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"dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00246": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00245": { "value": "55000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00247": { "value": "542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00248": { "value": "153000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00249": { "value": "1556000.0", "decimals": -3, "dimensions": { "concept": "aex:AdjustmentsForWarrantsFairValueClassifiedAsOperatingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00250": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "aex:AdjustmentsForWarrantsFairValueClassifiedAsOperatingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00251": { "value": "460000.0", "decimals": -3, "dimensions": { "concept": 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"iso4217:USD" } }, "GroupStatementOfCashfows_Label_00293": { "value": "-729000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00312": { "value": "-2128000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00311": { "value": "-2162000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00316": { "value": "0.0", "decimals": -3, "dimensions": { "concept": 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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00262": { "value": "288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00261": { "value": "219000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00264": { "value": "60000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfExplorationAndEvaluationAssets", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00263": { "value": "40000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfExplorationAndEvaluationAssets", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00266": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00265": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00268": { "value": "-348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00267": { "value": "-259000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00270": { "value": "1125000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00269": { "value": "375000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00271": { "value": "3942000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00272": { "value": "77000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00313": { "value": "251000.0", "decimals": -3, "dimensions": { "concept": "aex:PaymentOfShareAndWarrantIssueExpensesClassifiedAsFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_NegatedLabel_00314": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "aex:PaymentOfShareAndWarrantIssueExpensesClassifiedAsFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00322": { "value": "4816000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00321": { "value": "452000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00274": { "value": "2340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_TotalLabel_00273": { "value": "-1969000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_PeriodStartLabel_00276": { "value": "1127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_PeriodStartLabel_00275": { "value": "3041000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00277": { "value": "-53000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_Label_00278": { "value": "55000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_PeriodEndLabel_00279": { "value": "3414000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashfows_PeriodEndLabel_00280": { "value": "1127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00171": { "value": "1 Statement of Accounting Policies
Aminex PLC (the \u201cCompany\u201d) is a company domiciled and incorporated in Ireland. The principal activities of the Group are
the exploration, appraisal, development and production of oil and gas assets, reserves and resources. The Group operates
through subsidiary undertakings, details of which are set out in Note 14 to the \ufb01nancial statements. The Group\u2019s principal area
of activity is in Tanzania. The Group \ufb01nancial statements for the year ended 31 December 2025 consolidate the individual
\ufb01nancial statements of the Company and its subsidiaries (together referred to as \u201cthe Group\u201d).
Basis of preparation
The Group and Company \ufb01nancial statements (together the \u201cFinancial Statements\u201d) have been prepared in accordance with
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (EU). The material accounting policies
adopted in the preparation of the consolidated and company \ufb01nancial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise stated. The consolidated and company \ufb01nancial statements
are presented in US dollars, which is also the Company\u2019s functional currency. Amounts are rounded to the nearest thousand,
unless otherwise stated.
The preparation of \ufb01nancial statements in compliance with adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group management to exercise judgement in applying the Group\u2019s accounting policies. The
areas where signi\ufb01cant judgements and estimates have been made in preparing the \ufb01nancial statements and their e\ufb00ect are
disclosed below.
The consolidated and company \ufb01nancial statements have been prepared on an historical cost basis.
Going concern
The \ufb01nancial statements of the Group and the Company are prepared on a going concern basis.
The Directors have given careful consideration to the Group net current liability position amounting to US$2.85 million and the
Group and Company\u2019s current loss-making position and cash out\ufb02ows, and their ability to continue as a going concern, with
the resultant need for adequate funding within the going concern period. This included review of cash \ufb02ow forecasts prepared
by management for the going concern period at least 12 months from approval of the \ufb01nancial statements, review of the key
assumptions on which these forecasts are based and the sensitivity analysis. The forecasts re\ufb02ect the Directors\u2019 best estimate
of expenditures and receipts during the going concern period. The forecasts are regularly updated to enable continuous
monitoring and management of the Group and the Company\u2019s cash \ufb02ow and liquidity risk. The forecasts indicate that, subject
to the principal assumptions noted below, the Group and the Company would have adequate resources to continue as going
concerns for the foreseeable future, that is a period of not less than 12 months from the date of approval of the \ufb01nancial
statements.
As part of its analysis in making the going concern assumption, the Directors have considered the range of risks facing the
business on an ongoing basis, as set out in the risk section of this Annual Report that remain applicable to the Group and the
Company. The principal assumptions made in relation to the Group and the Company\u2019s going concern assessments relate
to the capital commitments on its operated assets in Tanzania, the reservation of rights made by the Tanzania Petroleum
Development Corporation (\u201cTPDC\u201d) in respect of certain claims that the Directors consider are without merit, and the ongoing
objections to tax assessments in Tanzania (see Note 25). The Directors have also assumed that funding will be available to the
Group and the Company through the exercise of warrants by warrant holders and the exercise of share options by participants.
Such exercises are expected to occur in the second half of 2026. If such exercises did not occur, or only partially occurred, or
were delayed, subject to revenue streams assumed in the projections not being signi\ufb01cantly delayed, the Directors consider
that the Group would be able to either raise further funds or defer the payment of certain capital expenditures, or a combination
of both.
Current liabilities of the Group exceeded its current assets as at 31 December 2025, mainly as a result of provisions made for
some contested tax assessments. As disclosed in Note 25, the Group received a tax assessment in February 2020 from the
Tanzania Revenue Authority (\u201cTRA\u201d) of US$2.2 million in relation to an audit of the Group\u2019s Tanzanian wholly owned subsidiary
covering the period from 2013 to 2015 and tax assessments in June 2022 for US$4.8 million in relation to audits covering
the period from 2016 to 2018 and a subsequent Demand Notice for some of these assessments in January 2025. These tax
assessments are excluded from the cash forecast as any cash out\ufb02ow during the going concern period is not considered
probable based on either legal advice or the timeframes for tax cases in Tanzania. Tax assessments received in June 2023
from the TRA of US$3.3 million in relation to an audit covering the period from 2019 to 2020 are included insofar as amounts are
expected to be payable under a payment plan to be renegotiated with the TRA. Additionally, development and decommissioning
of the Group\u2019s assets in Tanzania is excluded from the cash forecast as any such commitments are anticipated to be outside
the going concern period.
The Group commenced discussions with the Tanzanian authorities during 2022 to return the Nyuni Area licence to the Ministry
of Energy and such discussions resulted in the Group being requested to market the licence in 2023 and 2024, in an attempt to
\ufb01nd a third-party partner willing to pursue and fund a mutually agreed re-negotiated work programme. Regardless of whether
the farm-out process is successful or not, it is not considered probable that any capital expenditure would arise in the period.
However, a risk exists that the Group and the Company lose the objections to the tax assessments or may be unable to
renegotiate or defer commitments relating to the development or decommissioning of the operated Licence interests during
the period, or that the TPDC may take action to enforce their claims to certain rights during the period and, therefore, the Group
and the Company may need to raise additional funding to meet these potential liabilities.
There is material uncertainty as to its ability to raise such additional funding in conjunction with su\ufb03cient conversion and
exercising of share warrants necessary to fund the underlying cash\ufb02ow requirements of the Group. This may result in the Group
and the Company having to raise funds at whatever terms are available at the time, which is not guaranteed.
These circumstances indicate that a material uncertainty exists that may cast signi\ufb01cant doubt on the Group and the Company\u2019s
ability to continue as going concerns and, therefore, the Group and the Company may be unable to realise their assets and
discharge their liabilities in the normal course of business. As the Group has been successful in raising equity funds at various times
and in similar circumstances in the recent past on acceptable terms to the Group, the Directors have a reasonable expectation that
additional funding can be raised. Despite the aforementioned material uncertainty, the Directors have con\ufb01dence in the Group\u2019s
forecasts and have a reasonable expectation that the Group and the Company will continue in operational existence for the
foreseeablefutureandhavethereforeusedthegoingconcernbasisinpreparingthese\ufb01nancialstatements.The\ufb01nancialstatements
do not include the adjustments that would result if the Group and the Company were unable to continue as going concerns.
Statement of compliance
The Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with IFRS and their interpretations
as adopted by the EU (\u201cEU IFRS\u201d). The individual \ufb01nancial statements of the Company (\u201cCompany \ufb01nancial statements\u201d) have been
prepared and approved by the Directors in accordance with EU IFRS and as applied in accordance with the Companies Acts 2014
which permits a company that publishes its Company and Group \ufb01nancial statements together to take advantage of the exemption
in Section 304 of the Companies Act 2014 from presenting to its members its company income statement and related notes that
form part of the approved Company \ufb01nancial statements.
Change in accounting policies
i) New accounting standards, interpretations and amendments e\ufb00ective from 1 January 2025
A number of new and amended standards and interpretations issued by IASB have become e\ufb00ective for the \ufb01rst time for
\ufb01nancial periods beginning on (or after) 1 January 2025 and have been applied by the Group in these \ufb01nancial statements.
None of these new and amended standards and interpretations had a signi\ufb01cant e\ufb00ect on the Group because they are either
not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies.
ii) New standards, interpretations and amendments not yet e\ufb00ective
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are
e\ufb00ective in future accounting periods and which have not been adopted early by the Group. Except as mentioned below, these
standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable
future transactions.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
will supersede IAS 1 \u2018Presentation of Financial Statements\u2019
and is e\ufb00ective for annual periods beginning on or after 1 January 2027 subject to endorsement by the EU. IFRS 18 (and
consequential amendments made to IAS 7 \u2018Statement of Cash Flows\u2019, IAS 8 \u2018Accounting Policies: Changes in Accounting
Estimates and Errors\u2019, IAS 33 \u2018Earnings per share\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019) introduces several new
requirements that are expected to impact the presentation and disclosure of the Group\u2019s consolidated \ufb01nancial statements.
These new requirements include:
\u2022
Requirements to classify all income and expenses included in the statement of pro\ufb01t or loss into one of \ufb01ve categories and
to present two new mandatory subtotals.
\u2022
Requirement to use the operating pro\ufb01t subtotal as the starting point for the indirect method of reporting cash \ufb02ows from
operating activities in the statement of cash \ufb02ows.
\u2022
Speci\ufb01c classi\ufb01cation requirements for interest paid/received and dividends received in the statement of cash \ufb02ows such
that interest and dividend receipts are included as investing cash \ufb02ows and interest paid as \ufb01nancing cash \ufb02ows.
\u2022
Required disclosures about certain non-GAAP measures (\u2018management de\ufb01ned performance measures\u2019) in a single note
to the \ufb01nancial statements.
\u2022
Enhanced guidance on the aggregation of information across all the primary \ufb01nancial statements and the notes.
The Group\u2019s evaluation of the e\ufb00ect of adopting IFRS 18 is ongoing.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019
is e\ufb00ective for periods beginning on or after 1 January 2027.
This standard introduces reduced disclosure requirements for eligible subsidiaries. The Group is assessing whether it will apply
IFRS 19. No impact on recognition or measurement is expected.
IFRS 9 and IFRS 7 \u2018Amendments to Classi\ufb01cation and Measurement of Financial Instruments\u2019
is e\ufb00ective for periods beginning
on or after 1 January 2027. These amendments clarify certain classi\ufb01cation and measurement requirements for \ufb01nancial
instruments. The Group does not expect a material impact on its \ufb01nancial statements.
IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36, IAS 37:
Various amendments to illustrative examples and disclosure guidance have been
issued to improve clarity and consistency, particularly regarding measurement uncertainties and estimation processes. These
do not change accounting requirements and are not expected to have a signi\ufb01cant e\ufb00ect on the Group\u2019s \ufb01nancial statements.
The material accounting policies adopted are set out below.
Basis of consolidation
The Group \ufb01nancial statements consolidate the \ufb01nancial statements of Aminex PLC and its subsidiaries. Subsidiaries are
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which
control is transferred out of the Group. Control exists when the Company is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to a\ufb00ect those returns through its power over the entity. Financial statements
of subsidiaries are prepared for the same reporting year as the parent company.
The statutory individual \ufb01nancial statements of subsidiary companies have been prepared under the accounting policies
applicable in their country of incorporation but adjustments have been made to the results and \ufb01nancial position of such
companies to bring their accounting policies into line with those of the Group for consolidation purposes.
All intra-group balances and transactions, including unrealised pro\ufb01ts arising from intra-group transactions, have been
eliminated in full. Unrealised losses are eliminated in the same manner as unrealised gains except to the extent that there is
evidence of impairment.
Investments in subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the \ufb01nancial and operating policies, is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to a\ufb00ect those returns through its power
over the entity. Such power, generally but not exclusively, accompanies a shareholding of more than one-half of the voting
rights. Non-current investments in subsidiaries of the Company are shown at cost less provision for impairment.
Joint operations
Joint operations are those activities over which the Group exercises joint control with other participants, established by
contractual agreement. The Group recognises, in respect of its interests in joint operations, the assets that it controls, the
liabilities that it incurs, the expenses that it incurs and the share of the income that it earns from the sale of goods or services
by the joint operation.
Revenue from contracts with customers
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer. The Group recognises revenue
when performance obligations are satis\ufb01ed and it transfers control over a good or service to a customer. Details of the Group\u2019s
sources of revenue from contracts with customers and details on when control passes are detailed in Note 2.
Employee bene\ufb01ts
Share-based payments
The Group operates a number of share option schemes. For equity-settled share-based payment transactions (i.e. the issuance
of share options), the Group measures the services received by reference to the value of the option or other \ufb01nancial instrument
at fair value at the measurement date (which is the grant date) using a recognised valuation methodology for the pricing of
\ufb01nancial instruments (i.e. the Black Scholes model).
If the share options granted do not vest until the completion of a speci\ufb01ed period of service, the fair value assessed at the
grant date is recognised in the income statement over the vesting period as the services are rendered by employees with
a corresponding increase in equity. For options granted with no vesting period the fair value is recognised in the income
statement at the date of the grant.
Where share options granted do not vest until performance-related targets, which include targets outside management\u2019s
control, have been achieved (i.e. a variable vesting period), the fair value assessed at the grant date is recognised in the income
statement over a vesting period estimated by management based on the most likely outcome of the performance condition
(IFRS 2.15(b)).
Share options issued by the Group that are subject to market-based vesting conditions, as de\ufb01ned in IFRS 2, are ignored for
the purposes of estimating the number of equity shares that will vest; these conditions have already been taken into account
when fair valuing the share options.
Non-market vesting conditions are not taken into account when estimating the fair value of share options at the grant date;
such conditions are taken into account through adjusting the number of equity instruments included in the measurement of
the amount charged to the income statement over the vesting period so that, ultimately, the amount recognised equates to the
number of equity instruments that actually vest. The expense in the income statement in relation to share options represents
the product of the total number of options anticipated to vest and the fair value of these options at the date of grant.
Where share options have performance conditions that are service-related and non-market in nature, the cumulative charge to
the income statement is reversed only where an employee in receipt of share options leaves the Group prior to completion of
the service period and forfeits the options granted and/or performance conditions are not expected to be satis\ufb01ed. Where an
equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised
for the award is recognised immediately.
The proceeds received by the Group on the exercise of share entitlements are credited to share capital and share premium.
Where share options are awarded by the Group to employees of subsidiary companies, the value of the share-based payment
is credited to the Group\u2019s share option reserve and charged through investments in subsidiary undertakings to the income
statement of the relevant subsidiary company.
When share options which have not been exercised reach the end of the original contractual life, the value of the share options
is transferred from the share option reserve to retained earnings. The Share Scheme adopted in July 2020 gives the Board the
discretion to award a cash alternative. There are no cash settled awards.
Share capital
Ordinary shares and deferred shares are classi\ufb01ed as equity. Proceeds received from the issue of ordinary shares above the
nominal value is classi\ufb01ed as Share Premium. Costs directly attributable to new shares are shown in equity as a deduction from
Share Premium in accordance with the provisions of the Companies Act 2014 (Section 117).
Share warrants
Under IAS 32.11(b)(ii), rights, options or warrants to acquire a \ufb01xed number of an entity\u2019s own equity instruments for a \ufb01xed
amount of cash are generally classi\ufb01ed as equity instruments where they meet the \u201c\ufb01xed-for-\ufb01xed\u201d criterion. The pro rata
requirement applies speci\ufb01cally in the context of foreign currency rights issues, i.e. where rights, options or warrants to acquire
a \ufb01xed number of the entity\u2019s own equity instruments for a \ufb01xed amount of any currency are classi\ufb01ed as equity only if they are
o\ufb00ered pro rata to all existing owners of the same class of non-derivative equity instruments. Where this condition is not met,
such instruments would typically be classi\ufb01ed as derivative \ufb01nancial liabilities and measured at fair value through pro\ufb01t or loss
in accordance with IAS 32 and IFRS 9.
Where the warrants are classi\ufb01ed as equity instruments, they are recognised within equity at the proceeds received, with no
subsequent remeasurement.
Where the warrants are classi\ufb01ed as \ufb01nancial liabilities, they are initially recognised at fair value in accordance with IFRS 9.
Any di\ufb00erence between the transaction price and the fair value at initial recognition that is evidenced by observable market
data is recognised immediately in pro\ufb01t or loss in accordance with IFRS 9.B5.1.2A. Where no consideration is allocated to the
warrants, initial recognition at fair value may result in a day one loss recognised in pro\ufb01t or loss.
If the instrument is classi\ufb01ed as a derivative \ufb01nancial liability (DFL), an amount of the proceeds equal to the fair value of the
warrants is credited to a DFL account on the balance sheet. The fair value of the instrument is remeasured at each reporting
date and the DFL account adjusted as appropriate, with a corresponding amount recognised in pro\ufb01t or loss. Transaction costs
relating to \ufb01nancial instruments measured at fair value through pro\ufb01t or loss, including derivative \ufb01nancial liabilities, are included
in administrative expenses.
Finance costs
Finance costs comprise interest payable on borrowings calculated using the e\ufb00ective interest rate method, the unwinding of the
discount on the decommissioning provision and foreign exchange losses.
Finance income
Finance income comprises interest income, which is recognised in the income statement as it accrues, using the e\ufb00ective
interest rate method, and foreign exchange gains.
Tax
The tax expense in the income statement represents the sum of the current tax expense and deferred tax expense.
Tax currently payable is based on taxable pro\ufb01t for the year and any adjustments to tax payable in respect of previous years.
Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further excludes items that are not taxable or deductible. The liability for
current tax is calculated using rates that have been enacted or substantively enacted at the balance sheet date. Where there
are uncertain tax positions, the Group assesses whether it is probable that the position adopted in tax \ufb01lings will be accepted
by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered
probable that the income tax \ufb01ling position will be accepted by the tax authority, the uncertainty is re\ufb02ected within the carrying
amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment,
depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts
and circumstances.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive
income or directly in equity.
Deferred tax is provided, using the liability method, on all temporary di\ufb00erences between the carrying amounts of assets
and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except those arising from non-
deductible goodwill or on initial recognition of an asset or liability in a transaction that is not a business combination and that
a\ufb00ects neither accounting nor taxable pro\ufb01t.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
expected to be realised or the liability to be settled based on laws that have been enacted or substantively enacted at the
balance sheet date.
Deferred tax assets are recognised for all deductible di\ufb00erences, carry forward of unused tax credits and unused tax losses,
to the extent that it is probable that taxable pro\ufb01t will be available against which the deductible temporary di\ufb00erences and the
carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that su\ufb03cient taxable pro\ufb01t would be available to allow all or part of the deferred tax asset to be utilised.
Earnings per ordinary share
Basic earnings per share is computed by dividing the net pro\ufb01t for the \ufb01nancial period attributable to ordinary shareholders by
the weighted average number of ordinary shares in issue during the \ufb01nancial period.
Diluted earnings per share is computed by dividing the pro\ufb01t for the \ufb01nancial period attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue after adjusting for the e\ufb00ects of all potential dilutive ordinary shares that
were outstanding during the \ufb01nancial period.
Foreign currency translation
The presentation currency of the Group and the functional currency of Aminex PLC is the US dollar (\u201cUS$\u201d), representing the
currency of the primary economic environment in which the Group operates. Transactions in foreign currencies are recorded at
the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the functional currency at the rate of exchange at the balance sheet date. All translation di\ufb00erences are taken
to the income statement.
Results and cash \ufb02ows of non-dollar subsidiary undertakings are translated into US dollars at average exchange rates for the
year and the related assets and liabilities (including goodwill and fair value adjustments) are translated at the rates of exchange
ruling at the balance sheet date. Adjustments arising on translation of the results of non-dollar subsidiary undertakings at
average rates, and on the restatement of the opening net assets at closing rates, are dealt with in a separate translation reserve
within equity, net of di\ufb00erences on related currency borrowings. Proceeds from the issue of share capital are recognised at the
prevailing exchange rate on the date that the Board of Directors rati\ufb01es such issuance; any foreign exchange movement arising
between the date of issue and the date of receipt of funds is charged or credited to the income statement.
The principal exchange rates used for the translation of results, cash \ufb02ows and balance sheets into US dollars were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Average
Year-end
\u00a0
2025
2024
2025
2024
US$1 equals
\u00a0 \u00a0 \u00a0 \u00a0
Pound sterling
0.7472
0.7907
0.7434
0.7981
Euro
0.8540
0.9552
0.8515
0.9657
Australian dollar
1.5060
1.5786
1.4996
1.6150
Tanzanian shilling
2,540
2,600
2,447
2,394
\n
On loss of control of a foreign operation, accumulated currency translation di\ufb00erences are recognised in the income statement
as part of the overall gain or loss on disposal.
Exploration and evaluation assets
The assessment of what constitutes an individual exploration and evaluation (\u201cE&E\u201d) asset (an E&E asset is the same as a
cash-generating unit (\u201cCGU\u201d) for the purposes of impairment testing) is based on technical criteria but normally a production
sharing agreement (\u201cPSA\u201d) is designated as an individual E&E asset. A PSA will normally equate to a single licence except for
the Ruvuma PSA (see Note 11).
E&E expenditure incurred prior to obtaining the legal rights to explore an area is recognised in the income statement as incurred.
Costs incurred after rights to explore have been obtained, such as geological and geophysical surveys, drilling and commercial
appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs,
are capitalised as intangible E&E assets.
Capitalised E&E costs are not amortised prior to the conclusion of appraisal activities. At completion of appraisal activities,
if technical feasibility is demonstrated, commercial reserves are discovered and commercial viability is demonstrable, then,
following development sanction, the carrying value of the relevant E&E asset will be reclassi\ufb01ed to property, plant and
equipment, but only after the carrying value of the E&E asset has been assessed for impairment and, where appropriate, its
carrying value adjusted. If, after completion of appraisal activities in an area, it is not possible to determine technical feasibility
and commercial viability, if the legal rights to explore expire or if the Group decides not to continue E&E activities then the costs
of such unsuccessful E&E are written o\ufb00 to the income statement in the period the relevant events occur.
Property, plant and equipment \u2013 developed and producing oil and gas assets (stated at cost)
Developing and producing oil and gas assets are aggregated generally on a \ufb01eld-by-\ufb01eld basis and represent the cost of
developing the commercial reserves discovered and bringing them into production, together with the E&E expenditure incurred
in \ufb01nding commercial reserves transferred from intangible E&E assets as outlined in the accounting policy above.
Subsequent expenditure is capitalised only where it either enhances the economic bene\ufb01ts of the developed and producing
properties or replaces part of the existing developed and producing properties. The carrying amounts of the part replaced are
expensed to the income statement.
Interest on borrowings for development projects is capitalised by \ufb01eld up to the time that the asset commences to produce
commercial reserves.
Farm-outs
A farm-out is an arrangement whereby the Group gives up the right to future reserves via reduction in the working interest in
a licence in exchange for cash consideration or a reduction in future funding commitments which will be met, or \u201ccarried\u201d, by
another party (farmee).
Any cash consideration received as part of a farm-out arrangement that relates to (i) the purchase of a right to receive future
reserves from the asset, or (ii) past capitalised costs of the asset, are credited against the carrying amount of the existing
asset. Consequently, the Group does not recognise any gain or loss on the partial disposal of interest in the asset unless the
cash consideration exceeds the carrying amount. If consideration received exceeds the carrying amount of the E&E asset, this
excess is recognised as a gain in the income statement. Any future commitments that will be met by the farmee are excluded
when the licence is yet to establish proven reserves.
Subsequent E&E expenditure settled by the farmee as part of the carried interest is not recognised by the Group in the carrying
value of the asset.
Capital gain taxes arising on farm-out transactions are recorded in the income statement.
Depletion
The Group depletes capitalised costs calculated at price levels ruling at the balance sheet date on developed and producing
properties on a unit of production basis, based on proved and probable reserves on a \ufb01eld-by-\ufb01eld basis. In certain
circumstances, \ufb01elds within a single development may be combined for depletion purposes.
Amortisation is calculated by reference to the proportion that production for the period bears to the total of the estimated
remaining commercial reserves as at the beginning of the period. Changes in reserves quantities and cost estimates are
recognised prospectively.
Impairment
E&E assets are assessed at each reporting date for indicators of impairment, with an impairment test being required when
facts and circumstances suggest that the carrying amount of capitalised E&E expenditure exceeds its recoverable amount and
su\ufb03cient data exists to enable the Group to determine technical feasibility and commercial viability.
Under IFRS 6, the following indicators are set out to determine whether an E&E asset is required to be tested for impairment:
a) the period for which the entity has the right to explore in the speci\ufb01c area has expired during the period or will expire in the
near future, and is not expected to be renewed;
b) substantive expenditure on further exploration for and evaluation of mineral resources in the speci\ufb01c area is neither budgeted
nor planned;
c) exploration for and evaluation of mineral resources in the speci\ufb01c area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to discontinue such activities in the speci\ufb01c area; and
d) su\ufb03cient data exists to indicate that, although a development in the speci\ufb01c area is likely to proceed, the carrying amount of
the E&E asset is unlikely to be recovered in full from successful development or by sale.
The list is not exhaustive, and management will consider other relevant changes in facts and circumstances that may indicate the
requirement for an E&E asset impairment test.
Where an indicator of impairment exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever
the carrying amounts of an asset or its cash generating unit exceed its recoverable amount. Impairment losses are recognised in
the statement of pro\ufb01t or loss. The recoverable amount of an asset is the higher of its fair value less cost of disposal and value-
in-use.
This assessment is based on a range of technical and commercial considerations and con\ufb01rming that su\ufb03cient progress is being
made to establish development plans and timing. If no future activity is planned, or the value of the asset cannot be recovered via
successful development or sale, the balance of the E&E expenditure is impaired wholly or in part as appropriate.
Value-in-use re\ufb02ects the expected present value of the future cash \ufb02ows which the Group would generate through the operation
of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The
fair value less cost of disposal valuation will normally be higher than the value-in-use valuation and accordingly the Group typically
applies this valuation estimate in its impairment of valuation assessments.
The fair value less cost of disposal is determined as the amount of estimated risk adjusted and discounted future cash \ufb02ows. For
this purpose, assets are grouped into cash generating units (\u201cCGU\u201ds) based on separately identi\ufb01able and largely independent
cash in\ufb02ows. Estimates of future cash \ufb02ows are made using management forecasts.
Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has
been a change in circumstances to the extent that the discounted future net cash \ufb02ows are higher than the net book value at the
time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value
or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior periods.
Decommissioning costs
A liability is recognised once there is an obligation for the decommissioning of oil and gas wells. Decommissioning cost
estimates are measured based on current requirements, technology and price levels, which is in\ufb02ated to estimate the future
cost at the expected abandonment date; the present value is calculated using amounts discounted over the useful economic
life of the assets. This amount is included within the related exploration and evaluation or developed and producing assets by
\ufb01eld and the liability is included in provisions. Such cost is depleted over the life of the \ufb01eld on a unit of production basis and
charged to the income statement. The unwinding of the discount is re\ufb02ected as a \ufb01nance cost in the income statement over the
remaining life of the well. Changes in estimates are recognised prospectively, with corresponding adjustments to the provision
and the associated asset. The e\ufb00ects of changes resulting from revisions to the timing or the amount of the original estimate
of the provision are re\ufb02ected on a prospective basis, generally by adjustment to the carrying amount of the related exploration
and evaluation or property, plant and equipment.
Property, plant and equipment \u2013 other
Other property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Depreciation
is calculated to write o\ufb00 the original cost of other property, plant and equipment less its estimated residual value over their
expected useful lives on a straight-line basis.
The estimated useful lives applied in determining the charge to depreciation are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3-5 years
Fixtures and \ufb01ttings
3-5 years
\n
The useful lives and residual values are reassessed annually.
On disposal of other property, plant and equipment, the cost and related accumulated depreciation and impairments are
removed from the \ufb01nancial statements and the net amount less any proceeds are taken to the income statement.
The carrying amounts of other property, plant and equipment are reviewed at each balance sheet date to determine whether
there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash
generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it
is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the replaced item can
be measured reliably. All other repair and maintenance costs are charged to the income statement during the \ufb01nancial period
in which they are incurred.
Cash and cash equivalents
Cash and cash equivalents refer to deposits with a maturity of less than 90 days at inception and include cash in hand, current
accounts with banks and cash held by the Group in current accounts with banks on behalf of joint operation partners.
Financial instruments
Financial assets and \ufb01nancial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
There are no material \ufb01nancial assets and liabilities for which di\ufb00erences between carrying amounts and fair values are required
to be disclosed. The classi\ufb01cation of \ufb01nancial instruments as required by IFRS 7 is disclosed in Notes 16, 17, 18 and 20.
(a) Financial assets
Financial assets are initially recognised at fair value, normally being the transaction price, and subsequently measured at
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial
assets is determined by the contractual cash \ufb02ows and where applicable the business model for managing the \ufb01nancial
assets. The Group derecognises \ufb01nancial assets when the contractual rights to the cash \ufb02ows expire or the \ufb01nancial asset
is transferred to a third party. On derecognition of a \ufb01nancial asset measured at amortised cost, the di\ufb00erence between the
asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in pro\ufb01t or loss.
Financial assets at amortised cost
Financial assets are classi\ufb01ed as measured at amortised cost when they are held in a business model the objective of which
is to collect contractual cash \ufb02ows and the contractual cash \ufb02ows represent solely payments of principal and interest. Such
assets are carried at amortised cost using the e\ufb00ective interest method if the time value of money is signi\ufb01cant. Gains and
losses are recognised in pro\ufb01t or loss when the assets are derecognised or impaired and when interest is recognised using
the e\ufb00ective interest rate method. This category of \ufb01nancial assets includes trade and other receivables and loans provided to
subsidiary undertakings of the Company.
(b) Financial liabilities
Financial liabilities are generally stated at amortised costs using the e\ufb00ective interest rate method. Derivative \ufb01nancial instruments
are recognised at fair value on the issue date. The Group classi\ufb01es all derivative \ufb01nancial liabilities as measured at fair value
through pro\ufb01t or loss unless they are designated in an e\ufb00ective hedging relationship. Subsequent changes in fair value are
recognised in pro\ufb01t or loss. Derivative \ufb01nancial liabilities are presented as non-current unless they are expected to be settled
within 12 months.
(c) Impairment of \ufb01nancial assets
The expected credit loss model is applied for recognition and measurement of impairments in \ufb01nancial assets measured
at amortised cost. The loss allowance for the \ufb01nancial asset is measured at an amount equal to the 12-month expected
credit losses. If the credit risk on the \ufb01nancial asset has increased signi\ufb01cantly since initial recognition, the loss allowance
for the \ufb01nancial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are
recognised in pro\ufb01t and loss. For trade receivables, a simpli\ufb01ed impairment approach is applied recognising expected lifetime
losses from initial recognition.
Critical accounting judgements
The Group assesses critical accounting judgements annually. The following are the critical judgements, apart from those
involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the
Group\u2019s accounting policies and that have the most signi\ufb01cant e\ufb00ect on the amounts recognised in the Financial Statements.
Carrying value of intangible exploration and evaluation assets (Note 11):
The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be
written o\ufb00 to the income statement as exploration costs unless commercial reserves are established, or the determination
process is not completed and there are no indications of impairment in accordance with the Group\u2019s accounting policy.
The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be
written o\ufb00 to the income statement as exploration costs unless commercial reserves are established, or the determination
process is not completed and there are no indications of impairment in accordance with the Group\u2019s accounting policy.
The process of determining whether there is an indicator for impairment or impairment reversal and the subsequent calculation
\n
requires critical judgement. The key areas in which management has applied judgement are as follows: the Group\u2019s intention
\n
to proceed with a future work programme for a prospect or licence; the likelihood of licence renewal or extension; the review of
\n
new legislation or regulations that may impact the economic terms of the Group\u2019s PSAs: the assessment of whether su\ufb03cient
\n
data exists to indicate that, although a development in the speci\ufb01c area is likely to proceed, the carrying amount of the
\n
exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale and the success of
\n
a well result or geological or geophysical survey.
\n
The key risk area to which this judgement was applied during 2025 was the assessment and identi\ufb01cation of impairment
\n
indicators, in accordance with IFRS 6, related to the Ruvuma PSA, Kiliwani South and Nyuni Area PSA CGUs.
\n
The Company is fully carried for its 25% participating interest in the Ruvuma PSA CGU by the US$35 million carry arrangement
\n
(\u201cthe Carry\u201d) under the Farm-Out which completed in October 2020. This is equivalent to a gross \ufb01eld investment of US$140
\n
million and is expected to carry the Group through to commercial production. The Company\u2019s expenditures from 2021 onwards
\n
on the Ruvuma PSA CGU were fully covered by the Carry.
\n
In May 2024, the 25-year Ntorya Development Licence was granted, under the Ruvuma PSA, for blocks in the Mtwara Licence.
\n
Progress on the Ntorya Development during the year included the award by the TPDC of the Engineering, Procurement and
\n
Construction contract for the main pipeline to connect Ntorya to the Madimba Gas Processing Plant (with the pipe being
\n
delivered in January 2026) and commencement of civil works for the pipeline route, well sites, access roads and associated
\n
infrastructure. In addition, rig tenders were evaluated for drilling of Chikumbi-1 well and workover of Ntorya-1 and an updated
\n
Field Development Plan was submitted, incorporating the extensive results of the 3D seismic campaign. Further work includes
\n
completion and commissioning of the pipeline, testing and hook-up of Ntorya-2, drilling and completion of Chikumbi-1 and
\n
workover of Ntorya-1. Completion and commissioning of the pipeline is forecast for no later than September 2026. Management
\n
have a reasonable expectation that the planned development of the Ntorya location contained within the Ruvuma PSA CGU
\n
would result in the asset\u2019s recoverable amount (determined on a value-in-use basis with a 10% discount rate) being greater than
\n
its carrying value. Therefore, no impairment has been recognised against the Mtwara Licence costs within the Ruvuma PSA.
\n
In respect to the Kiliwani South prospect, the asset is located within the Kiliwani North Development Licence acreage and
\n
although the licence expires in 2036, no work programme was planned for 2025 as commercial discussions continued over
\n
KNDL and, following the rejection of proposed terms over the Nyuni Area licence for the second extension period, the Company
\n
considers any seismic programme solely over the Kiliwani South prospect to be uneconomical. The Directors concluded that
\n
these factors were indicators of impairment which resulted in a full impairment of the carrying value of the Kiliwani South CGU
\n
in 2021. Although a budget has been approved for 2026, this is for licence maintenance and support only, and the Directors
\n
conclude that full impairment should continue in 2025 (see Note 11). As a result, any expenditure on the Kiliwani South prospect
\n
E&E asset during 2025 would have been capitalised and immediately impaired from the exploration and evaluation assets to
\n
the income statement as exploration and evaluation expenditure in line with the Group\u2019s accounting policy, however there was
\n
no expenditure in 2025.
\n
In respect to the Nyuni Area PSA CGU, management concluded in 2018 that an impairment trigger event had occurred
\n
and resulted in the asset being fully impaired. Expenditure on the Nyuni Area PSA E&E asset during 2025 was capitalised
\n
and immediately impaired from the exploration and evaluation assets to the income statement as exploration and evaluation
\n
expenditure in line with the Group\u2019s accounting policy. During 2021, discussions with the Ministry of Energy to agree terms with
\n
the licence holder for the second exploration phase were unsuccessful and, in April 2022, we initiated the process to return
\n
the licence, in the belief that the level of risk associated with the licence was inappropriate for the Group. Subsequently, it was
\n
agreed with the Tanzanian authorities that we will continue our attempts to attract industry partners to participate in the licence.
\n
The likely outcome of these attempts, however, remains uncertain and consequently the Directors maintained their position of
\n
a full impairment over the Nyuni Area PSA CGU.
\n
Carrying value of property plant and equipment assets (Note 12):
\n
During oil and gas operations, production from a well is subject to a rate of decline as the reservoir is depleted and the pressure
\n
naturally decreases. There are various mechanical options available to the business to remedy such decline and to increase
\n
production from an existing well. Management\u2019s critical judgements in deciding whether they can remediate a decline in production
\n
relate to: whether the technology and technical expertise is available at its operating locations to remedy the production decline,
\n
whether the chosen remedial action will be successful and whether it will be economical to perform the remediation work. If
\n
management decides, after reviewing all available options, that there is no economical method for remediating a well, an asset
\n
would be impaired.
\n
During 2025, the Kiliwani North-1 well (\u201cKN-1\u201d) continued not to produce, and consequently management assessed the asset for
\n
impairment in accordance with IAS 36. Management noted that with continued uncertainty over commercial terms for production
\n
from the KN-1 well the Group could not ascertain whether it would be economical to perform a remediation programme on the well.
\n
As part of the KNDL settlement agreement signed in October 2021 over past gas sales, the TPDC reserved its rights in respect
\n
of pro\ufb01t share and royalty. The Group recognised that reaching agreement on commercial terms would result in further delays
\n
to achieving any future production. Furthermore, as the Company had moved toward a non-operator strategy, despite actively
\n
pursuing farm-in partners to conduct works over the licence, there was no certainty that a partner would be identi\ufb01ed and any
\n
remediation programme commence. These conditions and assessments continued in 2025.
Impairment exists when the carrying value of the asset or CGU exceeds its recoverable amount, which is the higher of its fair value less
costs of disposal and its value-in-use. The above factors were considered indicators of impairment and resulted in a full impairment
of the KNDL CGU in 2021, which re\ufb02ected the carrying value of KN-1. Expenditures incurred in 2025 have also been impaired in full.
Management maintain that the KNDL CGU\u2019s value would only be realised from future cash \ufb02ows generated by the asset. Details are
disclosed in Note 12. The potential results of future remediation work may be di\ufb00erent to current management judgements and may
result in an impairment reversal to the Kiliwani North CGU which would impact the Group\u2019s \ufb01nancial statements.
Assessment and disclosure of contingent liabilities (Note 25):
The TRA \ufb01nalised an audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering non
income taxes, predominately WHT, VAT and Excise Duty accrued but not paid. The TRA also \ufb01nalised a corporate income tax
audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering disallowed costs. Objections
were submitted to some of these \ufb01ndings. Details of these tax assessments, along with progress during 2025, are contained in
Note 25.
The TRA \ufb01nalised an audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering non
income taxes, predominately VAT on the Ruvuma farm-out and pay as you earn tax on Directors\u2019 fees. The TRA also \ufb01nalised a
corporate income tax audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering under
declared revenue. Objections were submitted to all these \ufb01ndings. Details of these tax assessments, along with progress during
2025, are contained in Note 25.
The TRA \ufb01nalised an audit of taxation years 2013 to 2015 with assessments issued to the Group in February 2020 covering non
income taxes including VAT, WHT and employment taxes. The Group objected to the \ufb01ndings. Details of these tax assessments,
along with progress during 2025, are contained in Note 25.
In 2018, the Group received noti\ufb01cation from the TPDC requesting payment of certain amounts. During 2021, the Group and
TPDC reached a settlement in respect of past gas sales and amounts due to TPDC related to this noti\ufb01cation. As part of the
settlement, both parties reserved their rights in relation to certain matters where agreement was not reached (see Note 25).
Judgement is required to determine whether a provision is necessary in relation to these remaining matters or a disclosure as a
contingent liability. Management consider the recognition and classi\ufb01cation judgement of signi\ufb01cance due to potential changes
to, and inconsistent interpretation of, laws and regulations in the location it operates. Critical judgements relate to the application
of certain criteria in accordance with IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d that include: whether
the Group has a present obligation as a result of a past event, whether there is a probable out\ufb02ow of economic resources, and
whether that out\ufb02ow can be measured reliably. Judgement is made based on technical merit of any assessment or claim, legal
precedence and management expectations.
Going concern
Refer to page 45.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have
a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year
are discussed below.
Recoverability of trade receivables and amounts due from subsidiary undertakings (Note 15):
The Group uses a forward-looking impairment model based on expected credit losses (\u201cECLs\u201d) of \ufb01nancial assets in accordance
with IFRS 9, including short-term trade receivables. The standard requires the Company to book an allowance for ECLs for
its \ufb01nancial assets. Management calculate a net present value of outstanding receivables discounted by the discount rate,
for a range of possible scenarios, including delays and no payment, with a probability assigned to each. The assumptions of
scenarios, probability weighting and discount rate require critical judgement.
The Group notes no material credit loss in its remaining trade receivables balances as at 31 December 2025.
During the year, in line with the requirements of IFRS 9, the Company calculated an expected credit loss equivalent to the lifetime
expected credit losses. Arriving at the expected credit loss allowance involved considering di\ufb00erent scenarios for the recovery
of the intercompany loan receivables, the possible credit losses that could arise and the probabilities for these scenarios. The
following were considered: the success of the development of the Ntorya Location, funded under the Ruvuma PSA Farm-Out
agreement with APT, value of the potential reserves, project risks, the ability to achieve certain production levels. Third party
assistance was used to support valuations where considered advisable. Signi\ufb01cant judgement is required in determining
the probability of the di\ufb00erent scenarios. The Company applies no discounting to the expected credit loss calculation as the
e\ufb00ective interest rate is considered to be 0% as the loans are interest free and payable on demand. Following the review, the
Company recognised an increase of US$1.17 million to the impairment provision against the loans due from subsidiaries as a
result of the progress made during the year on the Ruvuma PSA CGU (see Note 11).
Decommissioning estimates (Note 19):
Provisions for decommissioning obligations are made on the best estimate of the likely committed cash out\ufb02ow. Specialist
input is sought from third party experts to estimate the cost to perform the necessary remediation work at the reporting
date. The third-party expert used has experience in the industry and location where the Group operates and has assisted the
Group\u2019s operations in the past. This enables a degree of knowledge of conditions speci\ufb01cally relevant to the Group. The third-
party prepared a Decommissioning Cost Report in January 2025 which provided cost estimates for what they considered to
be the most likely scenario for plugging and abandoning each well to be decommissioned. Management reviewed and adopted
these costs, on an undiscounted basis, which range from US$4.0 million to US$6.1 million each. Provision for environmental
clean- up and remediation costs is based on current legal and contractual requirements, technology and management\u2019s
estimate of costs with reference to current price levels. Management consider that these costs, adjusted for a year\u2019s in\ufb02ation,
remain appropriate for use for the year-end 2025 calculation.
Changes to the type of remediation method, legislation, including in relation to climate change, well condition, technology and
equipment available in country can all have a signi\ufb01cant impact on the cost estimate that may result in the cost being higher
than the current estimate provided.
The estimation of the timing of well abandonment, in\ufb02ation and discount rates is also considered to be judgemental and can
have a signi\ufb01cant impact on the net present value of the obligation. Abandonment timing is forecast to occur at the expiration
or, if renewal planned, expected expiration of the licence term. In respect of in\ufb02ation, management references in\ufb02ation \ufb01gures
published by United States and Tanzanian government departments, and for discount rate estimates references the United
States Department of the Treasury and the Tanzanian central bank when making such estimates (see Note 19).
Uncertain tax and regulatory positions (Note 25):
The Group is subject to various tax and regulatory audits from time to time in the ordinary course of business, which
may give rise to assessments and the potential for items considered to be available for cost recovery to be disallowed
in the jurisdictions in which the Group operates. In order to assess whether these amounts should be provided for in the
Financial Statements, management has assessed these matters in the context of the laws and operating agreements of the
countries in which it operates. Management has applied judgement in assessing the likely outcome of these matters and
has estimated the \ufb01nancial impact based on external tax and legal advice, recent precedence in the relevant jurisdiction and
prior experience of such audits. In February 2020, June 2022 and June 2023, the TRA issued the Group with several tax
assessments. The Company objected to the majority of these assessments. Due to the interpretation of tax law in-country
by the Revenue Authority, signi\ufb01cant uncertainty remains and the results of any submitted objections or appeals process
in relation to the tax assessment can in\ufb02uence the estimation of any future liability. This uncertainty often remains until the
conclusion of this process. Details of the assessments are disclosed in Note 25. With reference to the prejudicial exemption
in IAS 37, the Group will not disclose any further information about the assumptions for any provision. The disclosure of such
information is believed to be detrimental to the Group in connection with ongoing discussions.
Valuation of derivative \ufb01nancial liability \u2013 share warrants (Note 20):
The Group has issued share warrants in October 2025 that are classi\ufb01ed as a derivative \ufb01nancial liability and measured at
fair value through pro\ufb01t or loss. The valuation uses the Black Scholes model that includes signi\ufb01cant unobservable inputs.
Key estimation uncertainties include expected share price volatility and the risk free rate. Small changes can materially a\ufb00ect
the valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00163": { "value": "Aminex PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00165": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00166": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00164": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00169": { "value": "The principal activities of the Group are the exploration, appraisal, development and production of oil and gas assets, reserves and resources. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00168": { "value": "Tanzania.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00170": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00172": { "value": "Basis of preparation
The Group and Company \ufb01nancial statements (together the \u201cFinancial Statements\u201d) have been prepared in accordance with
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (EU). The material accounting policies
adopted in the preparation of the consolidated and company \ufb01nancial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise stated. The consolidated and company \ufb01nancial statements
are presented in US dollars, which is also the Company\u2019s functional currency. Amounts are rounded to the nearest thousand,
unless otherwise stated.
The preparation of \ufb01nancial statements in compliance with adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group management to exercise judgement in applying the Group\u2019s accounting policies. The
areas where signi\ufb01cant judgements and estimates have been made in preparing the \ufb01nancial statements and their e\ufb00ect are
disclosed below.
The consolidated and company \ufb01nancial statements have been prepared on an historical cost basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00173": { "value": "The Group and Company \ufb01nancial statements (together the \u201cFinancial Statements\u201d) have been prepared in accordance with
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (EU). The material accounting policies
adopted in the preparation of the consolidated and company \ufb01nancial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise stated. The consolidated and company \ufb01nancial statements
are presented in US dollars, which is also the Company\u2019s functional currency. Amounts are rounded to the nearest thousand,
unless otherwise stated.
The preparation of \ufb01nancial statements in compliance with adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group management to exercise judgement in applying the Group\u2019s accounting policies. The
areas where signi\ufb01cant judgements and estimates have been made in preparing the \ufb01nancial statements and their e\ufb00ect are
disclosed below.
The consolidated and company \ufb01nancial statements have been prepared on an historical cost basis.
Going concern
The \ufb01nancial statements of the Group and the Company are prepared on a going concern basis.
The Directors have given careful consideration to the Group net current liability position amounting to US$2.85 million and the
Group and Company\u2019s current loss-making position and cash out\ufb02ows, and their ability to continue as a going concern, with
the resultant need for adequate funding within the going concern period. This included review of cash \ufb02ow forecasts prepared
by management for the going concern period at least 12 months from approval of the \ufb01nancial statements, review of the key
assumptions on which these forecasts are based and the sensitivity analysis. The forecasts re\ufb02ect the Directors\u2019 best estimate
of expenditures and receipts during the going concern period. The forecasts are regularly updated to enable continuous
monitoring and management of the Group and the Company\u2019s cash \ufb02ow and liquidity risk. The forecasts indicate that, subject
to the principal assumptions noted below, the Group and the Company would have adequate resources to continue as going
concerns for the foreseeable future, that is a period of not less than 12 months from the date of approval of the \ufb01nancial
statements.
As part of its analysis in making the going concern assumption, the Directors have considered the range of risks facing the
business on an ongoing basis, as set out in the risk section of this Annual Report that remain applicable to the Group and the
Company. The principal assumptions made in relation to the Group and the Company\u2019s going concern assessments relate
to the capital commitments on its operated assets in Tanzania, the reservation of rights made by the Tanzania Petroleum
Development Corporation (\u201cTPDC\u201d) in respect of certain claims that the Directors consider are without merit, and the ongoing
objections to tax assessments in Tanzania (see Note 25). The Directors have also assumed that funding will be available to the
Group and the Company through the exercise of warrants by warrant holders and the exercise of share options by participants.
Such exercises are expected to occur in the second half of 2026. If such exercises did not occur, or only partially occurred, or
were delayed, subject to revenue streams assumed in the projections not being signi\ufb01cantly delayed, the Directors consider
that the Group would be able to either raise further funds or defer the payment of certain capital expenditures, or a combination
of both.
Current liabilities of the Group exceeded its current assets as at 31 December 2025, mainly as a result of provisions made for
some contested tax assessments. As disclosed in Note 25, the Group received a tax assessment in February 2020 from the
Tanzania Revenue Authority (\u201cTRA\u201d) of US$2.2 million in relation to an audit of the Group\u2019s Tanzanian wholly owned subsidiary
covering the period from 2013 to 2015 and tax assessments in June 2022 for US$4.8 million in relation to audits covering
the period from 2016 to 2018 and a subsequent Demand Notice for some of these assessments in January 2025. These tax
assessments are excluded from the cash forecast as any cash out\ufb02ow during the going concern period is not considered
probable based on either legal advice or the timeframes for tax cases in Tanzania. Tax assessments received in June 2023
from the TRA of US$3.3 million in relation to an audit covering the period from 2019 to 2020 are included insofar as amounts are
expected to be payable under a payment plan to be renegotiated with the TRA. Additionally, development and decommissioning
of the Group\u2019s assets in Tanzania is excluded from the cash forecast as any such commitments are anticipated to be outside
the going concern period.
The Group commenced discussions with the Tanzanian authorities during 2022 to return the Nyuni Area licence to the Ministry
of Energy and such discussions resulted in the Group being requested to market the licence in 2023 and 2024, in an attempt to
\ufb01nd a third-party partner willing to pursue and fund a mutually agreed re-negotiated work programme. Regardless of whether
the farm-out process is successful or not, it is not considered probable that any capital expenditure would arise in the period.
However, a risk exists that the Group and the Company lose the objections to the tax assessments or may be unable to
renegotiate or defer commitments relating to the development or decommissioning of the operated Licence interests during
the period, or that the TPDC may take action to enforce their claims to certain rights during the period and, therefore, the Group
and the Company may need to raise additional funding to meet these potential liabilities.
There is material uncertainty as to its ability to raise such additional funding in conjunction with su\ufb03cient conversion and
exercising of share warrants necessary to fund the underlying cash\ufb02ow requirements of the Group. This may result in the Group
and the Company having to raise funds at whatever terms are available at the time, which is not guaranteed.
These circumstances indicate that a material uncertainty exists that may cast signi\ufb01cant doubt on the Group and the Company\u2019s
ability to continue as going concerns and, therefore, the Group and the Company may be unable to realise their assets and
discharge their liabilities in the normal course of business. As the Group has been successful in raising equity funds at various times
and in similar circumstances in the recent past on acceptable terms to the Group, the Directors have a reasonable expectation that
additional funding can be raised. Despite the aforementioned material uncertainty, the Directors have con\ufb01dence in the Group\u2019s
forecasts and have a reasonable expectation that the Group and the Company will continue in operational existence for the
foreseeablefutureandhavethereforeusedthegoingconcernbasisinpreparingthese\ufb01nancialstatements.The\ufb01nancialstatements
do not include the adjustments that would result if the Group and the Company were unable to continue as going concerns.
Statement of compliance
The Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with IFRS and their interpretations
as adopted by the EU (\u201cEU IFRS\u201d). The individual \ufb01nancial statements of the Company (\u201cCompany \ufb01nancial statements\u201d) have been
prepared and approved by the Directors in accordance with EU IFRS and as applied in accordance with the Companies Acts 2014
which permits a company that publishes its Company and Group \ufb01nancial statements together to take advantage of the exemption
in Section 304 of the Companies Act 2014 from presenting to its members its company income statement and related notes that
form part of the approved Company \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00174": { "value": "Going concern
The \ufb01nancial statements of the Group and the Company are prepared on a going concern basis.
The Directors have given careful consideration to the Group net current liability position amounting to US$2.85 million and the
Group and Company\u2019s current loss-making position and cash out\ufb02ows, and their ability to continue as a going concern, with
the resultant need for adequate funding within the going concern period. This included review of cash \ufb02ow forecasts prepared
by management for the going concern period at least 12 months from approval of the \ufb01nancial statements, review of the key
assumptions on which these forecasts are based and the sensitivity analysis. The forecasts re\ufb02ect the Directors\u2019 best estimate
of expenditures and receipts during the going concern period. The forecasts are regularly updated to enable continuous
monitoring and management of the Group and the Company\u2019s cash \ufb02ow and liquidity risk. The forecasts indicate that, subject
to the principal assumptions noted below, the Group and the Company would have adequate resources to continue as going
concerns for the foreseeable future, that is a period of not less than 12 months from the date of approval of the \ufb01nancial
statements.
As part of its analysis in making the going concern assumption, the Directors have considered the range of risks facing the
business on an ongoing basis, as set out in the risk section of this Annual Report that remain applicable to the Group and the
Company. The principal assumptions made in relation to the Group and the Company\u2019s going concern assessments relate
to the capital commitments on its operated assets in Tanzania, the reservation of rights made by the Tanzania Petroleum
Development Corporation (\u201cTPDC\u201d) in respect of certain claims that the Directors consider are without merit, and the ongoing
objections to tax assessments in Tanzania (see Note 25). The Directors have also assumed that funding will be available to the
Group and the Company through the exercise of warrants by warrant holders and the exercise of share options by participants.
Such exercises are expected to occur in the second half of 2026. If such exercises did not occur, or only partially occurred, or
were delayed, subject to revenue streams assumed in the projections not being signi\ufb01cantly delayed, the Directors consider
that the Group would be able to either raise further funds or defer the payment of certain capital expenditures, or a combination
of both.
Current liabilities of the Group exceeded its current assets as at 31 December 2025, mainly as a result of provisions made for
some contested tax assessments. As disclosed in Note 25, the Group received a tax assessment in February 2020 from the
Tanzania Revenue Authority (\u201cTRA\u201d) of US$2.2 million in relation to an audit of the Group\u2019s Tanzanian wholly owned subsidiary
covering the period from 2013 to 2015 and tax assessments in June 2022 for US$4.8 million in relation to audits covering
the period from 2016 to 2018 and a subsequent Demand Notice for some of these assessments in January 2025. These tax
assessments are excluded from the cash forecast as any cash out\ufb02ow during the going concern period is not considered
probable based on either legal advice or the timeframes for tax cases in Tanzania. Tax assessments received in June 2023
from the TRA of US$3.3 million in relation to an audit covering the period from 2019 to 2020 are included insofar as amounts are
expected to be payable under a payment plan to be renegotiated with the TRA. Additionally, development and decommissioning
of the Group\u2019s assets in Tanzania is excluded from the cash forecast as any such commitments are anticipated to be outside
the going concern period.
The Group commenced discussions with the Tanzanian authorities during 2022 to return the Nyuni Area licence to the Ministry
of Energy and such discussions resulted in the Group being requested to market the licence in 2023 and 2024, in an attempt to
\ufb01nd a third-party partner willing to pursue and fund a mutually agreed re-negotiated work programme. Regardless of whether
the farm-out process is successful or not, it is not considered probable that any capital expenditure would arise in the period.
However, a risk exists that the Group and the Company lose the objections to the tax assessments or may be unable to
renegotiate or defer commitments relating to the development or decommissioning of the operated Licence interests during
the period, or that the TPDC may take action to enforce their claims to certain rights during the period and, therefore, the Group
and the Company may need to raise additional funding to meet these potential liabilities.
There is material uncertainty as to its ability to raise such additional funding in conjunction with su\ufb03cient conversion and
exercising of share warrants necessary to fund the underlying cash\ufb02ow requirements of the Group. This may result in the Group
and the Company having to raise funds at whatever terms are available at the time, which is not guaranteed.
These circumstances indicate that a material uncertainty exists that may cast signi\ufb01cant doubt on the Group and the Company\u2019s
ability to continue as going concerns and, therefore, the Group and the Company may be unable to realise their assets and
discharge their liabilities in the normal course of business. As the Group has been successful in raising equity funds at various times
and in similar circumstances in the recent past on acceptable terms to the Group, the Directors have a reasonable expectation that
additional funding can be raised. Despite the aforementioned material uncertainty, the Directors have con\ufb01dence in the Group\u2019s
forecasts and have a reasonable expectation that the Group and the Company will continue in operational existence for the
foreseeablefutureandhavethereforeusedthegoingconcernbasisinpreparingthese\ufb01nancialstatements.The\ufb01nancialstatements
do not include the adjustments that would result if the Group and the Company were unable to continue as going concerns.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00175": { "value": "Statement of compliance
The Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with IFRS and their interpretations
as adopted by the EU (\u201cEU IFRS\u201d). The individual \ufb01nancial statements of the Company (\u201cCompany \ufb01nancial statements\u201d) have been
prepared and approved by the Directors in accordance with EU IFRS and as applied in accordance with the Companies Acts 2014
which permits a company that publishes its Company and Group \ufb01nancial statements together to take advantage of the exemption
in Section 304 of the Companies Act 2014 from presenting to its members its company income statement and related notes that
form part of the approved Company \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00176": { "value": "Change in accounting policies
i) New accounting standards, interpretations and amendments e\ufb00ective from 1 January 2025
A number of new and amended standards and interpretations issued by IASB have become e\ufb00ective for the \ufb01rst time for
\ufb01nancial periods beginning on (or after) 1 January 2025 and have been applied by the Group in these \ufb01nancial statements.
None of these new and amended standards and interpretations had a signi\ufb01cant e\ufb00ect on the Group because they are either
not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies.
ii) New standards, interpretations and amendments not yet e\ufb00ective
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are
e\ufb00ective in future accounting periods and which have not been adopted early by the Group. Except as mentioned below, these
standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable
future transactions.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
will supersede IAS 1 \u2018Presentation of Financial Statements\u2019
and is e\ufb00ective for annual periods beginning on or after 1 January 2027 subject to endorsement by the EU. IFRS 18 (and
consequential amendments made to IAS 7 \u2018Statement of Cash Flows\u2019, IAS 8 \u2018Accounting Policies: Changes in Accounting
Estimates and Errors\u2019, IAS 33 \u2018Earnings per share\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019) introduces several new
requirements that are expected to impact the presentation and disclosure of the Group\u2019s consolidated \ufb01nancial statements.
These new requirements include:
\u2022
Requirements to classify all income and expenses included in the statement of pro\ufb01t or loss into one of \ufb01ve categories and
to present two new mandatory subtotals.
\u2022
Requirement to use the operating pro\ufb01t subtotal as the starting point for the indirect method of reporting cash \ufb02ows from
operating activities in the statement of cash \ufb02ows.
\u2022
Speci\ufb01c classi\ufb01cation requirements for interest paid/received and dividends received in the statement of cash \ufb02ows such
that interest and dividend receipts are included as investing cash \ufb02ows and interest paid as \ufb01nancing cash \ufb02ows.
\u2022
Required disclosures about certain non-GAAP measures (\u2018management de\ufb01ned performance measures\u2019) in a single note
to the \ufb01nancial statements.
\u2022
Enhanced guidance on the aggregation of information across all the primary \ufb01nancial statements and the notes.
The Group\u2019s evaluation of the e\ufb00ect of adopting IFRS 18 is ongoing.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019
is e\ufb00ective for periods beginning on or after 1 January 2027.
This standard introduces reduced disclosure requirements for eligible subsidiaries. The Group is assessing whether it will apply
IFRS 19. No impact on recognition or measurement is expected.
IFRS 9 and IFRS 7 \u2018Amendments to Classi\ufb01cation and Measurement of Financial Instruments\u2019
is e\ufb00ective for periods beginning
on or after 1 January 2027. These amendments clarify certain classi\ufb01cation and measurement requirements for \ufb01nancial
instruments. The Group does not expect a material impact on its \ufb01nancial statements.
IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36, IAS 37:
Various amendments to illustrative examples and disclosure guidance have been
issued to improve clarity and consistency, particularly regarding measurement uncertainties and estimation processes. These
do not change accounting requirements and are not expected to have a signi\ufb01cant e\ufb00ect on the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00177": { "value": "i) New accounting standards, interpretations and amendments e\ufb00ective from 1 January 2025
A number of new and amended standards and interpretations issued by IASB have become e\ufb00ective for the \ufb01rst time for
\ufb01nancial periods beginning on (or after) 1 January 2025 and have been applied by the Group in these \ufb01nancial statements.
None of these new and amended standards and interpretations had a signi\ufb01cant e\ufb00ect on the Group because they are either
not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00178": { "value": "ii) New standards, interpretations and amendments not yet e\ufb00ective There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are e\ufb00ective in future accounting periods and which have not been adopted early by the Group. Except as mentioned below, these standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 will supersede IAS 1 \u2018Presentation of Financial Statements\u2019 and is e\ufb00ective for annual periods beginning on or after 1 January 2027 subject to endorsement by the EU. IFRS 18 (and consequential amendments made to IAS 7 \u2018Statement of Cash Flows\u2019, IAS 8 \u2018Accounting Policies: Changes in Accounting Estimates and Errors\u2019, IAS 33 \u2018Earnings per share\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019) introduces several new requirements that are expected to impact the presentation and disclosure of the Group\u2019s consolidated \ufb01nancial statements. These new requirements include: \u2022 Requirements to classify all income and expenses included in the statement of pro\ufb01t or loss into one of \ufb01ve categories and to present two new mandatory subtotals. \u2022 Requirement to use the operating pro\ufb01t subtotal as the starting point for the indirect method of reporting cash \ufb02ows from operating activities in the statement of cash \ufb02ows. \u2022 Speci\ufb01c classi\ufb01cation requirements for interest paid/received and dividends received in the statement of cash \ufb02ows such that interest and dividend receipts are included as investing cash \ufb02ows and interest paid as \ufb01nancing cash \ufb02ows. \u2022 Required disclosures about certain non-GAAP measures (\u2018management de\ufb01ned performance measures\u2019) in a single note to the \ufb01nancial statements. \u2022 Enhanced guidance on the aggregation of information across all the primary \ufb01nancial statements and the notes. The Group\u2019s evaluation of the e\ufb00ect of adopting IFRS 18 is ongoing. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 is e\ufb00ective for periods beginning on or after 1 January 2027. This standard introduces reduced disclosure requirements for eligible subsidiaries. The Group is assessing whether it will apply IFRS 19. No impact on recognition or measurement is expected. IFRS 9 and IFRS 7 \u2018Amendments to Classi\ufb01cation and Measurement of Financial Instruments\u2019 is e\ufb00ective for periods beginning on or after 1 January 2027. These amendments clarify certain classi\ufb01cation and measurement requirements for \ufb01nancial instruments. The Group does not expect a material impact on its \ufb01nancial statements. IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36, IAS 37: Various amendments to illustrative examples and disclosure guidance have been issued to improve clarity and consistency, particularly regarding measurement uncertainties and estimation processes. These do not change accounting requirements and are not expected to have a signi\ufb01cant e\ufb00ect on the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00179": { "value": "Basis of consolidation
The Group \ufb01nancial statements consolidate the \ufb01nancial statements of Aminex PLC and its subsidiaries. Subsidiaries are
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which
control is transferred out of the Group. Control exists when the Company is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to a\ufb00ect those returns through its power over the entity. Financial statements
of subsidiaries are prepared for the same reporting year as the parent company.
The statutory individual \ufb01nancial statements of subsidiary companies have been prepared under the accounting policies
applicable in their country of incorporation but adjustments have been made to the results and \ufb01nancial position of such
companies to bring their accounting policies into line with those of the Group for consolidation purposes.
All intra-group balances and transactions, including unrealised pro\ufb01ts arising from intra-group transactions, have been
eliminated in full. Unrealised losses are eliminated in the same manner as unrealised gains except to the extent that there is
evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00222": { "value": "Investments in subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the \ufb01nancial and operating policies, is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to a\ufb00ect those returns through its power
over the entity. Such power, generally but not exclusively, accompanies a shareholding of more than one-half of the voting
rights. Non-current investments in subsidiaries of the Company are shown at cost less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00223": { "value": "Joint operations Joint operations are those activities over which the Group exercises joint control with other participants, established by contractual agreement. The Group recognises, in respect of its interests in joint operations, the assets that it controls, the liabilities that it incurs, the expenses that it incurs and the share of the income that it earns from the sale of goods or services by the joint operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysRelationshipWithJointOperation", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00224": { "value": "Revenue from contracts with customers
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer. The Group recognises revenue
when performance obligations are satis\ufb01ed and it transfers control over a good or service to a customer. Details of the Group\u2019s
sources of revenue from contracts with customers and details on when control passes are detailed in Note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00225": { "value": "Employee bene\ufb01ts
Share-based payments
The Group operates a number of share option schemes. For equity-settled share-based payment transactions (i.e. the issuance
of share options), the Group measures the services received by reference to the value of the option or other \ufb01nancial instrument
at fair value at the measurement date (which is the grant date) using a recognised valuation methodology for the pricing of
\ufb01nancial instruments (i.e. the Black Scholes model).
If the share options granted do not vest until the completion of a speci\ufb01ed period of service, the fair value assessed at the
grant date is recognised in the income statement over the vesting period as the services are rendered by employees with
a corresponding increase in equity. For options granted with no vesting period the fair value is recognised in the income
statement at the date of the grant.
Where share options granted do not vest until performance-related targets, which include targets outside management\u2019s
control, have been achieved (i.e. a variable vesting period), the fair value assessed at the grant date is recognised in the income
statement over a vesting period estimated by management based on the most likely outcome of the performance condition
(IFRS 2.15(b)).
Share options issued by the Group that are subject to market-based vesting conditions, as de\ufb01ned in IFRS 2, are ignored for
the purposes of estimating the number of equity shares that will vest; these conditions have already been taken into account
when fair valuing the share options.
Non-market vesting conditions are not taken into account when estimating the fair value of share options at the grant date;
such conditions are taken into account through adjusting the number of equity instruments included in the measurement of
the amount charged to the income statement over the vesting period so that, ultimately, the amount recognised equates to the
number of equity instruments that actually vest. The expense in the income statement in relation to share options represents
the product of the total number of options anticipated to vest and the fair value of these options at the date of grant.
Where share options have performance conditions that are service-related and non-market in nature, the cumulative charge to
the income statement is reversed only where an employee in receipt of share options leaves the Group prior to completion of
the service period and forfeits the options granted and/or performance conditions are not expected to be satis\ufb01ed. Where an
equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised
for the award is recognised immediately.
The proceeds received by the Group on the exercise of share entitlements are credited to share capital and share premium.
Where share options are awarded by the Group to employees of subsidiary companies, the value of the share-based payment
is credited to the Group\u2019s share option reserve and charged through investments in subsidiary undertakings to the income
statement of the relevant subsidiary company.
When share options which have not been exercised reach the end of the original contractual life, the value of the share options
is transferred from the share option reserve to retained earnings. The Share Scheme adopted in July 2020 gives the Board the
discretion to award a cash alternative. There are no cash settled awards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00226": { "value": "Share-based payments
The Group operates a number of share option schemes. For equity-settled share-based payment transactions (i.e. the issuance
of share options), the Group measures the services received by reference to the value of the option or other \ufb01nancial instrument
at fair value at the measurement date (which is the grant date) using a recognised valuation methodology for the pricing of
\ufb01nancial instruments (i.e. the Black Scholes model).
If the share options granted do not vest until the completion of a speci\ufb01ed period of service, the fair value assessed at the
grant date is recognised in the income statement over the vesting period as the services are rendered by employees with
a corresponding increase in equity. For options granted with no vesting period the fair value is recognised in the income
statement at the date of the grant.
Where share options granted do not vest until performance-related targets, which include targets outside management\u2019s
control, have been achieved (i.e. a variable vesting period), the fair value assessed at the grant date is recognised in the income
statement over a vesting period estimated by management based on the most likely outcome of the performance condition
(IFRS 2.15(b)).
Share options issued by the Group that are subject to market-based vesting conditions, as de\ufb01ned in IFRS 2, are ignored for
the purposes of estimating the number of equity shares that will vest; these conditions have already been taken into account
when fair valuing the share options.
Non-market vesting conditions are not taken into account when estimating the fair value of share options at the grant date;
such conditions are taken into account through adjusting the number of equity instruments included in the measurement of
the amount charged to the income statement over the vesting period so that, ultimately, the amount recognised equates to the
number of equity instruments that actually vest. The expense in the income statement in relation to share options represents
the product of the total number of options anticipated to vest and the fair value of these options at the date of grant.
Where share options have performance conditions that are service-related and non-market in nature, the cumulative charge to
the income statement is reversed only where an employee in receipt of share options leaves the Group prior to completion of
the service period and forfeits the options granted and/or performance conditions are not expected to be satis\ufb01ed. Where an
equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised
for the award is recognised immediately.
The proceeds received by the Group on the exercise of share entitlements are credited to share capital and share premium.
Where share options are awarded by the Group to employees of subsidiary companies, the value of the share-based payment
is credited to the Group\u2019s share option reserve and charged through investments in subsidiary undertakings to the income
statement of the relevant subsidiary company.
When share options which have not been exercised reach the end of the original contractual life, the value of the share options
is transferred from the share option reserve to retained earnings. The Share Scheme adopted in July 2020 gives the Board the
discretion to award a cash alternative. There are no cash settled awards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00227": { "value": "Share capital
Ordinary shares and deferred shares are classi\ufb01ed as equity. Proceeds received from the issue of ordinary shares above the
nominal value is classi\ufb01ed as Share Premium. Costs directly attributable to new shares are shown in equity as a deduction from
Share Premium in accordance with the provisions of the Companies Act 2014 (Section 117).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00228": { "value": "Share warrants
Under IAS 32.11(b)(ii), rights, options or warrants to acquire a \ufb01xed number of an entity\u2019s own equity instruments for a \ufb01xed
amount of cash are generally classi\ufb01ed as equity instruments where they meet the \u201c\ufb01xed-for-\ufb01xed\u201d criterion. The pro rata
requirement applies speci\ufb01cally in the context of foreign currency rights issues, i.e. where rights, options or warrants to acquire
a \ufb01xed number of the entity\u2019s own equity instruments for a \ufb01xed amount of any currency are classi\ufb01ed as equity only if they are
o\ufb00ered pro rata to all existing owners of the same class of non-derivative equity instruments. Where this condition is not met,
such instruments would typically be classi\ufb01ed as derivative \ufb01nancial liabilities and measured at fair value through pro\ufb01t or loss
in accordance with IAS 32 and IFRS 9.
Where the warrants are classi\ufb01ed as equity instruments, they are recognised within equity at the proceeds received, with no
subsequent remeasurement.
Where the warrants are classi\ufb01ed as \ufb01nancial liabilities, they are initially recognised at fair value in accordance with IFRS 9.
Any di\ufb00erence between the transaction price and the fair value at initial recognition that is evidenced by observable market
data is recognised immediately in pro\ufb01t or loss in accordance with IFRS 9.B5.1.2A. Where no consideration is allocated to the
warrants, initial recognition at fair value may result in a day one loss recognised in pro\ufb01t or loss.
If the instrument is classi\ufb01ed as a derivative \ufb01nancial liability (DFL), an amount of the proceeds equal to the fair value of the
warrants is credited to a DFL account on the balance sheet. The fair value of the instrument is remeasured at each reporting
date and the DFL account adjusted as appropriate, with a corresponding amount recognised in pro\ufb01t or loss. Transaction costs
relating to \ufb01nancial instruments measured at fair value through pro\ufb01t or loss, including derivative \ufb01nancial liabilities, are included
in administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00229": { "value": "Finance costs
Finance costs comprise interest payable on borrowings calculated using the e\ufb00ective interest rate method, the unwinding of the
discount on the decommissioning provision and foreign exchange losses.
Finance income
Finance income comprises interest income, which is recognised in the income statement as it accrues, using the e\ufb00ective
interest rate method, and foreign exchange gains.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00230": { "value": "Finance costs
Finance costs comprise interest payable on borrowings calculated using the e\ufb00ective interest rate method, the unwinding of the
discount on the decommissioning provision and foreign exchange losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00231": { "value": "Tax
The tax expense in the income statement represents the sum of the current tax expense and deferred tax expense.
Tax currently payable is based on taxable pro\ufb01t for the year and any adjustments to tax payable in respect of previous years.
Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further excludes items that are not taxable or deductible. The liability for
current tax is calculated using rates that have been enacted or substantively enacted at the balance sheet date. Where there
are uncertain tax positions, the Group assesses whether it is probable that the position adopted in tax \ufb01lings will be accepted
by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered
probable that the income tax \ufb01ling position will be accepted by the tax authority, the uncertainty is re\ufb02ected within the carrying
amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment,
depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts
and circumstances.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00232": { "value": "Deferred tax is provided, using the liability method, on all temporary di\ufb00erences between the carrying amounts of assets
and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except those arising from non-
deductible goodwill or on initial recognition of an asset or liability in a transaction that is not a business combination and that
a\ufb00ects neither accounting nor taxable pro\ufb01t.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
expected to be realised or the liability to be settled based on laws that have been enacted or substantively enacted at the
balance sheet date.
Deferred tax assets are recognised for all deductible di\ufb00erences, carry forward of unused tax credits and unused tax losses,
to the extent that it is probable that taxable pro\ufb01t will be available against which the deductible temporary di\ufb00erences and the
carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that su\ufb03cient taxable pro\ufb01t would be available to allow all or part of the deferred tax asset to be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00233": { "value": "Earnings per ordinary share
Basic earnings per share is computed by dividing the net pro\ufb01t for the \ufb01nancial period attributable to ordinary shareholders by
the weighted average number of ordinary shares in issue during the \ufb01nancial period.
Diluted earnings per share is computed by dividing the pro\ufb01t for the \ufb01nancial period attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue after adjusting for the e\ufb00ects of all potential dilutive ordinary shares that
were outstanding during the \ufb01nancial period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00234": { "value": "Foreign currency translation
The presentation currency of the Group and the functional currency of Aminex PLC is the US dollar (\u201cUS$\u201d), representing the
currency of the primary economic environment in which the Group operates. Transactions in foreign currencies are recorded at
the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the functional currency at the rate of exchange at the balance sheet date. All translation di\ufb00erences are taken
to the income statement.
Results and cash \ufb02ows of non-dollar subsidiary undertakings are translated into US dollars at average exchange rates for the
year and the related assets and liabilities (including goodwill and fair value adjustments) are translated at the rates of exchange
ruling at the balance sheet date. Adjustments arising on translation of the results of non-dollar subsidiary undertakings at
average rates, and on the restatement of the opening net assets at closing rates, are dealt with in a separate translation reserve
within equity, net of di\ufb00erences on related currency borrowings. Proceeds from the issue of share capital are recognised at the
prevailing exchange rate on the date that the Board of Directors rati\ufb01es such issuance; any foreign exchange movement arising
between the date of issue and the date of receipt of funds is charged or credited to the income statement.
The principal exchange rates used for the translation of results, cash \ufb02ows and balance sheets into US dollars were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Average
Year-end
\u00a0
2025
2024
2025
2024
US$1 equals
\u00a0 \u00a0 \u00a0 \u00a0
Pound sterling
0.7472
0.7907
0.7434
0.7981
Euro
0.8540
0.9552
0.8515
0.9657
Australian dollar
1.5060
1.5786
1.4996
1.6150
Tanzanian shilling
2,540
2,600
2,447
2,394
\n
On loss of control of a foreign operation, accumulated currency translation di\ufb00erences are recognised in the income statement
as part of the overall gain or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00235": { "value": "Exploration and evaluation assets
The assessment of what constitutes an individual exploration and evaluation (\u201cE&E\u201d) asset (an E&E asset is the same as a
cash-generating unit (\u201cCGU\u201d) for the purposes of impairment testing) is based on technical criteria but normally a production
sharing agreement (\u201cPSA\u201d) is designated as an individual E&E asset. A PSA will normally equate to a single licence except for
the Ruvuma PSA (see Note 11).
E&E expenditure incurred prior to obtaining the legal rights to explore an area is recognised in the income statement as incurred.
Costs incurred after rights to explore have been obtained, such as geological and geophysical surveys, drilling and commercial
appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs,
are capitalised as intangible E&E assets.
Capitalised E&E costs are not amortised prior to the conclusion of appraisal activities. At completion of appraisal activities,
if technical feasibility is demonstrated, commercial reserves are discovered and commercial viability is demonstrable, then,
following development sanction, the carrying value of the relevant E&E asset will be reclassi\ufb01ed to property, plant and
equipment, but only after the carrying value of the E&E asset has been assessed for impairment and, where appropriate, its
carrying value adjusted. If, after completion of appraisal activities in an area, it is not possible to determine technical feasibility
and commercial viability, if the legal rights to explore expire or if the Group decides not to continue E&E activities then the costs
of such unsuccessful E&E are written o\ufb00 to the income statement in the period the relevant events occur.Impairment
E&E assets are assessed at each reporting date for indicators of impairment, with an impairment test being required when
facts and circumstances suggest that the carrying amount of capitalised E&E expenditure exceeds its recoverable amount and
su\ufb03cient data exists to enable the Group to determine technical feasibility and commercial viability.
Under IFRS 6, the following indicators are set out to determine whether an E&E asset is required to be tested for impairment:
a) the period for which the entity has the right to explore in the speci\ufb01c area has expired during the period or will expire in the
near future, and is not expected to be renewed;
b) substantive expenditure on further exploration for and evaluation of mineral resources in the speci\ufb01c area is neither budgeted
nor planned;
c) exploration for and evaluation of mineral resources in the speci\ufb01c area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to discontinue such activities in the speci\ufb01c area; and
d) su\ufb03cient data exists to indicate that, although a development in the speci\ufb01c area is likely to proceed, the carrying amount of
the E&E asset is unlikely to be recovered in full from successful development or by sale.
The list is not exhaustive, and management will consider other relevant changes in facts and circumstances that may indicate the
requirement for an E&E asset impairment test.
Where an indicator of impairment exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever
the carrying amounts of an asset or its cash generating unit exceed its recoverable amount. Impairment losses are recognised in
the statement of pro\ufb01t or loss. The recoverable amount of an asset is the higher of its fair value less cost of disposal and value-
in-use.
This assessment is based on a range of technical and commercial considerations and con\ufb01rming that su\ufb03cient progress is being
made to establish development plans and timing. If no future activity is planned, or the value of the asset cannot be recovered via
successful development or sale, the balance of the E&E expenditure is impaired wholly or in part as appropriate.
Value-in-use re\ufb02ects the expected present value of the future cash \ufb02ows which the Group would generate through the operation
of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The
fair value less cost of disposal valuation will normally be higher than the value-in-use valuation and accordingly the Group typically
applies this valuation estimate in its impairment of valuation assessments.
The fair value less cost of disposal is determined as the amount of estimated risk adjusted and discounted future cash \ufb02ows. For
this purpose, assets are grouped into cash generating units (\u201cCGU\u201ds) based on separately identi\ufb01able and largely independent
cash in\ufb02ows. Estimates of future cash \ufb02ows are made using management forecasts.
Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has
been a change in circumstances to the extent that the discounted future net cash \ufb02ows are higher than the net book value at the
time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value
or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00236": { "value": "Capitalised E&E costs are not amortised prior to the conclusion of appraisal activities. At completion of appraisal activities,
if technical feasibility is demonstrated, commercial reserves are discovered and commercial viability is demonstrable, then,
following development sanction, the carrying value of the relevant E&E asset will be reclassi\ufb01ed to property, plant and
equipment, but only after the carrying value of the E&E asset has been assessed for impairment and, where appropriate, its
carrying value adjusted. If, after completion of appraisal activities in an area, it is not possible to determine technical feasibility
and commercial viability, if the legal rights to explore expire or if the Group decides not to continue E&E activities then the costs
of such unsuccessful E&E are written o\ufb00 to the income statement in the period the relevant events occur.
Property, plant and equipment \u2013 developed and producing oil and gas assets (stated at cost)
Developing and producing oil and gas assets are aggregated generally on a \ufb01eld-by-\ufb01eld basis and represent the cost of
developing the commercial reserves discovered and bringing them into production, together with the E&E expenditure incurred
in \ufb01nding commercial reserves transferred from intangible E&E assets as outlined in the accounting policy above.
Subsequent expenditure is capitalised only where it either enhances the economic bene\ufb01ts of the developed and producing
properties or replaces part of the existing developed and producing properties. The carrying amounts of the part replaced are
expensed to the income statement.
Interest on borrowings for development projects is capitalised by \ufb01eld up to the time that the asset commences to produce
commercial reserves.
Farm-outs
A farm-out is an arrangement whereby the Group gives up the right to future reserves via reduction in the working interest in
a licence in exchange for cash consideration or a reduction in future funding commitments which will be met, or \u201ccarried\u201d, by
another party (farmee).
Any cash consideration received as part of a farm-out arrangement that relates to (i) the purchase of a right to receive future
reserves from the asset, or (ii) past capitalised costs of the asset, are credited against the carrying amount of the existing
asset. Consequently, the Group does not recognise any gain or loss on the partial disposal of interest in the asset unless the
cash consideration exceeds the carrying amount. If consideration received exceeds the carrying amount of the E&E asset, this
excess is recognised as a gain in the income statement. Any future commitments that will be met by the farmee are excluded
when the licence is yet to establish proven reserves.
Subsequent E&E expenditure settled by the farmee as part of the carried interest is not recognised by the Group in the carrying
value of the asset.
Capital gain taxes arising on farm-out transactions are recorded in the income statement.
Depletion
The Group depletes capitalised costs calculated at price levels ruling at the balance sheet date on developed and producing
properties on a unit of production basis, based on proved and probable reserves on a \ufb01eld-by-\ufb01eld basis. In certain
circumstances, \ufb01elds within a single development may be combined for depletion purposes.
Amortisation is calculated by reference to the proportion that production for the period bears to the total of the estimated
remaining commercial reserves as at the beginning of the period. Changes in reserves quantities and cost estimates are
recognised prospectively.
Impairment
E&E assets are assessed at each reporting date for indicators of impairment, with an impairment test being required when
facts and circumstances suggest that the carrying amount of capitalised E&E expenditure exceeds its recoverable amount and
su\ufb03cient data exists to enable the Group to determine technical feasibility and commercial viability.
Under IFRS 6, the following indicators are set out to determine whether an E&E asset is required to be tested for impairment:
a) the period for which the entity has the right to explore in the speci\ufb01c area has expired during the period or will expire in the
near future, and is not expected to be renewed;
b) substantive expenditure on further exploration for and evaluation of mineral resources in the speci\ufb01c area is neither budgeted
nor planned;
c) exploration for and evaluation of mineral resources in the speci\ufb01c area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to discontinue such activities in the speci\ufb01c area; and
d) su\ufb03cient data exists to indicate that, although a development in the speci\ufb01c area is likely to proceed, the carrying amount of
the E&E asset is unlikely to be recovered in full from successful development or by sale.
The list is not exhaustive, and management will consider other relevant changes in facts and circumstances that may indicate the
requirement for an E&E asset impairment test.
Where an indicator of impairment exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever
the carrying amounts of an asset or its cash generating unit exceed its recoverable amount. Impairment losses are recognised in
the statement of pro\ufb01t or loss. The recoverable amount of an asset is the higher of its fair value less cost of disposal and value-
in-use.
This assessment is based on a range of technical and commercial considerations and con\ufb01rming that su\ufb03cient progress is being
made to establish development plans and timing. If no future activity is planned, or the value of the asset cannot be recovered via
successful development or sale, the balance of the E&E expenditure is impaired wholly or in part as appropriate.
Value-in-use re\ufb02ects the expected present value of the future cash \ufb02ows which the Group would generate through the operation
of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The
fair value less cost of disposal valuation will normally be higher than the value-in-use valuation and accordingly the Group typically
applies this valuation estimate in its impairment of valuation assessments.
The fair value less cost of disposal is determined as the amount of estimated risk adjusted and discounted future cash \ufb02ows. For
this purpose, assets are grouped into cash generating units (\u201cCGU\u201ds) based on separately identi\ufb01able and largely independent
cash in\ufb02ows. Estimates of future cash \ufb02ows are made using management forecasts.
Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has
been a change in circumstances to the extent that the discounted future net cash \ufb02ows are higher than the net book value at the
time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value
or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00237": { "value": "Property, plant and equipment \u2013 developed and producing oil and gas assets (stated at cost)
Developing and producing oil and gas assets are aggregated generally on a \ufb01eld-by-\ufb01eld basis and represent the cost of
developing the commercial reserves discovered and bringing them into production, together with the E&E expenditure incurred
in \ufb01nding commercial reserves transferred from intangible E&E assets as outlined in the accounting policy above.
Subsequent expenditure is capitalised only where it either enhances the economic bene\ufb01ts of the developed and producing
properties or replaces part of the existing developed and producing properties. The carrying amounts of the part replaced are
expensed to the income statement.
Interest on borrowings for development projects is capitalised by \ufb01eld up to the time that the asset commences to produce
commercial reserves.Depletion
The Group depletes capitalised costs calculated at price levels ruling at the balance sheet date on developed and producing
properties on a unit of production basis, based on proved and probable reserves on a \ufb01eld-by-\ufb01eld basis. In certain
circumstances, \ufb01elds within a single development may be combined for depletion purposes.
Amortisation is calculated by reference to the proportion that production for the period bears to the total of the estimated
remaining commercial reserves as at the beginning of the period. Changes in reserves quantities and cost estimates are
recognised prospectively.Decommissioning costs
A liability is recognised once there is an obligation for the decommissioning of oil and gas wells. Decommissioning cost
estimates are measured based on current requirements, technology and price levels, which is in\ufb02ated to estimate the future
cost at the expected abandonment date; the present value is calculated using amounts discounted over the useful economic
life of the assets. This amount is included within the related exploration and evaluation or developed and producing assets by
\ufb01eld and the liability is included in provisions. Such cost is depleted over the life of the \ufb01eld on a unit of production basis and
charged to the income statement. The unwinding of the discount is re\ufb02ected as a \ufb01nance cost in the income statement over the
remaining life of the well. Changes in estimates are recognised prospectively, with corresponding adjustments to the provision
and the associated asset. The e\ufb00ects of changes resulting from revisions to the timing or the amount of the original estimate
of the provision are re\ufb02ected on a prospective basis, generally by adjustment to the carrying amount of the related exploration
and evaluation or property, plant and equipment.
Property, plant and equipment \u2013 other
Other property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Depreciation
is calculated to write o\ufb00 the original cost of other property, plant and equipment less its estimated residual value over their
expected useful lives on a straight-line basis.
The estimated useful lives applied in determining the charge to depreciation are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3-5 years
Fixtures and \ufb01ttings
3-5 years
\n
The useful lives and residual values are reassessed annually.
On disposal of other property, plant and equipment, the cost and related accumulated depreciation and impairments are
removed from the \ufb01nancial statements and the net amount less any proceeds are taken to the income statement.
The carrying amounts of other property, plant and equipment are reviewed at each balance sheet date to determine whether
there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash
generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it
is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the replaced item can
be measured reliably. All other repair and maintenance costs are charged to the income statement during the \ufb01nancial period
in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00238": { "value": "The estimated useful lives applied in determining the charge to depreciation are as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3-5 years
Fixtures and \ufb01ttings
3-5 years
\n
The useful lives and residual values are reassessed annually.
On disposal of other property, plant and equipment, the cost and related accumulated depreciation and impairments are
removed from the \ufb01nancial statements and the net amount less any proceeds are taken to the income statement.
The carrying amounts of other property, plant and equipment are reviewed at each balance sheet date to determine whether
there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash
generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it
is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the replaced item can
be measured reliably. All other repair and maintenance costs are charged to the income statement during the \ufb01nancial period
in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00285": { "value": "Cash and cash equivalents
Cash and cash equivalents refer to deposits with a maturity of less than 90 days at inception and include cash in hand, current
accounts with banks and cash held by the Group in current accounts with banks on behalf of joint operation partners.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00286": { "value": "Financial instruments
Financial assets and \ufb01nancial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
There are no material \ufb01nancial assets and liabilities for which di\ufb00erences between carrying amounts and fair values are required
to be disclosed. The classi\ufb01cation of \ufb01nancial instruments as required by IFRS 7 is disclosed in Notes 16, 17, 18 and 20.
(a) Financial assets
Financial assets are initially recognised at fair value, normally being the transaction price, and subsequently measured at
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial
assets is determined by the contractual cash \ufb02ows and where applicable the business model for managing the \ufb01nancial
assets. The Group derecognises \ufb01nancial assets when the contractual rights to the cash \ufb02ows expire or the \ufb01nancial asset
is transferred to a third party. On derecognition of a \ufb01nancial asset measured at amortised cost, the di\ufb00erence between the
asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in pro\ufb01t or loss.
Financial assets at amortised cost
Financial assets are classi\ufb01ed as measured at amortised cost when they are held in a business model the objective of which
is to collect contractual cash \ufb02ows and the contractual cash \ufb02ows represent solely payments of principal and interest. Such
assets are carried at amortised cost using the e\ufb00ective interest method if the time value of money is signi\ufb01cant. Gains and
losses are recognised in pro\ufb01t or loss when the assets are derecognised or impaired and when interest is recognised using
the e\ufb00ective interest rate method. This category of \ufb01nancial assets includes trade and other receivables and loans provided to
subsidiary undertakings of the Company.
(b) Financial liabilities
Financial liabilities are generally stated at amortised costs using the e\ufb00ective interest rate method. Derivative \ufb01nancial instruments
are recognised at fair value on the issue date. The Group classi\ufb01es all derivative \ufb01nancial liabilities as measured at fair value
through pro\ufb01t or loss unless they are designated in an e\ufb00ective hedging relationship. Subsequent changes in fair value are
recognised in pro\ufb01t or loss. Derivative \ufb01nancial liabilities are presented as non-current unless they are expected to be settled
within 12 months.
(c) Impairment of \ufb01nancial assets
The expected credit loss model is applied for recognition and measurement of impairments in \ufb01nancial assets measured
at amortised cost. The loss allowance for the \ufb01nancial asset is measured at an amount equal to the 12-month expected
credit losses. If the credit risk on the \ufb01nancial asset has increased signi\ufb01cantly since initial recognition, the loss allowance
for the \ufb01nancial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are
recognised in pro\ufb01t and loss. For trade receivables, a simpli\ufb01ed impairment approach is applied recognising expected lifetime
losses from initial recognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00287": { "value": "(a) Financial assets
Financial assets are initially recognised at fair value, normally being the transaction price, and subsequently measured at
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial
assets is determined by the contractual cash \ufb02ows and where applicable the business model for managing the \ufb01nancial
assets. The Group derecognises \ufb01nancial assets when the contractual rights to the cash \ufb02ows expire or the \ufb01nancial asset
is transferred to a third party. On derecognition of a \ufb01nancial asset measured at amortised cost, the di\ufb00erence between the
asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in pro\ufb01t or loss.
Financial assets at amortised cost
Financial assets are classi\ufb01ed as measured at amortised cost when they are held in a business model the objective of which
is to collect contractual cash \ufb02ows and the contractual cash \ufb02ows represent solely payments of principal and interest. Such
assets are carried at amortised cost using the e\ufb00ective interest method if the time value of money is signi\ufb01cant. Gains and
losses are recognised in pro\ufb01t or loss when the assets are derecognised or impaired and when interest is recognised using
the e\ufb00ective interest rate method. This category of \ufb01nancial assets includes trade and other receivables and loans provided to
subsidiary undertakings of the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00289": { "value": "(b) Financial liabilities
Financial liabilities are generally stated at amortised costs using the e\ufb00ective interest rate method. Derivative \ufb01nancial instruments
are recognised at fair value on the issue date. The Group classi\ufb01es all derivative \ufb01nancial liabilities as measured at fair value
through pro\ufb01t or loss unless they are designated in an e\ufb00ective hedging relationship. Subsequent changes in fair value are
recognised in pro\ufb01t or loss. Derivative \ufb01nancial liabilities are presented as non-current unless they are expected to be settled
within 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00288": { "value": "(c) Impairment of \ufb01nancial assets
The expected credit loss model is applied for recognition and measurement of impairments in \ufb01nancial assets measured
at amortised cost. The loss allowance for the \ufb01nancial asset is measured at an amount equal to the 12-month expected
credit losses. If the credit risk on the \ufb01nancial asset has increased signi\ufb01cantly since initial recognition, the loss allowance
for the \ufb01nancial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are
recognised in pro\ufb01t and loss. For trade receivables, a simpli\ufb01ed impairment approach is applied recognising expected lifetime
losses from initial recognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00180": { "value": "Critical accounting judgements
The Group assesses critical accounting judgements annually. The following are the critical judgements, apart from those
involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the
Group\u2019s accounting policies and that have the most signi\ufb01cant e\ufb00ect on the amounts recognised in the Financial Statements.
Carrying value of intangible exploration and evaluation assets (Note 11):
The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be
written o\ufb00 to the income statement as exploration costs unless commercial reserves are established, or the determination
process is not completed and there are no indications of impairment in accordance with the Group\u2019s accounting policy.
The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be
written o\ufb00 to the income statement as exploration costs unless commercial reserves are established, or the determination
process is not completed and there are no indications of impairment in accordance with the Group\u2019s accounting policy.
\n\n\n\n\n
The process of determining whether there is an indicator for impairment or impairment reversal and the subsequent calculation
\n
requires critical judgement. The key areas in which management has applied judgement are as follows: the Group\u2019s intention
\n
to proceed with a future work programme for a prospect or licence; the likelihood of licence renewal or extension; the review of
\n
new legislation or regulations that may impact the economic terms of the Group\u2019s PSAs: the assessment of whether su\ufb03cient
\n
data exists to indicate that, although a development in the speci\ufb01c area is likely to proceed, the carrying amount of the
\n
exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale and the success of
\n
a well result or geological or geophysical survey.
\n
The key risk area to which this judgement was applied during 2025 was the assessment and identi\ufb01cation of impairment
\n
indicators, in accordance with IFRS 6, related to the Ruvuma PSA, Kiliwani South and Nyuni Area PSA CGUs.
\n
The Company is fully carried for its 25% participating interest in the Ruvuma PSA CGU by the US$35 million carry arrangement
\n
(\u201cthe Carry\u201d) under the Farm-Out which completed in October 2020. This is equivalent to a gross \ufb01eld investment of US$140
\n
million and is expected to carry the Group through to commercial production. The Company\u2019s expenditures from 2021 onwards
\n
on the Ruvuma PSA CGU were fully covered by the Carry.
\n
In May 2024, the 25-year Ntorya Development Licence was granted, under the Ruvuma PSA, for blocks in the Mtwara Licence.
\n
Progress on the Ntorya Development during the year included the award by the TPDC of the Engineering, Procurement and
\n
Construction contract for the main pipeline to connect Ntorya to the Madimba Gas Processing Plant (with the pipe being
\n
delivered in January 2026) and commencement of civil works for the pipeline route, well sites, access roads and associated
\n
infrastructure. In addition, rig tenders were evaluated for drilling of Chikumbi-1 well and workover of Ntorya-1 and an updated
\n
Field Development Plan was submitted, incorporating the extensive results of the 3D seismic campaign. Further work includes
\n
completion and commissioning of the pipeline, testing and hook-up of Ntorya-2, drilling and completion of Chikumbi-1 and
\n
workover of Ntorya-1. Completion and commissioning of the pipeline is forecast for no later than September 2026. Management
\n
have a reasonable expectation that the planned development of the Ntorya location contained within the Ruvuma PSA CGU
\n
would result in the asset\u2019s recoverable amount (determined on a value-in-use basis with a 10% discount rate) being greater than
\n
its carrying value. Therefore, no impairment has been recognised against the Mtwara Licence costs within the Ruvuma PSA.
\n
In respect to the Kiliwani South prospect, the asset is located within the Kiliwani North Development Licence acreage and
\n
although the licence expires in 2036, no work programme was planned for 2025 as commercial discussions continued over
\n
KNDL and, following the rejection of proposed terms over the Nyuni Area licence for the second extension period, the Company
\n
considers any seismic programme solely over the Kiliwani South prospect to be uneconomical. The Directors concluded that
\n
these factors were indicators of impairment which resulted in a full impairment of the carrying value of the Kiliwani South CGU
\n
in 2021. Although a budget has been approved for 2026, this is for licence maintenance and support only, and the Directors
\n
conclude that full impairment should continue in 2025 (see Note 11). As a result, any expenditure on the Kiliwani South prospect
\n
E&E asset during 2025 would have been capitalised and immediately impaired from the exploration and evaluation assets to
\n
the income statement as exploration and evaluation expenditure in line with the Group\u2019s accounting policy, however there was
\n
no expenditure in 2025.
\n
In respect to the Nyuni Area PSA CGU, management concluded in 2018 that an impairment trigger event had occurred
\n
and resulted in the asset being fully impaired. Expenditure on the Nyuni Area PSA E&E asset during 2025 was capitalised
\n
and immediately impaired from the exploration and evaluation assets to the income statement as exploration and evaluation
\n
expenditure in line with the Group\u2019s accounting policy. During 2021, discussions with the Ministry of Energy to agree terms with
\n
the licence holder for the second exploration phase were unsuccessful and, in April 2022, we initiated the process to return
\n
the licence, in the belief that the level of risk associated with the licence was inappropriate for the Group. Subsequently, it was
\n
agreed with the Tanzanian authorities that we will continue our attempts to attract industry partners to participate in the licence.
\n
The likely outcome of these attempts, however, remains uncertain and consequently the Directors maintained their position of
\n
a full impairment over the Nyuni Area PSA CGU.
\n
Carrying value of property plant and equipment assets (Note 12):
\n
During oil and gas operations, production from a well is subject to a rate of decline as the reservoir is depleted and the pressure
\n
naturally decreases. There are various mechanical options available to the business to remedy such decline and to increase
\n
production from an existing well. Management\u2019s critical judgements in deciding whether they can remediate a decline in production
\n
relate to: whether the technology and technical expertise is available at its operating locations to remedy the production decline,
\n
whether the chosen remedial action will be successful and whether it will be economical to perform the remediation work. If
\n
management decides, after reviewing all available options, that there is no economical method for remediating a well, an asset
\n
would be impaired.
\n
During 2025, the Kiliwani North-1 well (\u201cKN-1\u201d) continued not to produce, and consequently management assessed the asset for
\n
impairment in accordance with IAS 36. Management noted that with continued uncertainty over commercial terms for production
\n
from the KN-1 well the Group could not ascertain whether it would be economical to perform a remediation programme on the well.
\n
As part of the KNDL settlement agreement signed in October 2021 over past gas sales, the TPDC reserved its rights in respect
\n
of pro\ufb01t share and royalty. The Group recognised that reaching agreement on commercial terms would result in further delays
\n
to achieving any future production. Furthermore, as the Company had moved toward a non-operator strategy, despite actively
\n
pursuing farm-in partners to conduct works over the licence, there was no certainty that a partner would be identi\ufb01ed and any
\n
remediation programme commence. These conditions and assessments continued in 2025.
Impairment exists when the carrying value of the asset or CGU exceeds its recoverable amount, which is the higher of its fair value less
costs of disposal and its value-in-use. The above factors were considered indicators of impairment and resulted in a full impairment
of the KNDL CGU in 2021, which re\ufb02ected the carrying value of KN-1. Expenditures incurred in 2025 have also been impaired in full.
Management maintain that the KNDL CGU\u2019s value would only be realised from future cash \ufb02ows generated by the asset. Details are
disclosed in Note 12. The potential results of future remediation work may be di\ufb00erent to current management judgements and may
result in an impairment reversal to the Kiliwani North CGU which would impact the Group\u2019s \ufb01nancial statements.
Assessment and disclosure of contingent liabilities (Note 25):
The TRA \ufb01nalised an audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering non
income taxes, predominately WHT, VAT and Excise Duty accrued but not paid. The TRA also \ufb01nalised a corporate income tax
audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering disallowed costs. Objections
were submitted to some of these \ufb01ndings. Details of these tax assessments, along with progress during 2025, are contained in
Note 25.
The TRA \ufb01nalised an audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering non
income taxes, predominately VAT on the Ruvuma farm-out and pay as you earn tax on Directors\u2019 fees. The TRA also \ufb01nalised a
corporate income tax audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering under
declared revenue. Objections were submitted to all these \ufb01ndings. Details of these tax assessments, along with progress during
2025, are contained in Note 25.
The TRA \ufb01nalised an audit of taxation years 2013 to 2015 with assessments issued to the Group in February 2020 covering non
income taxes including VAT, WHT and employment taxes. The Group objected to the \ufb01ndings. Details of these tax assessments,
along with progress during 2025, are contained in Note 25.
In 2018, the Group received noti\ufb01cation from the TPDC requesting payment of certain amounts. During 2021, the Group and
TPDC reached a settlement in respect of past gas sales and amounts due to TPDC related to this noti\ufb01cation. As part of the
settlement, both parties reserved their rights in relation to certain matters where agreement was not reached (see Note 25).
Judgement is required to determine whether a provision is necessary in relation to these remaining matters or a disclosure as a
contingent liability. Management consider the recognition and classi\ufb01cation judgement of signi\ufb01cance due to potential changes
to, and inconsistent interpretation of, laws and regulations in the location it operates. Critical judgements relate to the application
of certain criteria in accordance with IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d that include: whether
the Group has a present obligation as a result of a past event, whether there is a probable out\ufb02ow of economic resources, and
whether that out\ufb02ow can be measured reliably. Judgement is made based on technical merit of any assessment or claim, legal
precedence and management expectations.
Going concern
Refer to page 45.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have
a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year
are discussed below.
Recoverability of trade receivables and amounts due from subsidiary undertakings (Note 15):
The Group uses a forward-looking impairment model based on expected credit losses (\u201cECLs\u201d) of \ufb01nancial assets in accordance
with IFRS 9, including short-term trade receivables. The standard requires the Company to book an allowance for ECLs for
its \ufb01nancial assets. Management calculate a net present value of outstanding receivables discounted by the discount rate,
for a range of possible scenarios, including delays and no payment, with a probability assigned to each. The assumptions of
scenarios, probability weighting and discount rate require critical judgement.
The Group notes no material credit loss in its remaining trade receivables balances as at 31 December 2025.
During the year, in line with the requirements of IFRS 9, the Company calculated an expected credit loss equivalent to the lifetime
expected credit losses. Arriving at the expected credit loss allowance involved considering di\ufb00erent scenarios for the recovery
of the intercompany loan receivables, the possible credit losses that could arise and the probabilities for these scenarios. The
following were considered: the success of the development of the Ntorya Location, funded under the Ruvuma PSA Farm-Out
agreement with APT, value of the potential reserves, project risks, the ability to achieve certain production levels. Third party
assistance was used to support valuations where considered advisable. Signi\ufb01cant judgement is required in determining
the probability of the di\ufb00erent scenarios. The Company applies no discounting to the expected credit loss calculation as the
e\ufb00ective interest rate is considered to be 0% as the loans are interest free and payable on demand. Following the review, the
Company recognised an increase of US$1.17 million to the impairment provision against the loans due from subsidiaries as a
result of the progress made during the year on the Ruvuma PSA CGU (see Note 11).
Decommissioning estimates (Note 19):
Provisions for decommissioning obligations are made on the best estimate of the likely committed cash out\ufb02ow. Specialist
input is sought from third party experts to estimate the cost to perform the necessary remediation work at the reporting
date. The third-party expert used has experience in the industry and location where the Group operates and has assisted the
Group\u2019s operations in the past. This enables a degree of knowledge of conditions speci\ufb01cally relevant to the Group. The third-
party prepared a Decommissioning Cost Report in January 2025 which provided cost estimates for what they considered to
be the most likely scenario for plugging and abandoning each well to be decommissioned. Management reviewed and adopted
these costs, on an undiscounted basis, which range from US$4.0 million to US$6.1 million each. Provision for environmental
clean- up and remediation costs is based on current legal and contractual requirements, technology and management\u2019s
estimate of costs with reference to current price levels. Management consider that these costs, adjusted for a year\u2019s in\ufb02ation,
remain appropriate for use for the year-end 2025 calculation.
Changes to the type of remediation method, legislation, including in relation to climate change, well condition, technology and
equipment available in country can all have a signi\ufb01cant impact on the cost estimate that may result in the cost being higher
than the current estimate provided.
The estimation of the timing of well abandonment, in\ufb02ation and discount rates is also considered to be judgemental and can
have a signi\ufb01cant impact on the net present value of the obligation. Abandonment timing is forecast to occur at the expiration
or, if renewal planned, expected expiration of the licence term. In respect of in\ufb02ation, management references in\ufb02ation \ufb01gures
published by United States and Tanzanian government departments, and for discount rate estimates references the United
States Department of the Treasury and the Tanzanian central bank when making such estimates (see Note 19).
Uncertain tax and regulatory positions (Note 25):
The Group is subject to various tax and regulatory audits from time to time in the ordinary course of business, which
may give rise to assessments and the potential for items considered to be available for cost recovery to be disallowed
in the jurisdictions in which the Group operates. In order to assess whether these amounts should be provided for in the
Financial Statements, management has assessed these matters in the context of the laws and operating agreements of the
countries in which it operates. Management has applied judgement in assessing the likely outcome of these matters and
has estimated the \ufb01nancial impact based on external tax and legal advice, recent precedence in the relevant jurisdiction and
prior experience of such audits. In February 2020, June 2022 and June 2023, the TRA issued the Group with several tax
assessments. The Company objected to the majority of these assessments. Due to the interpretation of tax law in-country
by the Revenue Authority, signi\ufb01cant uncertainty remains and the results of any submitted objections or appeals process
in relation to the tax assessment can in\ufb02uence the estimation of any future liability. This uncertainty often remains until the
conclusion of this process. Details of the assessments are disclosed in Note 25. With reference to the prejudicial exemption
in IAS 37, the Group will not disclose any further information about the assumptions for any provision. The disclosure of such
information is believed to be detrimental to the Group in connection with ongoing discussions.
Valuation of derivative \ufb01nancial liability \u2013 share warrants (Note 20):
The Group has issued share warrants in October 2025 that are classi\ufb01ed as a derivative \ufb01nancial liability and measured at
fair value through pro\ufb01t or loss. The valuation uses the Black Scholes model that includes signi\ufb01cant unobservable inputs.
Key estimation uncertainties include expected share price volatility and the risk free rate. Small changes can materially a\ufb00ect
the valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00290": { "value": "The TRA \ufb01nalised an audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering non
income taxes, predominately WHT, VAT and Excise Duty accrued but not paid. The TRA also \ufb01nalised a corporate income tax
audit of taxation years 2019 to 2020 with assessments issued to the Group in June 2023, covering disallowed costs. Objections
were submitted to some of these \ufb01ndings. Details of these tax assessments, along with progress during 2025, are contained in
Note 25.
The TRA \ufb01nalised an audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering non
income taxes, predominately VAT on the Ruvuma farm-out and pay as you earn tax on Directors\u2019 fees. The TRA also \ufb01nalised a
corporate income tax audit of taxation years 2016 to 2018 with assessments issued to the Group in June 2022, covering under
declared revenue. Objections were submitted to all these \ufb01ndings. Details of these tax assessments, along with progress during
2025, are contained in Note 25.
The TRA \ufb01nalised an audit of taxation years 2013 to 2015 with assessments issued to the Group in February 2020 covering non
income taxes including VAT, WHT and employment taxes. The Group objected to the \ufb01ndings. Details of these tax assessments,
along with progress during 2025, are contained in Note 25.
In 2018, the Group received noti\ufb01cation from the TPDC requesting payment of certain amounts. During 2021, the Group and
TPDC reached a settlement in respect of past gas sales and amounts due to TPDC related to this noti\ufb01cation. As part of the
settlement, both parties reserved their rights in relation to certain matters where agreement was not reached (see Note 25).
Judgement is required to determine whether a provision is necessary in relation to these remaining matters or a disclosure as a
contingent liability. Management consider the recognition and classi\ufb01cation judgement of signi\ufb01cance due to potential changes
to, and inconsistent interpretation of, laws and regulations in the location it operates. Critical judgements relate to the application
of certain criteria in accordance with IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d that include: whether
the Group has a present obligation as a result of a past event, whether there is a probable out\ufb02ow of economic resources, and
whether that out\ufb02ow can be measured reliably. Judgement is made based on technical merit of any assessment or claim, legal
precedence and management expectations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00317": { "value": "Decommissioning estimates (Note 19):
Provisions for decommissioning obligations are made on the best estimate of the likely committed cash out\ufb02ow. Specialist
input is sought from third party experts to estimate the cost to perform the necessary remediation work at the reporting
date. The third-party expert used has experience in the industry and location where the Group operates and has assisted the
Group\u2019s operations in the past. This enables a degree of knowledge of conditions speci\ufb01cally relevant to the Group. The third-
party prepared a Decommissioning Cost Report in January 2025 which provided cost estimates for what they considered to
be the most likely scenario for plugging and abandoning each well to be decommissioned. Management reviewed and adopted
these costs, on an undiscounted basis, which range from US$4.0 million to US$6.1 million each. Provision for environmental
clean- up and remediation costs is based on current legal and contractual requirements, technology and management\u2019s
estimate of costs with reference to current price levels. Management consider that these costs, adjusted for a year\u2019s in\ufb02ation,
remain appropriate for use for the year-end 2025 calculation.
Changes to the type of remediation method, legislation, including in relation to climate change, well condition, technology and
equipment available in country can all have a signi\ufb01cant impact on the cost estimate that may result in the cost being higher
than the current estimate provided.
The estimation of the timing of well abandonment, in\ufb02ation and discount rates is also considered to be judgemental and can
have a signi\ufb01cant impact on the net present value of the obligation. Abandonment timing is forecast to occur at the expiration
or, if renewal planned, expected expiration of the licence term. In respect of in\ufb02ation, management references in\ufb02ation \ufb01gures
published by United States and Tanzanian government departments, and for discount rate estimates references the United
States Department of the Treasury and the Tanzanian central bank when making such estimates (see Note 19). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00318": { "value": "Decommissioning estimates (Note 19):
Provisions for decommissioning obligations are made on the best estimate of the likely committed cash out\ufb02ow. Specialist
input is sought from third party experts to estimate the cost to perform the necessary remediation work at the reporting
date. The third-party expert used has experience in the industry and location where the Group operates and has assisted the
Group\u2019s operations in the past. This enables a degree of knowledge of conditions speci\ufb01cally relevant to the Group. The third-
party prepared a Decommissioning Cost Report in January 2025 which provided cost estimates for what they considered to
be the most likely scenario for plugging and abandoning each well to be decommissioned. Management reviewed and adopted
these costs, on an undiscounted basis, which range from US$4.0 million to US$6.1 million each. Provision for environmental
clean- up and remediation costs is based on current legal and contractual requirements, technology and management\u2019s
estimate of costs with reference to current price levels. Management consider that these costs, adjusted for a year\u2019s in\ufb02ation,
remain appropriate for use for the year-end 2025 calculation.
Changes to the type of remediation method, legislation, including in relation to climate change, well condition, technology and
equipment available in country can all have a signi\ufb01cant impact on the cost estimate that may result in the cost being higher
than the current estimate provided.
The estimation of the timing of well abandonment, in\ufb02ation and discount rates is also considered to be judgemental and can
have a signi\ufb01cant impact on the net present value of the obligation. Abandonment timing is forecast to occur at the expiration
or, if renewal planned, expected expiration of the licence term. In respect of in\ufb02ation, management references in\ufb02ation \ufb01gures
published by United States and Tanzanian government departments, and for discount rate estimates references the United
States Department of the Treasury and the Tanzanian central bank when making such estimates (see Note 19). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00181": { "value": "2 Segmental Information
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and
incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components.
The Group considers that its operating segments consist of (i) Producing Oil and Gas Properties, (ii) Exploration Activities and
(iii) Oil\ufb01eld Services. These segments are those that are reviewed regularly by the Executive Chairman (Chief Operating Decision
Maker) to make decisions about resources to be allocated to the segment and assess its performance and for which discrete
\ufb01nancial information is available. However, the Group further analyses these by region for information purposes. Segment results
include items directly attributable to the segment as well as those that can be allocated on a reasonable basis. Unallocated
Aminex Group items comprise mainly head o\ufb03ce expenses, cash balances and certain other items.
The Group\u2019s revenue is derived from contracts with customers. The timing of revenue streams depends on the following for
products and services:
Producing oil and gas assets
The Group satis\ufb01es its performance obligation by transferring a nominated volume of gas to its customer. The title to gas
transfers to a customer when the customer takes physical possession of the gas at the contracted delivery point. The gas needs
to meet certain agreed speci\ufb01cations. The Group generated no revenue under this segment (2024: US$nil).
Oil\ufb01eld services
Revenue for services is recognised as services are rendered to the customer. All services rendered by the Group relate to joint
operations to which the Group is a party and the terms of the services provided are subject to service contracts.
The IFRS 8 operating segments as follows (i) Producing Oil and Gas Properties, (ii) Exploration Activities and (iii) Oil\ufb01eld Services,
are the disaggregation of revenue from customers as required by IFRS 15.
Operating segment results - 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Tanzania
Tanzania
UK
Unallocated
\u00a0
\u00a0
Producing oil
Exploration
Oil\ufb01eld
Corporate
\u00a0
\u00a0
and gas properties
activities
services
Aminex Group
Total
\u00a0
2025
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue
-
-
49
-
49
Cost of sales
(3)
(6)
(50)
-
(59)
Depletion
-
-
-
-
-
Gross (loss) / pro\ufb01t
(3)
(6)
(1)
-
(10)
Depreciation
-
-
-
(2)
(2)
Administrative expenses
(313)
-
(97)
(1,438)
(1,848)
Impairment against property, plant and equipment assets
-
(565)
-
-
(565)
Impairment against exploration and evaluation assets
-
(460)
-
-
(460)
Operating (loss) / pro\ufb01t
(316)
(1,031)
(98)
(1,440)
(2,885)
Finance costs
(129)
(259)
-
(101)
(489)
Fair value loss on share warrants
-
-
-
(1,556)
(1,556)
Foreign exchange gain
-
-
-
(53)
(53)
(Loss) / pro\ufb01t before tax
(445)
(1,290)
(98)
(3,150)
(4,983)
Taxation
-
-
-
-
-
(Loss) / pro\ufb01t before tax
(445)
(1,290)
(98)
(3,150)
(4,983)
Segment assets
1,077
39,181
-
3,670
43,928
Segment liabilities
(4,535)
(8,574)
-
(2,737)
(15,846)
Capital expenditure additions
565
590
-
4
1,159
Other material non-cash items
\u00a0\u00a0\u00a0\u00a0\u00a0
Share based payments (Note 5)
-
-
-
(41)
(41)
Unwinding of discount on decommissioning provision
(129)
(259)
-
-
(388)
(Note 19)
\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Total non-current assets and liabilities by geographical region are set out in Notes 11, 12 and 19 to the \ufb01nancial statements.
Operating segment results - 2024
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Tanzania
Tanzania
UK
Unallocated
\u00a0
\u00a0
Producing oil
Exploration
Oil\ufb01eld
Corporate
\u00a0
\u00a0
and gas properties
activities
services
Aminex Group
Total
\u00a0
2024
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Revenue
-
-
39
-
39
Cost of sales
-
(2)
(49)
-
(51)
Depletion
-
-
-
-
-
Gross (loss) / pro\ufb01t
-
(2)
(10)
-
(12)
Depreciation
-
-
-
(2)
(2)
Administrative expenses
(233)
-
(97)
(1,437)
(1,767)
Impairment against property, plant and equipment assets
-
(1,481)
-
-
(1,481)
Impairment against exploration and evaluation assets
-
(1,941)
-
-
(1,941)
Operating (loss) / pro\ufb01t
(233)
(3,424)
(107)
(1,439)
(5,203)
Finance costs
(47)
(105)
-
(1)
(153)
Finance income
-
-
-
-
-
Foreign exchange gain
-
-
-
55
55
(Loss) / pro\ufb01t before tax
(280)
(3,529)
(107)
(1,385)
(5,301)
Taxation
-
-
-
-
-
(Loss) / pro\ufb01t after tax
(280)
(3,529)
(107)
(1,385)
(5,301)
Segment assets
1,309
39,051
-
1,179
41,539
Segment liabilities
(3,888)
(6,990)
-
(3,046)
(13,924)
Capital expenditure additions
1,481
2,895
-
-
4,376
Other material non-cash items
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Share based payments (Note 5)
-
-
-
(261)
(261)
Unwinding of discount on decommissioning provision
(47)
(105)
-
-
(152)
(Note 19)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\nTotal non-current assets and liabilities by geographical region are set out in Notes 11, 12 and 19 to the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00182": { "value": "3 Cost of sales and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Cost of sales
\u00a0 \u00a0
Operating costs
59
51
Total cost of sales
59
51
Administrative expenses
\u00a0 \u00a0
Employee bene\ufb01ts
399
340
Share based payments
41
261
Depreciation
2
2
Tax provision accrual
87
53
Other administrative costs
1,321
1,113
Total administrative expenses
1,850
1,769
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00183": { "value": "3 Cost of sales and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Cost of sales
\u00a0 \u00a0
Operating costs
59
51
Total cost of sales
59
51
Administrative expenses
\u00a0 \u00a0
Employee bene\ufb01ts
399
340
Share based payments
41
261
Depreciation
2
2
Tax provision accrual
87
53
Other administrative costs
1,321
1,113
Total administrative expenses
1,850
1,769
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00184": { "value": "4 Employment
Employment costs charged against the Group operating loss are analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Salaries and wages
365
321
Social security costs
50
45
Other pension costs
3
2
Share based payment charge
41
261
\u00a0
459
629
Employment costs capitalised (Note 11)
(19)
(28)
Employment costs charged against the Group operating loss
440
601
\n
A proportion of the Group\u2019s employment costs charged against the Group operating loss are recharged to partners in Joint
operations by the Group acting as operator, a proportion is allocated to the Group\u2019s cost of sales with the remainder classi\ufb01ed
under administrative expenses.
The Group\u2019s average number of employees, including Executive Directors, during the year was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Europe
3
3
Tanzania
2
2
\u00a0
5
5
\n
Employment costs charged against the Company operating loss are analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Share based payment charge
-
170
\n
The Company incurs no other employment costs and has no employees.
Directors\u2019 emoluments (which are included in administrative expenses) and interests are shown in the Directors\u2019 Remuneration
Report on pages 31 to 32. 26 Pension arrangements
The Group contributes towards the cost of certain individual employee de\ufb01ned contribution pension plans. Annual contributions
are based upon a percentage of gross annual salary. Pension contributions, which are charged to the Group income statement
as incurred, amounted to US$2,000 for 2025 (2024: US$2,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00185": { "value": "The Group\u2019s average number of employees, including Executive Directors, during the year was: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Europe
3
3
Tanzania
2
2
\u00a0
5
5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00186": { "value": "5 Share based payments
Aminex PLC operates or operated the following share option schemes:
\u2022
Executive Share Option Scheme (\u201cESOS\u201d). Under the terms of the ESOS, certain Directors and employees of Aminex PLC,
and its subsidiary companies, were entitled to subscribe for Ordinary Shares in Aminex PLC at the market value on the date
of the granting of the options. Options are granted at market price, in accordance with the ESOS rules, with reference to the
average closing price for the fourteen days prior to the grant of options. The ESOS expired on 10 May 2020 and therefore
no further share options will be granted pursuant to the ESOS. The vesting and expiry conditions for ESOS options in place
during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Date of Grant
Vesting
Expiry
February 2019
Immediately upon grant
10 years after date of grant
November 2019, January 2020
In tranches subject to the achievement of certain
7 years after date of grant
\u00a0
market and non-market performance conditions
\u00a0
February 2020
Immediately upon grant
Expired February 2025
\n
\u2022
New Restricted Share Plan (\u201cNew RSP\u201d). The New RSP was adopted by the Board on 1 July 2020 and approved by
shareholders of the Company at its AGM on 29 July 2020. Under the terms of the New RSP, certain Directors and employees
of Aminex PLC, and its subsidiary companies, are eligible to participate in the New RSP. Options may not be granted after 1
July 2030 and the exercise price of an option will be no less than 70% of the closing price for the ten days prior to the grant
of options. The vesting and expiry conditions for New RSP options remaining in place during the period are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Date of Grant
Vesting
Expiry
January 2022
50% on date of grant, 25% 6 months after grant,
5 years after date of grant
\u00a0
25% 12 months after grant
\u00a0
December 2022
25% on each of 6, 12, 18 and 24 months after grant
5 years after date of grant
June, August 2023
When average closing share price is no lower than
5 years after date of grant
\u00a0
Stg.2.00p for 5 consecutive trading days
\u00a0
December 2024
50% on 1 January 2025, 50% on 1
January 2026
5 years after date of grant
\n
The fair value at the grant date is measured using a recognised valuation methodology for the pricing of \ufb01nancial instruments
i.e. the Black-Scholes method. Expected volatility is calculated using ten years of historical share data.
There were no share options granted during the period.
The following expenses have been recognised in the income statement arising on share-based payments and included within
administrative expenses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Share based payment charge
41
261
\u00a0
Number
Average
\u00a0
of options
exercise price
Outstanding at 1 January 2024
215,611,000
Stg 1.04p
Granted
9,000,000
Stg 1.11p
Cancelled
(8,000,000)
Stg 0.76p
Expired
(12,000,000)
Stg 0.86p
Outstanding at 31 December 2024
204,611,000
Stg 1.04p
Granted
-
-
Cancelled
-
-
Expired
(1,200,000)
Stg 1.02p
Outstanding at 31 December 2025
203,411,000
Stg 1.06p
Exercisable at 31 December 2024
127,861,000
Stg 1.04p
Exercisable at 31 December 2025
179,161,000
Stg 1.03p
\n
On 31 December 2025, there were options over 179,161,000 (2024: 127,861,000) Ordinary Shares outstanding which are
exercisable at prices ranging from Stg0.60 pence to Stg1.56 pence per share and which expire at various dates up to 2029.
The weighted average remaining contractual life of the options outstanding is 1.51 years (2024: 2.50 years). The average share
price for the year ended 31 December 2025 was Stg 1.46 pence/\u20ac0.01703 (2024: Stg1.18 pence/\u20ac0.01220).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00187": { "value": "6 Loss before tax
The loss before tax has been arrived at after charging the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Depreciation of other property, plant and equipment
2
2
Auditor\u2019s remuneration \u2013 Group audit (i)
171
155
Auditor\u2019s remuneration \u2013 overseas (ii)
38
36
\n
(i)
Audit comprises audit work performed by Baker Tilly Ireland Audit Limited and member \ufb01rms on the consolidated \ufb01nancial
statements. In 2025, US$43,000 (2024: US$37,000) of audit fees related to the audit of the Company.
(ii)
Audit comprises audit work performed by Baker Tilly Ireland Audit Limited and member \ufb01rms on the subsidiaries\u2019 \ufb01nancial
statements. In 2025 this was US$38,000 (2024: US$36,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00188": { "value": "7 Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Foreign exchange gain
-
55
\u00a0
-
55
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00190": { "value": "7 Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Foreign exchange gain
-
55
\u00a0
-
55
\n\n
8 Finance costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Interest expense
101
1
Unwinding of discount on decommissioning provision (Note 19)
388
152
Foreign exchange loss
53
-
\u00a0
542
153
\n
Included in \ufb01nance costs is interest expense in respect of the US$1.50 million carry advance funding facility from Eclipse
Investments LLC, a related party of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00189": { "value": "8 Finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Interest expense
101
1
Unwinding of discount on decommissioning provision (Note 19)
388
152
Foreign exchange loss
53
-
\u00a0
542
153
\n
Included in \ufb01nance costs is interest expense in respect of the US$1.50 million carry advance funding facility from Eclipse
Investments LLC, a related party of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00191": { "value": "9 Income tax expense
The components of the income tax expense for the years ended 31 December 2025 and 2024 were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Current tax expense:
\u00a0 \u00a0
Current year
-
-
Deferred tax expense:
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
-
-
Total income tax expense for the Group
-
-
\n
A reconci
liation of the expected tax bene\ufb01t computed by applying the standard Irish tax rate to the loss before tax to the actual
bene\ufb01t is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Loss before tax
(4,983)
(5,301)
Irish standard tax rate
12.5%
12.5%
Taxes at the Irish standard rate
(623)
(662)
E\ufb00ect of di\ufb00erent tax rates in foreign jurisdiction
(170)
(832)
Expenses not deductible for tax purposes
857
352
Losses carried forward
(64)
1,142
\u00a0
-
-
Expenses not deductible for tax purposes predominantly relate to the impairment charge taken during the year on exploration
and evaluation assets of US$459,838 (2024: US$1,941,583 ) and the impairment against property, plant and equipment assets
of US$564,734 (2024: US$1,481,099 ).
The following deferred tax assets have not been recognised in the balance sheet as it is currently considered uncertain that
the assets will be realised in the future.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Net operating losses
29,826
28,286
\n
The gross amount of unused tax losses carried forward with their expiry dates is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ireland
UK
Rest of World
Total
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
One year
-
-
-
-
Two years
-
-
-
-
Three years
-
-
-
-
Four years
-
-
-
-
Five years
-
-
-
-
More than \ufb01ve years
16,781
26,447
79,170
122,398
Total
16,781
26,447
79,170
122,398
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ireland
UK
Rest of World
Total
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
One year
-
-
-
-
Two years
-
-
-
-
Three years
-
-
-
-
Four years
-
-
-
-
Five years
-
-
-
-
More than \ufb01ve years
14,679
26,916
78,051
119,646
Total
14,679
26,916
78,051
119,646
\n
These losses can be carried forward inde\ufb01nitely but may only be o\ufb00set against taxable gains or taxable pro\ufb01ts earned from
the same trade or trades.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00192": { "value": "The components of the income tax expense for the years ended 31 December 2025 and 2024 were as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Current tax expense:
\u00a0 \u00a0
Current year
-
-
Deferred tax expense:
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
-
-
Total income tax expense for the Group
-
-
\n
A reconci
liation of the expected tax bene\ufb01t computed by applying the standard Irish tax rate to the loss before tax to the actual
bene\ufb01t is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Loss before tax
(4,983)
(5,301)
Irish standard tax rate
12.5%
12.5%
Taxes at the Irish standard rate
(623)
(662)
E\ufb00ect of di\ufb00erent tax rates in foreign jurisdiction
(170)
(832)
Expenses not deductible for tax purposes
857
352
Losses carried forward
(64)
1,142
\u00a0
-
-
Expenses not deductible for tax purposes predominantly relate to the impairment charge taken during the year on exploration
and evaluation assets of US$459,838 (2024: US$1,941,583 ) and the impairment against property, plant and equipment assets
of US$564,734 (2024: US$1,481,099 ).
The following deferred tax assets have not been recognised in the balance sheet as it is currently considered uncertain that
the assets will be realised in the future.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Net operating losses
29,826
28,286
\n
The gross amount of unused tax losses carried forward with their expiry dates is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ireland
UK
Rest of World
Total
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
One year
-
-
-
-
Two years
-
-
-
-
Three years
-
-
-
-
Four years
-
-
-
-
Five years
-
-
-
-
More than \ufb01ve years
16,781
26,447
79,170
122,398
Total
16,781
26,447
79,170
122,398
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ireland
UK
Rest of World
Total
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
One year
-
-
-
-
Two years
-
-
-
-
Three years
-
-
-
-
Four years
-
-
-
-
Five years
-
-
-
-
More than \ufb01ve years
14,679
26,916
78,051
119,646
Total
14,679
26,916
78,051
119,646
\n
These losses can be carried forward inde\ufb01nitely but may only be o\ufb00set against taxable gains or taxable pro\ufb01ts earned from
the same trade or trades.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00193": { "value": "10 Loss per Ordinary Share
The basic loss per Ordinary Share is calculated using a numerator of the loss for the \ufb01nancial year and a denominator of the
weighted average number of Ordinary Shares in issue for the \ufb01nancial year. The diluted loss per Ordinary Share is calculated
using a numerator of the loss for the \ufb01nancial year and a denominator of the weighted average number of Ordinary Shares
outstanding and adjusting for the e\ufb00ect of all potentially dilutive shares, including share options and share warrants, assuming
that they had been converted.
The calculations for the basic loss per share for the years ended 31 December 2025 and 2024 are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loss for the \ufb01nancial year (US$\u2019000)
(4,983)
(5,301)
Weighted average number of Ordinary Shares (\u2019000)
4,269,034
4,215,473
Basic and diluted loss per Ordinary Share (US cents)
(0.12)
(0.13)
\n
There is no di\ufb00erence between the basic loss per Ordinary Share and the diluted loss per Ordinary Share for the years ended
31 December 2025 and 2024 as all potential Ordinary Shares outstanding are anti-dilutive. There were 203,411,000 (2024:
204,611,000) share options issued which are anti-dilutive as at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00194": { "value": "10 Loss per Ordinary Share
The basic loss per Ordinary Share is calculated using a numerator of the loss for the \ufb01nancial year and a denominator of the
weighted average number of Ordinary Shares in issue for the \ufb01nancial year. The diluted loss per Ordinary Share is calculated
using a numerator of the loss for the \ufb01nancial year and a denominator of the weighted average number of Ordinary Shares
outstanding and adjusting for the e\ufb00ect of all potentially dilutive shares, including share options and share warrants, assuming
that they had been converted.
The calculations for the basic loss per share for the years ended 31 December 2025 and 2024 are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Loss for the \ufb01nancial year (US$\u2019000)
(4,983)
(5,301)
Weighted average number of Ordinary Shares (\u2019000)
4,269,034
4,215,473
Basic and diluted loss per Ordinary Share (US cents)
(0.12)
(0.13)
\n
There is no di\ufb00erence between the basic loss per Ordinary Share and the diluted loss per Ordinary Share for the years ended
31 December 2025 and 2024 as all potential Ordinary Shares outstanding are anti-dilutive. There were 203,411,000 (2024:
204,611,000) share options issued which are anti-dilutive as at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:EarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00195": { "value": "11 Exploration and evaluation assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Tanzania
\u00a0
and Total
Cost
US$\u2019000
At 1 January 2024
104,876
Additions
2,867
Disposals
-
Employment costs capitalised
28
At 31 December 2024
107,771
Additions
571
Disposals
-
Employment costs capitalised
19
At 31 December 2025
108,361
Provisions for impairment
\u00a0
At 1 January 2024
66,898
Increase in impairment provision
1,941
At 31 December 2024
68,839
Increase in impairment provision
460
At 31 December 2025
69,299
Net book value
\u00a0
At 31 December 2025
39,062
At 31 December 2024
38,932
\n
The Group does not hold any property, plant and equipment within exploration and evaluation assets.
The additions to exploration and evaluation assets during the period relate mainly to own costs capitalised for geological,
geophysical and administrative work, licence maintenance costs and increases in estimates to decommissioning costs, along
with training and licence fees under the respective PSAs.
The amount for exploration and evaluation assets represents active exploration projects. These will ultimately be written o\ufb00 to
the Income Statement as exploration costs if commercial reserves are not established but are carried forward in the Balance
Sheet whilst the determination process is not yet completed and there are no indications of impairment having regard to the
indicators in IFRS 6.
In accordance with the Group\u2019s accounting policies each CGU is evaluated annually for impairment, with an impairment test
required when a change in facts and circumstances, in particular with regard to the remaining licence terms, likelihood of
renewal, likelihood of further expenditures and ongoing acquired data for each area, result in an indication of impairment.
Ruvuma PSA
The Ruvuma PSA comprised two exploration licences; Mtwara and Lindi.
On 22 October 2020, the Ruvuma Farm-Out was completed and the Group\u2019s wholly owned subsidiary, Ndovu Resources
Limited, transferred a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited (\u201cAPT\u201d), a
related party of the Group. The Group now holds a 25% interest in the Ruvuma PSA with a US$35.0 million carry through to
potentially signi\ufb01cant volumes of production.
In January 2024 a gas sales agreement was signed and the Ntorya Development Licence was granted in May 2024 over blocks
within the Mtwara area. Progress on the Ntorya Development during the year included the award by the TPDC of the Engineering,
Procurement and Construction contract for the main pipeline to connect Ntorya to the Madimba Gas Processing Plant (with
the pipe being delivered in January 2026) and commencement of civil works for the pipeline route, well sites, access roads and
associated infrastructure. In addition, rig tenders were evaluated for drilling of Chikumbi-1 well and workover of Ntorya-1 and an
updated Field Development Plan was submitted, incorporating the extensive results of the 3D seismic campaign. Further work
includes completion and commissioning of the pipeline, testing and hook-up of Ntorya-2, drilling and completion of Chikumbi-1
and workover of Ntorya-1. Completion and commissioning of the pipeline is forecast for no later than September 2026.
The Farm-Out secured funding for the next phase of development for the Ruvuma PSA CGU, for which the Group will be carried
for its share up to US$35.0 million, equivalent to US$140.0 million gross \ufb01eld expenditure. The Carry balance as at 31 December
2025 was US$28.4 million. There is a clear development plan for the asset outlined by the operator, APT, with the support of the
JV partners. Management consider that there continues to be no impairment indicators in respect of the Mtwara Licence costs.
The Lindi Licence costs, totaling US$10.41 million, remain fully impaired.
Nyuni Area PSA
Aminex fully provided for the Nyuni Area PSA exploration asset in 2018 following con\ufb01rmation from the Tanzanian authorities
that the Nyuni Licence period ended in October 2019, coupled with the communication from the Tanzania Ministry of Energy
to withhold all work on the licence, pending a review of the Nyuni Area PSA. The Company was unable to progress the work
programme and, therefore, the Directors concluded that the carrying cost of the Nyuni asset should be fully impaired. In
April 2022 the Group commenced the process to hand back the licence to the Ministry. Subsequently, it was agreed with
the Tanzanian authorities that we will continue our attempts to attract industry partners to participate in the licence. In 2024
a programme was submitted to TPDC proposing a much reduced work programme to continue exploration activity on the
PSA. Positive discussions have continued throughout 2025, whilst it is recognised that any future programme is contingent
on the receipt of gas revenues from Ntorya and the introduction of a partner. The likely outcome of these attempts however
remains uncertain and consequently the Directors maintained their position of a full impairment over the Nyuni Area PSA CGU.
Additions of US$0.46 million during the year were capitalised and then immediately impaired to the Income Statement as
impairment against exploration and evaluation assets.
Kiliwani South
The Kiliwani South CGU, located within the Kiliwani North Development Licence acreage, was previously identi\ufb01ed as a potential
lead. The Kiliwani South prospect was estimated by management to contain a mean 57 BCF un-risked GIIP and the prospect
was reviewed by RPS in their February 2018 CPR.
During 2021, the Group proposed no work programme and allocated no budget towards the future development of the Kiliwani
South CGU. This was due to no agreement reached with the Ministry of Energy on the work commitments over the Nyuni Area
PSA and the delay to agreeing commercial terms on the Kiliwani North Development Licence. The Group previously considered
any future drilling on the Licence would be dependent upon improved seismic resolution of the target structures that would
result from the acquisition and interpretation of a 3D seismic survey, which would only be economic if conducted over both the
KNDL and immediately adjacent areas within the Nyuni Area PSA. In line with the requirements of IFRS 6 this is an indicator
of impairment. The Directors concluded in 2021 that the carrying value of the Kiliwani South asset should be fully impaired.
Although a budget has been approved for 2026, this is for licence maintenance and support only, and the Directors conclude
that full impairment should continue in 2025. Therefore any additions during the year would have been capitalised and then
immediately impaired to the income statement as impairment against exploration and evaluation assets, however there were
no additions in 2025. Any reversal of the impairment would be dependent on an established development programme for the
area, including a seismic and drilling programme where an assessment of the carrying value of the CGU would be reviewed.", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00196": { "value": "12 Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Group
Producing
\u00a0 \u00a0
\u00a0
assets -
Other
\u00a0
\u00a0
Tanzania
assets
Total
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
8,453
88
8,541
Additions in the year
1,481
-
1,481
Disposed of during the year
-
(15)
(15)
Exchange rate adjustment
-
(2)
(2)
At 31 December 2024
9,934
71
10,005
Additions in the year
565
4
569
Disposed of during the year
-
-
-
Exchange rate adjustment
-
5
5
At 31 December 2025
10,499
80
10,579
Depreciation
\u00a0 \u00a0 \u00a0
At 1 January 2024
8,453
84
8,537
Charge for the year
-
2
2
Disposed of during the year
-
(15)
(15)
Impairment
1,481
-
1,481
Exchange rate adjustment
-
(1)
(1)
At 31 December 2024
9,934
70
10,004
Charge for the year
-
2
2
Disposed of during the year
-
-
-
Impairment
565
-
565
Exchange rate adjustment
-
5
5
At 31 December 2025
10,499
77
10,576
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2025
-
3
3
At 31 December 2024
-
1
1
\n
Development property - Kiliwani North Development Licence
Following the award of the Kiliwani North Development Licence by the Tanzanian Government in April 2011, the carrying cost
relating to the development licence was reclassi\ufb01ed as a development asset under property, plant and equipment, in line with
accounting standards and the Group\u2019s accounting policies. Production from the Kiliwani North-1 (\u201cKN-1\u201d) well commenced on
4 April 2016 and depletion was calculated with reference to the remaining reserves of 1.94 BCF, which were ascribed to the
\ufb01eld as at 1 January 2018 in an independent reserves and resources report prepared by RPS in February 2018. The report also
identi\ufb01ed a contingent resource of 30.8 BCF in addition to the reserves. The well has produced approximately 6.4 BCF of gas
to date. However, production from the KN-1 well in 2018 was intermittent and there has been no commercial production from
the well since March 2018.
During 2021, although the Group and TPDC reached agreement on the settlement of past outstanding gas sales and related
amounts due to the TPDC, certain rights were reserved by both parties over areas that remain unresolved related to commercial
terms over production from the area (see Note 25). Any development of the Kiliwani North Development Licence requires
prior agreement on commercial terms. During 2021, the KN-1 well remained idle, no progress was made with the TPDC on
remediation of the well as discussions continued to focus on commercial terms over the Licence, and the Group proposed no
work programme and allocated no budget over the KNDL for 2022. The Directors concluded in 2021 that these all indicated
the asset was impaired.
In accordance with IAS 36, the Group conducted an impairment test as at 31 December 2021 on a value-in-use basis. The
CGU for the purpose of impairment testing is the KN-1 well. The Company uses a \ufb01nancial model of the forecast discounted
cash \ufb02ow to calculate the asset\u2019s value-in-use. However, as key judgements for the 2021 impairment test concluded no
production (see Note 1), the value-in-use calculation was US$nil. Consequently, the Directors concluded that the Kiliwani North
CGU was fully impaired and an impairment of US$872,000 was recognised. These conditions and assessments continued in
2025 and therefore additions incurred during the year of US$0.57 million (including accrued decommissioning provision costs)
were capitalised and immediately impaired.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00197": { "value": "13 Interests in joint operations
Exploration, evaluation, appraisal and development activities are conducted through joint arrangements governed by joint
operating agreements and production sharing agreements. A joint operation is a joint arrangement whereby the parties have
joint control to the assets, and obligations for the liabilities, relating to the arrangement. Signi\ufb01cant joint operations of the
Group are those with the most signi\ufb01cant contributions to the Group\u2019s net pro\ufb01t or net assets. The Group\u2019s interest in the joint
operations\u2019 results are listed in the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Group interest
Signi\ufb01cant joint operations
Country of operation
Principal activity
2025
2024
Ruvuma PSA (1)
Tanzania
Exploration and evaluation
25%
25%
Nyuni Area PSA (2)
Tanzania
Exploration and evaluation
100%
100%
Kiliwani North Development Licence (3)
Tanzania
Development and production
63.83%
63.83%
\n
(1)
The Group\u2019s participating interest in the Ruvuma PSA reduced to 25% following the completion of the Farm-Out in October 2020.
(2)
This contractual arrangement is controlled by the Group and does not meet the de\ufb01nition of joint operations. However, as it is formed by a contractual
arrangement and is not an entity, the Group recognises its share of assets and liabilities arising from this arrangement.
(3)
While the Group holds a greater than 50 per cent interest in these joint operations, all participants in these joint operations approve the operating and capital
budgets and therefore the Group has joint control over the relevant activities of these arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00198": { "value": "14 Investments in subsidiary undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Company
US$\u2019000
At 1 January 2024
7,198
Additions
91
At 31 December 2024
7,289
Additions
41
At 31 December 2025
7,330
Provisions for impairment
\u00a0
At 1 January 2024
1,086
Increase in provision
855
At 31 December 2024
1,941
Increase in provision
41
At 31 December 2025
1,982
Net book value
\u00a0
At 31 December 2025
5,348
At 31 December 2024
5,348
\n
The Company\u2019s investment in subsidiaries increased from 2024 due to the share based payment charge for the period of
US$41,000 (2024: US$91,000 increase). The Company reviewed the recoverability scenarios for its investment in subsidiaries
and recognised an increase in the provision of US$0.04 million (2024: US$0.86 million) (see Note 15 for details of recoverability
scenarios). After taking into account the provision shown above, the Directors believe the carrying value of these investments
to be fully recoverable.
Subsidiary undertakings
As at 31 December 2025 the Company had the following subsidiary undertakings, in which the Company directly or indirectly
held ordinary shares:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Principal
Proportion held
Proportion held
Country of
\u00a0
Activity
by Company
by Subsidiary
Incorporation
Oil and Gas Exploration, Development and Production
\u00a0 \u00a0 \u00a0 \u00a0
Aminex Petroleum Services Limited (1)
Service company
100%
-
UK
Amossco Holdings Limited (1)
Dormant
-
100%
UK
Amossco Limited (1)
Dormant
-
100%
UK
Amossco ODS Limited (1)
Dormant
-
100%
UK
Halyard O\ufb00shore Limited (1)
Dormant
-
100%
UK
Tanzoil N.L. (2)
Holding Company
100%
-
Australia
Ndovu Resources Limited (3)
Operating Company
-
100%
Tanzania
Osceola Hydrocarbons PLC (4)
Dormant
100%
-
Ireland
Osceola Oil and Gas Limited (5)
Dormant
-
100%
UK
\n
Registered o\ufb03ces
1. 20-22 Wenlock Road, London, N1 7GU.
2. 6 Ling Court, Atwell, WA 6164, Australia.
3. 368 Msasani Road, Oysterbay 14111, 2nd Floor Mikumi House, Dar es Salaam, Tanzania.
4. Paramount Court, Corrig Road, Sandyford Business Park, Dublin 18, D18 R9C7, Ireland.
5. The Soloist Building, 1 Lanyon Place, Belfast BT1 3LP, Northern Ireland.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00199": { "value": "16 Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Current
\u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
63
59
-
-
Amounts due from partners in joint operations
1,028
1,111
-
-
VAT recoverable
61
24
-
-
Other receivables
230
223
6
6
Prepayments
67
62
20
20
\u00a0
1,449
1,479
26
26
Expected credit loss
-
-
-
-
\u00a0
1,449
1,479
26
26
\n
Trade receivables are interest bearing and are on terms of 30 days.
No impairment charge or credit was recognised in 2025 or 2024. In accordance with IFRS 9 the Company notes no material
expected credit losses as at 31 December 2025.Trade and other receivables/payables
For the receivables and payables with a remaining maturity of less than six months or demand balances, the contractual
amount payable less impairment provisions, where necessary, is deemed to re\ufb02ect fair value.Trade and other receivables
The Group\u2019s exposure to credit risk is in\ufb02uenced by the individual characteristics of each customer. For trade receivables, credit
checks are performed on new customers and appropriate payment terms are agreed with customers. There is a concentration
of credit risk by dependence on the TPDC for revenues from gas sales. Trade receivables are monitored by review of the aged
debtor reports.
The maximum gross exposure to credit risk for trade and other receivables arising from the Group as operator at the balance
sheet date by geographic region was as follows:
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Rest of World
66
62
Tanzania
-
-
Total
66
62
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00200": { "value": "17 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
3,414
1,127
3,057
648
\n
All cash and cash equivalents represent cash held in current accounts with banks. Included in cash and cash equivalents
is an amount of US$622,000 (2024: US$869,000) held on behalf of partners in joint operationsCash and cash equivalents including short-term deposits
For short-term deposits and cash and cash equivalents, all of which have a remaining maturity of less than three months, the
nominal value is deemed to re\ufb02ect the fair value.Cash and short-term deposits
Cash and short-term deposits are invested mainly through the Group\u2019s bankers and short-term deposits are treasury
deposits of less than one month. The majority of the Group\u2019s funds are held with Bank of Ireland which has a Long-Term
credit rating of BBB with Standard and Poor\u2019s.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00201": { "value": "18 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Current
\u00a0 \u00a0 \u00a0 \u00a0
Trade payables
192
120
3
3
Amounts due to partners in joint operations
1,306
1,553
-
-
Withholding tax payable
778
1,011
-
-
VAT payable and excise duty
189
272
-
-
Capital gains tax payable
327
327
-
-
Other payables
1,546
1,450
-
-
Short-term borrowings
-
376
-
376
Accruals
3,378
3,083
58
48
\u00a0
7,716
8,192
61
427
\n
The decrease in payables during the year is mainly due to conversion of the funding from Eclipse Investments LLC to equity
as part of the October share placement (see Note 28), payments of US$0.23 million of withholding taxes and a reduction in
amounts due to partners in joint operations. Tax provisions, included in other payables, increased by US$0.09 million. Amounts
due to partners in joint operations, VAT payable and Other payables include amounts arising on gas sales.
The Directors consider that the carrying amounts of trade payables approximate their fair value.Trade and other receivables/payables
For the receivables and payables with a remaining maturity of less than six months or demand balances, the contractual
amount payable less impairment provisions, where necessary, is deemed to re\ufb02ect fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00202": { "value": "19 Provisions \u2013 decommissioning
Group
US$\u2019000
At 1 January 2024
1,821
Increase in decommissioning provision
3,759
Discount unwound in the year (Note 8)
152
At 1 January 2025
5,732
Increase in decommissioning provision
454
Discount unwound in the year (Note 8)
388
At 31 December 2025
6,574
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Non-current
6,574
5,732
Total decommissioning provision
6,574
5,732
\n
Decommissioning costs are expected to be incurred over the remaining lives of the wells, which are estimated to end
between 2032 and 2049 with any associated decommissioning arising greater than one year from December 2025. The
provision for decommissioning is reviewed annually and at 31 December 2025 and 2024 relates to wells in Tanzania. The
basis for determining the best estimate for decommissioning costs is detailed in Note 1. A third-party expert prepared a
Decommissioning Cost Report providing cost estimates as at 31 December 2024 for what they considered to be the most
likely scenario for plugging and abandoning each well to be decommissioned. Management reviewed these costs and
determined that they were appropriate for use in the calculation of the 31 December 2024 decommissioning provision. As
a result, the provision increased in 2024 by US$3.76 million. Management consider that these costs, adjusted for a year\u2019s
in\ufb02ation, remain appropriate for use for the year-end 2025 calculation. Signi\ufb01cant uncertainty remains over the condition of
the wells and abandonment requirements until the programme is both agreed with the Tanzanian authorities and imminent.
Prices are in\ufb02ated to future costs at a rate of 2.9% per annum (2024: 2.9%) and discounted at 6.3% per annum (2024: 6.8%),
re\ufb02ecting the associated risk pro\ufb01le. If the discount rate were changed by 1% the value of the provisions could change by
US$0.66 million. A 20% increase in the cost estimates would result in a US$1.31 million increase in the decommissioning
provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00203": { "value": "20 Derivative Financial Liability
During the year, the Company granted 249,334,020 share warrants to participants in the October 2025 share placement,
at a price of Stg. 2.50p. The fair value of the warrants at the time of grant was calculated using the Black Scholes model. In
accordance with IFRS 9, the fair value was remeasured at 31 December. The amount of the liability and the Black Scholes
model inputs and calculated fair value are shown below.
\u00a0
6 October 2025
31 December 2025
Liability amount
US$ 1.93 million
US$ 1.56 million
Fair value per warrant
0.772 US cents
0.624 US cents
Number of warrants
249,334,020
249,334,020
Contractual life
2 years
1.75 years
Exercise price
Stg. 2.50p
Stg. 2.50p
Expected volatility
72%
71%
Vesting conditions
immediate
immediate
Expected dividend yield
nil
nil
Risk-free rate
4.2%
4.2%
\n
The accounting treatment of the initial recognition of the liability was a charge in the Income Statement
of US$1.93 million. The
movement in the liability at 31 December 2025 of US$0.37 million reduced the overall charge for the year to US$1.56 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00204": { "value": "21 Financial instruments and risk management
General objectives, policies and procedures
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst
retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the
e\ufb00ective implementation of the objectives and policies to executive management. The Board receives regular reports at board
meetings through which it reviews the e\ufb00ectiveness of the processes put in place and the appropriateness of the objectives
and policies it sets.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
Group\u2019s competitiveness and \ufb02exibility. Further details regarding these policies are set out below.
Group
The Group is exposed through its operations to the following \ufb01nancial risks:
-
Liquidity and interest rate risk
-
Commodity price risk
-
Foreign currency risk
-
Credit risk
In common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note
describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them.
Further quantitative information in respect of these risks is presented throughout these \ufb01nancial statements.
The Group may from time to time enter into derivative transactions to minimise its exposure to interest rate \ufb02uctuations, foreign
currency exchange rates and movements in oil and gas prices. There were no such derivatives held at 31 December 2025 or
31 December 2024.
There have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in
this note.
The principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, comprise:
-
Trade and other receivables
-
Cash and cash equivalents
-
Trade and other payables
-
Derivative \ufb01nancial liability (share warrants)
Policies for managing these risks are summarised as follows:
a) Liquidity/interest rate risk
The Group closely monitors and manages its liquidity risk using both short and long-term cash \ufb02ow projections. Cash forecasts
are regularly produced, and sensitivities run for di\ufb00erent scenarios including, but not limited to, changes in cost schedules.
The Group \ufb01nances its operations through a mixture of shareholders\u2019 funds, loans and borrowings and working capital. Board
approval is required for all new borrowing facilities.
b) Commodity risk
The Group\u2019s activities expose it primarily to the \ufb01nancial risks of changes in gas commodity prices. The Group monitors and
manages this risk where considered appropriate through the use of \ufb01xed price gas sales contracts.
The requirement for hedging instruments is kept under ongoing review. During the year, the Group did not enter into any
hedging transactions.
c) Foreign currency risk
The Group reports in US dollars, representing the currency of the primary economic environment in which the Group operates.
The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which
it participates. The Group also routinely purchases on the spot market the currencies of the countries in which it operates,
including Euros in Ireland, Pounds Sterling in the UK and Shillings in Tanzania. From time to time certain transactions are
undertaken denominated in other currencies. The risk is managed wherever possible by holding currency in US dollars and
other internationally recognised fungible currencies, converted into less stable currencies as and when the need arises.
d) Credit risk
Credit risk to customers and to jointly operated activities arises on the outstanding receivables and outstanding cash calls due,
as well as cash and cash equivalents, deposits with banks and outstanding production payments.
The carrying value of the Group\u2019s various \ufb01nancial assets, as presented within the fair value table set out on page 68, represents
the Group\u2019s maximum credit risk exposure.
Fair value
The accounting classi\ufb01cation for each class of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities, together with their associated
fair values, is set out below.
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
mortised cost
amortised cost
at fair value
amount
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,320
-
-
1,320
Cash and cash equivalents
3,414
-
-
3,414
Trade payables
-
(192)
-
(192)
Amounts due to partners in joint operations
-
(1,306)
-
(1,306)
Other payables and accruals
-
(4,924)
-
(4,924)
Share warrants
-
-
(1,556)
(1,556)
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
amortised cost
amortised cost
at fair value
amount
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,393
-
-
1,393
Cash and cash equivalents
1,127
-
-
1,127
Trade payables
-
(120)
-
(120)
Amounts due to partners in joint operations
-
(1,553)
-
(1,553)
Other payables and accruals
-
(4,909)
-
(4,909)
Share warrants
-
-
-
-
\n
Estimation of fair values
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments by valuation technique:
Level 1:
quoted prices (unadjusted) in active markets for identical assets;
Level 2:
other techniques for which all inputs that have a signi\ufb01cant e\ufb00ect on the recorded fair value are observable either
directly or indirectly; or
Level 3:
techniques which use inputs that are not based on observable market data.
Set out below are the major methods and assumptions used in estimating the fair values of the \ufb01nancial assets and liabilities
set out in the table above.
Share Warrants
Share warrants were issued in 2025. There were none in existence prior to 2025. They have a contractual life of two years from
6 October 2025 with an exercise price of Stg 2.50p and are carried at fair value calculated using the Black Scholes model (see
Note 20).
Amounts due from/(to) partners in joint operations
The amounts receivable from/payable to partners in joint operations are expected to be settled within less than six months and
so the carrying value is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
For the receivables and payables with a remaining maturity of less than six months or demand balances, the contractual
amount payable less impairment provisions, where necessary, is deemed to re\ufb02ect fair value.
Cash and cash equivalents including short-term deposits
For short-term deposits and cash and cash equivalents, all of which have a remaining maturity of less than three months, the
nominal value is deemed to re\ufb02ect the fair value.
Risk exposures
The Group\u2019s operations expose it to various \ufb01nancial risks that include credit risk, liquidity risk and market risk. The Group has a
risk management programme in place which seeks to limit the impact of these risks on the \ufb01nancial performance of the Group
and it is the Group\u2019s policy to manage these risks in a non-speculative manner.
This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and
processes for measuring and managing the risk.
Trade and other receivables
The Group\u2019s exposure to credit risk is in\ufb02uenced by the individual characteristics of each customer. For trade receivables, credit
checks are performed on new customers and appropriate payment terms are agreed with customers. There is a concentration
of credit risk by dependence on the TPDC for revenues from gas sales. Trade receivables are monitored by review of the aged
debtor reports.
The maximum gross exposure to credit risk for trade and other receivables arising from the Group as operator at the balance
sheet date by geographic region was as follows:
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Rest of World
66
62
Tanzania
-
-
Total
66
62
\n
In 2025, trade receivables were US$0.07 million (2024: US$0.06 million).
Amounts due from partners in joint operations
The Group assesses the creditworthiness of potential parties before entering into agreements with them and continues to
monitor their creditworthiness. The aggregate of the amount due from partners in joint operations is considered to be current
and receivable with no provisions required.
Cash and short-term deposits
Cash and short-term deposits are invested mainly through the Group\u2019s bankers and short-term deposits are treasury
deposits of less than one month. The majority of the Group\u2019s funds are held with Bank of Ireland which has a Long-Term
credit rating of BBB with Standard and Poor\u2019s.
Liquidity risk
Liquidity risk is the risk whether the Group will be able to meet its \ufb01nancial obligations as they fall due. The Group manages liquidity
risk by monitoring rolling forecasts of expected cash \ufb02ows against actual cash \ufb02ows. The table below shows the contractual
maturities of the \ufb01nancial liabilities including estimated interest payments and excluding the impact of netting agreements.
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2025
2025
2025
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
192
192
192
-
-
-
-
Amounts due to partners in joint operations
1,306
1,306
1,306
-
-
-
-
Other payables
1,546
1,546
1,546
-
-
-
-
Accruals
3,378
3,378
3,378
-
-
-
-
Derivative \ufb01nancial liability
1,556
1,556
1,556
-
-
-
-
\u00a0
7,978
7,978
7,978
-
-
-
-
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2024
2024
2024
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
120
120
120
-
-
-
-
Amounts due to partners in joint operations
1,553
1,553
1,553
-
-
-
-
Other payables
1,826
1,826
1,826
-
-
-
-
Accruals
3,082
3,082
3,082
-
-
-
-
Derivative \ufb01nancial liability
-
-
-
-
-
-
-
\u00a0
6,581
6,581
6,581
-
-
-
-
\n
Market risk
Market risk is the risk of changes in the market prices and indices which will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The Group has three principal types of market risk, being commodity prices, foreign currency
exchange rates and interest rates.
Commodity price risk.
The requirement for hedging instruments is kept under ongoing review. During the year, the Group did
not enter into any commodity hedging transactions.
Foreign currency risk.
The Group reports in US dollars, which is the currency of a large proportion of its trading income. The
risk is managed wherever possible by matching foreign currency income and expenditures.
Interest rate risk.
The Group\u2019s exposure to interest rate risk arises from cash and cash equivalents.
The Group\u2019s exposure to transactional foreign currency risk, for amounts included in trade and other receivables, cash and
cash equivalents, trade and other payables and derivative \ufb01nancial liabilities (as shown on the balance sheet), is shown below.
Included within foreign currency exposure is a Sterling denominated derivative \ufb01nancial liability relating to share warrants. This
does not give rise to transactional cash \ufb02ows but is remeasured at fair value through pro\ufb01t or loss.
\u00a0
Sterling
Euro
US dollars
Sterling
Euro
US dollars
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
3,055
1
89
273
-
24
Trade payables
46
4
2
38
3
2
Derivative \ufb01nancial liability
1,556
-
-
-
-
-
\u00a0
4,657
5
91
311
3
26
Sensitivity analysis
\n
A 15% strengthening or weakening in the value of sterling and the euro against the US dollar, based on the outstanding \ufb01nancial
\n
assets and liabilities at 31 December 2025 (2024: 15%), would have the following impact on the income statement. This analysis
\n
assumes that all other variables, in particular interest rates, remain constant.
15% increase
15% decrease
15% increase
15% decrease
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
472
(472)
45
(45)
Trade payables
(8)
8
(6)
6
Derivative \ufb01nancial liability
233
(233)
-
-
697
(697)
39
(39)
Tax impact
-
-
-
-
After tax
697
(697)
39
(39)
\n
The Group \ufb01nances its operations through a mixture of shareholders\u2019 funds, loans and borrowings and working capital. Board
\n
approval is required for all new borrowing facilities. The Group had a US dollar denominated funding facility with Eclipse
\n
Investments LLC (\u201cEclipse\u201d) (see Note 28) in 2024 which was converted to equity as part of the October 2025 share issue.
\n
There are no bank borrowings or overdraft facilities at year end. The Group\u2019s liquid resources were held in current accounts at
\n
the year end.
\n
The interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments at 31 December 2025 was as follows:
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
2025
2025
2025
2024
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
-
3,414
3,414
-
1,127
1,127
Loan facility
-
-
-
-
(376)
(376)
-
3,414
3,414
-
751
751
\n
Cash \ufb02ow sensitivity analysis
\n
An increase of 100 basis points or decrease of 25 basis points in interest rates at the reporting date would have had the following
\n
e\ufb00ect on the income statement. This analysis assumes all other variables, in particular foreign currency, remain constant.
100 bps increase
25 bps decrease
100 bps increase
25 bps decrease
pro\ufb01t
pro\ufb01t
pro\ufb01t
pro\ufb01t
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
34
(9)
11
(3)
Funding facility
-
-
-
-
Tax impact
-
-
-
-
After tax
34
(9)
11
(3)
\n
Company
\n
The Company\u2019s approach to the management of \ufb01nancial risk is as set out under the Group disclosures above.
\n
The accounting classi\ufb01cation for each class of the Company\u2019s \ufb01nancial assets and \ufb01nancial liabilities, together with their fair
\n
values, is as follows:
Cash, Loans and
Liabilities at
Derivative \ufb01nancial
Total carrying
receivables
amortised cost
liability at fair value
amount
2025
2025
2025
2025
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
Amounts due from subsidiary undertakings
104,776
-
-
104,776
Cash and cash equivalents
3,063
-
-
3,063
Trade and other payables
-
(4)
-
(4)
Accruals
-
(58)
-
(58)
Derivative \ufb01nancial liability
-
-
(1,556)
(1,556)
Cash, Loans and
Liabilities at
Derivative \ufb01nancial
Total carrying
receivables
amortised cost
liability at fair value
amount
2024
2024
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
Amounts due from subsidiary undertakings
104,052
-
-
104,052
Cash and cash equivalents
654
-
-
654
Trade and other payables
-
(379)
-
(379)
Accruals
-
(48)
-
(48)
Derivative \ufb01nancial liability
-
-
-
-
Estimation of fair values
\n
Amounts due from subsidiary companies
\n
The amounts due from subsidiary companies are technically repayable on demand and so the carrying value is deemed to re\ufb02ect
\n
fair value.
\n
The estimation of other fair values is the same, where appropriate, as for the Group as set out above.
\n
Risk exposures
\n
The Company\u2019s operations expose it to the risks as set out for the Group above.
\n
This note presents information about the Company\u2019s exposure to credit risk, liquidity risk and market risk, and the Company\u2019s
\n
objectives, policies and processes for measuring and managing risk. Unless stated, the policy and process for measuring risk
\n
in the Company is the same as outlined for the Group above.
\n
Credit risk
\n
The carrying value of \ufb01nancial assets, net of impairment provisions, represents the Company\u2019s maximum exposure at the balance
\n
sheet date.
\n
At the balance sheet date, there was deemed to be no change in credit risk related to the loans due from subsidiary undertakings
\n
as a result of progress made on the Ruvuma PSA during 2025 being in line with expectations. The loans are expected to be
\n
recovered from future revenues generated by the Group\u2019s assets in Tanzania. Consequently, a lifetime expected credit loss was
\n
calculated and a small increase in the provision of US$1.17 million was recognised against the carrying value of the loans due
\n
from subsidiary undertakings (2024: US$6.78 million impairment decrease) (see Note 15). Arriving at the expected credit loss
\n
allowance involved considering di\ufb00erent scenarios for the recovery of the intercompany loan receivables, the possible credit
\n
losses that could arise and the probabilities of those scenarios. The following scenarios and their probabilities were considered
\n
for the recovery of the intercompany loan receivables: the success of the development of the Ntorya Location on the Ntorya
\n
Development Licence, value of the potential reserves, project risks, the ability to achieve certain production levels. Cash\ufb02ow
\n
generation models, developed by the Company with the assistance of external consultants, were used to support valuations.
\n
Details of the Ruvuma PSA in relation to the Group\u2019s exploration and evaluation assets are discussed in Note 11.
\n
The Directors are satis\ufb01ed that no further change to impairment is considered to have occurred.
\n
Liquidity risk
\n
The liquidity risk for the Company is similar to that for the Group as set out above. Contractual cash \ufb02ows on trade payables,
\n
amounting to US$3,000 (2024: US$3,000), fall due within six months of the balance sheet date.
\n
The Directors have given careful consideration to the Company\u2019s and the Group\u2019s ability to continue as a going concern (see
\n
Note 1).
\n
Market risk
\n
The market risk for the Company is similar to that for the Group as set out above.
\n
The Company\u2019s exposure to transactional foreign currency risk is shown below. Included within foreign currency exposure is a
\n
Sterling denominated derivative \ufb01nancial liability relating to share warrants. This does not give rise to transactional cash \ufb02ows
\n
but is remeasured at fair value through pro\ufb01t or loss.
\n\n \n
2025
2025
2024
2024
Sterling
Euro
Sterling
Euro
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade and other payables
34
4
30
3
Derivative \ufb01nancial liability
1,556
-
-
-
1,590
4
30
3
\n
Sensitivity analysis
\n
A 15% strengthening or weakening in the value of sterling and the euro against the US dollar, based on the outstanding \ufb01nancial
\n
assets and liabilities at 31 December 2025 (2024: 15%), would have the following impact on the Company\u2019s income statement.
\n
This analysis assumes that all other variables, in particular interest rates, remain constant.
\n\n \n
15% increase
15% decrease
15% increase
15% decrease
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
458
(458)
41
(41)
Trade payables
(6)
6
(5)
5
Derivative \ufb01nancial liability
233
(233)
-
-
685
(685)
36
(36)
Tax impact
-
-
-
-
After tax
685
(685)
36
(36)
The interest rate risk of the Company is similar to that of the Group as set out above. The interest rate pro\ufb01le of the Company\u2019s
interest-bearing \ufb01nancial instruments at 31 December 2024 was as follows:
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
-
3,063
3,063
-
654
654
Funding facility
-
-
-
-
(376)
(376)
\u00a0
-
3,063
3,063
-
278
278
\n
C
ash \ufb02ow sensitivity analysis
An increase of 100 basis points or decrease of 25 basis points in interest rates at the reporting date would have had the following
e\ufb00ect on the income statement. This analysis assumes all other variables, in particular foreign currency, remain constant.
\u00a0
100 bps
25 bps
100 bps
25 bps
\u00a0
increase
decrease
increase
decrease
\u00a0
pro\ufb01t
pro\ufb01t
pro\ufb01t
pro\ufb01t
\u00a0
2025
2025
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
31
(8)
7
(2)
Tax impact
-
-
-
-
After tax
31
(8)
7
(2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00205": { "value": "21 Financial instruments and risk management
General objectives, policies and procedures
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst
retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the
e\ufb00ective implementation of the objectives and policies to executive management. The Board receives regular reports at board
meetings through which it reviews the e\ufb00ectiveness of the processes put in place and the appropriateness of the objectives
and policies it sets.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
Group\u2019s competitiveness and \ufb02exibility. Further details regarding these policies are set out below.
Group
The Group is exposed through its operations to the following \ufb01nancial risks:
-
Liquidity and interest rate risk
-
Commodity price risk
-
Foreign currency risk
-
Credit risk
In common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note
describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them.
Further quantitative information in respect of these risks is presented throughout these \ufb01nancial statements.
The Group may from time to time enter into derivative transactions to minimise its exposure to interest rate \ufb02uctuations, foreign
currency exchange rates and movements in oil and gas prices. There were no such derivatives held at 31 December 2025 or
31 December 2024.
There have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in
this note.
The principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, comprise:
-
Trade and other receivables
-
Cash and cash equivalents
-
Trade and other payables
-
Derivative \ufb01nancial liability (share warrants)
Policies for managing these risks are summarised as follows:
a) Liquidity/interest rate risk
The Group closely monitors and manages its liquidity risk using both short and long-term cash \ufb02ow projections. Cash forecasts
are regularly produced, and sensitivities run for di\ufb00erent scenarios including, but not limited to, changes in cost schedules.
The Group \ufb01nances its operations through a mixture of shareholders\u2019 funds, loans and borrowings and working capital. Board
approval is required for all new borrowing facilities.
b) Commodity risk
The Group\u2019s activities expose it primarily to the \ufb01nancial risks of changes in gas commodity prices. The Group monitors and
manages this risk where considered appropriate through the use of \ufb01xed price gas sales contracts.
The requirement for hedging instruments is kept under ongoing review. During the year, the Group did not enter into any
hedging transactions.
c) Foreign currency risk
The Group reports in US dollars, representing the currency of the primary economic environment in which the Group operates.
The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which
it participates. The Group also routinely purchases on the spot market the currencies of the countries in which it operates,
including Euros in Ireland, Pounds Sterling in the UK and Shillings in Tanzania. From time to time certain transactions are
undertaken denominated in other currencies. The risk is managed wherever possible by holding currency in US dollars and
other internationally recognised fungible currencies, converted into less stable currencies as and when the need arises.
d) Credit risk
Credit risk to customers and to jointly operated activities arises on the outstanding receivables and outstanding cash calls due,
as well as cash and cash equivalents, deposits with banks and outstanding production payments.
The carrying value of the Group\u2019s various \ufb01nancial assets, as presented within the fair value table set out on page 68, represents
the Group\u2019s maximum credit risk exposure.
Fair value
The accounting classi\ufb01cation for each class of the Group\u2019s \ufb01nancial assets and \ufb01nancial liabilities, together with their associated
fair values, is set out below.
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
mortised cost
amortised cost
at fair value
amount
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,320
-
-
1,320
Cash and cash equivalents
3,414
-
-
3,414
Trade payables
-
(192)
-
(192)
Amounts due to partners in joint operations
-
(1,306)
-
(1,306)
Other payables and accruals
-
(4,924)
-
(4,924)
Share warrants
-
-
(1,556)
(1,556)
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
amortised cost
amortised cost
at fair value
amount
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,393
-
-
1,393
Cash and cash equivalents
1,127
-
-
1,127
Trade payables
-
(120)
-
(120)
Amounts due to partners in joint operations
-
(1,553)
-
(1,553)
Other payables and accruals
-
(4,909)
-
(4,909)
Share warrants
-
-
-
-
\n
Estimation of fair values
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments by valuation technique:
Level 1:
quoted prices (unadjusted) in active markets for identical assets;
Level 2:
other techniques for which all inputs that have a signi\ufb01cant e\ufb00ect on the recorded fair value are observable either
directly or indirectly; or
Level 3:
techniques which use inputs that are not based on observable market data.
Set out below are the major methods and assumptions used in estimating the fair values of the \ufb01nancial assets and liabilities
set out in the table above.
Share Warrants
Share warrants were issued in 2025. There were none in existence prior to 2025. They have a contractual life of two years from
6 October 2025 with an exercise price of Stg 2.50p and are carried at fair value calculated using the Black Scholes model (see
Note 20).
Amounts due from/(to) partners in joint operations
The amounts receivable from/payable to partners in joint operations are expected to be settled within less than six months and
so the carrying value is deemed to re\ufb02ect fair value.
Trade and other receivables/payables
For the receivables and payables with a remaining maturity of less than six months or demand balances, the contractual
amount payable less impairment provisions, where necessary, is deemed to re\ufb02ect fair value.
Cash and cash equivalents including short-term deposits
For short-term deposits and cash and cash equivalents, all of which have a remaining maturity of less than three months, the
nominal value is deemed to re\ufb02ect the fair value.
Risk exposures
The Group\u2019s operations expose it to various \ufb01nancial risks that include credit risk, liquidity risk and market risk. The Group has a
risk management programme in place which seeks to limit the impact of these risks on the \ufb01nancial performance of the Group
and it is the Group\u2019s policy to manage these risks in a non-speculative manner.
This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and
processes for measuring and managing the risk.
Trade and other receivables
The Group\u2019s exposure to credit risk is in\ufb02uenced by the individual characteristics of each customer. For trade receivables, credit
checks are performed on new customers and appropriate payment terms are agreed with customers. There is a concentration
of credit risk by dependence on the TPDC for revenues from gas sales. Trade receivables are monitored by review of the aged
debtor reports.
The maximum gross exposure to credit risk for trade and other receivables arising from the Group as operator at the balance
sheet date by geographic region was as follows:
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Rest of World
66
62
Tanzania
-
-
Total
66
62
\n
In 2025, trade receivables were US$0.07 million (2024: US$0.06 million).
Amounts due from partners in joint operations
The Group assesses the creditworthiness of potential parties before entering into agreements with them and continues to
monitor their creditworthiness. The aggregate of the amount due from partners in joint operations is considered to be current
and receivable with no provisions required.
Cash and short-term deposits
Cash and short-term deposits are invested mainly through the Group\u2019s bankers and short-term deposits are treasury
deposits of less than one month. The majority of the Group\u2019s funds are held with Bank of Ireland which has a Long-Term
credit rating of BBB with Standard and Poor\u2019s.
Liquidity risk
Liquidity risk is the risk whether the Group will be able to meet its \ufb01nancial obligations as they fall due. The Group manages liquidity
risk by monitoring rolling forecasts of expected cash \ufb02ows against actual cash \ufb02ows. The table below shows the contractual
maturities of the \ufb01nancial liabilities including estimated interest payments and excluding the impact of netting agreements.
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2025
2025
2025
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
192
192
192
-
-
-
-
Amounts due to partners in joint operations
1,306
1,306
1,306
-
-
-
-
Other payables
1,546
1,546
1,546
-
-
-
-
Accruals
3,378
3,378
3,378
-
-
-
-
Derivative \ufb01nancial liability
1,556
1,556
1,556
-
-
-
-
\u00a0
7,978
7,978
7,978
-
-
-
-
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2024
2024
2024
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
120
120
120
-
-
-
-
Amounts due to partners in joint operations
1,553
1,553
1,553
-
-
-
-
Other payables
1,826
1,826
1,826
-
-
-
-
Accruals
3,082
3,082
3,082
-
-
-
-
Derivative \ufb01nancial liability
-
-
-
-
-
-
-
\u00a0
6,581
6,581
6,581
-
-
-
-
\n
Market risk
Market risk is the risk of changes in the market prices and indices which will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The Group has three principal types of market risk, being commodity prices, foreign currency
exchange rates and interest rates.
Commodity price risk.
The requirement for hedging instruments is kept under ongoing review. During the year, the Group did
not enter into any commodity hedging transactions.
Foreign currency risk.
The Group reports in US dollars, which is the currency of a large proportion of its trading income. The
risk is managed wherever possible by matching foreign currency income and expenditures.
Interest rate risk.
The Group\u2019s exposure to interest rate risk arises from cash and cash equivalents.
The Group\u2019s exposure to transactional foreign currency risk, for amounts included in trade and other receivables, cash and
cash equivalents, trade and other payables and derivative \ufb01nancial liabilities (as shown on the balance sheet), is shown below.
Included within foreign currency exposure is a Sterling denominated derivative \ufb01nancial liability relating to share warrants. This
does not give rise to transactional cash \ufb02ows but is remeasured at fair value through pro\ufb01t or loss.
\u00a0
Sterling
Euro
US dollars
Sterling
Euro
US dollars
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
3,055
1
89
273
-
24
Trade payables
46
4
2
38
3
2
Derivative \ufb01nancial liability
1,556
-
-
-
-
-
\u00a0
4,657
5
91
311
3
26
\n\n\n\n\n
Sensitivity analysis
\n
A 15% strengthening or weakening in the value of sterling and the euro against the US dollar, based on the outstanding \ufb01nancial
\n
assets and liabilities at 31 December 2025 (2024: 15%), would have the following impact on the income statement. This analysis
\n
assumes that all other variables, in particular interest rates, remain constant.
15% increase
15% decrease
15% increase
15% decrease
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
472
(472)
45
(45)
Trade payables
(8)
8
(6)
6
Derivative \ufb01nancial liability
233
(233)
-
-
697
(697)
39
(39)
Tax impact
-
-
-
-
After tax
697
(697)
39
(39)
\n
The Group \ufb01nances its operations through a mixture of shareholders\u2019 funds, loans and borrowings and working capital. Board
\n
approval is required for all new borrowing facilities. The Group had a US dollar denominated funding facility with Eclipse
\n
Investments LLC (\u201cEclipse\u201d) (see Note 28) in 2024 which was converted to equity as part of the October 2025 share issue.
\n
There are no bank borrowings or overdraft facilities at year end. The Group\u2019s liquid resources were held in current accounts at
\n
the year end.
\n
The interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments at 31 December 2025 was as follows:
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
2025
2025
2025
2024
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
-
3,414
3,414
-
1,127
1,127
Loan facility
-
-
-
-
(376)
(376)
-
3,414
3,414
-
751
751
\n
Cash \ufb02ow sensitivity analysis
\n
An increase of 100 basis points or decrease of 25 basis points in interest rates at the reporting date would have had the following
\n
e\ufb00ect on the income statement. This analysis assumes all other variables, in particular foreign currency, remain constant.
100 bps increase
25 bps decrease
100 bps increase
25 bps decrease
pro\ufb01t
pro\ufb01t
pro\ufb01t
pro\ufb01t
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
34
(9)
11
(3)
Funding facility
-
-
-
-
Tax impact
-
-
-
-
After tax
34
(9)
11
(3)
\n
Company
\n
The Company\u2019s approach to the management of \ufb01nancial risk is as set out under the Group disclosures above.
\n
The accounting classi\ufb01cation for each class of the Company\u2019s \ufb01nancial assets and \ufb01nancial liabilities, together with their fair
\n
values, is as follows:
Cash, Loans and
Liabilities at
Derivative \ufb01nancial
Total carrying
receivables
amortised cost
liability at fair value
amount
2025
2025
2025
2025
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
Amounts due from subsidiary undertakings
104,776
-
-
104,776
Cash and cash equivalents
3,063
-
-
3,063
Trade and other payables
-
(4)
-
(4)
Accruals
-
(58)
-
(58)
Derivative \ufb01nancial liability
-
-
(1,556)
(1,556)
Cash, Loans and
Liabilities at
Derivative \ufb01nancial
Total carrying
receivables
amortised cost
liability at fair value
amount
2024
2024
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
Amounts due from subsidiary undertakings
104,052
-
-
104,052
Cash and cash equivalents
654
-
-
654
Trade and other payables
-
(379)
-
(379)
Accruals
-
(48)
-
(48)
Derivative \ufb01nancial liability
-
-
-
-
\n\n\n\n\n
Estimation of fair values
\n
Amounts due from subsidiary companies
\n
The amounts due from subsidiary companies are technically repayable on demand and so the carrying value is deemed to re\ufb02ect
\n
fair value.
\n
The estimation of other fair values is the same, where appropriate, as for the Group as set out above.
\n
Risk exposures
\n
The Company\u2019s operations expose it to the risks as set out for the Group above.
\n
This note presents information about the Company\u2019s exposure to credit risk, liquidity risk and market risk, and the Company\u2019s
\n
objectives, policies and processes for measuring and managing risk. Unless stated, the policy and process for measuring risk
\n
in the Company is the same as outlined for the Group above.
\n
Credit risk
\n
The carrying value of \ufb01nancial assets, net of impairment provisions, represents the Company\u2019s maximum exposure at the balance
\n
sheet date.
\n
At the balance sheet date, there was deemed to be no change in credit risk related to the loans due from subsidiary undertakings
\n
as a result of progress made on the Ruvuma PSA during 2025 being in line with expectations. The loans are expected to be
\n
recovered from future revenues generated by the Group\u2019s assets in Tanzania. Consequently, a lifetime expected credit loss was
\n
calculated and a small increase in the provision of US$1.17 million was recognised against the carrying value of the loans due
\n
from subsidiary undertakings (2024: US$6.78 million impairment decrease) (see Note 15). Arriving at the expected credit loss
\n
allowance involved considering di\ufb00erent scenarios for the recovery of the intercompany loan receivables, the possible credit
\n
losses that could arise and the probabilities of those scenarios. The following scenarios and their probabilities were considered
\n
for the recovery of the intercompany loan receivables: the success of the development of the Ntorya Location on the Ntorya
\n
Development Licence, value of the potential reserves, project risks, the ability to achieve certain production levels. Cash\ufb02ow
\n
generation models, developed by the Company with the assistance of external consultants, were used to support valuations.
\n
Details of the Ruvuma PSA in relation to the Group\u2019s exploration and evaluation assets are discussed in Note 11.
\n
The Directors are satis\ufb01ed that no further change to impairment is considered to have occurred.
\n
Liquidity risk
\n
The liquidity risk for the Company is similar to that for the Group as set out above. Contractual cash \ufb02ows on trade payables,
\n
amounting to US$3,000 (2024: US$3,000), fall due within six months of the balance sheet date.
\n
The Directors have given careful consideration to the Company\u2019s and the Group\u2019s ability to continue as a going concern (see
\n
Note 1).
\n
Market risk
\n
The market risk for the Company is similar to that for the Group as set out above.
\n
The Company\u2019s exposure to transactional foreign currency risk is shown below. Included within foreign currency exposure is a
\n
Sterling denominated derivative \ufb01nancial liability relating to share warrants. This does not give rise to transactional cash \ufb02ows
\n
but is remeasured at fair value through pro\ufb01t or loss.
\n\n \n
2025
2025
2024
2024
Sterling
Euro
Sterling
Euro
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade and other payables
34
4
30
3
Derivative \ufb01nancial liability
1,556
-
-
-
1,590
4
30
3
\n
Sensitivity analysis
\n
A 15% strengthening or weakening in the value of sterling and the euro against the US dollar, based on the outstanding \ufb01nancial
\n
assets and liabilities at 31 December 2025 (2024: 15%), would have the following impact on the Company\u2019s income statement.
\n
This analysis assumes that all other variables, in particular interest rates, remain constant.
\n\n \n
15% increase
15% decrease
15% increase
15% decrease
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
458
(458)
41
(41)
Trade payables
(6)
6
(5)
5
Derivative \ufb01nancial liability
233
(233)
-
-
685
(685)
36
(36)
Tax impact
-
-
-
-
After tax
685
(685)
36
(36)
The interest rate risk of the Company is similar to that of the Group as set out above. The interest rate pro\ufb01le of the Company\u2019s
interest-bearing \ufb01nancial instruments at 31 December 2024 was as follows:
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
-
3,063
3,063
-
654
654
Funding facility
-
-
-
-
(376)
(376)
\u00a0
-
3,063
3,063
-
278
278
\n
C
ash \ufb02ow sensitivity analysis
An increase of 100 basis points or decrease of 25 basis points in interest rates at the reporting date would have had the following
e\ufb00ect on the income statement. This analysis assumes all other variables, in particular foreign currency, remain constant.
\u00a0
100 bps
25 bps
100 bps
25 bps
\u00a0
increase
decrease
increase
decrease
\u00a0
pro\ufb01t
pro\ufb01t
pro\ufb01t
pro\ufb01t
\u00a0
2025
2025
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
31
(8)
7
(2)
Tax impact
-
-
-
-
After tax
31
(8)
7
(2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00206": { "value": "a) Liquidity/interest rate risk
The Group closely monitors and manages its liquidity risk using both short and long-term cash \ufb02ow projections. Cash forecasts
are regularly produced, and sensitivities run for di\ufb00erent scenarios including, but not limited to, changes in cost schedules.
The Group \ufb01nances its operations through a mixture of shareholders\u2019 funds, loans and borrowings and working capital. Board
approval is required for all new borrowing facilities.Liquidity risk
Liquidity risk is the risk whether the Group will be able to meet its \ufb01nancial obligations as they fall due. The Group manages liquidity
risk by monitoring rolling forecasts of expected cash \ufb02ows against actual cash \ufb02ows. The table below shows the contractual
maturities of the \ufb01nancial liabilities including estimated interest payments and excluding the impact of netting agreements.
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2025
2025
2025
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
192
192
192
-
-
-
-
Amounts due to partners in joint operations
1,306
1,306
1,306
-
-
-
-
Other payables
1,546
1,546
1,546
-
-
-
-
Accruals
3,378
3,378
3,378
-
-
-
-
Derivative \ufb01nancial liability
1,556
1,556
1,556
-
-
-
-
\u00a0
7,978
7,978
7,978
-
-
-
-
\u00a0
Carrying
Contractual
6
6-12
1-2
2-5
More than
\u00a0
amount
cash\ufb02ows
months
months
years
years
5 years
\u00a0
2024
2024
2024
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Trade payables
120
120
120
-
-
-
-
Amounts due to partners in joint operations
1,553
1,553
1,553
-
-
-
-
Other payables
1,826
1,826
1,826
-
-
-
-
Accruals
3,082
3,082
3,082
-
-
-
-
Derivative \ufb01nancial liability
-
-
-
-
-
-
-
\u00a0
6,581
6,581
6,581
-
-
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00207": { "value": "d) Credit risk
Credit risk to customers and to jointly operated activities arises on the outstanding receivables and outstanding cash calls due,
as well as cash and cash equivalents, deposits with banks and outstanding production payments.
The carrying value of the Group\u2019s various \ufb01nancial assets, as presented within the fair value table set out on page 68, represents
the Group\u2019s maximum credit risk exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00210": { "value": "
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
mortised cost
amortised cost
at fair value
amount
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,320
-
-
1,320
Cash and cash equivalents
3,414
-
-
3,414
Trade payables
-
(192)
-
(192)
Amounts due to partners in joint operations
-
(1,306)
-
(1,306)
Other payables and accruals
-
(4,924)
-
(4,924)
Share warrants
-
-
(1,556)
(1,556)
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
amortised cost
amortised cost
at fair value
amount
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,393
-
-
1,393
Cash and cash equivalents
1,127
-
-
1,127
Trade payables
-
(120)
-
(120)
Amounts due to partners in joint operations
-
(1,553)
-
(1,553)
Other payables and accruals
-
(4,909)
-
(4,909)
Share warrants
-
-
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00211": { "value": "
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
mortised cost
amortised cost
at fair value
amount
\u00a0
2025
2025
2025
2025
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,320
-
-
1,320
Cash and cash equivalents
3,414
-
-
3,414
Trade payables
-
(192)
-
(192)
Amounts due to partners in joint operations
-
(1,306)
-
(1,306)
Other payables and accruals
-
(4,924)
-
(4,924)
Share warrants
-
-
(1,556)
(1,556)
\u00a0
Loans and
\u00a0
Derivative
Total
\u00a0
receivables at
Liabilities at
\ufb01nancial liability
carrying
\u00a0
amortised cost
amortised cost
at fair value
amount
\u00a0
2024
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Other \ufb01nancial assets and \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Current trade and other receivables
1,393
-
-
1,393
Cash and cash equivalents
1,127
-
-
1,127
Trade payables
-
(120)
-
(120)
Amounts due to partners in joint operations
-
(1,553)
-
(1,553)
Other payables and accruals
-
(4,909)
-
(4,909)
Share warrants
-
-
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00208": { "value": "Market risk
Market risk is the risk of changes in the market prices and indices which will a\ufb00ect the Group\u2019s income or the value of its
holdings of \ufb01nancial instruments. The Group has three principal types of market risk, being commodity prices, foreign currency
exchange rates and interest rates.
Commodity price risk.
The requirement for hedging instruments is kept under ongoing review. During the year, the Group did
not enter into any commodity hedging transactions.
Foreign currency risk.
The Group reports in US dollars, which is the currency of a large proportion of its trading income. The
risk is managed wherever possible by matching foreign currency income and expenditures.
Interest rate risk.
The Group\u2019s exposure to interest rate risk arises from cash and cash equivalents.
The Group\u2019s exposure to transactional foreign currency risk, for amounts included in trade and other receivables, cash and
cash equivalents, trade and other payables and derivative \ufb01nancial liabilities (as shown on the balance sheet), is shown below.
Included within foreign currency exposure is a Sterling denominated derivative \ufb01nancial liability relating to share warrants. This
does not give rise to transactional cash \ufb02ows but is remeasured at fair value through pro\ufb01t or loss.
\u00a0
Sterling
Euro
US dollars
Sterling
Euro
US dollars
\u00a0
2025
2025
2025
2024
2024
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
3,055
1
89
273
-
24
Trade payables
46
4
2
38
3
2
Derivative \ufb01nancial liability
1,556
-
-
-
-
-
\u00a0
4,657
5
91
311
3
26
\n\n\n\n\n
Sensitivity analysis
\n
A 15% strengthening or weakening in the value of sterling and the euro against the US dollar, based on the outstanding \ufb01nancial
\n
assets and liabilities at 31 December 2025 (2024: 15%), would have the following impact on the income statement. This analysis
\n
assumes that all other variables, in particular interest rates, remain constant.
15% increase
15% decrease
15% increase
15% decrease
2025
2025
2024
2024
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cash and cash equivalents
472
(472)
45
(45)
Trade payables
(8)
8
(6)
6
Derivative \ufb01nancial liability
233
(233)
-
-
697
(697)
39
(39)
Tax impact
-
-
-
-
After tax
697
(697)
39
(39)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00209": { "value": "22 Issued capital
Authorised
Number
\u20ac
Ordinary Shares of \u20ac0.001 each:
5,000,000,000
5,000,000
Deferred shares of \u20ac0.059 each:
1,000,000,000
59,000,000
At 1 January and 31 December 2025
6,000,000,000
64,000,000
Allotted, called up and fully paid
Number
\u20ac
US$
Ordinary Shares of \u20ac0.001 each:
4,219,167,024
4,219,167
5,167,799
Deferred shares of \u20ac0.059 each:
818,658,421
48,300,847
64,535,665
At 31 December 2024
5,037,825,445
52,520,014
69,703,464
Allotted, called up and fully paid
Number
\u20ac
US$
Ordinary Shares of \u20ac0.001 each:
4,468,501,044
4,468,501
5,460,514
Deferred shares of \u20ac0.059 each:
818,658,421
48,300,847
64,535,665
At 31 December 2025
5,287,159,465
52,769,348
69,996,179
Comprised of:
\u00a0
Ordinary Shares of \u20ac0.001
4,468,501,044
Deferred shares of \u20ac0.059
818,658,421
\u00a0
5,287,159,465
\n
No voting rights are attached to the deferred shares.
The rights attaching to each class of shares are set out in Additional Information for Shareholders on page 18.
The increase in Ordinary Shares of 249,334,020 is a result of the October share placement. This comprises 177,272,727
Ordinary Shares issued for cash and 72,061,293 Ordinary Shares issued to Eclipse Investments LLC upon conversion of the
balance of amounts due under the funding facility (see Note 28). At the same time, as part of the placement, warrants for
249,334,020 Ordinary Shares were issued on a one-for-one basis, exerciseable within 24 months of the date of issue, at a price
of Stg. 2.50 pence (see Note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00212": { "value": "23 Share option reserve
The share option reserve represents the fair value of share options issued to Directors and employees.
During 2025, the Company did not award any options to sta\ufb00 (2024: 9,000,000 awarded to sta\ufb00). The fair value of options
granted in the year was therefore US$nil (2024: US$82,000).
During the year US$41,000 was expensed, relating to options
issued in previous years. During the year, there was a transfer between the share option reserve and retained de\ufb01cit of US$8,000
(2024: US$155,000) relating to 1,200,000 options which expired (2024: 20,000,000 options) with a fair value of US$8,000 (2024:
US$155,000). Further details regarding the issuance and expiry of share options are set out in Note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00213": { "value": "24 Pro\ufb01t for the \ufb01nancial year
The Company Financial Statements have been prepared and approved by the Directors in accordance with EU IFRS and as
applied in accordance with the Companies Act, 2014, which permit a company that publishes its company and group \ufb01nancial
statements together, to take advantage of the exemption in Section 304 of the Companies Act 2014 from presenting to its
members its Company income statement and related notes that form part of the approved Company \ufb01nancial statements.
Of the consolidated pro\ufb01t after taxation, a loss of US$3.32 million (2024: US$5.38 million pro\ufb01t) is dealt with in the Company
income statement of Aminex PLC. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00214": { "value": "25 Commitments, guarantees and contingent liabilities
Commitments exploration activity
In accordance with the relevant PSAs, Aminex has a commitment to contribute its share of the following outstanding work
programmes:
(a) 700 kilometres of 3D seismic over the deep-water sector of the licence, and the drilling of four wells, on the continental shelf
or in the deep-water, by October 2019. The Group commenced discussions in 2022 with the Tanzanian authorities to hand
back the Nyuni Area licence which resulted in Aminex being requested to market the licence in 2023 in an attempt to \ufb01nd a
third-party partner willing to pursue and fund a mutually agreed re-negotiated work programme. It is acknowledged that only
part of the seismic acquisition commitment and none of the drilling commitment under the licence has been undertaken.
(b) The Ruvuma PSA, Tanzania, originally comprised two licences, one being the Mtwara Exploration Licence (\u201cExploration
Licence\u201d). In May 2024, the Ministry of Energy in Tanzania granted a 25-year development licence (\u201cDevelopment Licence\u201d)
over the Ntorya gas discovery area to the Ruvuma joint venture. The Development Licence divides the Exploration Licence
area into nine blocks: \ufb01ve blocks containing the Ntorya discovery and four blocks labelled as \u201cadjoining blocks\u201d. Pursuant
to the Development Licence, the Ruvuma joint venture parties are required to (a) drill the Chikumbi-1 well (carried over
as an outstanding obligation from the Exploration Licence) and (b) undertake the following work programme over the
four adjoining blocks to the discovery area: geological, geophysical and geochemical studies; drill one exploration well
within \ufb01ve years of the start of production under the Development Licence; spend a minimum of US$10 million. Further
discoveries in the adjoining blocks will fall under the Development Licence. If such work programme is not carried out over
the adjoining blocks within \ufb01ve years of commencement of production from Ntorya, such blocks shall be relinquished by
the Ruvuma joint venture parties.
Guarantees and contingent liabilities
(a) Under the terms of the Addendum to the Ruvuma PSA, Ndovu Resources Limited (\u201cNRL\u201d), a subsidiary company of Aminex
PLC, has provided security to the TPDC for up to 15% of the pro\ufb01t share of the Kiliwani North Development Licence to
guarantee the amended four-well drilling commitment under the Ruvuma PSA. For each well drilled the security interest will
be reduced by 3% for the \ufb01rst well and 4% thereafter.
(b) The Company guarantees certain liabilities and commitments of subsidiary companies from time to time, including the
commitments of NRL under the Nyuni Area PSA. Management has assessed the possible outcomes of these liabilities and
commitments in accordance with IFRS 9 and no material losses are expected to arise.
(c) On 11 April 2018, Ndovu Resources Limited received formal noti\ufb01cation from the TPDC of certain claims amounting to
US$5.97 million against the Kiliwani North Development Licence with regard to unpaid royalties and amounts due under
pro\ufb01t share arrangements. The agreed amounts claimed were o\ufb00set as part of the settlement agreement signed in October
2021 between the Group and the TPDC. As part of the settlement agreement, both parties reserved certain rights including
the TPDC reserving its rights in relation to unpaid royalties and pro\ufb01t share arrangements. Aminex has advised the TPDC
that it does not accept the balance of the claims, which TPDC estimates to be US$4.18 million (Aminex\u2019s net share is equal
to US$2.74 million). The Group has received legal advice in country that supports its position, and this has been provided to
the TPDC. The Directors believe these claims are without merit and do not consider it appropriate at this stage to provide
for these claims.
Tanzanian Tax Assessments
On 28 February 2020, following the conclusion of the TRA audit of NRL, the Group\u2019s Tanzanian wholly owned subsidiary, for
taxation years 2013 to 2015, the TRA issued tax assessments in respect of these taxation years. The following material matters
were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Withholding tax
WHT
on payments made to non-residents
242
182
424
\u00a0
for services performed outside of Tanzania
\u00a0 \u00a0 \u00a0
VAT
Output VAT on imported services
191
156
347
Withholding tax
WHT on deemed interest
797
664
1,461
\u00a0 \u00a0
1,230
1,002
2,232
On 3 June 2022, following the conclusion of the TRA audit of NRL for taxation years 2016 to 2018, the TRA issued tax
assessments in respect of these taxation years. The following material matters were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Principal
Interest
Total
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0
VAT
VAT on Ruvuma Farm-Out
1,221
233
1,454
Pay As You Earn (PAYE) PAYE on Director\u2019s Fees
92
45
137
\u00a0
1,313
278
1,591
\n
On 28 June 2022, following the conclusion of the TRA corporate income tax audit of NRL for taxation years 2016 to 2018, the
TRA issued tax assessments in respect of these taxation years. The following matters were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Corporate tax
Under declaration of revenue for 2016
365
145
510
Corporate tax
Under declaration of revenue for 2017
1,438
394
1,832
Corporate tax
Under declaration of revenue for 2018
772
143
915
\u00a0 \u00a0
2,575
682
3,257
\n
NRL considers all of the above claims to be without technical merit in tax law and with the assistance of in-country tax advisors,
has submitted objections to the TRA assessments. At this stage it is unclear whether NRL will be successful in its objections
and therefore the amount or timing of potential cash out\ufb02ow remains uncertain. Provision has been made for amounts NRL
has ceded or where management determine the likelihood of success through the objection or appeals process is unlikely.
There were no developments on the above claims after 2020 and 2022 respectively until January 2025 when the TRA issued
a demand notice for three of the \ufb01ve 2020 assessments (including VAT) and all \ufb01ve of the 2022 non-corporate income tax
assessments (including VAT and PAYE). NRL replied to the demand notice in January reiterating its objections and detailing
correspondence on these matters which still awaited responses from the TRA. A response from the TRA has not yet been
received.
On 20 June 2023, following the conclusion of the TRA corporate income and other taxes audits of NRL for taxation years 2019
and 2020, the TRA issued tax assessments in respect of these taxation years. The corporate income tax assessments covered
disallowance of costs, totaling US$760,000 for the two years, with no amounts due. The following material matters were raised
in the assessments of other taxes (interest was subsequently waived in June 2024):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Withholding tax
WHT accrued but not paid
1,062
181
1,243
Withholding tax
WHT on foreign services
357
57
414
VAT
VAT accrued but not paid
358
-
358
VAT
VAT accrued but not paid (Gas Sales Agreement)
920
-
920
Excise Duty
ED accrued but not paid (Gas Sales Agreement)
297
-
297
\u00a0 \u00a0
2,994
238
3,232
\n
The majority of these amounts were already accrued in the accounts of NRL. Objections were \ufb01led in July 2023 to some of the
amounts but delays in receiving replies from the TRA led to the TRA rejecting these and eventually imposing an Instalment Plan
(\u201cIP\u201d) for monthly payments from October 2023 to October 2024 for 100% of the assessment amounts. The IP was revised
several times, with total payments of US$1.79 million being paid up to the end of 2025, of which US$0.26 million was paid in
2025.
In addition, NRL is currently formulating its response to the rejection of its \ufb01led objections. At this stage it is unclear
whether NRL will be successful in its objections and therefore the amount or timing of potential cash out\ufb02ow remains uncertain.
Provisions made for interest on non-objected amounts were reversed in 2024 when the TRA waived the amounts.
The claims detailed above total US$10.31 million, of which US$2.03 million has been paid or waived and US$2.20 million has
been accrued or provided for. Amounts accrued or provided for are included in Trade and other payables within WHT payable,
VAT payable and excise duty and Other payables. The likelihood of payment by the Group of the remaining balance of US$6.08
million is considered by management and the directors to not be probable due to considerations detailed above.
The information usually required by IAS 37 Provisions, Contingent Liabilities and Contingent Assets is not disclosed on the
grounds that it can be expected to prejudice seriously the outcome of the tax assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00215": { "value": "Commitments exploration activity
In accordance with the relevant PSAs, Aminex has a commitment to contribute its share of the following outstanding work
programmes:
(a) 700 kilometres of 3D seismic over the deep-water sector of the licence, and the drilling of four wells, on the continental shelf
or in the deep-water, by October 2019. The Group commenced discussions in 2022 with the Tanzanian authorities to hand
back the Nyuni Area licence which resulted in Aminex being requested to market the licence in 2023 in an attempt to \ufb01nd a
third-party partner willing to pursue and fund a mutually agreed re-negotiated work programme. It is acknowledged that only
part of the seismic acquisition commitment and none of the drilling commitment under the licence has been undertaken.
(b) The Ruvuma PSA, Tanzania, originally comprised two licences, one being the Mtwara Exploration Licence (\u201cExploration
Licence\u201d). In May 2024, the Ministry of Energy in Tanzania granted a 25-year development licence (\u201cDevelopment Licence\u201d)
over the Ntorya gas discovery area to the Ruvuma joint venture. The Development Licence divides the Exploration Licence
area into nine blocks: \ufb01ve blocks containing the Ntorya discovery and four blocks labelled as \u201cadjoining blocks\u201d. Pursuant
to the Development Licence, the Ruvuma joint venture parties are required to (a) drill the Chikumbi-1 well (carried over
as an outstanding obligation from the Exploration Licence) and (b) undertake the following work programme over the
four adjoining blocks to the discovery area: geological, geophysical and geochemical studies; drill one exploration well
within \ufb01ve years of the start of production under the Development Licence; spend a minimum of US$10 million. Further
discoveries in the adjoining blocks will fall under the Development Licence. If such work programme is not carried out over
the adjoining blocks within \ufb01ve years of commencement of production from Ntorya, such blocks shall be relinquished by
the Ruvuma joint venture parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00216": { "value": "Guarantees and contingent liabilities
(a) Under the terms of the Addendum to the Ruvuma PSA, Ndovu Resources Limited (\u201cNRL\u201d), a subsidiary company of Aminex
PLC, has provided security to the TPDC for up to 15% of the pro\ufb01t share of the Kiliwani North Development Licence to
guarantee the amended four-well drilling commitment under the Ruvuma PSA. For each well drilled the security interest will
be reduced by 3% for the \ufb01rst well and 4% thereafter.
(b) The Company guarantees certain liabilities and commitments of subsidiary companies from time to time, including the
commitments of NRL under the Nyuni Area PSA. Management has assessed the possible outcomes of these liabilities and
commitments in accordance with IFRS 9 and no material losses are expected to arise.
(c) On 11 April 2018, Ndovu Resources Limited received formal noti\ufb01cation from the TPDC of certain claims amounting to
US$5.97 million against the Kiliwani North Development Licence with regard to unpaid royalties and amounts due under
pro\ufb01t share arrangements. The agreed amounts claimed were o\ufb00set as part of the settlement agreement signed in October
2021 between the Group and the TPDC. As part of the settlement agreement, both parties reserved certain rights including
the TPDC reserving its rights in relation to unpaid royalties and pro\ufb01t share arrangements. Aminex has advised the TPDC
that it does not accept the balance of the claims, which TPDC estimates to be US$4.18 million (Aminex\u2019s net share is equal
to US$2.74 million). The Group has received legal advice in country that supports its position, and this has been provided to
the TPDC. The Directors believe these claims are without merit and do not consider it appropriate at this stage to provide
for these claims.
Tanzanian Tax Assessments
On 28 February 2020, following the conclusion of the TRA audit of NRL, the Group\u2019s Tanzanian wholly owned subsidiary, for
taxation years 2013 to 2015, the TRA issued tax assessments in respect of these taxation years. The following material matters
were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Withholding tax
WHT
on payments made to non-residents
242
182
424
\u00a0
for services performed outside of Tanzania
\u00a0 \u00a0 \u00a0
VAT
Output VAT on imported services
191
156
347
Withholding tax
WHT on deemed interest
797
664
1,461
\u00a0 \u00a0
1,230
1,002
2,232
On 3 June 2022, following the conclusion of the TRA audit of NRL for taxation years 2016 to 2018, the TRA issued tax
assessments in respect of these taxation years. The following material matters were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Principal
Interest
Total
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0
VAT
VAT on Ruvuma Farm-Out
1,221
233
1,454
Pay As You Earn (PAYE) PAYE on Director\u2019s Fees
92
45
137
\u00a0
1,313
278
1,591
\n
On 28 June 2022, following the conclusion of the TRA corporate income tax audit of NRL for taxation years 2016 to 2018, the
TRA issued tax assessments in respect of these taxation years. The following matters were raised in the assessments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Corporate tax
Under declaration of revenue for 2016
365
145
510
Corporate tax
Under declaration of revenue for 2017
1,438
394
1,832
Corporate tax
Under declaration of revenue for 2018
772
143
915
\u00a0 \u00a0
2,575
682
3,257
\n
NRL considers all of the above claims to be without technical merit in tax law and with the assistance of in-country tax advisors,
has submitted objections to the TRA assessments. At this stage it is unclear whether NRL will be successful in its objections
and therefore the amount or timing of potential cash out\ufb02ow remains uncertain. Provision has been made for amounts NRL
has ceded or where management determine the likelihood of success through the objection or appeals process is unlikely.
There were no developments on the above claims after 2020 and 2022 respectively until January 2025 when the TRA issued
a demand notice for three of the \ufb01ve 2020 assessments (including VAT) and all \ufb01ve of the 2022 non-corporate income tax
assessments (including VAT and PAYE). NRL replied to the demand notice in January reiterating its objections and detailing
correspondence on these matters which still awaited responses from the TRA. A response from the TRA has not yet been
received.
On 20 June 2023, following the conclusion of the TRA corporate income and other taxes audits of NRL for taxation years 2019
and 2020, the TRA issued tax assessments in respect of these taxation years. The corporate income tax assessments covered
disallowance of costs, totaling US$760,000 for the two years, with no amounts due. The following material matters were raised
in the assessments of other taxes (interest was subsequently waived in June 2024):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Principal
Interest
Total
\u00a0 \u00a0
US$\u2019000
US$\u2019000
US$\u2019000
Area
\u00a0 \u00a0 \u00a0 \u00a0
Withholding tax
WHT accrued but not paid
1,062
181
1,243
Withholding tax
WHT on foreign services
357
57
414
VAT
VAT accrued but not paid
358
-
358
VAT
VAT accrued but not paid (Gas Sales Agreement)
920
-
920
Excise Duty
ED accrued but not paid (Gas Sales Agreement)
297
-
297
\u00a0 \u00a0
2,994
238
3,232
\n
The majority of these amounts were already accrued in the accounts of NRL. Objections were \ufb01led in July 2023 to some of the
amounts but delays in receiving replies from the TRA led to the TRA rejecting these and eventually imposing an Instalment Plan
(\u201cIP\u201d) for monthly payments from October 2023 to October 2024 for 100% of the assessment amounts. The IP was revised
several times, with total payments of US$1.79 million being paid up to the end of 2025, of which US$0.26 million was paid in
2025.
In addition, NRL is currently formulating its response to the rejection of its \ufb01led objections. At this stage it is unclear
whether NRL will be successful in its objections and therefore the amount or timing of potential cash out\ufb02ow remains uncertain.
Provisions made for interest on non-objected amounts were reversed in 2024 when the TRA waived the amounts.
The claims detailed above total US$10.31 million, of which US$2.03 million has been paid or waived and US$2.20 million has
been accrued or provided for. Amounts accrued or provided for are included in Trade and other payables within WHT payable,
VAT payable and excise duty and Other payables. The likelihood of payment by the Group of the remaining balance of US$6.08
million is considered by management and the directors to not be probable due to considerations detailed above.
The information usually required by IAS 37 Provisions, Contingent Liabilities and Contingent Assets is not disclosed on the
grounds that it can be expected to prejudice seriously the outcome of the tax assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00220": { "value": "27 Note supporting statement of cash \ufb02ows
Movement in loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
At 1 January
376
-
376
-
Drawdowns
1,125
375
1,125
375
Interest accruing in period
101
1
101
1
Conversion to equity
(1,602)
-
(I,602)
-
Interest paid
-
-
-
-
At 31 December
-
376
-
376
\n
During 2025, a further US$1,125,000 (2024: US$ 375,000) was draw down against the funding facility with Eclipse Investments
\n
LLC, then a signi\ufb01cant shareholder of Aminex PLC (see Note 28). The loan generated US$101,000 in interest. On 20 October
\n
2025, the total of the Eclipse debt of US$1,602,000 (principal plus interest) was converted into ordinary shares in the Company
\nshare placing at a price of Stg. 1.65p.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00217": { "value": "28 Related party transactions
The Company entered into the following transactions with its subsidiary companies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Balances at 31 December
US$\u2019000
US$\u2019000
Amounts owed by subsidiary undertakings
104,905
104,052
\n
Details of loans advanced to subsidiary undertakings during the year are set out in Note 15.
\n
Remuneration of key management personnel
\n
The remuneration of the Directors, who are the key management personnel of the Group, is set out below. Information about
\n
the remuneration of each Director is shown in the Remuneration Report on pages 31 to 32.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Short-term bene\ufb01ts
328
233
Pension contributions
-
-
Share-based payments
-
170
\u00a0
328
403
\n
Aminex Directors\u2019 remuneration fees for 2025 were paid to Sultan Al-Ghaithi of ARA Petroleum LLC and Warren International
\n
Limited, a company connected with Robert Ambrose of ARA Petroleum LLC, of US$47,000 (2024: US$44,000) and US$47,000
\n
(2024: US$44,000) respectively. ARA Petroleum LLC, through its associated companies Eclipse Investments LLC and ARA
\n
O\ufb00shore Investment Company Limited (see Note 29), is a signi\ufb01cant shareholder in Aminex PLC.
\n
During 2025, the Group entered into a related party transaction in respect of Directors\u2019 remuneration fees of US$47,000 (2024:
\n
US$44,000) and bonus payment of US$40,000 (2024: US$nil), which were paid to Upstream Solutions Limited, a company
\n
connected with Tom Mackay. There was a US$nil balance outstanding as at 31 December 2025 (2024: US$nil).
\n
During 2025, the Group entered into a related party transaction in respect of Directors\u2019 remuneration fees of US$107,000 (2024:
\n
US$101,000) and bonus payment of US$40,000 (2024: US$nil), which were paid to MB CES Services, a company connected
\n
with Charles Santos. There was a US$nil balance outstanding as at 31 December 2025 (2024: US$nil).
\n
The Group issued an invoice in June 2023 for \u00a346,790 to ARA Petroleum Tanzania Limited, the operator of the Ruvuma
\n
PSA and a subsidiary of ARA Petroleum LLC, which is an associate company of Eclipse Investments LLC and ARA O\ufb00shore
\n
Investment Company Limited (see Note 29), a signi\ufb01cant shareholder in Aminex PLC. The invoice is for reimbursement of costs
\n
related to the handover of the operatorship of the Ruvuma PSA and is shown in trade receivables as at 31 December 2025.
\n
In April 2024, the Company signed a US$3.00 million funding facility with Eclipse Investments LLC, then a signi\ufb01cant shareholder
\n
of Aminex PLC. During 2025, a further US$1,125,000 (2024: US$ 375,000) was drawn down against the facility, and the loan
\n
generated US$101,000 in interest. On 20 October 2025, the total of the Eclipse debt of US$1,602,000 (principal plus interest)
\nwas converted into ordinary shares in the Company share placing at a price of Stg. 1.65p.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00221": { "value": "Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below. Information about
\n
the remuneration of each Director is shown in the Remuneration Report on pages 31 to 32.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
US$\u2019000
US$\u2019000
Short-term bene\ufb01ts
328
233
Pension contributions
-
-
Share-based payments
-
170
\u00a0
328
403
\n
Aminex Directors\u2019 remuneration fees for 2025 were paid to Sultan Al-Ghaithi of ARA Petroleum LLC and Warren International
\n
Limited, a company connected with Robert Ambrose of ARA Petroleum LLC, of US$47,000 (2024: US$44,000) and US$47,000
\n
(2024: US$44,000) respectively. ARA Petroleum LLC, through its associated companies Eclipse Investments LLC and ARA
\n
O\ufb00shore Investment Company Limited (see Note 29), is a signi\ufb01cant shareholder in Aminex PLC.
\n
During 2025, the Group entered into a related party transaction in respect of Directors\u2019 remuneration fees of US$47,000 (2024:
\n
US$44,000) and bonus payment of US$40,000 (2024: US$nil), which were paid to Upstream Solutions Limited, a company
\n
connected with Tom Mackay. There was a US$nil balance outstanding as at 31 December 2025 (2024: US$nil).
\n
During 2025, the Group entered into a related party transaction in respect of Directors\u2019 remuneration fees of US$107,000 (2024:
\n
US$101,000) and bonus payment of US$40,000 (2024: US$nil), which were paid to MB CES Services, a company connected
\n
with Charles Santos. There was a US$nil balance outstanding as at 31 December 2025 (2024: US$nil).
\n
The Group issued an invoice in June 2023 for \u00a346,790 to ARA Petroleum Tanzania Limited, the operator of the Ruvuma
\n
PSA and a subsidiary of ARA Petroleum LLC, which is an associate company of Eclipse Investments LLC and ARA O\ufb00shore
\n
Investment Company Limited (see Note 29), a signi\ufb01cant shareholder in Aminex PLC. The invoice is for reimbursement of costs
\n
related to the handover of the operatorship of the Ruvuma PSA and is shown in trade receivables as at 31 December 2025.
\n
In April 2024, the Company signed a US$3.00 million funding facility with Eclipse Investments LLC, then a signi\ufb01cant shareholder
\n
of Aminex PLC. During 2025, a further US$1,125,000 (2024: US$ 375,000) was drawn down against the facility, and the loan
\n
generated US$101,000 in interest. On 20 October 2025, the total of the Eclipse debt of US$1,602,000 (principal plus interest)
was converted into ordinary shares in the Company share placing at a price of Stg. 1.65p.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00218": { "value": "29 Post balance sheet events
On 5 March 2026, Eclipse Investments LLC, a signi\ufb01cant shareholder in Aminex PLC, transferred its shareholding in the
\nCompany to ARA O\ufb00shore Investment Company Limited, pursuant to an intragroup reorganisation of The Zubair Corporation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00219": { "value": "30 Approval of \ufb01nancial statements These \ufb01nancial statements were approved by the Board of Directors on 27 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInTheReport_Label_00167": { "value": "Paramount Court Corrig Road Sandyford Business Park Dublin 18 D18 R9C7 Ireland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400CSEBJAYPUUFC95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }