The oil and gas company, Rathlin Energy, has announced it has changed its independent auditor.

The news was published this week by Companies House and Rathlin Energy.

The outgoing firm, BDO LLP, has audited Rathlin’s accounts since 2019. The replacement auditor has not yet been named.

Rathlin said on its website:

“Rathlin Energy (UK) Limited has transitioned to a new audit firm to align the audit process with its broader strategy of enhancing financial flexibility as it evaluates opportunities across global capital markets.”

BDO LLP, in a Companies House statement, said:

“The entity [Rathlin Energy] has appointed an auditor commensurate to its size and strategic goals.”

It added:

“We confirm that none of the reasons for us ceasing to hold office and no matters connected with our ceasing to hold office need to be brought to the attention of members or creditors of the company.”

“Material uncertainty”

In the most recent accounts, for the year ending 2024, BDO said Rathlin Energy was “reliant on additional funding” to meet its work commitments to the industry regulator, the North Sea Transition Authority

There were no binding agreements in place to fund these commitments, the accounts said.

BDO made similar comments on binding agreements in accounts for the year ending 2023 and 2022.

In each set of accounts, BDO indicated a “material uncertainty” that “may cast significant doubt on the Company’s [Rathlin Energy (UK) Ltd] ability to continue as a going concern”.

In September 2025, DrillOrDrop reported that Rathlin Energy recognised a “significant challenge” in the logistics and funding for its drilling plans at two sites at West Newton in East Yorkshire.

The accounts for the year ending 2024 recorded Rathlin had a working capital balance of just over £800,000.

But the estimated cost to Rathlin of developing the West Newton wells was £9m. The company also had to find its share of about £1.7m to abandon the wells.

Rathlin Energy is 80% owned by Reabold Resources.

On 30 April 2025, Rathlin agreed a short-term debt facility under which Reabold would lend up to £2.5m for general working capital.

The facility is unsecured and funds may be drawn as requested by Rathlin. Borrowed funds are repayable by 31 May 2026 or, if earlier, a Rathlin equity raise, public listing or disposal of assets or working interest.