COVE ENERGY LIMITED

• ⚠

  Material uncertainty over going concern

  The continuing viability of the Group and the Company and their ability to continue as a going concern and meet their debts and commitments as they fall due are dependent upon the Group and the Company receiving the continuing support from PTTEP. The directors of PTTEP have given an undertaking that repayment of the loan from a related party amounting to USD 163 million will be subordinated in favour of all other creditors and have also accepted the responsibility of providing and undertaking to provide sufficient financial assistance to the Group and the Company as and when it is needed to enable the Group and the Company to continue their operations and fulfil all of their current financial obligations and in the future of at least 12 months from the date of signing the financial statements.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  -56.6%

  £3,591,986 → £1,559,393

• Net assets

  +10.7%

  £851,261,867 → £942,137,998

• Employees

  0%

  1 → 1

• Operating profit

  +47.3%

  -£10,758,017 → -£5,667,190

• Profit before tax

  +49%

  -£10,833,520 → -£5,523,660

• Wages

  -7.4%

  £20,184 → £18,689

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. 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. COVE ENERGY LIMITED 2012-11-06 → present
2. COVE ENERGY PLC 2009-07-03 → 2012-11-06
3. LAPP PLATS PLC 2003-12-15 → 2009-07-03

Accounting basis

UK-adopted International Accounting Standards

Reporting scope

Consolidated group

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The continuing viability of the Group and the Company and their ability to continue as a going concern and meet their debts and commitments as they fall due are dependent upon the Group and the Company receiving the continuing support from PTTEP. The directors of PTTEP have given an undertaking that repayment of the loan from a related party amounting to USD 163 million will be subordinated in favour of all other creditors and have also accepted the responsibility of providing and undertaking to provide sufficient financial assistance to the Group and the Company as and when it is needed to enable the Group and the Company to continue their operations and fulfil all of their current financial obligations and in the future of at least 12 months from the date of signing the financial statements.”

Group structure

1. COVE ENERGY LIMITED · parent
   1. Cove Energy East Africa Limited (CEEAL) 100% · Cyprus · Oil and gas exploration
   2. PTTEP Mozambique Area 1 Limited (PTTEP MZA1) 100% · Cyprus · Oil and gas exploration and development phase

Significant events

• “On 26 April 2021, TotalEnergies EP Mozambique Area 1 Limitada, an operator of the Mozambique Area 1 Project, declared Force Majeure from the security situation in the city of Palma, Mozambique. In 2024, the security situation has been continuously improving particularly in the area of the project. The operator is in the process of expediting project resumption.”

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

Filings

5

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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