LANSDOWNE OIL & GAS PLC

• ⚠

  Material uncertainty over going concern

  The Directors have considered the various matters and have concluded that a material uncertainty exists that may cast significant doubt on the ability of the Group and Company to continue as a going concern. These uncertainties relate to the ability to secure compensation for the loss of the Barryroe asset through the ECT process and the ability to complete the planned Reverse Take Over and associated fund-raising. Nevertheless, after making enquiries and considering the uncertainties, the Directors consider that it is appropriate to adopt a going concern assumption in preparing these financial statements for the reasons outlined in note 1.3 to the financial statements.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  -54.2%

  £24,000 → £11,000

  lowest in 4 filed years

• Net assets

  -14.7%

  -£1,111,000 → -£1,274,000

• Employees

  0%

  1 → 1

• Operating profit

  +98.3%

  -£16,801,000 → -£294,000

• Profit before tax

  +97.9%

  -£16,343,000 → -£336,000

• Wages

  +9.1%

  £55,000 → £60,000

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.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have considered the various matters and have concluded that a material uncertainty exists that may cast significant doubt on the ability of the Group and Company to continue as a going concern. These uncertainties relate to the ability to secure compensation for the loss of the Barryroe asset through the ECT process and the ability to complete the planned Reverse Take Over and associated fund-raising. Nevertheless, after making enquiries and considering the uncertainties, the Directors consider that it is appropriate to adopt a going concern assumption in preparing these financial statements for the reasons outlined in note 1.3 to the financial statements.”

Group structure

1. LANSDOWNE OIL & GAS PLC · parent
   1. Lansdowne Celtic Sea Limited 100% · England · Oil and gas exploration
   2. Milesian Oil & Gas Limited 100% · Ireland · Oil and gas exploration

Significant events

• “Lansdowne's shares were suspended from trading on AIM as of 21 March 2024 due to no acquisition or reverse takeover being completed within the six-month period as a "Cash Shell" company.”
• “Company announced on 21 March 2024 that it would "Record Date" Registered Shareholders to protect them for receiving proceeds from a successful ECT claim.”
• “In December 2023, the Company placed 40,000,000 new ordinary shares of 0.1 pence each to raise £40,000 before costs and a second tranche of 160,000,000 new ordinary shares of 0.1 pence each to raise £160,000, conditional on shareholder resolutions passed on 29 December 2023. Shares issued and traded on 2 January 2024.”
• “In December 2023, the Company entered into an agreement with LC Capital Master Fund to extend the repayment date of its outstanding loan to 30 June 2024, with a further extension approved after June 2024. Discussions regarding loan repayment terms are ongoing.”
• “In September 2024, Lansdowne entered into a Convertible Loan Agreement for £95,000 with Directors and existing shareholders, with £10,000 yet to be finalised.”
• “In February 2025, the Company announced the completion of a further Convertible Loan Agreement with existing shareholders for £45,000, on the same terms.”
• “On 30 July 2025, the Company announced the issuance of a further £100,000 of Convertible Loan Notes, made under the same terms as the previous issues in September 2024 and February 2025.”

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

Filings

7

last 12 months

Capital events

1

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.