ANGUS ENERGY WEALD BASIN NO.3 LIMITED

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  Material uncertainty over going concern

  Notwithstanding the Directors' expectation that the announced restructuring will complete successfully following shareholder approval at the General Meeting, the completion of the restructuring remains subject to the relevant conditions precedent, principally shareholder approval and Admission. In addition, the Company remains dependent upon continued gas production and ongoing compliance with the covenants under its amended financing arrangements. These matters represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern.

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  Going-concern uncertainty disclosed

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  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. 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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. ANGUS ENERGY WEALD BASIN NO.3 LIMITED 2012-07-30 → present
2. KEY PETROLEUM WEALD BASIN LIMITED 2009-10-07 → 2012-07-30
3. MIDMAR ENERGY ONSHORE LIMITED 1998-02-04 → 2009-10-07
4. SAGA PETROLEUM ONSHORE UK LIMITED 1996-12-18 → 1998-02-04
5. SANTA FE MINERALS ONSHORE (U.K.) LIMITED 1987-07-08 → 1996-12-18
6. DENHOLM EXPLORATION LIMITED 1974-03-28 → 1987-07-08

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Notwithstanding the Directors' expectation that the announced restructuring will complete successfully following shareholder approval at the General Meeting, the completion of the restructuring remains subject to the relevant conditions precedent, principally shareholder approval and Admission. In addition, the Company remains dependent upon continued gas production and ongoing compliance with the covenants under its amended financing arrangements. These matters represent a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern.”

Significant events

• “Subsequent to the reporting date, the Company has been progressing the refinancing and restructuring of its financing arrangements with Trafigura Group Pte Ltd ("Trafigura"), the counterparties to the Overriding Royalty Interest ("ORRI") attached to the Saltfleetby Gas Field, and Forum Energy Services Limited in respect of the deferred consideration relating to the acquisition of Saltfleetby Energy Limited.”
• “On 9 March 2028, the Company entered Into additional gas hedging arrangements covering production from April 2026 to June 2027. These hedges secure approximately 7.745 million therms at an average weighted price of approximately 101 pence per therm and were placed in accordance with the Group's financing arrangements and gas price risk management strategy.”

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

Filings

2

last 12 months

Capital events

0

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.