SHELL TUNISIA UPSTREAM LIMITED

1. SHELL TUNISIA UPSTREAM LIMITED 2016-05-10 → present
2. BG TUNISIA LIMITED 2005-02-22 → 2016-05-10
3. BRITISH GAS TUNISIA LIMITED 1992-09-21 → 2005-02-22

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

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

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The going concern assessment confirms that Shell Tunisia Upstream (STU) has sufficient cash resources to meet its obligations as they fall due and to maintain its presence in Tunisia throughout the going concern period. This conclusion is supported by several financial, contractual, and strategic factors, including: Strong Financial Position: As of 30 June 2024, STU reported net assets of USD 1,002 million and net current assets of USD 816 million, demonstrating robust liquidity and the ability to cover short-term obligations.”

Group structure

1. SHELL TUNISIA UPSTREAM LIMITED · parent
   1. Shell Hasdrubal Limited 100% · United Kingdom
   2. Shell Tunisia LPG, S.A. 99.99% · Tunisia
   3. Tunisian Processing, S.A. 99.99% · Tunisia

Significant events

• “STU continues to engage with the Government and STEG (Société tunisienne de l'électricité et du gaz) on the overdue balances for both concessions via letters and engagements at the Ministry of Oil and other key stakeholders. Since January 2024, Government of Tunisia has committed to a monthly payment of overdue invoices from Hasdrubal for an amount ranging from USD 4 - 5 mln per month, which has been received from January 2024 to January 2025.”
• “After the period ended 30 June 2024, STU has declared the Hasdrubal Concession as no longer economically viable as of 1 April 2025. Consequently, as permitted by the concession agreement, STU has instructed a cease of production with effect from 1 June 2025.”
• “Additionally, the full tax audit of STU for the years 2019-2022 has been ongoing since Q4 2024. Extended negotiations with the tax authorities have not yet resulted in an agreement. In August 2025, a Conciliation Committee session was held with participation from both Shell and the tax inspectors, and STU is currently awaiting the Committee's report.”
• “In Q3 2025, STU received the partner audit report from ETAP for 2015. Based on the assessment of the findings and the status of negotiations, the provision for the ETAP audit has been increased to USD 146 million.”
• “On 31 October 2024, the Directors approved an interim dividend of USD 176,785,000, and on 16 December 2024, an interim dividend of USD 41,962,000, both payable to the sole shareholder, BG General Holdings Limited, in accordance with the UK Companies Act 2006 and the Company's Articles of Association.”

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

2

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

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