168 Annual Report 2025 Group Company Note 2025 2024 2025 2024 US$’000 US$’000 US$’000 US$’000 Assets Exploration and evaluation assets 3 41,987 34,903 – – Oil and gas properties 4 285,491 173,856 – – Goodwill and intangible assets 5 4,210 4,967 – – Property, plant and equipment 6 173,569 2,650 814 402 Subsidiaries 7 – – 33,534 79,023 Other receivables 9 130,874 110,352 3,004 – Non-current assets 636,131 326,728 37,352 79,425 Inventories 10 33,835 36,287 – – Trade and other receivables 9 36,414 78,795 11,709 10,174 Contract assets 11 6,171 – – – Derivative financial instruments 12 1,685 297 – – Quoted investments 13 7,196 12,976 6,829 12,901 Cash and cash equivalents 14 49,056 117,196 1,046 4,281 Current assets 134,357 245,551 19,584 27,356 Total assets 770,488 572,279 56,936 106,781 Equity Share capital 15 89,581 89,581 89,581 89,581 Reserves 16 (593) 4,142 1,082 1,082 Accumulated losses (169,237) (31,327) (48,910) (7,865) Equity attributable to owners of the Company (80,249) 62,396 41,753 82,798 Non-controlling interests 8 (14,183) 1,568 – – Total equity (94,432) 63,964 41,753 82,798 Liabilities Loans and borrowings 18 204,780 142,083 – – Provisions 19 276,531 208,326 – – Lease liabilities 20 131,187 1,146 445 17 Deferred tax liabilities 21 36,681 49,588 – – Other payables 22 77 – 77 – Non-current liabilities 649,256 401,143 522 17 Loans and borrowings 18 43,915 – – – Provisions 19 – 2,088 – – Lease liabilities 20 31,210 646 197 203 Trade and other payables 22 120,863 55,438 14,464 23,763 Contract liabilities 11 – 30,340 – – Income tax payable 19,676 18,660 – – Current liabilities 215,664 107,172 14,661 23,966 Total liabilities 864,920 508,315 15,183 23,983 Total equity and liabilities 770,488 572,279 56,936 106,781 The accompanying notes form an integral part of these financial statements. STATEMENTS OF FINANCIAL POSITION As at 31 December 2025
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