# EDGAR Filing Document

**Accession Number:** 0002019435
**File Stem:** 0001213900-25-062158
**Filing Date:** 2025-7
**Character Count:** 18491
**Document Hash:** 723c85e28466ef49bfaf712ee416f9c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-062158.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001213900-25-062158

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Gold Ltd
- **CENTRAL INDEX KEY:** 0002019435
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95113
- **FILM NUMBER:** 251112189

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** (952) 456-5300

**MAIL ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cavaghan Andrew
- **CENTRAL INDEX KEY:** 0002076016

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 124 CITY ROAD
- **STREET 2:** C/O BLUE GOLD INTERNATIONAL LIMITED
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC1V 2NX

## Ex-1

**<u>Exhibit 1</u>**

JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of the Schedule 13D to which this Agreement is an exhibit (and any further amendment filed by them) with respect to the Ordinary Shares of Blue Gold Limited. This Agreement may be executed simultaneously in any number of counterparts, all of which together shall constitute one and the same instrument.

Dated: July 8, 2025

/s/ Andrew Cavaghan

Name: Andrew Cavaghan

/s/ Elizabeth Cavaghan

Name: Elizabeth Cavaghan

**BCMP Services Limited**

/s/ Andrew Cavaghan

Name: Andrew Cavaghan

Title: Member

**Pegasus Capital Limited**

/s/ Andrew Cavaghan

Name: Andrew Cavaghan

Title: Director

**Pegasus Capital Holdings Limited**

/s/ Andrew Cavaghan

Name: Andrew Cavaghan

Title: Director

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**BLUE GOLD LTD.**

*(Name of Issuer)*

**Ordinary Shares**

*(Title of Class of Securities)*

**G1331C104**

*(CUSIP Number)*

**Carla Parsons**<br>94 Solaris Avenue, Camana Bay,<br>PO Box 1348,<br>Grand Cayman E9 KY1-1108<br>44 (0) 7487 799481

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/25/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G1331C104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Andrew Cavaghan** | Name of reporting person<br>**Andrew Cavaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3352498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**617670.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3352498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**617670.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3970168.00** | Aggregate amount beneficially owned by each reporting person<br>**3970168.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.0%** | Percent of class represented by amount in Row (11)<br>**13.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Does not include 1,325 shares held by Ms. Elizabeth Cavaghan, Mr. Cavaghan's spouse, over which Mr. Cavaghan does not have voting or investment control.  Mr. Cavaghan disclaims beneficial ownership over such shares.

| **CUSIP No.** | **G1331C104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BCMP Services Limited** | Name of reporting person<br>**BCMP Services Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**612500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**612500.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**612500.00** | Aggregate amount beneficially owned by each reporting person<br>**612500.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.0%** | Percent of class represented by amount in Row (11)<br>**2.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is a 50% shareholder in BCMP Services Limited.

| **CUSIP No.** | **G1331C104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pegasus Capital Limited** | Name of reporting person<br>**Pegasus Capital Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**2593430.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**2593430.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2593430.00** | Aggregate amount beneficially owned by each reporting person<br>**2593430.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is the sole owner of Pegasus Capital Limited.

| **CUSIP No.** | **G1331C104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pegasus Capital Holdings Limited** | Name of reporting person<br>**Pegasus Capital Holdings Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5170.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5170.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5170.00** | Aggregate amount beneficially owned by each reporting person<br>**5170.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is a 50% shareholder of Pegasus Capital Holdings Limited.

| **CUSIP No.** | **G1331C104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ms. Elizabeth Cavaghan** | Name of reporting person<br>**Ms. Elizabeth Cavaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1325.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5170.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1325.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5170.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6495.00** | Aggregate amount beneficially owned by each reporting person<br>**6495.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.004%** | Percent of class represented by amount in Row (11)<br>**0.004%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Ms. Elizabeth Cavaghan is Mr. Cavaghan's spouse and 50% shareholder in Pegasus Capital Holdings Limited.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares

**(b) Name of Issuer:**
BLUE GOLD LTD.

**(c) Address of Issuer's Principal Executive Offices:**
94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman, E9, KY1-1108

This Statement relates to the  Class A ordinary shares, par value  $0.0001 (the "Ordinary Shares") of Blue Gold Ltd., a Cayman Islands exempted company limited by shares (the "Issuer").  The principal executive offices of the Issuer are located at 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman, KY1-1108, Cayman Islands.

**Item 4. Purpose of Transaction**

The Reporting Persons purchased the Ordinary Shares for investment purposes.

The Reporting Persons have not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Ordinary Shares reported herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses to this Item 5 and the information on the cover page are based on 30,571,764 Ordinary Shares outstanding as of June 25, 2025 as reported in the Issuer's Shell Company Report on Form 20-F filed with the U.S. Securities and Exchange Commission on July 1, 2025.

The information set forth in Items 2, 3 and 6 of this Schedule 13D and the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities.

The Reporting Persons may be deemed to have, in the aggregate, beneficial ownership of 3,971,493 Ordinary Shares, which represents approximately 13% of the Issuer's outstanding Common Shares.

**(b)**
The Reporting Persons may be deemed to have, in the aggregate, beneficial ownership of 3,971,493 Ordinary Shares, which represents approximately 13% of the Issuer's outstanding Common Shares. Andrew Cavaghan has sole voting power over 3,352,498.00 Ordinary Shares; shared voting power over 617,670.00 Ordinary Shares; sole dispositive power over 3,352,498.00 Ordinary Shares and sole dispositive power over 617,670.00 Ordinary Shares. BCMP Services Limited has shared voting and dispositive power over 612,500.00 Ordinary Shares. Pegasus Capital Limited has sole voting and dispositive powers over 2,593,430.00 Ordinary Shares. Pegasus Capital Holdings Limited has shared voting and dispositive power over 5,170.00 Ordinary Shares. Ms. Elizabeth Cavaghan has sole voting and sole dispositive power over 1,325.00 Ordinary Shares and shared voting and dispositive power over 5,170.00 Ordinary Shares. The information provided under Item 2 of this 13D is hereby incorporated by reference into this Item 5.

**(c)**
The Reporting Persons acquired all of the Ordinary Shares to which this Statement relates in connection with the closing of the Business Combination.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

None.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Andrew Cavaghan

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan

**Date:** 07/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BCMP Services Limited

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan, Member

**Date:** 07/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pegasus Capital Limited

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan, Director

**Date:** 07/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pegasus Capital Holdings Limited

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan, Director

**Date:** 07/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ms. Elizabeth Cavaghan

**Signature:** /s/ Elizabeth Cavaghan

**Name/Title:** Elizabeth Cavaghan

**Date:** 07/08/2025