BUCCANEER ENERGY PLC

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1 in the financial statements, which indicate that the incurred group loss of $1,509,000 during the year ended 31 December 2024 and, at that date, the net current liabilities of $386,000 and net liabilities of $1,348,000. As stated in note 1, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

1. BUCCANEER ENERGY PLC 2025-06-25 → present
2. NOSTRA TERRA OIL AND GAS COMPANY PLC 2007-07-19 → 2025-06-25
3. LHP INVESTMENTS PLC 2005-01-25 → 2007-07-19
4. LHP INVESTMENTS LIMITED 2005-01-20 → 2005-01-25

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

IFRS

Reporting scope

Consolidated group

Auditor

MAH, Chartered Accountants

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“We draw attention to note 1 in the financial statements, which indicate that the incurred group loss of $1,509,000 during the year ended 31 December 2024 and, at that date, the net current liabilities of $386,000 and net liabilities of $1,348,000. As stated in note 1, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.”

Group structure

1. BUCCANEER ENERGY PLC · parent
   1. New Horizon Energy 1 LLC 1% · USA · Oil & gas exploration
   2. Buccaneer Operating, LLC 1% · USA · Oil & gas exploration

Significant events

• “In July 2024, we were pleased to announce the appointment of SP Angel as sole corporate broker and in September as the Company's nominated advisor.”
• “In May, Matt Lofgran stepped down as CEO to concentrate on other interests. Paul Welch, already a non-executive director of Nostra Terra and a highly-experienced oil & gas professional, stepped into the role of CEO. The following month Jim Newman, one of our largest shareholders, and with a broad and deep knowledge of Texan oil & gas operations, joined the board as a non-executive director.”
• “Post year end we announced that John Stafford, long-serving non-executive director, had stepped down as a director.”
• “On 4 March 2025 the Company raised £500,000 (before expenses) through a subscription and placing of 2,173,913,043 new ordinary shares at a price of 0.023p per share.”

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

Filings

11

last 12 months

Capital events

4

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

  -27.6%

  £2,087,472 → £1,510,749

• Cash

  +307.7%

  £19,274 → £78,577

• Net assets

  +11%

  -£1,122,313 → -£999,259

• Employees

  0%

  4 → 4

• Operating profit

  -773%

  -£93,403 → -£815,419

• Profit before tax

  -219.7%

  -£349,889 → -£1,118,606

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