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Registered number:
FOR THE YEAR ENDED 30 DECEMBER 2025
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GEOEX MCG LIMITED
COMPANY INFORMATION
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GEOEX MCG LIMITED
CONTENTS
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GEOEX MCG LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2025
Geoex MCG is an established oil and gas exploration business, focused on acquisition and provision of 2D, 3D and hybrid marine seismic data.
Our foundations have been built on a proactive and decisive approach to identifying the right opportunities, and our ability to navigate the complex local regulations and maximising the potential of each exploration project. The core of our activities lies in identifying attractive areas for the exploration of natural energy resources and the design of geoscientific surveys. We procure data suitable for oil & gas exploration, CCUS monitoring, and natural hydrogen. Our versatile structure, local insight and opportunistic approach gives us a competitive advantage, ensuring we can react fast to secure the contracts we want. Once secured, our knowledge of and relationships with local authorities and the wealth of geophysical exploration experience, means that we are able to secure valuable projects. We have a clear and agile business model giving us the flexibility to adapt to a changing economic and political environment. Our highly experienced management and specialist geophysical exploration teams successfully identify and secure suitable opportunities and thereafter maximise each project’s potential. Our team has a track record of securing exploration projects in Norway, Morocco, Egypt, Equatorial Guinea, Mexico and the Caribbean.
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GEOEX MCG LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
The Geoex MCG Group comprises a Norwegian Branch and five wholly owned subsidiaries: Geoex Panama SA, located in Panama; Geoex MCG Pte Ltd, in Singapore; Geoex MCG LLC in Houston TX, USA; EICS de Mexico and MCG Mexico, each registered in Mexico.
The Group provides marine seismic data to oil and gas companies worldwide on a multi client basis. It specialises in planning, designing, acquiring, and processing seismic data and delivers high quality products to the oil and gas industry. Using its geological expertise and knowledge to identify offshore areas which it believes will be attractive for oil and gas companies to explore for hydrocarbons. The Group's core competencies are within geology, geophysics, seismic interpretation, and operations, these skills are brought together to provide attractive surveys for the oil and gas industry. The vision is to be the preferred supplier of high quality multi client seismic data in hydrocarbon prospective sedimentary basins. The Group's multi client library consists of MC2D, MC3D and Hybrid surveys in Africa, Norway, Mexico, USA, the Caribbean and Asia Pacific. Key Events Following the successful acquisition of the TGS’s Norwegian Sea GeoStreamerXTM MC3D survey in 2024 covering 411sqkm of the Group’s existing Froan and Frøya MC3D project, the data was successfully processed in 2025 and delivered to the client in early 2026. Geoex MCG now has a total of 841 sqkm GeoStreamerXTM data covering the Frøya High area. The Group also secured prefunding for reprocessing Phase 1, the Norwegian Sea, part of the RDI MC2D. This Pre Stack Depth Migration (PSDM) reprocessing project consists of 6,350 km of the total 16,250 km full survey. Phase 1 is expected to be completed by December 2026. Furthermore, the Group completed the reprocessing of approximately 18,000km of vintage data from offshore Venezuela that will be available to clients from the first quarter of 2026. The Group achieved turnover of $9.4m (2024: $7.01m) during the year. Operating loss for the year was $0.8m (2024: loss $2.9m) and the net loss before tax was $0.8m (2024: loss $2.7m). As at the balance sheet date, the Group had net current assets of $4.7m (2024: $3.7m) and reserves of $7.3m (2024: $8.1m). Multi-client Data Library and Investments The main asset of the Group is the multi-client library of seismic 2D & 3D data. The net book value of this asset represents 20% of the total assets in the balance sheet. During the year the value of the multi-client library decreased by $1.7m, resulting in a net book value of $2.7m at the year end (2024: $4.4m). Segment Multi-Client operations The Group has limited long-term operational financial commitments and hires vessels and crew on a project by project basis. This provides the Group with the financial flexibility to meet changes in the market. The Group is well placed in terms of the volume of 2D marine seismic data held worldwide with more than 700,000 km of data. Looking at the balance sheet, 99% of the book value of the multi-client seismic library is related to library additions made since 2018. As such the Group's multi-client library is very fresh and maintains a high quality. Capital and Financing At the end of 2025, the Group's total cash balance amounted to $2.6m (2024: $6.2m).
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GEOEX MCG LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
Cash Flow and Liquidity Cash used in operating activities was $2.3m (2024: generated $3.0m). Cash used in investing activities was $1.2m (2024: $1.39m) and cash used in financing activities was $3.6k (2024: $3.9k).
Market risk
The Group’s clients are exploration and production companies in oil and gas industry. Their activity level is closely linked to and varies with the price of hydrocarbon commodities. This impacts the Group’s profitability. The demand for seismic data is also closely linked to exploration results and licensing rounds. Changes to licensing rounds and disappointing explorations results, in addition to falling oil price, could have a material impact on the Group's profitability. Financial risk The Group is exposed to financial risks like changes in currency, liquidity and credit risk. The exposure to currency risk is limited as the functional currency of all entities in the Group is US dollar (USD) and the majority of revenues, seismic acquisition costs and bank deposits are in USD. However, Geoex MCG Limited pays operating expenses in Pound Sterling (GBP) and has bank deposits in USD, EUR, GBP and NOK. It is thereby impacted by fluctuations between USD and other currencies. The Group's liquidity risk is low in the short term. The Group is exposed to credit risk through trade receivables. The clients are mainly large oil and gas companies that are well known, and the Group uses best efforts to manage this risk. Excess cash is placed in bank deposits, largely in USD.
The management use the following KPIs to track the Group's performance:
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GEOEX MCG LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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GEOEX MCG LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2025
The directors present their report and the financial statements for the year ended 30 December 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to $734,569 (2024 - loss $2,753,594).
The directors recommend that no dividends be paid for the year.
The directors who served during the year were:
The well-being of the Group’s employees is safeguarded through strict adherence to health and safety standards. The health and safety regulations impose certain requirements on employers and the Group has taken the necessary action to ensure compliance with the regulations.
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GEOEX MCG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.
The Group's activities involving the collection of seismic data means that there is a level of interaction with the external environment. We are continually working on our operational procedures in order to minimise any potential negative environmental impact and to maximise potential positive social impact on the people, communities and the surroundings in which we operate. We are dedicated to continuous improvements in all parts of our operation. The activities of the Group affect the external environment through the acquisition of seismic data. It buys seismic data acquisition services from vessel suppliers and continuously works on operational procedures to minimise the environmental impact on people and surroundings. No oil spills or other environmental damage occurred during the year. All vessels, contracted and subcontracted, complied with local and international regulations regarding marine pollution. There have been no injuries or accidents during the year.
The main driver for our business is the oil price, which ranged between 60 and 80 USD per barrel during 2025 and averaged USD 69 per barrel. This is somewhat weaker than the preceding year. However, since the beginning of March 2026, oil prices have increased significantly due to the uncertainty created by the war in the Middle East. Recently the oil price has settled in the USD 90 - 100 per barrel range, but remains volatile due to the Middle East instability. However, our expectation is for the oil price to remain higher than in 2025.
Oil and gas companies still tell us that they will spend 80% of their exploration budget on near field exploration, also known as infrastructure led exploration (ILX) and the remaining 20% on new venture exploration such as proving new geological play types and separate big discoveries, preferably gas discoveries. However, due to current geopolitical instability we do see a slight change towards more new venture exploration in 2026 as the need for reserve replacement and new areas/countries opening up for hydrocarbon exploration. The Group has seen renewed interest in its data in Equatorial Guinea, the Caribbean and in particular in Venezuela and anticipates that further sales will be achieved in 2026. The Group expects demand for multi client seismic data to remain dependent on oil and gas exploration activity, licensing rounds, commodity prices and customer capital allocation. The directors continue to monitor opportunities to licence existing data and to reprocess selected datasets where there is customer demand.
It is our policy to treat all employees with the same level of professionalism regardless of their sex, sexual orientation, age, race, ethnic origin, colour, nationality, disability, or marital status. Furthermore, the Group believes that no employee should be prejudiced in any aspect of their employment or career development. To that end we will take appropriate measures for any instances of non-compliance with this policy.
The Group is committed to creating a work environment free of harassment and bullying, where everyone is treated with dignity and respect. We are committed to promoting equal opportunities in all areas and to avoiding unlawful discrimination in employment and against our clients and customers. The Group remunerates its employees according to market conditions. Remuneration includes a fixed salary, insurance, occupational pension scheme and payments in kind which is common in comparable positions.
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GEOEX MCG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
We focus on working in partnership with our suppliers and customers to deliver consistent quality multi-client seismic data and seismic processing services on time and to budget.
The Group operates via a branch in Norway.
Information, such as principal risks and uncertainties are not included within Directors’ Report but have instead
been covered in the Strategic Report.
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GEOEX MCG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
The Group is committed to maintaining high standards of corporate governance. We believe that effective corporate governance is essential to the well-being of the Group and establishes the framework by which we conduct ourselves in servicing our client's needs, achieving strategic goals, and delivering value to our shareholders. The parent company is registered in the UK as a private limited company, which gives more flexibility in the decision-making process.
Corporate Social Responsibility Corporate Social Responsibility is an integral part of the Geoex way of doing business. Its corporate mission is to achieve world-leading performance through persistence, dedication, and full commitment to quality. Furthermore, supplying global seismic solutions through dedicated and experienced people. We believe the Group's commitment to core values like business integrity, respect for others, fair play and honesty is key to realising our corporate mission. Geoex MCG Limited considers how all parts of the Group's operational activities can potentially impact them. This consideration includes thorough planning of all projects, extensive communication with regulatory bodies and local communities (including permitting processes), quality based selection of local representatives and partners. The Group is committed to respecting the communities in which we operate by becoming familiar with and showing consideration to local cultures, customs and values. We seek to support local society by recruiting from the resident work force wherever possible, and aim to act as a positive influence within these communities. The Group endeavours to ensure that security services are only used where deemed necessary and that the provision of security is in accordance with international standards of best practice and the laws of the countries in which we operate. We act with fairness in our business practices and do not use our dealings with political organisations or our business partners to secure an unfair advantage over others. The Group focuses specifically on compliance, anti-corruption and safe and environmentally friendly execution of our seismic projects. Anti-Corruption and Compliance Geoex MCG Limited shall actively combat bribery and corruption and we shall act professionally, fairly and with integrity in all our business dealings and relationships wherever we operate. The Geoex Code of Conduct and Anti-Corruption Policy describes the requirements in terms of business ethics and conduct which apply to its business activities. The Group is committed to comply with all legal and ethical requirements of the industry. The Group operates in several high-risk countries which puts an obligation on us to act diligently. Our policies emphasize the Group's zero tolerance approach to bribery and corruption. Our policies expressly prohibit bribery and other illegal payments as well as giving guidance on gifts and hospitality. We investigate all potential violations of our policies or of any applicable anti-corruption laws. Our policies are continually assessed to identify weaknesses and areas for improvement.
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GEOEX MCG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
There have been no significant events affecting the Group since the year end.
The auditors, Accendo Consulting Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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GEOEX MCG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOEX MCG LIMITED
We have audited the financial statements of Geoex MCG Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GEOEX MCG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOEX MCG LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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GEOEX MCG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOEX MCG LIMITED (CONTINUED)
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GEOEX MCG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOEX MCG LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: The nature of the industry and sector, control environment and business performance including the design of the Group’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Group’s policies and procedures; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation. Audit response to risks identified As a result of performing the above, we identified revenue recognition as an area giving rise to a presumed risk of material misstatement due to fraud. Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management, concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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GEOEX MCG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOEX MCG LIMITED (CONTINUED)
- obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
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GEOEX MCG LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2025
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GEOEX MCG LIMITED
REGISTERED NUMBER: 04835527
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2025
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GEOEX MCG LIMITED
REGISTERED NUMBER: 04835527
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 52 form part of these financial statements.
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GEOEX MCG LIMITED
REGISTERED NUMBER: 04835527
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2025
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GEOEX MCG LIMITED
REGISTERED NUMBER: 04835527
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 52 form part of these financial statements.
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GEOEX MCG LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2025
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GEOEX MCG LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
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GEOEX MCG LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
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GEOEX MCG LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 23
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GEOEX MCG LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 24
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GEOEX MCG LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 25
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GEOEX MCG LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 26
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Geoex MCG Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2020.
The directors assess whether the use of going concern is appropriate i.e., whether there are any
material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. The directors have performed a robust analysis of the forecasted financial performance of the Group and make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The directors have concluded that the Group has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Group's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Page 27
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 28
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Sales of multi-client library data Revenue from contracts with customers arise primarily from sale of licenses granting the customers access to portions of the Group's multi-client data library. Sale before completion of the individual projects (Pre-funding arrangements): The Group receives funding from a limited number of customers at the start of some seismic projects or before the project is completed. The Group recognises such pre-funding from customers as deferred revenue. When the seismic project has been completed, and the customer has received the data or has the right to access the licensed portion of the data library, the deferred revenue is transferred from deferred revenue in the balance sheet and recognised as revenue in the income statement. Sales after completion of individual projects (late sales): The Group grants licenses to customers which entitles the customers to have access to a specially defined portion of the Group's completed multi-client data library. The Group recognises revenue from late sales when the customer has signed a license agreement and has received the data or has the right to access the licensed portion of the data library, the customer's license payment is fixed and determinable, and enforcement of the claim is considered reasonably assured. The Group evaluates whether there are separate performance obligations in the contract and allocates a portion of the transaction price to the separate performance obligations. The performance obligations are mainly considered satisfied upon completion of processing of the survey and granting of access to the finished survey or delivery of the finished data.
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Page 30
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The intangible assets consist of the multi-client library. The multi-client library includes completed and in-progress geophysical and geological data to be licensed on a non-exclusive basis to oil and gas exploration and production companies. The costs directly attributable to data acquisition and processing are capitalised to the multi-client library. The library can also include the cost of data purchased from third parties. The library of multi-client seismic data is presented at cost reduced by accumulated amortisation and impairment.
Cost items include: 1. Vessel Acquisition Costs - all cost items invoiced by vessel owner in relation to acquisition of seismic data including gravimetric and/or magnetic geophysical data for a given project. 2. Direct Project Costs - all costs items that add value and are incurred directly in connection with acquisition of a given project. These costs include but are not limited to: a. Permitting/licensing/environmental fees - fees required to operate in each area. b. Fishing representative and quality control representative (client representative) - costs incurred for 3rd party services in connection with monitoring of compliance with data quality or regulatory matters. c. Chase vessel costs. d. External geophysical services. 3. Data Processing Costs - all cost items invoiced by data processing supplier whether it is an acquisition project or a reprocessing project, including processing of gravimetric and/or magnetic geophysical data. 4. Other costs - all other costs not specifically mentioned in the above are not to be capitalised and should therefore be expensed as incurred. Examples of such costs include but are not limited to the below items: • Shipping and tape copying costs • Data management and storage costs • Commission costs/brokers fees. Amortisation of Multi-Client Library • Upon initial completion of a project, amortisation will be recognised as a proportion of prefunded revenues based on total cost versus forecasted total revenues of the project. • After a project is completed, a straight-line amortisation is applied. The straight-line amortisation will be assigned over the remaining useful life, which for new acquisition projects will not
Page 31
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
exceed four years. The straight-line amortisation will be distributed evenly through the financial year independently of sales during the quarters.
Reprocessing of previously completed surveys are handled in a separate project in the WIP phase. The reprocessing expenses are not amortised in the WIP period, while the value of underlying data continues normal amortisation programme in the reprocessing work-in-progress period. Amortisation in the late sales phase The acquisition expenses for reprocessing are added to the NBV of the reprocessed project from the first quarter after completion of the reprocessing. Management will estimate the lifetime of the compound project to calculate the straight-line amortisation. The assessment will be conducted for each of the projects individually. The lifetime of the initial project cannot be expanded by more than 2 years, and the compound project amortisation cannot exceed 4 years after the start of the late sales phase.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
Page 35
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial instruments
Page 36
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Amortisation and impairment of Multi-client library In determining the amortisation rates applied to the multi-client library and for impairment testing, management considers past experience, market developments, general prospects for hydrocarbons in the area, political risk, likelihood and timing of exploration licensing rounds, existence of competitor data sets and general economic conditions. Because of the inherent difficulty in estimating future sales and market developments, changes in these estimates may potentially affect the estimated amortisation rates materially. To the extent that such revenue estimates, or the assumptions used to make those estimates, prove to be higher than actual revenue, the company's future operations will reflect lower profitability due to increased amortisation applied to the multi-client library in later years. The future sales forecasts also form the basis for impairment evaluations. The multi-client library is assessed for impairment when there is an indication that the carrying amount may exceed the recoverable amount. The recoverable amount is the higher of the asset's fair value less costs required to sell the asset and its value in use. The value in use is determined by reference to discounted future net cash flows expected to be generated by the asset.
Analysis of turnover by country of destination:
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 38
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 39
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 40
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
12.Taxation (continued)
Page 41
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 42
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 43
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
14.Tangible fixed assets (continued)
Page 44
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 45
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 46
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 47
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 48
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
One of the Group's subsidiaries received COVID related loan of $150k in July 2020. The loan is repayable in 30 years in monthly instalments of $731 each. The interest is payable at 3.75% per annum. The loan and interest payments were deferred for 30 months from start date.
Page 49
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Page 50
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
Merger Reserve
The Group is a respondent in arbitration proceedings brought by a Russian entity, under the rules of a European Union based Arbitration Institute. The claim relates to an invoice of USD 1.17 million issued prior to the imposition of international sanctions on Russia in 2022.
The Group has recognised this amount as a liability in its accounting records; however, payment has not been made as settlement would currently breach applicable sanctions legislation. Arbitration hearings were held in early 2025, and an award was initially expected in August 2025. However, following the hearing, the arbitral secretariat and the tribunal have sought additional advances on costs and, more recently, have suspended collection of further payments while conducting compliance checks in relation to sanctions. The tribunal has also requested an extension of up to one year for issuing its decision. The Group’s legal advisers consider that these developments reflect uncertainty as to whether the arbitral secretariat and the tribunal themselves can lawfully accept funds from the claimant, a sanctioned entity. During 2024 and 2025, the Group has incurred significant legal and professional costs in connection with this matter. These have been recognised as expenses in the Statement of Comprehensive Income for the years ended 30 December 2024 and 30 December 2025. The arbitration remains ongoing and its outcome is uncertain. The Group continues to maintain that it is legally prohibited from making any payment to the claimant under current sanctions regimes. Even if an adverse award were made, enforcement in the UK and EU would be subject to significant restrictions under international sanctions law. Accordingly, while the proceedings remain unresolved, the Directors consider that no additional provision is required beyond the liability already recognised for the original invoice. The situation will be kept under review in light of future developments.
Page 51
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GEOEX MCG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to $177k (2024: $131k). Contributions totalling $12k (2024: $18k) were payable to the fund at the reporting date and are included in creditors.
The ultimate controlling parties are P Lipsky and P Benichou by virtue of their majority shareholdings in the parent company.
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