The company behind the suspended oil site that is subject of a landmark Supreme Court ruling has reported declining assets and revenue.

UK Oil & Gas plc (UKOG) revealed today in delayed annual accounts that it has interests in just one hydrocarbon site.

The value of the company’s total assets and its revenue both fell by more than 60% in the year to September 2025.

During the same period, the accounts show that UKOG gave up an onshore PEDL (production, exploration and development licence) and two exploration sites.

It also sold its stake in two more UK production sites in southern England and exited from its Turkish licence interests.

The company’s remaining oil and gas site at Horse Hill – once called the Gatwick Gusher – has been mothballed since October 2024. The Supreme Court stripped the site of its planning permission in what became known as the Finch Ruling in June 2024.

A separate statement this morning announced UKOG had submitted a retrospective planning application for the reinstatement of production consent at Horse Hill. The application announcement was not mentioned in the accounts and the details have not yet been published online.

But the accounts admitted:

“There is no certainty when consent will be reinstated or that production [at Horse Hill] will recommence.

“The Group continues to evaluate available technical data and maintain cost discipline; however, the timing, level and economic viability of any future production remain uncertain.”

Loss of oil and gas assets

The accounts confirmed that in June 2025 the company relinquished PEDL246, which included the Broadford Bridge oil exploration site in West Sussex and the planned Loxley gas site, near Dunsfold, in Surrey.

UKOG said it had plugged and abandoned the Broadford Bridge wells, BB-1/1z, in February 2026, despite discussions on their geothermal potential.

The company said:

“This milestone confirms the Company’s compliance with its regulatory obligations, demonstrating its continued commitment to responsible operations and asset stewardship during its transition into clean energy.”

But it did not mention the planning requirement to restore the site to farmland, which has not yet happened, nor the planning contravention notice issued against UKOG’s subsidiary, the site operator, and the landowner.

UKOG said it relinquished PEDL246 because representatives had failed to find a farm-in partner to drill at Loxley.

UKOG also sold its subsidiary, UK (GB) Ltd, which had stakes in the Horndean (10%) and Avington (5%) oil fields in Hampshire.

It exited its Turkish licence in October 2024 and later received a claim of $100,000 from its former partner, the accounts reveal. They said UKOG directors considered there was “no remaining formal legal or contractual basis for the claim”. To date, UKOG has received nothing further, the accounts added.

Finances

UKOG said the 2025 financial year “marked a period of strategic realignment for the Group as the Group continued its transition from legacy oil production towards hydrogen storage and clean energy infrastructure”.

But according to the accounts, the company remains largely dependent on revenue from hydrocarbon sales. The auditor noted a “material uncertainty exists that may cause significant doubt on the group’s ability to continue as a going concern”.

Revenue, entirely from Horse Hill and Horndean crude oil sales, fell to £432,000 in 2025, from £1.1m in 2024. The accounts said the decline reflected lower volumes from Horse Hill, which voluntarily suspended production in October 2024.

Total UKOG assets fell from £3.361m (restated) in 2024, to £1.136m in 2025. Cash and cash equivalents were down from £1m to £40,000.

Net liabilities rose from £2.471m in 2024 to £5.684m in 2025.

Total annual losses were reduced compared with 2024, when the balance sheet included £32.544m in impairment of oil and gas assets.

Key figures

Revenue: £432,000 (2024: £1.1m)

Cost of sales: £423,000 (2024: £912,000)

Gross loss: £20,000 (2024: £189,000)

Total comprehensive loss: £4.09m (2024: £38.490m)

Admin expenses: £2.636m (2024: £1.716m)

Decommissioning provision at 30 September 2025: £1.591m (2024: £1.253m). Of the £1.591m, £1.184m was for Horse Hill and £407,000 was for Broadford Bridge.

Non-current assets: £337,000 (2024: £1.705M)

Total assets: £1.136m (2024 restated: £3.361m)

Cash and cash equivalents: £40,000 (2024: £1m)

Total liabilities: £6.822m (2024: £5.832m)

Net liabilities: £5.684m (2024: £2.471m)

Operating loss: £3.9m (2024: £3.8m)

Loss before tax: £4.098m (2024: £38.490m)

Stephen Sanderson total earnings from UKOG: £243,000 (2024: £314,000

Total payments to directors: £504,000 (£457,000)

Loan interest payments: £152,000 (2024: £128,000)

Total finance cost: £202,000 (2024: £172,000)

Loans payable to non-controlling interests: £3.462m (2024: £3.310m)

Outstanding loan balances owed to HHDL shareholders at 30 September 2025: Alba Mineral Resources £2.8m (2024: £2.6m), Doriemus plc £0.6m (2024: £0.6m), UK Oil & Gas plc £18m (2024: £17.8m)