Interim Results
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
23 June 2026
Angus Energy PLC
("Angus Energy", the "Company" or together with its subsidiaries, the "Group")
(AIM:ANGS)
Interim Results for the six months ended 31 March 2026
Angus Energy is pleased to announce its interim accounts for the six months ended 31 March 2025 as set out below. A copy of the Interims is available on the Company's website www.angusenergy.co.uk
END
For further information please visit www.angusenergy.co.uk.
Angus Energy Plc
Carlos Fernandes
Finance Director Via Flagstaff
SP Angel Corporate Finance LLP (Nomad and Broker) www.spangel.co.uk
Stuart Gledhill / Jen Clarke / Richard Hail Tel: +44 (0)20 3470 0470
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson / Fergus Mellon / Alison Alfrey Tel: +44 (0) 207 129 1474
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent oil and gas company. Angus is the leading onshore gas producer in the UK and has ambitious plans to grow onshore production and diversify internationally. Angus Energy has a 100% interest in the Saltfleetby Gas Field (PEDL005), majority owns and operates conventional oil production fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244). Angus Energy operates all fields in which it has an interest.
Chairman's Statement
Dear Shareholders,
I am pleased to present the interim results of Angus Energy plc for the six months ended 31 March 2026.
The period under review has been one of significant progress for the Company. Our focus has remained firmly on three key objectives: the restructuring of the Group's financial obligations, enhancing production from the Saltfleetby Gas Field and strengthening the Company's financial resilience. I am pleased to report meaningful progress across all three areas.
Operationally, the highlight of the period was the successful completion of the Saltfleetby well intervention programme. Workovers were undertaken on two producing wells during the period and completed safely and efficiently. The results have been highly encouraging, with field production rates increasing by approximately 30 per cent compared with pre-workover levels and this level having been maintained post period end. This performance reflects both the quality of the underlying reservoir and the effectiveness of the operational enhancement programme undertaken by our technical team.
The production uplift achieved at Saltfleetby is expected to support improved revenues and cash flow generation going forward. The Board continues to evaluate further opportunities to optimise field performance and maximise value from reserves at the Company's flagship asset. In parallel, work continues on reservoir modelling and the assessment of future development opportunities capable of extending field life and thus enhancing shareholder value.
The Company also continued to make progress at the Brockham Oil Field during the period. Following a programme of operational optimisation, production performance has improved significantly over the last twelve months, with average production rates almost doubling from levels achieved in early 2025. Operational efficiency remained consistently high throughout the period, whilst a continued reduction in water cut has supported improved field performance. The Company has also continued preparations for the planned return of the BRX4z well to production from the Portland reservoir, which the Board believes has the potential to further enhance production and cash flow from the field. We look forward to providing further updates as this work progresses.
Alongside our operational achievements, substantial effort has been directed towards the restructuring of the Group's financial obligations. Discussions with creditors and other stakeholders have remained constructive throughout the period and I am pleased to report that significant progress has been made. While the process has taken longer than originally anticipated, the Board remains confident that completion is now close though of course there can be no certainty until definitive documentation has been executed.
The proposed restructuring is expected to materially strengthen the Company's balance sheet, improve liquidity and simplify the Group's capital structure. Completion of this process remains the Board's highest priority, and we believe it will provide a significantly stronger platform from which to pursue future growth opportunities and restore trading in the Company's shares.
The Company has also strengthened its financial resilience through the implementation of additional gas hedging arrangements extending through to June 2027. The combined hedge portfolio now covers approximately 12.3 million therms at an average weighted price of approximately 100 pence per therm, providing substantial revenue visibility and cash flow certainty while preserving meaningful exposure to future commodity price upside.
Commodity markets remained volatile throughout the period. While realised gas prices were lower than those experienced in the comparative period, impacting revenues despite stable operational performance, prices have strengthened in recent months amid ongoing geopolitical tensions and increasing concerns surrounding energy security. Against this backdrop, Angus remains well positioned as a significant UK onshore gas producer. With approximately 56% of forecast production remaining unhedged, the Company retains meaningful exposure to favourable gas market conditions.
Financially, the Group generated revenue of £9.5 million during the six-month period. EBITDA was £5.3 million and operating profit was £1.5 million. The Group also generated net cash from operating activities of £4.4 million during the period, demonstrating the continued cash-generative nature of its producing assets. While the Group reported a small loss after finance costs and derivative movements, the underlying operating performance of the business remained robust and cash generative.
The Company continued to operate safely and responsibly throughout the period. I am pleased to report that all operations were conducted without health, safety or environmental incident. Maintaining the highest standards of operational integrity remains fundamental to our business and to the trust placed in us by our regulators, partners and local communities.
Looking ahead, the Board's immediate priority remains the completion of the restructuring process and the restoration of trading in the Company's shares. Operationally, we expect to benefit from the full impact of the Saltfleetby workover programme during the remainder of the year while continuing to pursue further optimisation opportunities across the portfolio. Once this is complete, Angus will turn its attention to organic and inorganic growth opportunities, including potential mergers and acquisitions.
The combination of improved production performance, enhanced revenue visibility through hedging, supportive commodity market conditions and the anticipated completion of the restructuring provide a strong foundation for the future. The Board remains confident in the quality of the Company's assets and its ability to create long-term value for shareholders.
On behalf of the Board, I would like to thank our employees, contractors, advisers and shareholders for their continued support, patience and commitment during this important period for the Company.
Krzysztof Zielicki
Non-Executive Chairman
22 June 2026
ANGUS ENERGY PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 31 March 2026
Note
Six months
31 March
2026 Unaudited
Six months
31 March
2025
Unaudited
£'000
£'000
Revenue
4
9,484
11,302
Cost of sales
(2,882)
(2,854)
Depletion cost
(3,721)
(3,576)
Gross profit
2,881
4,872
Administrative expenses
(1,344)
(1,505)
Share based payment charge
-
-
Operating profit
1,537
3,367
Derivative financial instrument (loss)/gain
11
(1,165)
4,412
Realised derivative gain/(costs)
11
899
(5,437)
Finance cost
(1,340)
(1,585)
(Loss)/Profit on ordinary activities before taxation
(69)
757
Income tax expense
-
-
(Loss)/Profit for the period attributable to the
equity holder of the Company
(69)
757
Profit per share (EPS):
£
£
Basic and diluted (whole £'s)
12
(0.000014)
0.00017
ANGUS ENERGY PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 March 2026
As at
31 March
As at
31 March
As at
30 September
2026
Unaudited
2025
Unaudited
2025
Audited
Note
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
5
31
40
35
Exploration and evaluation assets
6
5,464
5,457
5,464
Oil and gas production assets
7
67,699
69,048
68,010
Lease assets
55
-
55
73,249
74,545
73,564
Current assets
Trade and other receivables
8
3,825
2,441
2,514
AFS financial investments
2
2
2
Lease assets
38
-
38
Current derivatives
2,741
-
-
Cash and cash equivalent
682
785
1,116
7,288
3,228
3,670
Total Assets
80,537
77,773
77,234
Equity
Share capital
9,974
9, 974
9,974
Share premium
48,606
48,594
48,606
Merger reserve
(200)
(200)
(200)
Loan Note reserve
-
-
-
Accumulated loss
(17,624)
(17,611)
(17,555)
Total Equity
40,756
40,757
40,825
Current liabilities
Trade and other payables
9
12,093
6,261
9,178
Loan payable
10
18,863
4,630
18,737
Derivative liability
11
2,037
6,481
1,780
32,993
17,372
29,695
Non-current liabilities
Provisions
14
6,634
5,698
6,634
Trade and other payables
9
154
24
80
Loan payable
10
-
13,922
-
Derivative Liability
11
-
-
-
Total non-current liabilities
6,788
19,644
6,714
Total liabilities
39,781
37,016
36,409
Total Equity and Liabilities
80,537
77,773
77,234
ANGUS ENERGY PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 March 2026
Share
Capital
Share premium
Merger
Reserve
Loan Note reserve
Retained
Earnings
Total
equity
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 October 2024
8,844
48,412
(200)
-
(18,368)
38,688
Profit for the period
-
-
-
-
757
757
Total comprehensive income
for the period
-
-
-
-
757
757
Transaction with owners:
Issue of placing shares
1,130
182
-
-
-
1,312
Less: issuance costs
-
-
-
-
-
-
Grant of options
-
-
-
-
-
-
Balance at 31 March 2025
9,974
48,594
(200)
-
(17,611)
40,757
Balance at 1 October 2024
8,844
48,412
(200)
-
(18,368)
38,688
Profit for the year
-
-
-
-
143
143
Total comprehensive income
for the year
-
-
-
-
143
143
Transaction with owners:
Issue of shares
1,130
194
-
-
-
1,324
Less: issuance cost
-
-
-
-
-
-
Grant of share options
-
-
-
-
400
400
Grant of Warrant as finance costs
-
-
-
-
270
270
Balance at 30 September 2025
9,974
48,606
(200)
-
(17,555)
40,825
Loss for the period
-
-
-
-
(69)
(69)
Total comprehensive income
for the period
-
-
-
-
(69)
(69)
Transaction with owners:
Issue of placing shares
-
-
-
-
-
-
Less: issuance costs
-
-
-
-
-
-
Grant of share options
-
-
-
-
-
-
Balance at 31 March 2026
9,974
48,606
(200)
-
(17,624)
40,756
ANGUS ENERGY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 March 2026
Six months 31 March
Six months 31 March
2026 Unaudited
2025
Unaudited
£'000
£'000
Cash flow from operating activities
(Loss)/profit before taxation
(69)
757
Adjustment for:
Unrealised derivative financial instrument loss/(gain)
1,165
(4,412)
Interest payable
1,340
-
Share based payment charge
-
-
Depletion charges
3,721
3,576
Depreciation and amortisation charges
3
4
Loss on AFS investments
-
3
Write-off of Inventory
-
-
Revaluation of Investment
-
-
Lease amortisation charges
-
-
Operating cash flows before movements in working capital
6,160
(72)
Change in trade and other receivables
(1,311)
731
Change in trade and other payables
(448)
852
Net cash generated in operating activities
4,401
1,511
Cash flows from investing activities
Payment of deferred consideration
-
(1,000)
Changes in trade and other payable
-
-
Acquisition of exploration and evaluation assets
-
-
Acquisition of oil and gas production assets
(3,870)
(1,673)
Acquisition of Property, plant and equipment
-
(40)
Net cash used in investing activities
(3,870)
(2,713)
Cash flows from financing activities
Loan facility repayment
-
-
Proceeds from loan drawdown
-
-
Interest paid
(965)
(1,488)
Net proceeds from issue of share capital
-
1,312
Net cash generated from financing activities
(965)
(176)
Net movement in cash & cash equivalents
(434)
(1,378)
Cash and cash equivalent at beginning of year
1,116
2,163
Cash and cash equivalent at end of period
682
785
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION AND PRINCIPAL ACTIVITIES
Angus Energy Plc (the "Company") was incorporated in United Kingdom as a limited company with company number 09616076. The registered office of the Company is Building 3, Chiswick Park, 566 Chiswick High Road, London, W4 5YA, UK.
This financial information is for the Company and its subsidiaries undertakings (together, the "Group").
The principal activities of the entities of the Group are as follows:
Country of
Name of Company
Incorporation
Principal Activities
i)
Angus Energy Holdings UK Limited
United Kingdom
Investment holding company
ii)
Angus Energy Weald Basin No. 1 Limited
United Kingdom
Investment holding company
iii)
Angus Energy Weald Basin No. 2 Limited
United Kingdom
Investment holding company
iv)
Angus Energy Weald Basin No. 3 Limited
United Kingdom
Oil & Gas extraction for distribution to third parties
v)
Saltfleetby Energy Limited
United Kingdom
Natural Gas Extraction
The principal place of business of the Group is in United Kingdom.
The interim consolidated financial information is presented in the nearest thousands of Pound Sterling (£'000), which is the presentation currency of the group. The functional currency of each of the individual entity is the local currency of each individual entity.
2. BASIS OF PREPARATION
The interim consolidated financial information for the six months ended 31 March 2026 and 31 March 2025 have been prepared in accordance with IAS 34, Interim Financial Reporting which are unaudited and do not constitute a set of statutory financial statements.
The principal accounting policies used in preparing the interim results are the same as those applied in the Group's financial statements as at and for the year ended 30 September 2025, which have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006. The auditors' report on those accounts was unqualified and did not draw attention to any matters by way of emphasis.
A copy of the audited consolidated financial statements for the year ended 30 September 2025 is available on the Company's website.
The interim report for the six months ended 31 March 2026 was approved by the Directors on 22 June 2026.
Going Concern
The Group recorded a loss of £0.069 million for the six months ended 31 March 2026 (2025: profit of £0.757 million), which included an operating profit of £1.537 million (2025: £3.367 million). EBITDA for the period was £5.258 million (2025: £6.943 million). The Group generated net cash inflows from operating activities of £4.401 million during the period (2025: inflow of £1.511 million). As at 31 March 2026, the Group held cash balances of £0.682 million (2025: £0.785 million).
Subsequent to the reporting date, the Company has continued to progress the restructuring of its financing arrangements with Trafigura, the counterparties to the Overriding Royalty Interest attached to the Saltfleetby Gas Field and Forum Energy Services Limited in respect of the deferred consideration relating to the acquisition of Saltfleetby Energy Limited. The Company has reached agreement on the principal commercial terms of the proposed restructuring and is working with the relevant parties and its advisers to finalise the definitive documentation required to implement these arrangements. The Directors remain confident that the restructuring process will be completed in the near term.
The Directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. In assessing the appropriateness of the going concern basis, the Directors considered forecast revenues, operating costs, financing obligations and committed capital expenditure together with a number of reasonably plausible downside scenarios, including potential delays to expected future production and revenues.
In making this assessment, the Directors considered the current performance of the Saltfleetby Gas Field, including the successful completion of the well workover programme during the period, which has resulted in an approximate 30 per cent increase in production rates. The Directors also considered the Group's obligations under its financing arrangements and derivative instruments, together with the additional hedging arrangements entered into during the period, which provide increased revenue visibility and cash flow certainty through to June 2027.
The Group's forecast cash flows remain sensitive to any prolonged interruption to gas production, a failure to complete the proposed restructuring or any breach of obligations under the Group's financing arrangements. Although current production levels exceed the volumes required to settle the Group's derivative obligations and the Directors believe there are no current operational concerns, a significant or sustained disruption to production could require the Group to seek waivers from lenders, renegotiate certain obligations or obtain additional funding.
Based on the Directors' current expectations, including forecast production levels, commodity prices, operating costs and the anticipated completion of the proposed restructuring, the Directors consider that the Group has sufficient resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors have adopted the going concern basis in preparing these interim financial statements.
Notwithstanding the Directors' expectation that the proposed restructuring will be successfully completed, the Group's dependence on continued gas production, compliance with the terms of its financing arrangements and the successful completion of the restructuring give rise to a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern.
These financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern.
Other Matters
The Group continually assesses potential obligations and claims arising in the ordinary course of business. Where appropriate, provisions are recognised in accordance with applicable accounting standards. The Directors are not aware of any contingent liabilities requiring disclosure at the reporting date.
The Group and its subsidiaries are, from time to time, parties to legal proceedings and claims arising in the ordinary course of business. The Directors do not consider that the outcome of any such proceedings or claims outstanding at the reporting date will have a material adverse effect on the Group's financial position, results of operations or cash flows.
3. CRITICAL ACCOUNTING ESTIMATES AND SOURCES OF ESTIMATION UNCERTAINTY
In applying the accounting policies, the directors may at times require to make critical accounting judgements and estimates about the carrying amount of assets and liabilities. These estimates and assumptions, when made, are based on historical experience and other factors that the directors consider are relevant.
The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the end of the financial year, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are reviewed are as stated below.
Key accounting judgements
(a) Impairment of non-current asset
The group's non-current assets represent its most significant assets, comprising of oil production assets, exploration and evaluation (E&E) assets on its onshore site.
Management is required to assess exploration and evaluation (E&E) assets for indicators of impairment and has considered the economic value of individual E&E assets. The carrying amount of the E&E asset are subject to a separate review for indicators of impairment, by reference of the impairment indicators set out in IFRS 6, which is inherently judgemental.
Processing operations are large, scarce assets requiring significant technical and financial resources to operate. Their value may be sensitive to a range of characteristics unique to each asset and key sources of estimation uncertainty include proved reserve estimates, future cash flow expected to arise from the cash-generating unit and a suitable discount rate.
In performing impairment reviews, the Group assesses the recoverable amount of its operating assets principally with reference to the Group's independent competent person's report, estimates of future oil prices, operating costs, capital expenditure necessary to extract those reserves and the discount rate to be applied to such revenues and costs for the purpose of deriving a recoverable value.
As detailed in note 6 and 7, the carrying value amount of the Group's E&E assets and Oil production assets at 31 March 2026 were approximately £5.464m and £67.699m respectively. No impairments were made during the interim period.
4. OPERATING SEGMENTS
Operating segments are prepared in a manner consistent with the internal reporting provided to the management as its chief operating decision maker in order to allocate resources to segments and to assess their performance.
Currently, the Group's principal revenue is derived from the sale of natural gas and condensate and crude oil. All revenue arose from continuing operations within the United Kingdom. Therefore, management considers no detail of operating and geographical segments information is to be reported. Nonetheless, the Group's revenue can be classified into the following streams:
31 March
2026
31 March
2025
£'000
£'000
Sale of gas condensate
573
610
Sale of crude oil
444
192
Sales of natural gas
8,467
10,500
Total Revenue
9,484
11,302
All the non-current assets of the Group are located in the United Kingdom. All revenue arising from the sale of natural gas is derived from sales to Shell plc and represents over 93% of the Company's revenue.
5. PROPERTY, PLANT AND Equipment
During the period, the Group incurred £nil in additions to property, plant and equipment (2025: £40,000). The depreciation charge for the period on the Group's property, plant and equipment was £3,832 (2025: £4,368).
6. EXPLORATion ANd evALUaTion ASSETS
Total
£'000
Cost or valuation
At 31 March 2025
5,456
Additions
-
Increase in abandonment provision
8
-------------------------------------
At 30 September 2025
5,464
Additions
-
-------------------------------------
At 31 March 2026
5,464
-------------------------------------
Amortisation
At 30 September 2025
-
Charge for the period
-
-------------------------------------
At 31 March 2026
-
Net book value
------------------------
At 30 September 2025
5,464
==============================
At 31 March 2025
5,456
==============================
At 31 March 2026
5,464
==============================
As of 31 March 2026, the Group retained a 25% interest in the Balcombe Field and is still the operator of the field.
7. OIL AND GAS PRODUCTION ASSETS
Total
£'000
Cost or valuation
At 30 September 2024
98,157
Additions
1,673
-------------------------------------
At 31 March 2025
99,830
Additions
777
Increase in abandonment provision
929
-------------------------------------
At 30 September 2025
101,536
Additions
3,870
-------------------------------------
At 31 March 2026
105,406
-------------------------------------
Depreciation and impairment
At 30 September 2024
27,206
Charge for the period
3,576
-------------------------------------
At 31 March 2025
30,782
Charge for the period
2,744
Impairment for the period
-
-------------------------------------
At 30 September 2025
33,526
Charge for the period
4,181
-------------------------------------
At 31 March 2026
37,707
-------------------------------------
Net book value
At 30 September 2025
68,010
==============================
At 31 March 2025
69,048
==============================
At 31 March 2026
67,699
==============================
As of 31 March 2026, the Group retained a 100% interest in the Saltfleetby Field, an 80% interest in the Lidsey field and an 80% in the Brockham field and is still the operator of all the fields.
8. TRADE AND OTHER RECEIVABLES
31 March
2026
31 March
2025
30 September 2025
£'000
£'000
£'000
Current
Accrued sales income
2,874
1,450
1,173
VAT recoverable
116
515
408
Amount due from farmees
201
-
276
Rent deposit
161
150
150
Other receivables
473
326
507
-------------------------------
-----------------------------
-----------------------------
3,825
2,441
2,514
-------------------------------
-----------------------------
-----------------------------
The carrying amount of trade and other receivables approximates to their fair value.
9. TRADE AND OTHER PAYABLES
31 March
2026
31 March
2025
30 September
2025
£'000
£'000
£'000
Non-Current
Lease liability
154
-
80
-------------------------------
-----------------------------
-----------------------------
154
-
80
Current
Trade payables
2,816
2,085
4,381
Other taxation
-
-
-
Deferred consideration on Saltfleetby
Energy Limited acquisition
1,887
1,887
1,887
Crystallised & deferred hedges
5,391
-
-
Accruals
434
947
582
Other payables
373
373
488
Interest payable - loan
-
354
610
Lease Liability
-
-
38
Overriding royalty interest (ORRI)
1,192
615
1,192
-------------------------------
-----------------------------
-----------------------------
12,093
6,261
9,718
-------------------------------
-----------------------------
-----------------------------
Included within trade and other payables are obligations relating to the Overriding Royalty Interest attached to the Saltfleetby Gas Field, deferred consideration payable in connection with the acquisition of Saltfleetby Energy Limited and crystallised hedge settlement balances.
Subsequent to the reporting date, the Company has continued to progress the proposed restructuring of these obligations together with its financing arrangements. The Company has reached agreement on the principal commercial terms of the proposed restructuring and is currently working with the relevant parties and its advisers to finalise the definitive documentation required to implement these arrangements.
10. LOAN PAYABLE
The Group's borrowings principally comprise the financing facility provided by a subsidiary of Trafigura Group Pte Ltd ("Trafigura").
On 22 February 2024, the Company entered into definitive loan documentation and drew down in full a £20 million secured loan facility (the "Facility"). The proceeds of the Facility were used to refinance existing debt, settle a portion of the deferred consideration payable in respect of the acquisition of Saltfleetby Energy Limited and provide funding for working capital and capital expenditure.
The Facility is secured by first fixed and floating charges over substantially all of the Group's assets, licences and contracts. The Group's gas sales and hedging arrangements were novated to Trafigura as part of the refinancing.
The Group incurred transaction costs of £1.85 million in connection with the Facility, which were capitalised and are being amortised over the term of the loan using the effective interest method. At 31 March 2026, the unamortised balance of these costs was £1.137 million (31 March 2025: £1.448 million; 30 September 2025: £1.263 million).
As a waiver in respect of the relevant covenant conditions had not been obtained at the reporting date, the Facility has been presented as a current liability in accordance with IFRS requirements. The lender has not demanded repayment and has continued to support the Company while discussions regarding the proposed restructuring have been ongoing.
Subsequent to the reporting date, the Company has continued to progress the restructuring of its financing arrangements with Trafigura as part of a broader restructuring of the Group's capital structure. The Company has reached agreement on the principal commercial terms of the proposed restructuring and is currently working with the relevant parties and its advisers to finalise the definitive documentation required to implement these arrangements.
£20m Trafigura Loan
31 March 2026
31 March 2025
30 September 2025
£'000
£'000
£'000
Principal
20,000
20,000
20,000
Unamortised transaction costs
(1,137)
(1,448)
(1,263)
18,863
18,552
18,737
LOAN PAYABLES SUMMARY:
31 March 2026
31 March 2025
30 September 2025
£'000
£'000
£'000
CURRENT
£20m Trafigura Loan
18,863
4,630
18,737
18,863
4,630
18,737
NON-CURRENT
£20m Trafigura Loan
-
13,922
-
-
13,922
-
11. DERIVATIVES LIABILITY
The Group enters into gas price derivative contracts in order to satisfy the requirements of its financing arrangements and to manage exposure to fluctuations in commodity prices.
Under the terms of the Trafigura financing facility, the Group is required to maintain rolling gas price protection in line with minimum hedging thresholds set out in the financing agreement.
During the period, the Group entered into additional gas hedging arrangements covering production from April 2026 to June 2027. These hedges secure approximately 7.745 million therms at an average weighted price of approximately 101 pence per therm.
When combined with the Group's existing hedge portfolio, the total hedged position at 31 March 2026 was approximately 12.3 million therms at a weighted average price of approximately 100 pence per therm through to June 2027, representing approximately 44 per cent of the Group's forecast gas production over that period.
Hedges struck under the Trafigura Facility as at 31 March 2026 are as below:
Period of Gas Production
Quantity in Therms
Fixed price in pence per Therms
1-Apr-26
30-Apr-26
600,000
101.53
1-Apr-26
30-Apr-26
450,000
141.00
1-May-26
31-May-26
620,000
97.27
1-May-26
31-May-26
465,000
135.00
1-Jun-26
30-Jun-26
600,000
95.82
1-Jun-26
30-Jun-26
450,000
127.00
1-Jul-26
31-Jul-26
465,000
95.20
1-Jul-26
31-Jul-26
465,000
114.20
1-Aug-26
31-Aug-26
465,000
95.85
1-Aug-26
31-Aug-26
465,000
114.20
1-Sep-26
30-Sep-26
450,000
96.50
1-Sep-26
30-Sep-26
450,000
114.20
1-Oct-26
31-Oct-26
465,000
92.28
1-Oct-26
31-Oct-26
465,000
100.30
1-Nov-26
30-Nov-26
450,000
98.16
1-Nov-26
30-Nov-26
450,000
100.30
1-Dec-26
31-Dec-26
465,000
100.07
1-Dec-26
31-Dec-26
465,000
100.30
1-Dec-26
31-Dec-26
465,000
100.07
1-Jan-27
31-Jan-27
620,000
97.00
1-Feb-27
28-Feb-27
560,000
97.00
1-Mar-27
31-Mar-27
620,000
97.00
1-Apr-27
30-Apr-27
600,000
71.00
1-May-27
31-May-27
620,000
71.00
1-Jun-27
30-Jun-27
600,000
71.00
12,325,000
The Group recognised a realised derivative gain of £0.899 million during the period (31 March 2025: realised derivative cost of £5.437 million) together with an unrealised fair value loss of £1.165 million (31 March 2025: gain of £4.412 million).
The net derivative liability at 30 September 2025 included crystallised hedge settlement balances of approximately £3.648 million. During the period these balances were invoiced by Trafigura and reclassified to trade and other payables. Accordingly, the derivative liability at 31 March 2026 reflects only the fair value of the Group's outstanding hedge portfolio, including additional hedging arrangements entered into during the period, and is therefore not directly comparable with the net derivative liability reported at 30 September 2025.
At 31 March 2026, crystallised and deferred hedge settlement balances of £5.391 million were included within trade and other payables.
As at 31 March 2026, the expected net cash settlement value of the Group's outstanding hedge portfolio, excluding crystallised hedge settlement balances reclassified to trade and other payables, resulted in a derivative liability of £2.945 million. The comparative net derivative liability at 30 September 2025 was £1.780 million, although this included crystallised hedge settlement balances subsequently reclassified to trade and other payables.
Expected settlement profile of outstanding hedge portfolio:
Cash Flow of Derivative Instruments
31 March 2026
30 June 2027
Total
£'000
£'000
£'000
Net Liability on Swap Contract
(2,448)
(497)
(2,945)
The Group's derivative financial instruments are measured at fair value through profit and loss.
The fair value of the derivative portfolio has been determined using observable market inputs, including forward commodity pricing curves and market data available at the reporting date supplied by the Group's derivative counterparty. The valuation is classified as Level 2 within the fair value hierarchy as defined by IFRS 13.
There have been no changes to the valuation techniques applied during the period.
In the event that production volumes are insufficient to satisfy contracted hedge volumes, the relevant derivative contracts may crystallise into cash settlement obligations at the applicable contractual settlement dates.
12. EARNINGS PER SHARE
Basic EPS amounts are calculated by dividing the profit or loss for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS amounts are calculated by dividing the profit or loss for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
31 March
2026
31 March
2025
Net profit attributable to equity holders of the Group
(69,089)
756,411
Weighted average number of ordinary shares
4,986,893,414
4,438,883,371
Basic and diluted profit per share (whole £'s)
(0.000014)
0.00017
The diluted profit per share is the same as the basic profit per share as there were no dilutive potential ordinary shares outstanding at the end of the reporting period.
13. SEASONALITY OF GROUP BUSINESS
There are no seasonal factors that materially affect the operations of any company in the Group.
14. PROVISIONS FOR OTHER LIABILITIES AND CHARGES
31 March
2026
31 March
2025
30 September
2025
£'000
£'000
£'000
Abandonment costs
6,634
5,698
6,634
---------------------------------------
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The Group makes full provision for the future costs of decommissioning of oil and gas production facilities and pipelines on the installation of those facilities. The amount of the provision is expected to be incurred up to 2029 when the producing oil and gas properties are expected to cease operations.
These provisions have been created based on the Group's internal estimates and expectation of the decommissioning costs likely to incur in the future. For the period under review, the directors have assessed that the discount rate and inflation rate to be applied to the current cost of decommissioning to be similar. On this basis, the current cost is considered to be similar to the discounted net present value.
15. SUBSEQUENT EVENTS
There are no subsequent events to report.
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