ENI ULX LIMITED
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Cash
£235m
USD 316,793,000
+106.3% highest in 3 filed years
Net assets
£1.1bn
USD 1,547,974,000
+51.1% highest in 3 filed years
Employees
0
Average over period
Profit before tax
£277m
USD 372,690,000
-8.1% lowest in 3 filed years
Net assets
3-year trend · vs Energy median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £756,506,119 | £796,145,336 | £558,775,510 | -29.8% | |
| Operating profit | £347,903,985 | £302,232,569 | £267,571,800 | -11.5% | |
| Profit before tax | £362,045,027 | £301,110,315 | £276,578,850 | -8.1% | |
| Net profit | £200,147,474 | £161,882,362 | £217,375,139 | +34.3% | |
| Cash | £130,422,811 | £113,943,808 | £235,096,846 | +106.3% | |
| Total assets less current liabilities | £1,093,270,317 | £946,876,791 | £1,148,968,460 | +21.3% | |
| Net assets | £589,639,159 | £760,156,797 | £1,148,774,768 | +51.1% | |
| Equity | £589,639,159 | £760,156,797 | £1,148,774,768 | +51.1% | |
| Average employees | 0 | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — |
Figures converted to GBP from USD at 0.742 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 46.0% | 38.0% | 47.9% | |
| Net margin | 26.5% | 20.3% | 38.9% | |
| Return on capital employed | 31.8% | 31.9% | 23.3% | |
| Gearing (liabilities / total assets) | 54.1% | 34.6% | 28.5% | |
| Current ratio | 1.41x | 1.60x | 3.48x | |
| Interest cover | 16.41x | 9.49x | 35.26x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 2 times since incorporation
- ENI ULX LIMITED 2003-04-10 → present
- LASMO (ULX) LIMITED 1992-07-15 → 2003-04-10
- ULTRAMAR EXPLORATION LIMITED 1968-07-29 → 1992-07-15
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors are satisfied that the company has adequate financial resources, including access to Eni Group financial resources, to continue to operate for the foreseeable future for at least twelve months from the date of signing these financial statements and meet its obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.”
Group structure
- ENI ULX LIMITED · parent
- Eni Oil Holdings B.V. 100%
- Eni Indonesia Limited 100%
- Eni Ambalat Limited 100%
- Eni Arguni Limited 100%
- Eni Bukat Limited 100%
- Eni East Sepinggan Limited 100%
- Eni Ganal Limited 100%
- Eni Indonesia OTS 1 Limited 100%
- Eni North Ganal Limited 100%
- Eni Peri Mahakam Limited 100%
- Eni Rapak Limited 100%
- Eni West Timor Limited 100%
- Eni East Ganal Limited 100%
- Eni West Ganal Limited 100%
- Eni Algeria Ltd Sarl 100%
Significant events
- “On 2 November 2025, Eni Lasmo plc and Eni International B.V. (together "Eni"), and Petronas Carigali International Ventures Sdn. Bhd. and Petronas Carigali Sdn. Bhd. (together "Petronas"), entered into a binding Investment Agreement to establish a jointly owned upstream company (Searah Limited), to be owned on an equal basis.”
- “First gas from the Merakes East field was achieved in May 2025.”
- “Following an amendment effective August 2024, the PSC term for Rapak PSC was extended by 20 years to 3 January 2047.”
- “The approved Plan of Development (POD) for the Ganal PSC, dated 13 August 2024, resulted in the final investment decision (FID) being taken in November 2025, with first production targeted in Q2 2028.”
- “The Plan of Development (POD) for the North Hub, covering the Geng North and Gehem fields, was approved on 26 August 2024. The Final Investment Decision (FID) was formally signed in January 2026.”
- “The Plan of Development (POD) for the Maha field was submitted in November 2023 and approved by SKK Migas in December 2023. The Final Investment Decision (FID) was approved in February 2025, with first gas targeted in October 2026.”
- “During 2025, exploration activities focused on the drilling of the Kadal-1 directional exploration well in East Ganal, which was spudded in March 2025 and completed in September 2025.”
- “On 26 February 2025, the company's immediate parent undertaking, Eni ULT Limited, approved a capital contribution of $300.0 million. The contribution was received on 3 March 2025, and the company issued 238,230,000 ordinary shares of £1 each.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 59 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| D'ABREO, Riordan | Secretary | 2020-07-01 | — | — |
| MAGISTRELLI, Michele | Director | 2026-01-12 | Apr 1985 | Italian |
| PAGANO, Francesco | Director | 2022-03-24 | Jun 1968 | Italian |
| PORRETTA-SERAPIGLIA, Claudia | Director | 2025-06-06 | Nov 1977 | Italian |
Show 59 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAL BELLO, Francesca | Secretary | 2007-07-06 | 2017-11-09 |
| DRAKE, Caroline Ann | Secretary | 2000-07-03 | 2002-01-11 |
| FAGAN, Daragh Patrick Feltrim | Secretary | 2002-08-08 | 2007-07-06 |
| O'BRIAN, Alan | Secretary | 2002-01-11 | 2002-07-19 |
| TREZZA, Mila | Secretary | 2017-11-09 | 2020-07-01 |
| WALTERS, Sandra Gail | Secretary | 1999-04-30 | 2000-07-03 |
| WEDGWOOD, John Arthur Thomas | Secretary | — | 1999-04-30 |
| ARISI ROTA, Federico | Director | 2007-11-09 | 2009-01-13 |
| AZANCOT, Michael James | Director | 1998-07-06 | 2000-02-08 |
| BUSHELL, Timothy Paul | Director | 2000-02-10 | 2001-05-31 |
| CASTIGLIONI, Fabio | Director | 2009-06-15 | 2010-07-14 |
| CHACON, Oswaldo | Director | 2012-04-10 | 2014-09-24 |
| CHIARINI, Alberto | Director | 2004-09-01 | 2006-04-03 |
| DE MARCO, Claudio | Director | 2017-01-05 | 2017-06-12 |
| DERBY, Joseph | Director | — | 1993-11-02 |
| DI LORENZO, Vincenzo | Director | 2006-04-03 | 2007-11-09 |
| FERRARA, Gianluigi | Director | 2017-06-13 | 2022-03-24 |
| FERRARA, Gianluigi | Director | 2001-08-24 | 2003-08-21 |
| FRANKE, John Adrian | Director | 1997-12-15 | 2001-08-31 |
| GIULIANELLI, Matilde | Director | 2003-08-21 | 2006-05-16 |
| GIUSTO, Manfredi | Director | 2024-10-03 | 2025-06-06 |
| GIUSTO, Manfredi | Director | 2019-11-18 | 2020-08-06 |
| GRAY, Colin Robert Gordon | Director | 1993-11-04 | 1995-05-31 |
| HARVEY, Russell Seth | Director | — | 1996-09-30 |
| HASHEMI, Seyed Mohammed Mehdi | Director | — | 1993-01-22 |
| HEMMENS, Philip Duncan | Director | 2020-08-06 | 2022-10-13 |
| HEMMENS, Philip Duncan | Director | 2011-09-19 | 2016-05-17 |
| HEMMENS, Philip Duncan | Director | 2002-12-02 | 2004-09-21 |
| HOGAN, John Anthony | Director | — | 1999-02-01 |
| KIDD, Rupert Gervase William, Dr | Director | 1995-07-19 | 1996-05-16 |
| KING, Paul Anthony | Director | 1996-09-30 | 1997-02-28 |
| LIBRI, Giuseppe | Director | 2009-01-13 | 2011-09-19 |
| LORATO, Roberto | Director | 2001-08-24 | 2002-08-08 |
| LOUGH, Keith Geddes | Director | 1997-03-03 | 1999-07-30 |
| LUSURIELLO, Luigino | Director | 2007-11-09 | 2009-06-15 |
| MCALLISTER, Mark | Director | 2000-01-12 | 2001-05-31 |
| MILROY, Duncan Taylor | Director | 1993-10-27 | 1996-04-01 |
| MIRABELLI, Giuseppe | Director | 2005-02-14 | 2007-11-09 |
| MIRABELLI, Giuseppe | Director | 2002-08-08 | 2002-12-02 |
| MURRAY, Paul Colbeck | Director | 1999-02-01 | 2001-06-08 |
| OLIVERI, Stefano | Director | 2011-09-19 | 2016-04-15 |
| PAGANI, Alberto | Director | 2002-12-02 | 2005-02-14 |
| PASI, Giuseppe | Director | 2014-04-03 | 2016-04-15 |
| PASQUA, Roberto | Director | 2014-09-24 | 2017-06-13 |
| PAVIA, Michael James | Director | — | 1993-12-31 |
| PICKERILL, Anne | Director | 1993-04-05 | 1993-04-07 |
| PIRO, Luigi | Director | 2016-05-17 | 2017-01-05 |
| POLO, Franco, Dr | Director | 2010-07-14 | 2011-09-19 |
| RINALDI, Francesca | Director | 2017-06-12 | 2019-11-18 |
| SHAW, Sandra Nan Demby | Director | 1993-06-15 | 1993-11-02 |
| SMERNOFF, Richard Louis | Director | 1994-03-14 | 1999-02-01 |
| TALAMONTI, Marco | Director | 2006-05-16 | 2012-04-10 |
| THOMAS, David Howard | Director | 1999-07-30 | 2004-09-01 |
| THOMAS, David Howard | Director | 1996-09-30 | 1997-03-07 |
| TONNA, Alberto | Director | 2016-04-15 | 2026-01-12 |
| VASQUES, Luciano Maria | Director | 2022-10-13 | 2024-10-03 |
| WELLAND, Michael John Patterson | Director | 1996-04-16 | 1999-02-01 |
| WINCKLE, Kenneth Rodney | Director | 1997-03-03 | 1997-12-15 |
| WRIGHT, Christopher Alan, Dr | Director | 1999-02-01 | 1999-12-06 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Eni Ult Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 293 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-06-02 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-04 | AA | accounts | Accounts with accounts type full | |
| 2026-06-23 | CH01 | officers | Change person director company with change date | |
| 2026-06-02 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2026-06-02 | SH20 | capital | Legacy | |
| 2026-06-02 | CAP-SS | insolvency | Legacy | |
| 2026-06-02 | RESOLUTIONS | resolution | Resolution | |
| 2026-02-13 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-01-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-13 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-25 | CH01 | officers | Change person director company with change date | |
| 2025-08-27 | AA | accounts | Accounts with accounts type full | |
| 2025-07-07 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-06-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-03 | SH01 | capital | Capital allotment shares | |
| 2025-02-08 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-01-28 | CH01 | officers | Change person director company with change date | |
| 2024-10-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-07 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-24 | AA | accounts | Accounts with accounts type full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 10
- Capital events
- 3
- Officers appointed
- 1
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.