MITSUI E&P MOZAMBIQUE AREA 1 LIMITED

• ⚠

  Material uncertainty over going concern

  In the absence of binding funding commitments, the Directors acknowledge the existence of a material uncertainty that may cast significant doubt on the Company's and the Group's ability to continue as a going concern.

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

  +193.3%

  £1,147,154 → £3,365,121

• Net assets

  +12.8%

  £1,811,867,845 → £2,043,163,862

• Employees

  +14.3%

  7 → 8

• Operating profit

  +2.9%

  -£11,052,978 → -£10,737,422

• Profit before tax

  -644.9%

  -£4,949,426 → -£36,870,167

• Wages

  +61%

  £314,497 → £506,245

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

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“In the absence of binding funding commitments, the Directors acknowledge the existence of a material uncertainty that may cast significant doubt on the Company's and the Group's ability to continue as a going concern.”

Group structure

1. MITSUI E&P MOZAMBIQUE AREA 1 LIMITED · parent
   1. Mit Rovuma Offshore Holding Company Limited 100% · United Arab Emirates · The company's objectives include owning the entire share capital of MIT Rovuma Offshore SU, LDA, making equity contributions and shareholder loans to finance its activities.
   2. MIT Rovuma Offshore SU, Limitada 100% · Mozambique · The company's primary objective is to engage in petroleum activities, including the prospection, exploration, development, production, transportation, and commercialization of hydrocarbons.

Significant events

• “In June 2024, the Company completed an internal restructuring designed to streamline the ownership and governance of its interest in the Rovuma Offshore Area 1 joint operation (the "Area 1 Venture").”
• “The Final Investment Decision (FID) in respect to the Area 1 Venture Golfinho-Atum field was reached on 18 June 2019.”
• “In July 2020, the Area 1 Venture participants, including the Company, entered into a USD 14.4bn senior debt financing agreement.”
• “On 22 April 2021, the operator, Total E&P Mozambique Area 1 Limitada, declared force majeure.”
• “Since July 2021, actions are being taken at the sovereign responsibility of the Government of Mozambique in cooperation with international troops from Rwanda and the Southern African Development Community (SADC), fighting against insurgents and regaining control over the Cabo Delgado Province where the project site is located.”
• “Once the signing of the GARA is completed, senior debt financing amount will increase to USD 14.9bil. The Area1 venture has also successfully concluded all necessary discussion with the contractors to restart the project.”

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

Filings

18

last 12 months

Capital events

15

last 24 months

Officers appointed

0

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.