# EDGAR Filing Document

**Accession Number:** 0001774983
**File Stem:** 0001213900-23-014832
**Filing Date:** 2023-2
**Character Count:** 13405
**Document Hash:** 897814c80da5a1235046645296657df7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-014832.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001213900-23-014832

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230227

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brooge Energy Ltd
- **CENTRAL INDEX KEY:** 0001774983
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39171
- **FILM NUMBER:** 23675428

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BROOGE PETROLEUM & GAS INVESTMENT CO
- **STREET 2:** P.O. BOX 50170
- **CITY:** FUJAIRAH
- **STATE:** C0
- **ZIP:** 00000
- **BUSINESS PHONE:** 971 2 633 3149

**MAIL ADDRESS:**
- **STREET 1:** C/O BROOGE PETROLEUM & GAS INVESTMENT CO
- **STREET 2:** P.O. BOX 50170
- **CITY:** FUJAIRAH
- **STATE:** C0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brooge Holdings Ltd
- **DATE OF NAME CHANGE:** 20190425

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of February 2023**

**Commission File Number 001-39171**

**BROOGE ENERGY LIMITED**

(Translation of registrant's name into English)

c/o Brooge Petroleum and Gas Investment Company FZE

P.O. Box 50170

Fujairah, United Arab Emirates

+971 9 201 6666

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

**Note**: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):☐

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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***NO OFFER OR SOLICITATION***

*This report and the exhibits hereto are for informational purposes only and are neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act"), or pursuant to an exemption from the registration requirements of the Securities Act.*

 ****

***CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS***

*This report and the exhibit hereto contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties concerning Brooge Petroleum and Gas Investment Company's ("BPGIC"), Brooge Petroleum and Gas Investment Company Phase III FZE's ("BPGIC III") and Brooge Energy Limited's ("Brooge Energy") expected financial performance, as well as their strategic and operational plans. Examples of forward-looking statements include, among others, statements we make regarding: (i) projected completion, start of operations, operating capacity and capabilities, and operating results, such as revenue growth, earnings, and EBITDA, at facilities that are not yet constructed; (ii) our future market position and growth prospects; (iii) expected conditions in the local, regional and global oil markets; (iv) expected operating results, such as revenue growth, earnings, and EBITDA; (v) anticipated levels of capital expenditures and uses of capital for fiscal years 2022, and 2023; (vi) expected future supply and demand of oil; and (vii) strategies for customer retention, growth, product development, market position, financial results, reserves and risk management. The actual results may differ materially from expectations, estimates and projections due to a number of risks and uncertainties and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "would," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to: These factors include, but are not limited to: (1) non-payment or non-performance by BPGIC's principal customers or end-users; (2) challenger in customer demand with respect to ancillary services provided by BPGIC including throughput, blending, heating, and inter tank transfers; (3) a decline or disruption of supply or demand of oil and gas; (4) higher fuel taxes or other governmental or regulatory actions that increase the price of gasoline or diesel; (5), changes to applicable regulations or new regulations, including those affecting the petroleum products serviced by BPGIC such as climate change legislation and regulations restricting the emission of greenhouse gases; (6) the extent to which BPGIC is successful in developing new long-term relationships with customers or retaining existing ones in the competitive oil storage market in the Port of Fujairah and other ports; (7) the group's ability to effectively manage the risks and expenses associated in the ,construction of Phase 3, as well as oilier growth and expansion projects; (8) the results of future financing efforts, including the group's ability to obtain financing for Phase 3 ,on commercially reasonable terms; (9) the group's ability to obtain additional land on which it can develop additional facilities on commercially attractive terms; (10) the ultimate geographic spread, duration and severity of the coronavirus outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak, or ameliorate its effects; (1l) changes in expectations of future prices for refined petroleum products; (12) accidents involving the handling of oil products at BPGIC's terminal; (13) disruptions to BPGIC's technology network including computer systems and software; (14) natural events such as severe weather, fires, floods and earthquak.es or man-made or other disruptions of BPGIC's operating systems, structures, or equipment or of the Port of Fujairah's facilities; (15) political and economic conditions in Fujairah and the Unit1ed Arab Emirates, as well as the occurrence of hostilities, political instability or ,catastrophic events in Fujairah, the United Arab Emirates and the MENA region; (16) ,changes in labor costs; (17) unlawful or arbitrary ,governmental action; (18) the possibility that BPGIC may be adversely affected by other economic, business, and/or competitive factors; and (19) such other risks and uncertainties indicated from time to time in filings with or submissions to the Securities and Exchange Commission by Brooge Energy Limited.* 

 

***CONTENTS***

Furnished as Exhibit 99.1 is a copy of an investor presentation, dated February 24, 2023, to be used by Brooge and BPGIC.

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | [Investor Presentation, dated February 24, 2023.](ea174336ex99-1_broogeenergy.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BROOGE ENERGY LIMITED** | **BROOGE ENERGY LIMITED** |
| Date: February 27, 2023 | By: | /s/ Lina S. Saheb |
|  | Name: | Lina S. Saheb |
|  | Title: | Interim CEO |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

202 2 Historica l Un - audite d Management Cash Flows 24 February 2023

![](ex99-1_002.jpg)

![](ex99-1_003.jpg)

2022 Historical Un - audited Management Cash Flows BPGIC FZE 3 From 01 - Jan - 22 01 - Apr - 22 01 - Jul - 22 01 - Oct - 22 To 31 - Mar - 22 30 - Jun - 22 30 - Sep - 22 31 - Dec - 22 Cash inflows Amount received from Customers US$11,242,036 16,103,666 32,549,182 27,845,932 Other cash amount received/(paid) " 2,928,548 163 - 2,038,635 - Total cash inflows for each period " 14,170,584 16,103,829 30,510,547 27,845,932 Cash outflows Direct operational cash costs US$ - 1,018,879 - 2,703,245 - 4,484,359 - 4,868,793 General and administrative expenses " - 1,795,288 - 6,488,176 - 3,950,138 - 6,430,202 Land lease costs " - 635,683 - 382,595 - 1,087,716 - 818,264 Capital expenditure " - 2,806,959 - 1,990,688 - 7,359,103 - 7,743,676 Bond principal repayment " - 7,000,000 - - 7,000,000 - Bond interest " - 8,202,500 - - 7,905,000 - Other cash outflows " - 227,537 - 952,279 - 463,349 - 1,961,775 Expense of current quarter cleared in next quarter " 200,550 2,304 - - Expense of previous quarter cleared in current quarter " - 294,173 - 200,550 - 2,304 - Total cash outflows for each period " - 21,780,469 - 12,715,229 - 32,251,969 - 21,822,710 Net change in cash US$ - 7,609,885 3,388,600 - 1,741,422 6,023,222 Beginning cash Ending cash US$ " 16,172,023 8,562,138 8,562,138 11,950,739 11,950,739 10,209,317 10,209,317 16,232,539 Corporate cash balance " 61,965 628,565 1,695,261 413,483 Cash in liquidity account " 8,500,000 8,500,000 8,500,000 8,500,000 Cash in debt service retention account " 173 2,822,173 14,056 7,319,056 Gross beginning bond amount US$193,000,000 186,000,000 186,000,000 179,000,000 Gross ending bond amount " 186,000,000 186,000,000 179,000,000 179,000,000

![](ex99-1_004.jpg)

202 2 Management Updat e & 2023 Guidance 24 February 2023

![](ex99-1_005.jpg)

2022 Management Update & 2023 Guidance BPGIC FZE: Key Metrics Unaudited 2022 Financial Results: • Total Revenue: US$79.2 million (excluding Port charges reimbursed from customers) • Operating Profit: US$48.3 million (does not include fair value of derivative financial instruments) • Net Income: US$26.2 million Terminal Utilization • 100% of the terminal capacity is currently contracted at higher storage & handling rates than 2022 • The average tenor of all the current storage contracts is 2 years with an option to renew for up to 3 years Storage & Handling Revenue • Over 90% of the un - audited total revenue is derived from storage & handling which is subject to Take or Pay • In 2022, un - audited revenue totalled US$79.2 million and in 2023, this is forecasted to increase above US$125 million primarily due to the company obtaining higher contracted storage and handling rates EBITDA • BPGIC FZE 2022 EBITDA (as defined by the Bond Terms) is US$60.9 million • 2023 Adjusted EBITDA is forecasted to increase significantly to around US$100 million with similar EBITDA forecasted for 2024 and 2025 Leverage Ratio • As of the year end 2022, the leverage ratio is 2.7 • Year end 2023 leverage ratio is forecasted to improve based on the significant EBITDA increase and reduced net interest - bearing debt • The 2023 outlook shows the capability of BPGIZ FZE meeting its Bond commitments is significantly improving 5

![](ex99-1_006.jpg)

2022 Management Update & 2023 Guidance Brooge Energy Limited • On December 8 , 2022 , the Brooge Energy Limited (the "Company") attended a hearing before the Nasdaq Hearings Panel (the "Panel"), at which hearing the Company presented its plan to regain compliance with the Filing Rule, including the filing of all outstanding reports with the SEC, and requested an extension, through April 26 , 2023 , to do so . • By decision dated January 9 , 2023 , the Panel granted the Company's request . • The Company has engaged, Affiniax Partners (the "Auditors") to conduct an audit of the Company and its subsidiaries for the years 2018 to 2022 . • The Company is working diligently with the Auditors to regain Nasdaq compliance by the extended deadline . 6

![](ex99-1_007.jpg)

2022 Management Update & 2023 Guidance Disclaimer 7

![](ex99-1_008.jpg)

2022 Management Update & 2023 Guidance Disclaimer (Cont'd) 8

![](ex99-1_009.jpg)

2022 Management Update & 2023 Guidance Disclaimer (Cont'd) 9

![](ex99-1_010.jpg)

2022 Management Update & 2023 Guidance Selling Restriction & Governing Law 10

![](ex99-1_011.jpg)