Score of 91.1/100 qualifies for PaymentCheck Certification
PETROLEUM EXPERTS LIMITED demonstrates an excellent average payment time of 17 days, with 84% of invoices settled within 30 days. This indicates a consistent trend of prompt payments and efficient processing by the company. The trajectory suggests that most invoices are managed effectively within standard payment cycles.
While 97% of payments are made within 60 days, a 7% overall late payment rate indicates some inconsistency in meeting initial due dates. The 3% of invoices extending beyond 60 days introduces a minor but identifiable risk of significant payment delays for a small portion of transactions. This suggests high reliability for most payments but a low-level, predictable risk for a small segment.
PETROLEUM EXPERTS LIMITED presents a highly favorable payment profile, characterized by rapid settlement for the vast majority of invoices. Suppliers can generally expect prompt payment; however, be prepared for a small possibility of 3% of invoices exceeding 60 days. Consider negotiating clear payment terms and potentially setting lower initial credit limits to mitigate this minor, long-tail risk.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Apr 2025 - 30 Sept 2025 | 29 Oct 2025 | 17 | 84% | 13% | 3% | 7% |
| 01 Oct 2024 - 31 Mar 2025 | 30 Apr 2025 | 15 | 90% | 10% | 0% | 8% |
| 01 Apr 2024 - 30 Sept 2024 | 31 Oct 2024 | 18 | 93% | 5% | 2% | 7% |
| 01 Oct 2023 - 31 Mar 2024 | 30 Apr 2024 | 17 | 96% | 3% | 1% | 5% |
| 01 Apr 2023 - 30 Sept 2023 | 01 Nov 2023 | 20 | 96% | 4% | 0% | 3% |
| 01 Oct 2022 - 31 Mar 2023 | 27 Apr 2023 | 20 | 97% | 3% | 0% | 1% |
| 01 Apr 2022 - 30 Sept 2022 | 31 Oct 2022 | 21 | 96% | 4% | 1% | 2% |
| 01 Oct 2021 - 31 Mar 2022 | 22 Apr 2022 | 21 | 95% | 5% | 0% | 2% |
| 01 Apr 2021 - 30 Sept 2021 | 13 Oct 2021 | 24 | 90% | 10% | 0% | 9% |
| 01 Oct 2020 - 31 Mar 2021 | 09 Apr 2021 | 19 | 94% | 6% | 0% | 7% |
| 01 Apr 2020 - 30 Sept 2020 | 28 Oct 2020 | 18 | 96% | 4% | 1% | 4% |
| 01 Oct 2019 - 31 Mar 2020 | 24 Apr 2020 | 14 | 93% | 6% | 1% | 6% |
| 01 Apr 2019 - 30 Sept 2019 | 29 Oct 2019 | 18 | 90% | 9% | 1% | 10% |
| 01 Oct 2018 - 31 Mar 2019 | 30 Apr 2019 | 23 | 82% | 15% | 3% | 17% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Net payment by bank transfer due by XX/XX/XXXX (XX Days) Please do not make any deductions to the total amount. If tax applies and it has not been added, please contact XX directly before proceeding with the payment.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
The laws of Scotland shall govern this Agreement. All disputes in connection with this Agreement shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the Rules. The place of arbitration shall be Edinburgh, Scotland.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
❌
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
❌
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Petroleum Experts Limited, trading as Petex, is an Edinburgh based company developing engineering software for the energy sector. It provides Integrated Production Modelling (IPM) and Digital Operations Framework (DOF) suites for reservoirs, wells and pipeline networks, alongside its MOVE suite for structural geology modelling. Its tools help oil and gas operators simulate, optimise and manage upstream production systems, and are also being applied to mining and other industries. Founded over 35 years ago, the company serves more than 500 client companies across over 100 countries and funds its own product development. It also donates software licences to universities worldwide for research and training purposes.
Generated from the company's website and Companies House records. Sources: petex.com · petex.com