SEC FORM 3

SEC FORM 3SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Cavaghan Andrew

(Last)

(First)

(Middle)

C/O BLUE GOLD LIMITED

94 SOLARIS AVENUE, CAMANA BAY

(Street)

GRAND CAYMAN

KYI-1108

(City)

(State)

(Zip)

CAYMAN ISLANDS

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Blue Gold Ltd [ BGL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CEO and Director

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A ordinary shares	2,631,965	I	By Pegasus Capital Limited, the Reporting Person's corporation.⁽¹⁾
Class A ordinary shares	6,780	I	By Pegasus Capital Holdings Limited, the Reporting Person's corporation.⁽²⁾
Class A ordinary shares	350,000	I	By Blue Gold Holdings Limited, the Reporting Person's corporation.⁽³⁾
Class A ordinary shares	1,738	I	By Spouse.
Class A ordinary shares	995,484	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

1. Reporting Person is the sole owner of Pegasus Capital Limited and as such has sole voting and dispositive power with respect to such shares.

2. 6,780 shares of the Company's Class A Ordinary Shares are owned by Pegasus Capital Holdings Limited, or PCHL. The Reporting Person is a 50% shareholder of PCHL, and, as such, has voting and dispositive power over such shares.

3. Reporting Person is the sole director of Blue Gold Holdings Limited, or BGHL, and as such is deemed to have beneficial ownership of the 350,000 Class A ordinary shares held by BGHL.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Carla Parsons, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

SEC Form 3 filed by new insider Cavaghan Andrew