ORCADIAN ENERGY PLC

• ⚠

  Material uncertainty over going concern

  The financial statements have been prepared on a going concern basis. The Group is not yet revenue generating, has net current liabilities of £3,404,148 and an operating loss has been repor-ted. The Group has historically been reliant on raising finance, both debt and equity, to enable it to meet its obligations as they fall due. The Directors have prepared a detailed forecast for the 12 months following the date of signing this report based on the funds expected to be raised and forecasted expenditure, including all required spend to meet licence requirements. This forecast has been stress tested by management in reaching their going concern conclusion. Having made due and careful enquiry, the Directors acknowledge that funds will need to be raised within the next 12 months to enable the Group to meet its obligations as they fall due, however, the Directors are confident that the required funds will successfully be raised through the equity market to funds its operations over the next 12 months. The Directors, therefore, have made an informed judgement, at the time of approving financial statements, that the Group is a going concern but they acknowledge that the dependence on raising further funds during the next 12 months represents a material uncertainty. The Auditors have made reference to this material uncertainty within their audit report.

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

  -64.1%

  £214,977 → £77,244

• Net assets

  -38.4%

  £2,305,464 → £1,420,558

• Employees

  0%

  4 → 4

• Operating profit

  -8.8%

  -£837,169 → -£910,733

• Profit before tax

  +5.7%

  -£938,471 → -£884,906

• Wages

  0%

  £550,000 → £550,000

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.

1. ORCADIAN ENERGY PLC 2021-06-15 → present
2. ORCADIAN ENERGY LIMITED 2021-03-29 → 2021-06-15

Accounting basis

UK-adopted International Accounting Standards

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on a going concern basis. The Group is not yet revenue generating, has net current liabilities of £3,404,148 and an operating loss has been repor-ted. The Group has historically been reliant on raising finance, both debt and equity, to enable it to meet its obligations as they fall due. The Directors have prepared a detailed forecast for the 12 months following the date of signing this report based on the funds expected to be raised and forecasted expenditure, including all required spend to meet licence requirements. This forecast has been stress tested by management in reaching their going concern conclusion. Having made due and careful enquiry, the Directors acknowledge that funds will need to be raised within the next 12 months to enable the Group to meet its obligations as they fall due, however, the Directors are confident that the required funds will successfully be raised through the equity market to funds its operations over the next 12 months. The Directors, therefore, have made an informed judgement, at the time of approving financial statements, that the Group is a going concern but they acknowledge that the dependence on raising further funds during the next 12 months represents a material uncertainty. The Auditors have made reference to this material uncertainty within their audit report.”

Significant events

• “On 2nd December 2024 the Company completed the acquisition of Halo Offshore UK Limited ("HALO"). On 13th December 2024 the Company announced that it had agreed to sell 50% of the shares in HALO to IPC Plc ("IPC"). The sale was formally completed on 28th February 2025.”
• “On the 24 November 2025 the Company announced that Ping Petroleum UK Ltd, the operator of licence P2244, had been awarded a three year extension to that licence, which contains the Pilot project. The licence now expires on 30 November 2028.”
• “On the 17 October 2025 the company incorporated a new subsidiary named Orcadian Energy (SNS) Ltd”
• “On 17 December 2025, the Board approved a £500,000 Convertible Loan Note carrying a 10% annual coupon and a repayment date of 31 January 2028. The purpose of this loan note is to strengthen the Company's working capital position and support its strategy. As at the date of publication of these financial statements, the Company has received commitments totalling £500,000, of which £322,500 has been funded. The remaining committed funds are expected to be received in January 2026.”

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

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.