UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2023
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
KGH Ltd
Address:
CAVES POINT, 3C
WEST BAY STREET
NASSAU, C5 NA
Form 13F File Number:
028-14969

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Yvonne Daffy
Title:
COO/CFO
Phone:
44-203-598-3368


Signature, Place, and Date of Signing:

/s/ Yvonne Daffy
                         [Signature]
London, UNITED KINGDOM
                 [City, State]
02-14-2024
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
1
Form 13F Information table Entry Total:
40
Form 13F Information table Value Total:
1928900491
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
1
028-15644
KEY GROUP HOLDINGS USA INC.
0001591766


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ABRDN PALLADIUM ETF TRUSTPHYSICAL PALLADM00326210215,163,500150,000SHSOLE150,000 0 0
ANTERO RESOURCES CORPCOM03674X10690,288,5363,980,976SHSOLE3,980,976 0 0
ARCELORMITTAL SA LUXEMBOURGNY REGISTRY SH03938L20366,716,5002,350,000SHSOLE2,350,000 0 0
CHORD ENERGY CORPORATIONCOM NEW67421520726,929,260162,000SHSOLE162,000 0 0
CNX RES CORPCOM12653C10815,927,160796,358SHSOLE796,358 0 0
COMSTOCK RES INCCOM20576830283,555,9839,441,354SHSOLE9,441,354 0 0
CONSOL ENERGY INC NEWCOM20854L10830,159,000300,000SHSOLE300,000 0 0
COTERRA ENERGY INCCOM12709710333,335,6791,306,257SHSOLE1,306,257 0 0
DIAMOND OFFSHORE DRILLING INCOM25271C20189,542,0246,887,848SHSOLE6,887,848 0 0
ENERPLUS CORPCOM292766102105,713,2186,891,700SHSOLE6,891,700 0 0
ENOVIX CORPORATIONCOM293594107813,80065,000SHSOLE65,000 0 0
EQT CORPCOM26884L10985,306,0352,206,571SHSOLE2,206,571 0 0
EQUITRANS MIDSTREAM CORPCOM29460010188,566,0008,700,000SHSOLE8,700,000 0 0
GENERAL MTRS COCOM37045V1002,514,40070,000SHSOLE70,000 0 0
GRAPHIC PACKAGING HLDG COCOM38868910118,388,900746,000SHSOLE746,000 0 0
HF SINCLAIR CORPCOM40394910016,624,988299,172SHSOLE299,172 0 0
KOSMOS ENERGY LTDCOM50068810618,855,1002,810,000SHSOLE2,810,000 0 0
LOUISIANA PAC CORPCOM5463471054,391,38961,999SHSOLE61,999 0 0
MARATHON PETE CORPCOM56585A10216,319,600110,000SHSOLE110,000 0 0
MURPHY OIL CORPCOM62671710239,673,800930,000SHSOLE930,000 0 0
NOBLE CORP PLCORD SHS AG6543112747,848,935993,541SHSOLE993,541 0 0
OLIN CORPCOM PAR $16806652055,717,621105,980SHSOLE105,980 0 0
PEABODY ENERGY CORPCOM70455110044,327,8691,822,692SHSOLE1,822,692 0 0
PERMIAN RESOURCES CORPCLASS A COM71424F10523,876,0381,755,591SHSOLE1,755,591 0 0
PETROLEO BRASILEIRO SA PETROSP ADR NON VTG71654V10181,748,0005,350,000SHSOLE5,350,000 0 0
PLAINS GP HLDGS L PLTD PARTNR INT A72651A2076,060,123379,945SHSOLE379,945 0 0
PLUG POWER INCCOM NEW72919P20228,867,5006,415,000SHPutSOLE6,415,000 0 0
RANGE RES CORPCOM75281A109179,291,6005,890,000SHSOLE5,890,000 0 0
SOUTHWESTERN ENERGY COCOM845467109114,939,40017,548,000SHSOLE17,548,000 0 0
SPROTT PHYSICAL PLAT PALLADUNIT85207Q104706,60370,030SHSOLE70,030 0 0
SUNCOR ENERGY INC NEWCOM86722410734,175,5501,066,353SHSOLE1,066,353 0 0
SUNNOVA ENERGY INTL INC.COM86745K10428,975,0001,900,000SHPutSOLE1,900,000 0 0
SUNRUN INCCOM86771W105127,595,0006,500,000SHPutSOLE6,500,000 0 0
UNITED STATES STL CORP NEWCOM912909108101,776,3352,092,011SHSOLE2,092,011 0 0
VALERO ENERGY CORPCOM91913Y10014,978,600115,220SHSOLE115,220 0 0
VISTRA CORPCOM92840M102963,00025,000SHSOLE25,000 0 0
W & T OFFSHORE INCCOM92922P10615,025,3824,609,013SHSOLE4,609,013 0 0
WARRIOR MET COAL INCCOM93627C101157,912,3002,590,000SHSOLE2,590,000 0 0
WEST FRASER TIMBER CO LTDCOM95284510533,817,083395,000SHSOLE395,000 0 0
WESTROCK COCOM96145D10531,513,680759,000SHSOLE759,000 0 0