Company No:
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| DIRECTOR | Mr R G I Wilson |
| SECRETARY | HUNTERS CO SEC LTD |
| REGISTERED OFFICE | C/O Hunters Law Llp |
| Lincoln's Inn | |
| 9 New Square | |
| London | |
| England | |
| WC2A 3QN | |
| United Kingdom |
| COMPANY NUMBER | 05498467 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Wey Court West | |
| Union Road | |
| Farnham | |
| Surrey | |
| GU9 7PT |
The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2024.
GOING CONCERN
REVIEW OF BUSINESS
Valhalla Oil and Gas Limited ('VOGL') was established in 2003 to invest in the British and Irish oil and gas upstream activities. Following the financial crisis in 2008 and lack of progress in the Irish portfolio of oil and gas discoveries, the company was restructured, the office in Woking closed down and the Irish subsidiary with the Irish licenses divested in 2019.
During 2022 year the company commenced a ring fence trade through the acquisition of oil rights (connected with its past exploration activities).
The main asset in VOGL is the 5% Net Profit Interest ('NPI') in the UK onshore oil and gas licences PEDL 180 including the Wressle field that was transferred back to VOGL from the Norwegian holding company Valhalla Oil and Gas AS ('VOGAS') in 2022. The operator of PEDL 180 Egdon Resources submitted a development plan in September 2016 for the Wressle Field and production was initiated in January 2021. After successful stimulation of the one existing conventional well, the Wressle field has produced above expectations around 500 - 800 barrels of oil per day that has been transported by tanker to local refineries. The Wressle Field is divided by the licenses PEDL 180 and the PEDL 182 that is also operated by Egdon Resources. In agreement with the two parties to the NPI-agreement; Egdon Resources and Union Jack Oil, the Wressle exploration and development costs were recovered through production income by August 2022 and monthly payments to VOGL were initiated. The amounts are in accordance with the NPI Agreement depending on production levels, realised crude oil prices, Operational Expenditure and PEDL 180 relative to PEDL 182's share of the estimated total oil in place.
In December 2023 the operator announced the finalisation of a Competent Person's Report by ERC Equipoise Ltd ('ERCE') related to revisions of the reserves in the Wressle field that also describes the plans for drilling of two additional oil and gas producers as well as a gas export pipeline to monetise the produced gas. Compared to a similar report issued by ERCE in 2016 the recoverable reserves in the current producing Ashover Grit reservoir zone has increased from 655 mboe to 994 mboe where 504 mboe had been produced per 30th June 2023. In Penistone Flags, the other reservoir zone in Wressle, 1,883 mboe has been upgraded from contingent resources to reserves as the development has been decided by the partners in PEDL 180 and PEDL 182. Current production (April 2025) from the one existing Wressle well is some 260 bbl/d of oil.
The revised Wressle development plan with two new wells, installation of new processing equipment and a 600 m underground gas pipeline to the nearby grid was submitted in February 2024 and planning consent was granted by the North Lincolnshire Council (NLC) in September 2024. However due to the ‘Finch Supreme Court decision’ in June 2024 that all new planning decisions for oil and gas production must also account for indirect (Scope 3) greenhouse gas emissions from consumption of the extracted oil and gas, the planning permission was rescinded in November 2024. The Operator Egdon Resources has submitted to the NLC an independent analysis of Scope 3 GHG emissions for the proposed development and requested a new Environmental Impact Assessment (EIA) screening opinion from the council. On 19th May 2025 the NLC Planning Officer responded that a new EIA is not required. As of June 2025 a new Planning Application is under development by the Operator Egdon and is expected to be submitted in the near future.
The Wressle site has an ongoing environmental permit for onshore oil and gas operations and production. In November 2024, Egdon Resources submitted a new application to the Environment Agency (‘EA’) for the extended site, new equipment and increased production. As of today (16th June 2025), Egdon reports that revised operations is still under review by the EA, with no immediate changes to ongoing site operations and is independent of the new planning consent.
DIRECTOR
The director, who served during the financial year and to the date of this report except as noted, was as follows:
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Approved and signed by:
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Mr R G I Wilson
Director |
We align ourselves to, but due to our growth funding structure we are not controlled by ACCA members and are therefore not a fully recognised member of, the Association of Chartered Certified Accountants. However, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
It is your duty to ensure that VALHALLA OIL AND GAS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of VALHALLA OIL AND GAS LIMITED. You consider that VALHALLA OIL AND GAS LIMITED is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of VALHALLA OIL AND GAS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Union Road
Farnham
Surrey
GU9 7PT
| Note | 31.12.2024 | 31.12.2023 | ||
| £ | £ | |||
| Turnover |
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| Administrative expenses | (
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| Operating profit |
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| Interest receivable and similar income | 3 |
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| Profit before taxation |
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| Tax on profit |
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| Profit for the financial year |
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| Note | 31.12.2024 | 31.12.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 4 |
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| 700,001 | 700,001 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 51,976 | 35,979 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (1,512,023) | (1,655,974) | ||
| Total assets less current liabilities | (812,022) | (955,973) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8, 9 |
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| Profit and loss account | 9 | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of VALHALLA OIL AND GAS LIMITED (registered number:
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Mr R G I Wilson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
VALHALLA OIL AND GAS LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Hunters Law Llp, Lincoln's Inn, 9 New Square, London, England, WC2A 3QN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has prepared the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future and be able to meet its liabilities as they fall due. There are uncertainties that the director has had to consider which may cast doubt on the company's ability to continue as a going concern.
At 31 December 2024 the company reported net current liabilities of £812,022 at that date although this includes £1,535,166 due to its parent company, Valhalla Oil and Gas AS. The director has received assurances from the parent company that it aims to provide the necessary financial support for the period until 30th September 2025 to enable the company to meet its liabilities as and when they fall due. Accordingly the director has concluded that it is appropriate that the financial statements continue to be prepared on the going concern basis.
Oil and gas assets
The company uses the successful efforts method of accounting for oil and gas operations, under which all license acquisitions, exploration and evaluation costs are capitalised within intangible assets and classified as exploration and evaluation costs. Directly attributable administration costs are capitalised where they relate to specific exploration activities. Costs incurred prior to obtaining the legal rights to explore an area are expensed to the Income Statement.
The oil and gas assets held by the company were transferred to a fellow subsidiary company on 4th April 2019 and the fellow subsidiary sold to a third party.
| Other intangible assets | not amortised |
| 31.12.2024 | 31.12.2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated amortisation | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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During the year ended 31st December 2022, Valhalla Oil and Gas Limited acquired from its parent a Net Profit Interest in a UK onshore Oil and gas liscence for a consideration of £700,001. This is being presented at fair value.
| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Accrued income |
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| VAT recoverable |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| Short-term deposits |
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| 31,949 | 12,416 |
| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to connected companies |
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| Accruals |
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| Other taxation and social security |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| Called-up share capital | Profit and loss account | ||
| £ | £ | ||
| At 01 January 2023 |
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| Profit for the financial year |
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| Total comprehensive income |
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| At 31 December 2023 |
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| At 01 January 2024 |
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| Profit for the financial year |
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| Total comprehensive income |
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| At 31 December 2024 |
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Transactions with owners holding a participating interest in the entity
At the year end, the company owed its parent company Valhalla Oil and Gas AS £1,535,166 (2023: £1,680,166) in respect of funding for the company's operations