Industry

Rathlin reports £1m+ loss in 2020

Rathlin Energy, the operator of two oil and gas sites in East Yorkshire, has declared an annual loss in 2020 of £1,015,920. This was slightly smaller than the previous year.

Rathlin Energy’s West Newton A site, 3 May 2019. Photo: DrillOrDrop

In accounts for the year to 31 December 2020, the company reported net assets of more than £24m, down more than £2m on 2019.

Total cash at the end of the year was £12.2m, down on the £18.1m reported the year before. Rathlin said these funds had been raised in 2019 to pay for further drilling operations at its West Newton A and B sites in Holderness. The funds were enough to support the company for 12 months, the company said.

The accounts revealed Rathlin Energy had nine members of staff, including directors. Total payments to them amounted to more than £487,000 in 2020.

The ultimate controlling party of Rathlin Energy is now Reabold Resources plc, which now holds 59% of the company, the accounts reported.

Key figures

Comprehensive loss: £1,015,920 (2019: £1,020,953)

Total assets: £27,369,700 (2019: £26,577,367)

Total liabilities: £3,289,983 (2019: £1,889,238)

Net assets: £24,079,717 (2019: £26,688,129)

Cash at 31 December 2020: £12,223,428 (2019: £18.141,846)

Payments to staff and directors: £487,076 (2019: £335,371)

Decommissioning obligations (at end of period): £1,263,894 (2019: £1,231,353)

Tax losses carried forward against possible future taxable profits: £7.7m

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