ANGUS ENERGY WEALD BASIN NO.3 LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 in the financial statements, which identifies that the Company is reliant on the ability to generate working capital from its producing assets in order to meet obligations under the Company's derivative agreements. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, 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.

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

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 102

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 in the financial statements, which identifies that the Company is reliant on the ability to generate working capital from its producing assets in order to meet obligations under the Company's derivative agreements. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, 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.”

Significant events

• “On 22 February 2024, the Company announced that terms had been agreed with a subsidiary of Trafigura Group PTE Ltd for a refinancing on the existing debt. The Company signed definitive loan documentation which allowed it to draw down in full on the £20 million loan facility with Trafigura.”
• “The Company recognised an impairment of £4.770 million in relation to the carrying value of Brockham, due to the lower than expected production rates which have impacted on the expected future cash flows from the assets.”
• “On 25 February 2025, the Company struck additional hedges as pe the requirements of the rolling gas price protection policy in Trafigura Facility.”
• “On 16 April 2025 the Hight Court ruled in favour of the Company in connection to Balcombe planning.”
• “On 6 June 2025, and Further to the announcement of 7 May 2025, Angus Energy confirms that positive discussions with Trafigura regarding the resculpting of the original payment schedule and the potential transaction are ongoing.”

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

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

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

  -23.2%

  £14,569,513 → £11,188,374

• Cash

  +22.3%

  £1,675,541 → £2,049,859

• Net assets

  -8.2%

  -£29,093,547 → -£31,473,012

• Employees

  +10%

  20 → 22

• Operating profit

  -164.1%

  £3,685,171 → -£2,362,740

• Profit before tax

  -103.8%

  £62,525,278 → -£2,379,465

• Wages

  +85.5%

  £757,079 → £1,404,174

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