SOJITZ ENERGY DEVELOPMENT LIMITED

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

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have considered the entity's intention and ability to continue as a going concern for the foreseeable future, being 12 months from the date of approval of these financial statements. In doing so the directors note that the Company recorded a loss for the current period of US$9.07million (2024: US$30.60million) and are in a net liability position of US$77.23 million (2024: US$68.19 million). In addition, the directors approved cessation of oil production on 31 December 2024 driven by environmental grounds to cease gas flaring as well as economic grounds (i.e. the declining oil production revenue not being able to cover the OPEX), would impact the cash flows of Gryphon adversely. The Company is fully committed to continue to participate in Q9 gas development which is one of the largest gas resources remaining in United Kingdom Continental Shelf (UKCS). Consequently, the directors have prepared a going concern assessment which includes cash flow information which takes into account the Company's funding requirements for a period of at least 12 months from the date of their approval of these financial statements (the going concern assessment period). Based on this assessment, the Company will require the support and has received assurances from Sojitz Corporation that it will provide financial support as and when necessary for the Company to meet its obligations in the normal course of business and as they fall due. The directors have also not identified any other factors that would result in a material uncertainty over the Company's ability to continue as a going concern. Accordingly, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. Refer to note 1 to the financial statements for further details.”

Significant events

• “Gryphon ceased crude oil and gas production on 31 December 2024, ahead of the originally planned cessation date of 2027. This decision was driven by both environmental considerations-specifically the need to eliminate gas flaring-and economic factors, including declining oil revenues that no longer covered operating expenditures.”
• “The decommissioning of the Gryphon FPSO necessitates termination of the Processing and Operational Services Agreement (POSA) with the Ballindalloch, Maclure, and Tullich field owners. In accordance with the required 12-month notice period, termination notices were issued in July 2023.”
• “As of the date of this report, the pre-development study for the Quad 9 gas development project remains temporarily on hold due to misalignment among joint venture partners. However, TAQA, Apache, and Nobel have reached an agreement in principle to withdraw from the project, contingent upon reimbursement of their previously incurred study costs. The pre-development study is expected to resume once their formal exit has been completed.”
• “On 16 April and 16 July 2025, the company received capital injections totalling US$10,119,699 from its parent company, Sojitz Corporation, to address shortfalls in decommissioning payments. The additional called-up share capital comprised 5,700 ordinary shares and 1 ordinary share, respectively, each with a nominal value of £1,000. These were issued for cash considerations of US$7,318,800 and US$2,800,899.”

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

Filings

12

last 12 months

Capital events

5

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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

• Turnover

  -31%

  £5,119,348 → £3,534,470

• Cash

  -86.9%

  £4,656,783 → £607,858

• Net assets

  -13.3%

  -£50,545,589 → -£57,251,297

• Employees

  —

  Not reported

• Operating profit

  +94.6%

  -£16,533,729 → -£885,100

• Profit before tax

  +70.8%

  -£21,170,497 → -£6,191,253

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