SALTFLEETBY ENERGY LIMITED

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  Material uncertainty over going concern

  Notwithstanding the Directors' expectation that the announced restructuring will complete successfully, it remains subject to conditions precedent. The Company remains dependent upon continued gas production and ongoing compliance with amended financing arrangements. These matters represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern.

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  Going-concern uncertainty disclosed

Values shown as filed in the company's annual accounts. — 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

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.

1. SALTFLEETBY ENERGY LIMITED 2019-07-26 → present
2. WINGAS STORAGE UK LIMITED 2005-01-28 → 2019-07-26
3. ROC OIL (UK) LIMITED 1999-07-22 → 2005-01-28
4. CANDECCA RESOURCES LIMITED 1969-04-29 → 1999-07-22

Accounting basis

FRS 102 §1A

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Notwithstanding the Directors' expectation that the announced restructuring will complete successfully, it remains subject to conditions precedent. The Company remains dependent upon continued gas production and ongoing compliance with amended financing arrangements. These matters represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern.”

Significant events

• “Legacy monthly hedged volumes priced at an average of 42 pence per Therm and set at 1,250,000 Therms per month terminated in June 2025. During the year, the Group entered into additional hedging arrangements in accordance with its financing requirements.”
• “Subsequent to the reporting date, the Company announced a comprehensive restructuring of its financing arrangements with Trafigura Trading Europe Sàrl ("Trafigura"), the counterparties to the Overriding Royalty Interest ("ORRI") attached to the Saltfleetby Gas Field and Forum Energy Services Limited in respect of the deferred consideration relating to the acquisition of Saltfleetby Energy Limited.”
• “On 9 March 2026, the Company through Angus Energy Weald Basin No3 Ltd has entered into additional gas hedging arrangements covering production from April 2026 to June 2027. These hedges secure approximately 7.745 million therms at an average weighted price of approximately 101 pence per therm and were placed in accordance with the Group's financing arrangements and gas price risk management strategy.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.