 | – | 564 | 305 | 532 | – | 837 | PDF p. 103PDF p. 104 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| Lease liabilities – currentUS$'000 | 3,955 | 6,365 | 243 | 282 | PDF p. 93 |
| Lease liabilities – non-currentUS$'000 | 1,587 | 4,132 | 299 | 512 | PDF p. 93 |
| Lease liabilities (total, unlabelled) | |||||
| 5,542US$'000 | 5,542 | 10,497 | 542 | 794 | PDF p. 93 |
The Group discounted lease payments using incremental borrowing rates from 3.47% - 11.22% (2024: 3.47% - 13.52%) per annum. The maturity analysis of lease liabilities are disclosed in Note 28(b).
The total row is printed without a label.
| Item / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Foreign currency lease liabilities | |||||
| Singapore Dollar (SGD)US$'000 | 542 | 794 | 542 | 794 | PDF p. 93 |
| Indonesian Rupiah (IDR)US$'000 | 4,144 | 7,877 | – | – | PDF p. 93 |
No bank borrowings or interest-bearing loans are shown on the balance sheet; the only debt-like liabilities are lease liabilities.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company has adopted a dividend policy as of 26 February 2026, which aims to balance the delivery of strong, sustainable returns to shareholders with the preservation of adequate liquidity and financial reserves to meet the Group’s working capital requirements, whilst maintaining financial flexibility to deliver future growth. | Company policy · As at 2026-02-26 | PDF p. 39 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final (tax exempt one-tier) dividend | 0.30 Singapore cents per ordinary share | FY2025 proposed, first and final, tax exempt one-tier, subject to shareholder approval at AGM on 28 April 2026 | PDF p. 118 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend | S$0.003 | FY2025 proposed total per ordinary share; no FY2024 comparative dividend | PDF p. 6 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group and Company, FY ended 31 December 2025 | PDF p. 54 |
| Engagement partner | Toong Weng Sum Vincent | Group | PDF p. 54 |
| Opinion | so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2025 | Group and Company | PDF p. 50 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Hydrocarbon reserve and resource estimates | An appraisal of the oil and gas reserves is a subjective process involving significant judgments. | Group | PDF p. 50 |
| Decommissioning costs | The estimation of decommissioning costs by the Group involves significant judgement in estimating the discount rate, and the discounting period used to estimate the present value of these cash flows. | Group | PDF p. 51 |
| Results of Independent Investigation | We identified this as a key audit matter because of the uncertainty surrounding any potential enforcement actions that may be initiated by relevant regulatory authorities which might have significant financial or other implications to the Group. | Group | PDF p. 51 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
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 Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Primary Group income/comprehensive income, Group/Company financial position, complete Group/Company equity movements and Group cash flows cover FY2021–FY2025 from three independently verified original reports. Separate Company income and cash-flow statements are not disclosed.
Primary amounts are US dollars thousands; EPS is US cents per share. Company share capital amounts printed in Singapore dollars in the shareholder register are a separate currency basis.
Each original two-year equity statement is separated into dated annual movements. Its single printed closing/opening carry-forward row has two explicit logical uses. Total reserves exclude share capital and are not a subtotal of owners equity.
Three verified original FY2025, FY2024 and FY2022 annual reports total 368 physical PDF pages. Primary comparisons cover FY2021–FY2025, including full Group and Company equity movements. Opening 1 January 2021 equity is separately dated and is not a full FY2020 annual series. No historical chart series is substituted for primary statements.
Primary monetary amounts are United States dollars thousands; primary EPS is US cents per share. EPS note weighted-average share counts are full shares, not thousands. Shareholder-register paid share capital of SGD338,408,169.61 at 20 March 2026 is a different currency, date and basis from fiscal USD share capital.
Group and Company equity Total reserves excludes share capital. The jointly captioned closing 31 December/opening 1 January row is reused only for its two explicit date roles in consecutive annual equity tables, without duplicating transactions. FY2022 source prints Total (deficit)/equity and includes negative opening 2021 equity.
FY2024 Company equity physical page 49 places the Grant of equity-settled share options caption below its USD324 thousand amount. That wrapped caption is bound to its own amount, not the following closing/opening row. FY2023 Company profit of USD112,273 thousand is separate from Group owners profit of USD2,596 thousand.
FY2025 Group equity includes USD1,500 thousand dividend payable to non-controlling interests; FY2025 cash flow prints no such dividend paid, compared with USD1,500 thousand paid in FY2024. FY2021 USD13,720 thousand non-controlling-interest debt conversion is a noncash equity movement.
FY2025 cash and bank balances total USD65,437 thousand, including USD4,153 thousand pledged deposits. Deducting USD30,009 thousand deposits over three months and USD4,153 thousand pledged deposits gives USD31,275 thousand cash-flow cash. The pledged balance increase is USD660 thousand while cash flow prints USD661 thousand outflow; the over-three-month deposit reduction is USD1,601 thousand while cash flow prints USD1,600 thousand withdrawal. Both original USD1 thousand differences are retained; their cause is not disclosed or inferred.
FY2025 EPS note physical page 80 prints new shares of 20,000 on 9 March 2026 and malformed 2,160,00 on 10 March 2026. The malformed original is retained without asserting a corrected count. Rounded fiscal shares of 835,917 thousand do not establish an exact post-year share increment. Included dilutive options are retained; the note excludes certain other options as antidilutive.
FY2025 USD145 thousand share-capital increase comprises USD86 thousand cash proceeds and USD59 thousand option-reserve transfer. Foreign-currency-labelled cash composition rows remain amounts in USD thousands. Separate Company income and cash-flow statements are not disclosed. Selected EPS and cash notes supplement primary statements; other note tables and charts are not claimed as fully extracted.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.