Unlucky Lucan… the 8th Earl George Bingham’s energy company racked up a loss of £112million last year
Lord Lucan’s British energy company posted a loss of £112million last year.
Angus Energy – run by George Bingham, 8th Earl of Lucan, whose gambler father John, known as ‘Lucky’, disappeared in the 1970s on suspicion of murder – operates the Saltfleetby gas field in Lincolnshire.
The AIM-listed group’s losses soared in the year to September 2022, according to its annual report, although this was almost entirely due to an energy hedging contract.
Loss: George Bingham, 8th Earl of Lucan, with his wife Anne-Sofie (above left); A mystery surrounds the 7th Earl, “Lucky” Lucan
Angus Energy struck a deal to sell half of the gas produced at Saltfleetby at a fixed price in the spring of 2021, ahead of the start of a rally that summer, which was further accelerated by Russia’s invasion of Ukraine. Russia.
This means the company is in the red on paper but hasn’t actually lost any money. “No one has seen the gas rise so much,” Lucan told the Mail on Sunday. “It was clearly not the ideal time, but the loss does not reflect any loss in shareholder value.”
The Saltfleetby field started producing gas last September. Only half of the price is hedged, so Angus can sell the rest at current market prices. It is likely to show a profit in its next results.
Police launched an unsuccessful hunt for the 7th Earl of Lucan in 1974 after a nighttime attack on the family’s Belgravia home left the children’s nanny Sandra Rivett dead and his estranged wife Veronica injured.