Unaudited Interim Financials: Renaissance Offshore

1947 Oil & Gas PLC

30 September 2026

 

30 September 2026

1947 Oil & Gas PLC

(the "Company")

Unaudited interim financial information of Renaissance Offshore, LLC (“Renaissance”)

1947 Oil & Gas PLC (AIM: 1947) presents unaudited financial information of Renaissance, its wholly owned subsidiary undertaking, for the six month period ended 30 June 2026.

On 28 September 2026, 100 per cent. of the membership interests of Renaissance were acquired by 1947 Renaissance LLC (“1947 LLC”), a wholly-owned subsidiary of the Company. Renaissance is a long established Houston-based oil and gas production company with interests in eleven fields located in the shallow-water Gulf of America (the "Acquisition"). The Acquisition, which completed upon admission of the Company’s ordinary shares to trading on the AIM market of the London Stock Exchange (the “Admission”), represents the Company's first asset and provides an immediate, material production base from which to pursue its broader growth objectives. The portfolio comprises interests in 23 platforms and 88 operated wells, with varying working interest of up to 100 per cent. each.

This unaudited financial information of Renaissance for the six month period ended 30 June 2026 covers a period prior to the Acquisition. It is issued by the Company in compliance with its continuing obligations to the AIM market. The unaudited financial information of Renaissance has been prepared in compliance with United States Generally Accepted Accounting Principles (“USGAAP”) and on the same basis as the audited full historical financial information of Renaissance for the year ended 31 December 2025 reproduced in Part IV of the AIM Admission Document published by the Company on 28 September 2026.

The audited financial statements of the Company, and the enlarged 1947 Oil & Gas plc group, for the period ending 31 December 2026, will include the results of Renaissance from the date of completion of the Acquisition, along with requisite acquisition adjustments and the acquired assets and liabilities of Renaissance. Those financial statements will be prepared under UK-adopted international accounting standards (“IFRS”).

The unaudited interim financial information of Renaissance was approved for issue by the board of directors of the Company on 30 September 2026.

 Contacts

1947 Oil & Gas plc Via Celicourt Communications
SP Angel – Nominated Adviser and Joint Broker Caroline Rowe, Ewan Leggat, Devik Mehta	[phone]
Cavendish Capital Markets – Joint Broker Neil McDonald, Pete Lynch, Pearl Kellie	[phone]

CREST Corporate Broking – Joint Broker Jerry Keen, Henry Poole

[phone]

Celicourt Communications – Public Relations Mark Antelme, Sophie Brand

[phone] [e-mail]

 About 1947 Oil & Gas PLC

1947 Oil & Gas PLC was incorporated in England and Wales to acquire, operate and develop producing oil and gas assets with a focus on generating near-term cash flow and progressive shareholder returns. The Company's founding strategy is centred on identifying mature, cash-flowing hydrocarbon portfolios that benefit from low-cost development opportunities overlooked by larger operators, and from which the Company can build a meaningful and scalable production base.

The acquisition of Renaissance, which completed upon Admission, represents the Company's first asset and provides an immediate, material production base from which to pursue its broader growth objectives.

The Company has a wholly-owned subsidiary, 1947 Renaissance LLC ("1947 LLC") which, following completion of the Acquisition on Admission, owns Renaissance. As the Company executes its proposed acquisition pipeline, additional operating subsidiaries may be incorporated or acquired to hold future assets, in each case as wholly-owned subsidiaries of the Company.

UNAUDITED INTERIM FINANCIAL INFORMATION OF RENAISSANCE OFFSHORE, LLC

BALANCE SHEETS

		Unaudited		Audited
		As at 30 June 2026		As at 31 December 2025
	Note	US$		US$
CURRENT ASSETS
Cash and cash equivalents		2,440,319		6,691,482
Accounts receivable – oil and gas revenues		8,991,905		8,629,742
Accounts receivable – joint interests and other		12,532,269		12,129,213
Prepaid expenses and other current assets		514,100		761,895
Deposits		301,100		311,493
Total current assets		24,779,693		28,523,825
PROPERTY AND EQUIPMENT
Oil and gas properties, successful efforts method, net		719,117,218		715,653,304
Pipelines		11,409,026		11,409,026
Other property and equipment		882,618		882,618
		731,408,862		727,944,948
Less, accumulated depreciation, depletion and amortization		543,482,445		538,474,255
Total property and equipment, net	2	187,926,417		189,470,693
TOTAL ASSETS		$212,706,110		$217,994,518
CURRENT LIABILITIES
Accounts payable		14,300,374		22,714,125
Revenue payable		3,451,153		2,615,616
Accrued expenses		1,139,795		932,793
Total current liabilities		18,891,322		26,262,534
LONG TERM LIABILITIES Asset retirement obligations	3	63,354,565		62,701,584
Notes payable	4	1,025,000		4,500,000
Total long term liabilities		64,379,565		67,201,584
Total liabilities		83,270,887		93,464,118
MEMBERS’ EQUITY		129,435,223		124,530,400
TOTAL LIABILITIES AND MEMBERS’ EQUITY		$212,706,110		$217,994,518

STATEMENTS OF OPERATIONS

		Unaudited		Unaudited
		Six months to 30 June 2026		Six months to 30 June 2025
	Note	US$		US$
REVENUES
Oil and gas revenues		29,507,965		31,971,990
OPERATING EXPENSES
Lease operating expenses		17,756,601		17,608,661
Depreciation, depletion and amortization		5,008,190		6,085,167
Accretion expense		652,981		678,256
General and administrative expenses		4,126,620		2,687,274
Total operating expenses		27,544,392		27,059,358
Other income, net		58,772		1,498,644
Interest income		86,916		60,135
Interest expense		(224,438)		(163,528)
Total other income, net		(78,750)		1,395,251
NET INCOME		$1,884,823		$6,307,883

STATEMENTS OF CHANGES IN MEMBERS’ EQUITY

		Total
	Note	US$
Balance as at 31 December 2024 (audited)		123,145,206
Member contributions		12,000
Member distributions		-
Net income/(loss)		6,307,883
Balance as at 30 June 2025 (Unaudited)		129,465,089
Member contributions		-
Member distributions		(500,000)
Net income/(loss)		(4,434,689)
Balance as at 31 December 2025 (Audited)		$124,530,400
Member contributions		3,020,000
Member distributions		-
Net income/(loss)		1,884,823
Balance as at 30 June 2026 (Unaudited)		$129,435,223

STATEMENTS OF CASH FLOWS

		Unaudited		Unaudited
		Six months to 30 June 2026		Six months to 30 June 2025
	Note	US$		US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)		1,884,823		6,307,883
Adjustments for:
Depletion, depreciation and amortisation		5,008,190		6,085,167
Accretion expense		652,981		678,256
		7,545,994		13,071,306
Changes in operating assets and liabilities:
Decrease/(increase) in amounts receivable		(765,216)		(7,911,033)
Decrease/(increase) in prepaid expenses and other current assets		258,185		713,586
Increase/(decrease) in accounts payable, accrued liabilities and other		(7,371,212)		(7,371,018)
Asset retirement obligations settled		-		2,428,798
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES		(332,249)		931,639
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure – Oil & gas properties		(3,463,914)		(2,055,283)
Capital expenditure - Pipelines		-		(30,403)
Net cash used in investing activities		(3,463,914)		(2,085,686)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions		3,020,000		12,000
Capital distributions		-		-
Issuance of debt		1,025,000		-
Payments of debt		(4,500,000)		-
Net cash (used in)/provided byfinancing activities		(455,000)		12,000
Net decrease in cash and cash equivalents		(4,251,163)		(1,142,047)
Cash and cash equivalents at beginning of period		6,691,482		8,109,527
CASH AND CASH EQUIVALENTS, END OF PERIOD		$2,440,319		$6,967,480

NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION

1. Basis of preparation

Renaissance Offshore, LLC (“Renaissance”) was formed as a Delaware Limited Liability Company for the purpose of acquiring, owning and operating producing oil and gas properties in the Gulf of America. During the period ended 30 June 2026 Renaissance was 100 per cent. owned by Renaissance Offshore Holdings LLC. Renaissance is a long-established, oil and gas production company based in Houston, Texas. It has operated in the Gulf of America since 2012, building a portfolio of eleven fields and producing approximately 3,000 boepd.

As set out in Note 5 below, on 28 September 2026, 100 per cent. of the membership interests of Renaissance were acquired by 1947 Renaissance LLC (“1947 LLC”), a company incorporated in Delaware, United States of America, with registration number 10642815, being a wholly-owned subsidiary of 1947 Oil and Gas Plc (the “Company”). The Company is a public company limited by shares, incorporated, domiciled and registered in England and Wales with the registered number 17070975.

On 28 September 2026, the issued share capital of the Company was admitted to trading on the AIM market (“AIM”) of the London Stock Exchange (“Admission”). This unaudited financial information of Renaissance for the six month period ended on 30 June 2026, which covers a period prior to the acquisition of Renaissance by the Company, is issued by the Company in compliance  with its continuing obligations to the AIM market. The unaudited financial information of Renaissance has been prepared in conformity with accounting principles generally accepted in the United States of America and on the same basis as the audited full historical financial information of Renaissance for the year ended 31 December 2025 reproduced in Part IV of the AIM Admission Document published by the Company on 28 September 2026.

The unaudited interim financial information of Renaissance has been prepared on a going concern basis. The directors of the Company believe this is appropriate as the Company’s forecasts demonstrate continued profitability and cash generation and the enlarged 1947 Oil & Gas PLC group has sufficient cash reserves and committed facilities to meet its obligations as they fall due for a period of at least 12 months from the date of approval of this unaudited interim financial information.

There are no related party transactions in relation to Renaissance other than as disclosed in the AIM Admission Document published by the Company on 28 September 2026.

The audited financial statements of the Company, and the enlarged 1947 Oil and Gas Plc group, for the period ending on 31 December 2026, will include the results of Renaissance from the date of completion of the acquisition, along with requisite acquisition adjustments and the acquired assets and liabilities of Renaissance. Those financial statements will be prepared under UK-adopted international accounting standards (“IFRS”).

2. Oil and gas properties

Capitalised costs in relation to the oil and gas producing activities of Renaissance, and the related amounts of accumulated depreciation, depletion and amortization were as follows:

	US$
Cost
As at 31 December 2025 (Audited)	727,944,948
Additions – development costs capitalised	3,463,914
As at 30 June 2026 (Unaudited)	731,408,862
Accumulated depreciation, depletion and amortization
As at 31 December 2025 (Audited)	538,474,255
Charge for the period	5,008,190
As at 30 June 2026 (Unaudited)	543,482,445
Total property and equipment, net
As at 30 June 2026 (Unaudited)	$187,926,417
At 31 December 2025 (Audited)	$189,470,693

3. Asset retirement obligations

	Unaudited		Audited
	As at 30 June 2026		As at 31 December 2025
	US$		US$
Asset retirement obligations at beginning of period	62,701,584		63,596,228
Liabilities established	-		-
Liabilities sold or settled	-		(2,312,397)
Accretion expense	652,981		1,417,753
Asset retirement obligations at end of period	$63,354,565		$62,701,584

4. Borrowings

The outstanding balance of the term note payable of $4,500,000 at 31 December 2025 was repaid in full in March 2026. On 24 March 2026, Renaissance entered into a new credit agreement for $2,500,000 with a financial institution. The credit agreement has a maturity date of 24 March 2027.

5. Events after the reporting period

Pursuant to a Member Interest Purchase Agreement (“MIPA”) dated 29 June 2026 entered into between the Company, 1947 LLC, Renaissance and Renaissance Offshore Holding LLC as vendor, 100 per cent. of the membership interests of Renaissance were acquired by 1947 LLC, a wholly owned subbsidiary of the Company (the “Acquisition”). The aggregate transaction consideration payable by 1947 LLC under the MIPA was a headline consideration of $65,000,000 in cash and shares in the Company, subject to customary purchase price completion adjustments (including for working capital, property costs, asset taxes, hydrocarbons in storage and production and delivery imbalances) and plus a contingent cash consideration payable over a 36-month period if the average of the daily settled LLS crude oil prices for each day in a particular month exceeds a threshold of $75.00 per barrel. Completion of the Acquisition, which was subject to the satisfaction of customary closing conditions for a transaction of this type, including Admission becoming effective, took place on 28 September 2026.

6. Nature of the financial information

The unaudited interim financial information of Renaissance presented above does not constitute statutory accounts for Renaissance for the period.

 

END