$/bbl | 2025 | 2026 | 2027 | 2028 | 2029+ |
Actual / Assumption | 69 | 65 | 67 | 70 | 75 |
HY2025 assumption | 65 | 65 | 70 | 75 | 75 |
Prior year assumption | 75 | 75 | 75 | 75 | 75 |
$/bbl | 2025 | 2026 | 2027 | 2028 | 2029+ |
Actual / Assumption | 69 | 65 | 67 | 70 | 75 |
HY2025 assumption | 65 | 65 | 70 | 75 | 75 |
Prior year assumption | 75 | 75 | 75 | 75 | 75 |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 68.7 | - | - | 68.7 |
Other income | 3.4 | - | - | 3.4 |
Cost of sales | (71.0) | - | - | (71.0) |
Gross profit | 1.1 | - | - | 1.1 |
Exploration expense | - | (0.3) | - | (0.3) |
ECL of trade receivables | (1.3) | - | - | (1.3) |
Arbitration cost reversal | - | - | 9 . 1 | 9 . 1 |
General and administrative costs | - | - | (18.9) | (18.9) |
Operating loss | (0.2) | (0.3) | (9.8) | (10.3) |
Operating loss is comprised of EBITDAX | 51.1 | - | (7.8) | 43.3 |
Depreciation and amortisation | (50.0) | - | (0.1) | (50.1) |
Exploration expense | - | (0.3) | - | (0.3) |
Other non-cash expenses | (1.3) | - | (1.9) | (3.2) |
Finance income | - | - | 8 . 9 | 8 . 9 |
Bond interest expense | - | - | (9.1) | (9.1) |
Other finance expense | (1.1) | - | (1.1) | (2.2) |
Loss before income tax from continuing operations | (1.3) | (0.3) | (11.1) | (12.7) |
Profit from discontinued operations | 3.9 | - | - | 3.9 |
Profit / (Loss) before income tax | 2.6 | (0.3) | (11.1) | (8.8) |
Capital expenditure | 24.2 | 5.0 | - | 29.2 |
Total assets | 301.8 | 37.4 | 221.8 | 561.0 |
Total liabilities | (79.5) | (27.8) | (102.7) | (210.0) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 74.7 | - | - | 74.7 |
Cost of sales | (69.7) | - | - | (69.7) |
Gross profit | 5.0 | - | - | 5.0 |
Exploration expense | - | (2.7) | - | (2.7) |
Arbitration cost accrual | - | - | (36.0) | (36.0) |
Reversal of accruals and provisions | - | - | 3.8 | 3.8 |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
General and administrative costs | - | - | (23.9) | (23.9) |
Operating profit / (loss) | 6.4 | (2.7) | (56.1) | (52.4) |
Operating profit / (loss) is comprised of EBITDAX | 57.1 | - | (56.0) | 1.1 |
Depreciation and amortisation | (52.1) | - | (0.1) | (52.2) |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
Exploration expense | - | (2.7) | - | (2.7) |
Finance income | - | - | 15.8 | 15.8 |
Bond interest expense | - | - | (18.2) | (18.2) |
Net other finance expense | (1.0) | - | (6.3) | (7.3) |
Profit / (Loss) before income tax from continuing operations | 5.4 | (2.7) | (64.8) | (62.1) |
Loss from discontinued operations | (14.7) | - | - | (14.7) |
Loss before income tax | (9.3) | (2.7) | (64.8) | (76.8) |
Capital expenditure | 23.0 | 2.7 | - | 25.7 |
Total assets | 373.8 | 26.5 | 198.6 | 598.9 |
Total liabilities | (117.6) | (0.3) | (123.7) | (241.6) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 68.7 | - | - | 68.7 |
Other income | 3.4 | - | - | 3.4 |
Cost of sales | (71.0) | - | - | (71.0) |
Gross profit | 1.1 | - | - | 1.1 |
Exploration expense | - | (0.3) | - | (0.3) |
ECL of trade receivables | (1.3) | - | - | (1.3) |
Arbitration cost reversal | - | - | 9 . 1 | 9 . 1 |
General and administrative costs | - | - | (18.9) | (18.9) |
Operating loss | (0.2) | (0.3) | (9.8) | (10.3) |
Operating loss is comprised of EBITDAX | 51.1 | - | (7.8) | 43.3 |
Depreciation and amortisation | (50.0) | - | (0.1) | (50.1) |
Exploration expense | - | (0.3) | - | (0.3) |
Other non-cash expenses | (1.3) | - | (1.9) | (3.2) |
Finance income | - | - | 8 . 9 | 8 . 9 |
Bond interest expense | - | - | (9.1) | (9.1) |
Other finance expense | (1.1) | - | (1.1) | (2.2) |
Loss before income tax from continuing operations | (1.3) | (0.3) | (11.1) | (12.7) |
Profit from discontinued operations | 3.9 | - | - | 3.9 |
Profit / (Loss) before income tax | 2.6 | (0.3) | (11.1) | (8.8) |
Capital expenditure | 24.2 | 5.0 | - | 29.2 |
Total assets | 301.8 | 37.4 | 221.8 | 561.0 |
Total liabilities | (79.5) | (27.8) | (102.7) | (210.0) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 74.7 | - | - | 74.7 |
Cost of sales | (69.7) | - | - | (69.7) |
Gross profit | 5.0 | - | - | 5.0 |
Exploration expense | - | (2.7) | - | (2.7) |
Arbitration cost accrual | - | - | (36.0) | (36.0) |
Reversal of accruals and provisions | - | - | 3.8 | 3.8 |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
General and administrative costs | - | - | (23.9) | (23.9) |
Operating profit / (loss) | 6.4 | (2.7) | (56.1) | (52.4) |
Operating profit / (loss) is comprised of EBITDAX | 57.1 | - | (56.0) | 1.1 |
Depreciation and amortisation | (52.1) | - | (0.1) | (52.2) |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
Exploration expense | - | (2.7) | - | (2.7) |
Finance income | - | - | 15.8 | 15.8 |
Bond interest expense | - | - | (18.2) | (18.2) |
Net other finance expense | (1.0) | - | (6.3) | (7.3) |
Profit / (Loss) before income tax from continuing operations | 5.4 | (2.7) | (64.8) | (62.1) |
Loss from discontinued operations | (14.7) | - | - | (14.7) |
Loss before income tax | (9.3) | (2.7) | (64.8) | (76.8) |
Capital expenditure | 23.0 | 2.7 | - | 25.7 |
Total assets | 373.8 | 26.5 | 198.6 | 598.9 |
Total liabilities | (117.6) | (0.3) | (123.7) | (241.6) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 68.7 | - | - | 68.7 |
Other income | 3.4 | - | - | 3.4 |
Cost of sales | (71.0) | - | - | (71.0) |
Gross profit | 1.1 | - | - | 1.1 |
Exploration expense | - | (0.3) | - | (0.3) |
ECL of trade receivables | (1.3) | - | - | (1.3) |
Arbitration cost reversal | - | - | 9 . 1 | 9 . 1 |
General and administrative costs | - | - | (18.9) | (18.9) |
Operating loss | (0.2) | (0.3) | (9.8) | (10.3) |
Operating loss is comprised of EBITDAX | 51.1 | - | (7.8) | 43.3 |
Depreciation and amortisation | (50.0) | - | (0.1) | (50.1) |
Exploration expense | - | (0.3) | - | (0.3) |
Other non-cash expenses | (1.3) | - | (1.9) | (3.2) |
Finance income | - | - | 8 . 9 | 8 . 9 |
Bond interest expense | - | - | (9.1) | (9.1) |
Other finance expense | (1.1) | - | (1.1) | (2.2) |
Loss before income tax from continuing operations | (1.3) | (0.3) | (11.1) | (12.7) |
Profit from discontinued operations | 3.9 | - | - | 3.9 |
Profit / (Loss) before income tax | 2.6 | (0.3) | (11.1) | (8.8) |
Capital expenditure | 24.2 | 5.0 | - | 29.2 |
Total assets | 301.8 | 37.4 | 221.8 | 561.0 |
Total liabilities | (79.5) | (27.8) | (102.7) | (210.0) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 74.7 | - | - | 74.7 |
Cost of sales | (69.7) | - | - | (69.7) |
Gross profit | 5.0 | - | - | 5.0 |
Exploration expense | - | (2.7) | - | (2.7) |
Arbitration cost accrual | - | - | (36.0) | (36.0) |
Reversal of accruals and provisions | - | - | 3.8 | 3.8 |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
General and administrative costs | - | - | (23.9) | (23.9) |
Operating profit / (loss) | 6.4 | (2.7) | (56.1) | (52.4) |
Operating profit / (loss) is comprised of EBITDAX | 57.1 | - | (56.0) | 1.1 |
Depreciation and amortisation | (52.1) | - | (0.1) | (52.2) |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
Exploration expense | - | (2.7) | - | (2.7) |
Finance income | - | - | 15.8 | 15.8 |
Bond interest expense | - | - | (18.2) | (18.2) |
Net other finance expense | (1.0) | - | (6.3) | (7.3) |
Profit / (Loss) before income tax from continuing operations | 5.4 | (2.7) | (64.8) | (62.1) |
Loss from discontinued operations | (14.7) | - | - | (14.7) |
Loss before income tax | (9.3) | (2.7) | (64.8) | (76.8) |
Capital expenditure | 23.0 | 2.7 | - | 25.7 |
Total assets | 373.8 | 26.5 | 198.6 | 598.9 |
Total liabilities | (117.6) | (0.3) | (123.7) | (241.6) |
2025 | 2024 | |
$m | $m | |
Production costs | (21.0) | (17.6) |
Depreciation of oil and gas property, plant and equipment (excl. RoU assets) | (45.0) | (46.6) |
Amortisation of oil and gas intangible assets | (5.0) | (5.5) |
Cost of sales | (71.0) | (69.7) |
Exploration expense | (0.3) | (2.7) |
| Reversal of ECL of trade receivables (note 1,11) | - | 1.4 |
| ECL of trade receivables (note 1,11) | (1.3) | - |
| Net (ECL) / reversal of ECL of receivables | (1.3) | 1.4 |
Arbitration cost reversal / (accrual) | 9.1 | (36.0) |
Reversal of provisions | - | 3.8 |
Reversal of / (accrual for) arbitration cost | 9.1 | (32.2) |
Corporate cash costs | (9.1) | (13.3) |
Other operating costs | (7.8) | (8.6) |
Corporate share-based payment expense | (1.9) | (1.9) |
Depreciation and amortisation of corporate assets | (0.1) | (0.1) |
General and administrative costs | (18.9) | (23.9) |
| Auditor\u2019s remuneration: | ||
Audit of the Group\u2019s consolidated financial statements | (0.3) | (0.4) |
Audit of the Group\u2019s subsidiaries pursuant to legislation | (0.1) | (0.1) |
Total audit services | (0.4) | (0.5) |
Interim review | (0.1) | (0.1) |
Total audit related and non-audit services | (0.5) | (0.6) |
2025 | 2024 | |
$m | $m | |
Production costs | (21.0) | (17.6) |
Depreciation of oil and gas property, plant and equipment (excl. RoU assets) | (45.0) | (46.6) |
Amortisation of oil and gas intangible assets | (5.0) | (5.5) |
Cost of sales | (71.0) | (69.7) |
Exploration expense | (0.3) | (2.7) |
| Reversal of ECL of trade receivables (note 1,11) | - | 1.4 |
| ECL of trade receivables (note 1,11) | (1.3) | - |
| Net (ECL) / reversal of ECL of receivables | (1.3) | 1.4 |
Arbitration cost reversal / (accrual) | 9.1 | (36.0) |
Reversal of provisions | - | 3.8 |
Reversal of / (accrual for) arbitration cost | 9.1 | (32.2) |
Corporate cash costs | (9.1) | (13.3) |
Other operating costs | (7.8) | (8.6) |
Corporate share-based payment expense | (1.9) | (1.9) |
Depreciation and amortisation of corporate assets | (0.1) | (0.1) |
General and administrative costs | (18.9) | (23.9) |
| Auditor\u2019s remuneration: | ||
Audit of the Group\u2019s consolidated financial statements | (0.3) | (0.4) |
Audit of the Group\u2019s subsidiaries pursuant to legislation | (0.1) | (0.1) |
Total audit services | (0.4) | (0.5) |
Interim review | (0.1) | (0.1) |
Total audit related and non-audit services | (0.5) | (0.6) |
| Producing | Other | ||
| assets | assets | Total | |
$m | $m | $m | |
| Cost | |||
At 1 January 2024 | 3,313.2 | 17.3 | 3,330.5 |
Additions | 23.0 | 0.6 | 23.6 |
Right-of-use assets | - | 0 . 5 | 0 . 5 |
Other 1 | 3.2 | - | 3.2 |
Reclassified as held for sale (note 7) | (2,021.3) | - | (2,021.3) |
At 31 December 2024 and 1 January 2025 | 1,318.1 | 18.4 | 1,336.5 |
Additions | 24.2 | 0.2 | 24.4 |
Right-of-use assets | - | 1.8 | 1.8 |
Other 1 | 0.6 | - | 0.6 |
At 31 December 2025 | 1,342.9 | 20.4 | 1,363.3 |
| Accumulated depreciation and impairment | |||
At 1 January 2024 | (3,068.5) | (15.5) | (3,084.0) |
Depreciation charge for the year | (46.6) | (1.4) | (48.0) |
Reclassified as held for sale (note 7) | 1,986.6 | - | 1,986.6 |
At 31 December 2024 and 1 January 2025 | (1,128.5) | (16.9) | (1,145.4) |
Depreciation charge for the period | (45.0) | (1.4) | (46.4) |
At 31 December 2025 | (1,173.5) | (18.3) | (1,191.8) |
| Net book value | |||
At 1 January 2024 | 244.7 | 1.8 | 246.5 |
At 31 December 2024 | 189.6 | 1.5 | 191.1 |
At 31 December 2025 | 169.4 | 2.1 | 171.5 |
2025 | 2024 | ||
Book value | $m | $m | |
Tawke PSC | Oil production | 169.4 | 189.6 |
Producing assets | 169.4 | 189.6 |
| Tawke | |
| CGU | |
| Sensitivities | $m |
Long term netback price +/- $5/bbl | +/- 17 |
Discount rate +/- 1% | +/- 11 |
Production +/- 10% | +/- 34 |
Domestic sales for 1 more year | - 19 |
2025 | 2024 | |
$m | $m | |
Wages and salaries | (14.8) | (17.4) |
Contractors | (0.3) | (0.2) |
Social security costs | (1.2) | (1.2) |
Share based payments | (2.8) | (2.7) |
(19.1) | (21.5) |
2025 | 2024 | |
number | number | |
UK | 23 | 25 |
T\u00fcrkiye | 28 | 31 |
Somaliland | 23 | 26 |
KRI | 1 | 5 |
75 | 87 |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Bond interest | (9.1) | (18.2) |
Loss on bond buy-backs | - | (4.6) |
Other finance expense (non-cash) | (2.2) | (2.7) |
Finance expense | (11.3) | (25.5) |
Bank interest income | 8.9 | 15.8 |
Finance income | 8.9 | 15.8 |
Net finance expense | (2.4) | (9.7) |
2025 | 2024 | |
$m | $m | |
Property, plant and equipment (note 1,10) | - | 32.5 |
Trade receivables, net of ECL (note 11) | - | 9.3 |
Assets classified as held for sale | - | 41.8 |
Other payables and accruals | - | 4.8 |
Deferred income | - | 15.8 |
Provisions (note 14) | - | 21.2 |
Total liabilities associated with assets classified as held for sale | - | 41.8 |
Net assets of disposal group | - | - |
2025 | 2024 | |
$m | $m | |
Other operating costs | (0.9) | (10.5) |
Impairment loss on Taq Taq held for sale asset | - | (2.2) |
Reversal of ECL of trade receivables | 1.2 | - |
Write-off of trade receivables (note 11) | (8.9) | - |
Write-off of trade payables | 12.5 | - |
General and administrative costs | - | 0.4 |
Operating profit / (loss) | 3.9 | (12.3) |
Other finance expense (non-cash) | - | (2.4) |
Profit / (Loss) from discontinued operations | 3.9 | (14.7) |
2025 | 2024 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (2.3) | (10.3) |
Net cash used in investing activities | - | - |
Net cash used in financing activities | - | - |
2025 | 2024 | |
$m | $m | |
Property, plant and equipment (note 1,10) | - | 32.5 |
Trade receivables, net of ECL (note 11) | - | 9.3 |
Assets classified as held for sale | - | 41.8 |
Other payables and accruals | - | 4.8 |
Deferred income | - | 15.8 |
Provisions (note 14) | - | 21.2 |
Total liabilities associated with assets classified as held for sale | - | 41.8 |
Net assets of disposal group | - | - |
2025 | 2024 | |
$m | $m | |
Other operating costs | (0.9) | (10.5) |
Impairment loss on Taq Taq held for sale asset | - | (2.2) |
Reversal of ECL of trade receivables | 1.2 | - |
Write-off of trade receivables (note 11) | (8.9) | - |
Write-off of trade payables | 12.5 | - |
General and administrative costs | - | 0.4 |
Operating profit / (loss) | 3.9 | (12.3) |
Other finance expense (non-cash) | - | (2.4) |
Profit / (Loss) from discontinued operations | 3.9 | (14.7) |
2025 | 2024 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (2.3) | (10.3) |
Net cash used in investing activities | - | - |
Net cash used in financing activities | - | - |
2025 | 2024 | |
$m | $m | |
Property, plant and equipment (note 1,10) | - | 32.5 |
Trade receivables, net of ECL (note 11) | - | 9.3 |
Assets classified as held for sale | - | 41.8 |
Other payables and accruals | - | 4.8 |
Deferred income | - | 15.8 |
Provisions (note 14) | - | 21.2 |
Total liabilities associated with assets classified as held for sale | - | 41.8 |
Net assets of disposal group | - | - |
2025 | 2024 | |
$m | $m | |
Other operating costs | (0.9) | (10.5) |
Impairment loss on Taq Taq held for sale asset | - | (2.2) |
Reversal of ECL of trade receivables | 1.2 | - |
Write-off of trade receivables (note 11) | (8.9) | - |
Write-off of trade payables | 12.5 | - |
General and administrative costs | - | 0.4 |
Operating profit / (loss) | 3.9 | (12.3) |
Other finance expense (non-cash) | - | (2.4) |
Profit / (Loss) from discontinued operations | 3.9 | (14.7) |
2025 | 2024 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (2.3) | (10.3) |
Net cash used in investing activities | - | - |
Net cash used in financing activities | - | - |
2025 | 2024 | |
Loss from continuing operations ($m) | (12.8) | (62.2) |
Profit / (Loss) from discontinued operations ($m) | 3.9 | (14.7) |
Loss attributable to owners of the parent ($m) | (8.9) | (76.9) |
Weighted average number of ordinary shares \u2013 number 1 | 275,454,531 | 276,223,685 |
Basic LPS \u2013 cents (from continuing operations) | (4.6) | (22.5) |
Basic EPS / (LPS) \u2013 cents (from discontinuing operations) | 1.4 | (5.3) |
Basic LPS \u2013 cents | (3.2) | (27.8) |
2025 | 2024 | |
Loss from continuing operations ($m) | (12.8) | (62.2) |
Profit / (Loss) from discontinued operations ($m) | 3.9 | (14.7) |
Loss attributable to owners of the parent ($m) | (8.9) | (76.9) |
Weighted average number of ordinary shares \u2013 number 1 | 275,454,531 | 276,223,685 |
Adjustment for performance shares, restricted shares, share options and deferred bonus plans | - | - |
Weighted average number of ordinary shares and potential ordinary shares | 275,454,531 | 276,223,685 |
Diluted LPS \u2013 cents (from continuing operations) | (4.6) | (22.5) |
Diluted EPS / (LPS) \u2013 cents (from discontinuing operations) | 1.4 | (5.3) |
Diluted LPS \u2013 cents | (3.2) | (27.8) |
2025 | 2024 | |
Loss attributable to owners of the parent ($m) | (8.9) | (76.9) |
Add back of impairment loss on Taq Taq held for sale asset | - | 2.2 |
Add back of net reversal of ECL/ECL of receivables | 0.1 | (1.4) |
Loss attributable to owners of the parent ($m) - adjusted | (8.8) | (76.1) |
Weighted average number of ordinary shares \u2013 number 1 | 275,454,531 | 276,223,685 |
Adjusted basic LPS \u2013 cents per share | (3.2) | (27.6) |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2024 | 22.8 | 128.5 | 7.5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 and 1 January 2025 | 25.9 | 128.5 | 7.5 | 161.9 |
Additions | 5.0 | - | - | 5.0 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2025 | 31.3 | 128.5 | 7.5 | 167.3 |
| Accumulated amortisation and impairment | ||||
At 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 and 1 January 2025 | - | (72.1) | (7.5) | (79.6) |
Amortisation charge for the period | - | ( 5 . 0 ) | - | ( 5 . 0 ) |
At 31 December 2025 | - | (77.1) | (7.5) | (84.6) |
| Net book value | ||||
At 1 January 2024 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
At 31 December 2025 | 31.3 | 51.4 | - | 82.7 |
2025 | 2024 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 27.6 | 25.9 |
Oman PSC | Exploration | 3.7 | - |
Exploration and evaluation assets | 31.3 | 25.9 | |
Tawke capacity building payment waiver | 51.4 | 56.4 | |
Tawke RSA assets | 51.4 | 56.4 |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2024 | 22.8 | 128.5 | 7.5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 and 1 January 2025 | 25.9 | 128.5 | 7.5 | 161.9 |
Additions | 5.0 | - | - | 5.0 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2025 | 31.3 | 128.5 | 7.5 | 167.3 |
| Accumulated amortisation and impairment | ||||
At 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 and 1 January 2025 | - | (72.1) | (7.5) | (79.6) |
Amortisation charge for the period | - | ( 5 . 0 ) | - | ( 5 . 0 ) |
At 31 December 2025 | - | (77.1) | (7.5) | (84.6) |
| Net book value | ||||
At 1 January 2024 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
At 31 December 2025 | 31.3 | 51.4 | - | 82.7 |
2025 | 2024 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 27.6 | 25.9 |
Oman PSC | Exploration | 3.7 | - |
Exploration and evaluation assets | 31.3 | 25.9 | |
Tawke capacity building payment waiver | 51.4 | 56.4 | |
Tawke RSA assets | 51.4 | 56.4 |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2024 | 22.8 | 128.5 | 7.5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 and 1 January 2025 | 25.9 | 128.5 | 7.5 | 161.9 |
Additions | 5.0 | - | - | 5.0 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2025 | 31.3 | 128.5 | 7.5 | 167.3 |
| Accumulated amortisation and impairment | ||||
At 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 and 1 January 2025 | - | (72.1) | (7.5) | (79.6) |
Amortisation charge for the period | - | ( 5 . 0 ) | - | ( 5 . 0 ) |
At 31 December 2025 | - | (77.1) | (7.5) | (84.6) |
| Net book value | ||||
At 1 January 2024 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
At 31 December 2025 | 31.3 | 51.4 | - | 82.7 |
2025 | 2024 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 27.6 | 25.9 |
Oman PSC | Exploration | 3.7 | - |
Exploration and evaluation assets | 31.3 | 25.9 | |
Tawke capacity building payment waiver | 51.4 | 56.4 | |
Tawke RSA assets | 51.4 | 56.4 |
| Producing | Other | ||
| assets | assets | Total | |
$m | $m | $m | |
| Cost | |||
At 1 January 2024 | 3,313.2 | 17.3 | 3,330.5 |
Additions | 23.0 | 0.6 | 23.6 |
Right-of-use assets | - | 0 . 5 | 0 . 5 |
Other 1 | 3.2 | - | 3.2 |
Reclassified as held for sale (note 7) | (2,021.3) | - | (2,021.3) |
At 31 December 2024 and 1 January 2025 | 1,318.1 | 18.4 | 1,336.5 |
Additions | 24.2 | 0.2 | 24.4 |
Right-of-use assets | - | 1.8 | 1.8 |
Other 1 | 0.6 | - | 0.6 |
At 31 December 2025 | 1,342.9 | 20.4 | 1,363.3 |
| Accumulated depreciation and impairment | |||
At 1 January 2024 | (3,068.5) | (15.5) | (3,084.0) |
Depreciation charge for the year | (46.6) | (1.4) | (48.0) |
Reclassified as held for sale (note 7) | 1,986.6 | - | 1,986.6 |
At 31 December 2024 and 1 January 2025 | (1,128.5) | (16.9) | (1,145.4) |
Depreciation charge for the period | (45.0) | (1.4) | (46.4) |
At 31 December 2025 | (1,173.5) | (18.3) | (1,191.8) |
| Net book value | |||
At 1 January 2024 | 244.7 | 1.8 | 246.5 |
At 31 December 2024 | 189.6 | 1.5 | 191.1 |
At 31 December 2025 | 169.4 | 2.1 | 171.5 |
2025 | 2024 | ||
Book value | $m | $m | |
Tawke PSC | Oil production | 169.4 | 189.6 |
Producing assets | 169.4 | 189.6 |
| Tawke | |
| CGU | |
| Sensitivities | $m |
Long term netback price +/- $5/bbl | +/- 17 |
Discount rate +/- 1% | +/- 11 |
Production +/- 10% | +/- 34 |
Domestic sales for 1 more year | - 19 |
| Producing | Other | ||
| assets | assets | Total | |
$m | $m | $m | |
| Cost | |||
At 1 January 2024 | 3,313.2 | 17.3 | 3,330.5 |
Additions | 23.0 | 0.6 | 23.6 |
Right-of-use assets | - | 0 . 5 | 0 . 5 |
Other 1 | 3.2 | - | 3.2 |
Reclassified as held for sale (note 7) | (2,021.3) | - | (2,021.3) |
At 31 December 2024 and 1 January 2025 | 1,318.1 | 18.4 | 1,336.5 |
Additions | 24.2 | 0.2 | 24.4 |
Right-of-use assets | - | 1.8 | 1.8 |
Other 1 | 0.6 | - | 0.6 |
At 31 December 2025 | 1,342.9 | 20.4 | 1,363.3 |
| Accumulated depreciation and impairment | |||
At 1 January 2024 | (3,068.5) | (15.5) | (3,084.0) |
Depreciation charge for the year | (46.6) | (1.4) | (48.0) |
Reclassified as held for sale (note 7) | 1,986.6 | - | 1,986.6 |
At 31 December 2024 and 1 January 2025 | (1,128.5) | (16.9) | (1,145.4) |
Depreciation charge for the period | (45.0) | (1.4) | (46.4) |
At 31 December 2025 | (1,173.5) | (18.3) | (1,191.8) |
| Net book value | |||
At 1 January 2024 | 244.7 | 1.8 | 246.5 |
At 31 December 2024 | 189.6 | 1.5 | 191.1 |
At 31 December 2025 | 169.4 | 2.1 | 171.5 |
2025 | 2024 | ||
Book value | $m | $m | |
Tawke PSC | Oil production | 169.4 | 189.6 |
Producing assets | 169.4 | 189.6 |
| Tawke | |
| CGU | |
| Sensitivities | $m |
Long term netback price +/- $5/bbl | +/- 17 |
Discount rate +/- 1% | +/- 11 |
Production +/- 10% | +/- 34 |
Domestic sales for 1 more year | - 19 |
2025 | 2024 | |
$m | $m | |
Trade receivables \u2013 non-current | 59.4 | 60.9 |
Trade receivables \u2013 current | 16.6 | 24.1 |
Other receivables and prepayments | 6.4 | 3.1 |
82.4 | 88.1 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2025 | 40.2 | 47.6 | 87.8 | - | (11.8) | 76.0 |
31 December 2024 | 49.3 | 58.1 | 107.4 | (10.7) | (11.7) | 85.0 |
2025 | 2024 | |
Movement on trade receivables in the period | $m | $m |
Carrying value at the beginning of the period | 85.0 | 92.9 |
Revenue from contracts with customers | 68.7 | 74 . 7 |
Cash for domestic sales | (68.7) | (74.7) |
Write-off of Sarta receivables (note 7) | (8.9) | - |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.2 | 1.4 |
Expected credit loss for current period (note 1) | (1.3) | - |
Reclassified as held for sale (note 7) | - | (9.3) |
Carrying value at the end of the period | 76.0 | 85.0 |
| Total | |
| $m | |
Booked nominal balance to be recovered | 87.8 |
Estimated net present value of total cash flows | 76.0 |
2025 | 2024 | |
$m | $m | |
Trade receivables \u2013 non-current | 59.4 | 60.9 |
Trade receivables \u2013 current | 16.6 | 24.1 |
Other receivables and prepayments | 6.4 | 3.1 |
82.4 | 88.1 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2025 | 40.2 | 47.6 | 87.8 | - | (11.8) | 76.0 |
31 December 2024 | 49.3 | 58.1 | 107.4 | (10.7) | (11.7) | 85.0 |
2025 | 2024 | |
Movement on trade receivables in the period | $m | $m |
Carrying value at the beginning of the period | 85.0 | 92.9 |
Revenue from contracts with customers | 68.7 | 74 . 7 |
Cash for domestic sales | (68.7) | (74.7) |
Write-off of Sarta receivables (note 7) | (8.9) | - |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.2 | 1.4 |
Expected credit loss for current period (note 1) | (1.3) | - |
Reclassified as held for sale (note 7) | - | (9.3) |
Carrying value at the end of the period | 76.0 | 85.0 |
| Total | |
| $m | |
Booked nominal balance to be recovered | 87.8 |
Estimated net present value of total cash flows | 76.0 |
2025 | 2024 | |
$m | $m | |
Trade receivables \u2013 non-current | 59.4 | 60.9 |
Trade receivables \u2013 current | 16.6 | 24.1 |
Other receivables and prepayments | 6.4 | 3.1 |
82.4 | 88.1 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2025 | 40.2 | 47.6 | 87.8 | - | (11.8) | 76.0 |
31 December 2024 | 49.3 | 58.1 | 107.4 | (10.7) | (11.7) | 85.0 |
2025 | 2024 | |
Movement on trade receivables in the period | $m | $m |
Carrying value at the beginning of the period | 85.0 | 92.9 |
Revenue from contracts with customers | 68.7 | 74 . 7 |
Cash for domestic sales | (68.7) | (74.7) |
Write-off of Sarta receivables (note 7) | (8.9) | - |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.2 | 1.4 |
Expected credit loss for current period (note 1) | (1.3) | - |
Reclassified as held for sale (note 7) | - | (9.3) |
Carrying value at the end of the period | 76.0 | 85.0 |
| Total | |
| $m | |
Booked nominal balance to be recovered | 87.8 |
Estimated net present value of total cash flows | 76.0 |
2025 | 2024 | |
$m | $m | |
Trade receivables \u2013 non-current | 59.4 | 60.9 |
Trade receivables \u2013 current | 16.6 | 24.1 |
Other receivables and prepayments | 6.4 | 3.1 |
82.4 | 88.1 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2025 | 40.2 | 47.6 | 87.8 | - | (11.8) | 76.0 |
31 December 2024 | 49.3 | 58.1 | 107.4 | (10.7) | (11.7) | 85.0 |
2025 | 2024 | |
Movement on trade receivables in the period | $m | $m |
Carrying value at the beginning of the period | 85.0 | 92.9 |
Revenue from contracts with customers | 68.7 | 74 . 7 |
Cash for domestic sales | (68.7) | (74.7) |
Write-off of Sarta receivables (note 7) | (8.9) | - |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.2 | 1.4 |
Expected credit loss for current period (note 1) | (1.3) | - |
Reclassified as held for sale (note 7) | - | (9.3) |
Carrying value at the end of the period | 76.0 | 85.0 |
| Total | |
| $m | |
Booked nominal balance to be recovered | 87.8 |
Estimated net present value of total cash flows | 76.0 |
2025 | 2024 | |
$m | $m | |
Trade receivables \u2013 non-current | 59.4 | 60.9 |
Trade receivables \u2013 current | 16.6 | 24.1 |
Other receivables and prepayments | 6.4 | 3.1 |
82.4 | 88.1 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2025 | 40.2 | 47.6 | 87.8 | - | (11.8) | 76.0 |
31 December 2024 | 49.3 | 58.1 | 107.4 | (10.7) | (11.7) | 85.0 |
2025 | 2024 | |
Movement on trade receivables in the period | $m | $m |
Carrying value at the beginning of the period | 85.0 | 92.9 |
Revenue from contracts with customers | 68.7 | 74 . 7 |
Cash for domestic sales | (68.7) | (74.7) |
Write-off of Sarta receivables (note 7) | (8.9) | - |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.2 | 1.4 |
Expected credit loss for current period (note 1) | (1.3) | - |
Reclassified as held for sale (note 7) | - | (9.3) |
Carrying value at the end of the period | 76.0 | 85.0 |
| Total | |
| $m | |
Booked nominal balance to be recovered | 87.8 |
Estimated net present value of total cash flows | 76.0 |
2025 | 2024 | |
$m | $m | |
Cash and cash equivalents | 224.4 | 195.6 |
224.4 | 195.6 |
2025 | 2024 | |
$m | $m | |
Cash and cash equivalents | 224.4 | 195.6 |
224.4 | 195.6 |
2025 | 2024 | |
$m | $m | |
Cash and cash equivalents | 224.4 | 195.6 |
224.4 | 195.6 |
2025 | 2024 | |
$m | $m | |
Trade payables | 12.1 | 20.0 |
Other payables | 35.5 | 32.7 |
Accruals | 45.4 | 57.1 |
93.0 | 109.8 | |
Non-current | 1.3 | 0.2 |
Current | 91.7 | 109.6 |
93.0 | 109.8 |
2025 | 2024 | |
$m | $m | |
Trade payables | 12.1 | 20.0 |
Other payables | 35.5 | 32.7 |
Accruals | 45.4 | 57.1 |
93.0 | 109.8 | |
Non-current | 1.3 | 0.2 |
Current | 91.7 | 109.6 |
93.0 | 109.8 |
2025 | 2024 | |
$m | $m | |
Trade payables | 12.1 | 20.0 |
Other payables | 35.5 | 32.7 |
Accruals | 45.4 | 57.1 |
93.0 | 109.8 | |
Non-current | 1.3 | 0.2 |
Current | 91.7 | 109.6 |
93.0 | 109.8 |
2025 | 2024 | |
$m | $m | |
Trade payables | 12.1 | 20.0 |
Other payables | 35.5 | 32.7 |
Accruals | 45.4 | 57.1 |
93.0 | 109.8 | |
Non-current | 1.3 | 0.2 |
Current | 91.7 | 109.6 |
93.0 | 109.8 |
2025 | 2024 | |
$m | $m | |
Trade payables | 12.1 | 20.0 |
Other payables | 35.5 | 32.7 |
Accruals | 45.4 | 57.1 |
93.0 | 109.8 | |
Non-current | 1.3 | 0.2 |
Current | 91.7 | 109.6 |
93.0 | 109.8 |
2025 | 2024 | |
$m | $m | |
Balance at 1 January | 25.1 | 45.2 |
Interest unwind | 1.1 | 1.8 |
Additions | 0.1 | 2.9 |
Reclassified as held for sale (note 7) | - | (21.2) |
Reversals | - | (3.6) |
Balance at 31 December | 26.3 | 25.1 |
2025 | 2024 | |
$m | $m | |
Balance at 1 January | 25.1 | 45.2 |
Interest unwind | 1.1 | 1.8 |
Additions | 0.1 | 2.9 |
Reclassified as held for sale (note 7) | - | (21.2) |
Reversals | - | (3.6) |
Balance at 31 December | 26.3 | 25.1 |
| Purchase | ||||||
| 1 Jan | Discount | issuance | Free | 31 Dec | ||
| 2025 | unwind | of bond | cash flow | 2025 | ||
$m | $m | $m | $m | $m | ||
2025 | Bond 9.25% coupon (current) | (64.9) | (0.9) | 65.8 | - | - |
2030 | Bond 11% coupon (non-current) | - | (0.2) | (90.5) | - | (90.7) |
Cash | 195.6 | - | 24.7 | 4.1 | 224.4 | |
Net cash | 130.7 | (1.1) | - | 4.1 | 133.7 |
| Financial covenant | Test | YE 2025 | Test | YE 2024 |
| Equity ratio (Total equity/Total assets) | > 30% | 63% | > 40% | 60% |
| Minimum liquidity | > $20m | $224.4m | > $30m | $195.6m |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
| - | |||||||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | (64.9) | |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Purchase | ||||||
| 1 Jan | Discount | issuance | Free | 31 Dec | ||
| 2025 | unwind | of bond | cash flow | 2025 | ||
$m | $m | $m | $m | $m | ||
2025 | Bond 9.25% coupon (current) | (64.9) | (0.9) | 65.8 | - | - |
2030 | Bond 11% coupon (non-current) | - | (0.2) | (90.5) | - | (90.7) |
Cash | 195.6 | - | 24.7 | 4.1 | 224.4 | |
Net cash | 130.7 | (1.1) | - | 4.1 | 133.7 |
| Financial covenant | Test | YE 2025 | Test | YE 2024 |
| Equity ratio (Total equity/Total assets) | > 30% | 63% | > 40% | 60% |
| Minimum liquidity | > $20m | $224.4m | > $30m | $195.6m |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
| - | |||||||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | (64.9) | |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Purchase | ||||||
| 1 Jan | Discount | issuance | Free | 31 Dec | ||
| 2025 | unwind | of bond | cash flow | 2025 | ||
$m | $m | $m | $m | $m | ||
2025 | Bond 9.25% coupon (current) | (64.9) | (0.9) | 65.8 | - | - |
2030 | Bond 11% coupon (non-current) | - | (0.2) | (90.5) | - | (90.7) |
Cash | 195.6 | - | 24.7 | 4.1 | 224.4 | |
Net cash | 130.7 | (1.1) | - | 4.1 | 133.7 |
| Financial covenant | Test | YE 2025 | Test | YE 2024 |
| Equity ratio (Total equity/Total assets) | > 30% | 63% | > 40% | 60% |
| Minimum liquidity | > $20m | $224.4m | > $30m | $195.6m |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
| - | |||||||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | (64.9) | |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Purchase | ||||||
| 1 Jan | Discount | issuance | Free | 31 Dec | ||
| 2025 | unwind | of bond | cash flow | 2025 | ||
$m | $m | $m | $m | $m | ||
2025 | Bond 9.25% coupon (current) | (64.9) | (0.9) | 65.8 | - | - |
2030 | Bond 11% coupon (non-current) | - | (0.2) | (90.5) | - | (90.7) |
Cash | 195.6 | - | 24.7 | 4.1 | 224.4 | |
Net cash | 130.7 | (1.1) | - | 4.1 | 133.7 |
| Financial covenant | Test | YE 2025 | Test | YE 2024 |
| Equity ratio (Total equity/Total assets) | > 30% | 63% | > 40% | 60% |
| Minimum liquidity | > $20m | $224.4m | > $30m | $195.6m |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
| - | |||||||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | (64.9) | |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
2025 | 2024 | |
Financial assets | $m | $m |
Trade and other receivables | 80.0 | 85.6 |
Cash and cash equivalents | 224.4 | 195.6 |
304.4 | 281.2 | |
| Financial liabilities | ||
Trade and other payables | 90.5 | 108.4 |
Interest bearing loans | 90.7 | 64.9 |
181.2 | 173.3 |
2025 | 2024 | |
$m | $m | |
Trade and other receivables | 80.0 | 85.6 |
Cash and cash equivalents | 224.4 | 195.6 |
304.4 | 281.2 |
2025 | 2024 | |
Financial assets | $m | $m |
Trade and other receivables | 80.0 | 85.6 |
Cash and cash equivalents | 224.4 | 195.6 |
304.4 | 281.2 | |
| Financial liabilities | ||
Trade and other payables | 90.5 | 108.4 |
Interest bearing loans | 90.7 | 64.9 |
181.2 | 173.3 |
2025 | 2024 | |
$m | $m | |
Trade and other receivables | 80.0 | 85.6 |
Cash and cash equivalents | 224.4 | 195.6 |
304.4 | 281.2 |
2025 | 2024 | |
$m | $m | |
Trade and other receivables | 80.0 | 85.6 |
Cash and cash equivalents | 224.4 | 195.6 |
304.4 | 281.2 |
| Total | |
| Ordinary | |
| Shares | |
At 1 January 2024 \u2013 fully paid 1 | 280,248,198 |
At 31 December 2024, 1 January 2025 and 31 December 2025 \u2013 fully paid 1 | 280,248,198 |
| Total | |
| Ordinary | |
| Shares | |
At 1 January 2024 \u2013 fully paid 1 | 280,248,198 |
At 31 December 2024, 1 January 2025 and 31 December 2025 \u2013 fully paid 1 | 280,248,198 |
PSP (2021) | DBP (2021) | RSP (2011) |
| Form of awards | ||
| Either Performance shares or restricted | Deferred bonus shares. The intention is to | Restricted shares. The intention is to |
| shares. The intention is to deliver the full | deliver the full value of shares at no cost | deliver the full value of shares at no cost |
| value of vested shares at no cost to the | to the participant (as conditional shares or | to the participant (as conditional shares or |
participant (as conditional shares or nil- cost options). | nil-cost options). | nil-cost options). |
| Performance conditions | ||
| Performance conditions may or may not | Performance conditions may or may not | Performance conditions may or may not |
| apply. Awards granted with performance | apply. For awards granted to date, there | apply. For awards granted to date, there are |
| conditions are measured against relative | are no performance conditions. | no performance conditions. |
and absolute TSR measured against a group of industry peers over a three- year period. | ||
| Vesting period | ||
| For awards subject to performance | Awards typically vest after two years. | Awards typically vest in tranches over |
conditions, they will vest when the Remuneration Committee determines | three years. | |
whether the performance conditions have been met at the end of the performance | ||
period. For awards that are not subject to performance conditions, awards typically | ||
| vest in tranches over three years. | ||
| Dividend equivalents | ||
| Provision of additional cash/shares to | Provision of additional cash/shares to | Provision of additional cash/shares to |
| reflect dividends over the vesting period | reflect dividends over the vesting period | reflect dividends over the vesting period |
| and the period where the options have | and the period where the options have | may or may not apply. |
| vested and have not yet been exercised | vested and have not yet been exercised | |
| (where applicable) may or may not apply. | (where applicable) may or may not apply. |
| Share awards | Share awards | Weighted avg. | ||
| with performance | without performance | Share | exercise price of | |
| conditions | conditions | options | share options | |
Outstanding at 1 January 2024 | 7,561,301 | 1,002,917 | 18,452 | 1,046p |
Granted during the year | 4,075,827 | 428,066 | - | - |
Forfeited during the year | (2,152,140) | - | - | - |
Lapsed during the year | (1,467,593) | (155,387) | (18,452) | 1,046p |
Exercised during the year | - | (364,428) | - | - |
Outstanding at 31 Dec 2024 and 1 Jan 2025 | 8,017,395 | 911,168 | - | - |
Granted during the year | 4,475,401 | 711,232 | - | - |
Forfeited during the year | (1,847,249) | - | - | - |
Lapsed during the year | (423,570) | (46,279) | - | - |
Exercised during the year | - | (300,435) | - | - |
Outstanding at 31 December 2025 | 10,221,977 | 1,275,686 | - | - |
PSP (without condition) | PSP | |
02/04/2025 | 02/04/2025 | |
Share price at grant date | 63p | 63p |
Fair value on measurement date | 63p | 40p |
Expected life (years) | 1-3 | 1-3 |
Expected dividends | - | - |
Risk-free interest rate | 3.95% | 3.95% |
Expected volatility | 49.35% | 49.35% |
Share price at balance sheet date | 60p | 60p |
| (without condition) | (without condition) | |||
30/04/2024 | 30/04/2024 | 10/09/2024 | 10/09/2024 | |
Share price at grant date | 85p | 85p | 74p | 74p |
Fair value on measurement date | 85p | 52p | 74p | 40p |
Expected life (years) | 1-3 | 1-3 | 1-3 | 1-3 |
E x p e c t e d d i v i d e n d s | - | - | - | - |
Risk-free interest rate | 4.45% | 4.45% | 3.70% | 3.70% |
Expected volatility | 44.89% | 44.89% | 44.75% | 44.75% |
Share price at balance sheet date | 66p | 66p | 66p | 66p |
2025 | 2024 | |
$m | $m | |
Board remuneration | 0.8 | 0.7 |
Key management emoluments and short-term benefits | 4.8 | 4.0 |
Share-related awards | 1.6 | 1.7 |
7. 2 | 6.4 |
2025 | 2024 | |
$m | $m | |
Board remuneration | 0.8 | 0.7 |
Key management emoluments and short-term benefits | 4.8 | 4.0 |
Share-related awards | 1.6 | 1.7 |
7. 2 | 6.4 |
2025 | 2024 | |
$m | $m | |
Board remuneration | 0.8 | 0.7 |
Key management emoluments and short-term benefits | 4.8 | 4.0 |
Share-related awards | 1.6 | 1.7 |
7. 2 | 6.4 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy Block 54 Oman Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8, 6 | T\u00fcrkiye | 100 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy Block 54 Oman Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8, 6 | T\u00fcrkiye | 100 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy Block 54 Oman Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8, 6 | T\u00fcrkiye | 100 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy Block 54 Oman Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8, 6 | T\u00fcrkiye | 100 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy Block 54 Oman Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8, 6 | T\u00fcrkiye | 100 |