The Group recorded a net foreign exchange loss of US$5.01 million in FY2025 (FY2024: US$0.94 million), largely driven by the weakening of the United States dollar (“USD”) against the Norwegian Krone (“NOK”). Revaluation of USD-denominated payables in certain subsidiaries, whose functional currency are NOK, resulted in the unrealised foreign exchange loss. TAXATION The Group’s tax expense decreased to US$5.77 million in FY2025 (FY2024: US$41.45 million) mainly due a decrease in operating profit in Norway, a decrease in crude oil tax in Oman, and a decrease in deferred tax liabilities arising from impairment of oil and gas properties in Norway. NON-CURRENT ASSETS Non-current assets of the Group increased to US$636.13 million as at 31 December 2025 (31 December 2024: US$326.73 million) mainly due to 1) an increase in O&G properties to US$285.49 million mainly due to i) additions to O&G properties of US$263.20 million from drilling and production activities in Benin, Norway, and Oman, ii) acquisition of interests in oil and gas licences of US$1.97 million, iii) adjustments to O&G properties of US$21.59 million from changes in decommissioning provision, and iv) a net foreign currency translation gain of US$16.50 million on consolidation due to the strengthening of the NOK against the USD. Net against: v) impairment losses on O&G properties of US$88.68 million, and vi) depletion of O&G properties of US$107.28 million. 2) an increase in E&E assets to US$41.99 million, due to i) additions to E&E of US$15.91 million from drilling activities in Norway, Germany and Oman, ii) a net foreign currency translation gain of US$6.15 million on consolidation due to the strengthening of the NOK against the USD, Net against: iii) impairment losses of E&E of US$10.89 million. 3) an increase in property, plant and equipment to US$173.57 million, mainly due to the addition of rightof-use assets in Benin comprising a Mobile Offshore Production Unit (“MOPU”) and a Floating Storage & Offloading unit (“FSO”) of US$176.46 million, net against depreciation charges for FY2025. 4) an increase in non-current other receivables to US$130.87 million, mainly due to changes in decommissioning provision for the Brage Field and foreign currency translation gain on consolidation, as a result of the strengthening of the NOK against the USD. Net against: 5) a decrease in intangible assets to US$4.21 million, mainly due to amortisation charges for FY2025. CURRENT ASSETS Inventories decreased to US$33.84 million as at 31 December 2025 (31 December 2024: US$36.29 million), mainly attributable to significant sale of crude oil in Norway prior to the year-end, net against an increase in drilling supplies and materials for the Norway operations. Current trade and other receivables of the Group decreased to US$36.41 million as at 31 December 2025 (31 December 2024: US$78.80 million); this was mainly attributable to the significant sale of crude oil in Norway settled against customer advances, and the receipt of proceeds from the sale of crude oil in Oman prior to the year-end. In comparison, the higher balance of trade and other receivables in FY2024 was primarily due to increased sales of crude oil in Oman and Norway towards the end of December 2024 and higher prepayments arising from US$5.22 million paid in advance for an equipment in Benin. Contract assets of the Group amounted to US$6.17 million as at 31 December 2025 (31 December 2024: US$Nil), mainly due to an increase in accrued revenue arising from the significant delivery of crude oil in Norway in December 2025, in excess of customer advances and gas deliveries in December 2025 to be billed in 2026. Derivative financial instruments increased to US$1.69 million as at 31 December 2025 (31 December 2024: US$0.30 million), due to the purchase of crude oil put options to manage significant crude oil price volatility. Quoted investments decreased to US$7.20 million as at 31 December 2025 (31 December 2024: US$12.98 million), mainly due to the maturity and disposal of certain debt instruments. The proceeds were utilised as general working capital and other operational needs instead of being reinvested into other quoted investments. NON-CURRENT LIABILITIES Total current and non-current loan and borrowings increased to US$248.70 million as at 31 December 2025 (31 December 2024: US$142.08 million) due to 52 Annual Report 2025
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