ITHACA J E&P LIMITED

• ⚠

  Material uncertainty over going concern

  However, Japan Petroleum Exploration Co., Ltd. (the parent company) have signed a Sale & Purchase Agreement to sell the entire share capital of the Company on 25 March 2025 with completion expected in the second half of 2025 subject to regulatory approval, and any future support in the going concern period will be dependent upon the plans and intentions of the proposed new owner, Ithaca Energy (UK) Limited. As a result, whilst the directors believe that Ithaca wish to continue to operate JUK in its current structure and ensure JUK can meet any obligations as they fall due, they consider that this represents a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

  +505.5%

  £13,633,102 → £82,554,384

• Cash

  +3,021.4%

  £1,157,210 → £36,120,954

• Net assets

  -1.5%

  £170,761,755 → £168,152,800

• Employees

  —

  Not reported

• Operating profit

  +996.2%

  £2,218,734 → £24,320,849

• Profit before tax

  +1,005.3%

  £2,218,734 → £24,523,436

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. ITHACA J E&P LIMITED 2025-07-07 → present
2. JAPEX UK E&P LIMITED 2014-03-19 → 2025-07-07

Accounting basis

IFRS

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, Japan Petroleum Exploration Co., Ltd. (the parent company) have signed a Sale & Purchase Agreement to sell the entire share capital of the Company on 25 March 2025 with completion expected in the second half of 2025 subject to regulatory approval, and any future support in the going concern period will be dependent upon the plans and intentions of the proposed new owner, Ithaca Energy (UK) Limited. As a result, whilst the directors believe that Ithaca wish to continue to operate JUK in its current structure and ensure JUK can meet any obligations as they fall due, they consider that this represents a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.”

Significant events

• “Japan Petroleum Exploration Co., Ltd. (the parent company) have signed a Sale & Purchase Agreement with Ithaca Energy (UK) Limited, to sell the entire share capital of the Company on 25 March 2025 with completion expected in the second half of 2025 subject to regulatory approval.”

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

Filings

17

last 12 months

Capital events

2

last 24 months

Officers appointed

5

last 12 months

Officers resigned

3

last 12 months

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