EUROPA OIL & GAS (HOLDINGS) PLC

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1 in the financial statements, which indicates that conditions exist that may cast doubt on the group's ability to continue as a going concern. The group incurred a loss of £6,781,000 (2023: £852,000) and incurred operating cash outflows of £613,000 (2023: cash inflows of £2,748,000) and is not expected to generate positive cash inflows from the operations in the 12 months from the date at which these financial statements were signed. ... indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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

UK adopted International Accounting Standards

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1 in the financial statements, which indicates that conditions exist that may cast doubt on the group's ability to continue as a going concern. The group incurred a loss of £6,781,000 (2023: £852,000) and incurred operating cash outflows of £613,000 (2023: cash inflows of £2,748,000) and is not expected to generate positive cash inflows from the operations in the 12 months from the date at which these financial statements were signed. ... indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. EUROPA OIL & GAS (HOLDINGS) PLC · parent
   1. Antler Global Limited 42.9% · Exploration
   2. Europa Oil & Gas Limited 100% · oil and gas exploration, development and production
   3. Europa Oil & Gas (West Firsby) Limited 100% · non-trading
   4. Europa Oil & Gas (Ireland West) Limited 100%
   5. Europa Oil & Gas (Ireland East) Limited 100%
   6. Europa Oil & Gas (Inishkea) Limited 100%
   7. Europa Oil & Gas (New Ventures) Limited 100%

Significant events

• “Europa announced a ground-breaking deal in December 2023 with the acquisition of a 42.9% stake in Antler Global Limited which has an 80% working interest in licence EG-08 offshore Equatorial Guinea.”
• “Licence FEL 4/19 contains the Inishkea West gas exploration prospect with a prospective resource Pmean of 1.5 TCF of recoverable gas. The FEJ. 4/19 licence extension was granted by the Irish Government, extending the licence term to 31 January 2026.”
• “A jet pump was installed on the Wressle-1 well that took three months to complete and resulted in interrupted production between mid-August through to early November 2023.”
• “Planning consent was received for the project in September [2024], however the North Lincolnshire Council's decision to grant planning permission has subsequently been challenged in light of the Finch Supreme Court judgement which ruled that scope three emissions must be considered in planning applications for oil and gas developments.”
• “Given that the Serenity licence was due to expire at the end of September 2024, we have therefore taken the decision to allow the licence to lapse, which has resulted in a £4.9 million impairment of the capitalised costs associated with the project.”
• “We have decided to change our accounting reference date from 31 July to 31 December. This change aligns our financial reporting period with the calendar year and allows for enhanced comparability with peer companies in the oil and gas industry.”

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

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.

• Turnover

  -46.4%

  £6,653,000 → £3,566,000

• Cash

  -71.7%

  £5,165,000 → £1,463,000

• Net assets

  -63.9%

  £10,479,000 → £3,779,000

• Employees

  0%

  12 → 12

• Profit before tax

  -667.1%

  -£884,000 → -£6,781,000

• Wages

  +1.9%

  £1,133,000 → £1,155,000

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