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Oil price

Oil is quiet today, a combination of little news, Brent expires tonight, it’s the end of the quarter and the half tonight, a holiday on Friday for Independence Day in the USA and of course Opec+ meets on Sunday.

Savannah Energy

Following the publication of the Company’s unaudited results for the year ended 31 December 2024 on 6 June 2025, Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, provides the following update in respect of the publication of its FY 2024 annual audited accounts.

Whilst the audit process is significantly advanced, additional time is required to finalise it.  We therefore now anticipate that the audited annual accounts will be released no later than during August 2025. As a result of this delay, and pursuant to the requirements of AIM Rule 19, trading in the Company’s shares will be subject to a temporary suspension from 7:30 a.m. on 1 July 2025 until publication of the 2024 annual audited accounts.

The Company can confirm that the trading performance of the business is in line with previous updates and that the Company is not aware of any issue which could be expected to result in a further extension to the timeline for the publication of the audited financial statements to that announced this morning.

The Company will provide further updates as and when appropriate.

I don’t think that there is anything here that should cause concern for Savannah investors, as the June 6th RNS made clear, SAVE is in the process of appointing new sets of auditors both in Nigeria, where a ‘big 4’ company is targeted and in the UK ‘an experienced mid-tier firm for the company and the Group. 

These appointments take a while to bed in and it should be noted that the RNS of 6th June did actually announce the unaudited results which CEO Andrew Knott discussed at length and also indicating that progress on auditing was ‘significantly advanced’ not something he could say if the numbers weren’t complete.

I get the strong impression that whilst this delay is unfortunate it happens as a direct result of changing auditors in more than one country and books which are by their very nature complicated and extensive. I am completely comfortable with the unaudited results already presented and  expect the fully audited package to be published very soon.

Serica Energy

Serica has announced that, having already completed repairs, scheduled maintenance work at the Triton FPSO has now also been completed and the process to restart production operations is underway.

Production will commence shortly and ramp up as each field tied back to the Triton FPSO is brought back onstream following the normal post maintenance start-up schedule, with a stable production level expected to be reached during July.

The Triton FPSO was delivering 25,000 boepd net to Serica immediately prior to the shutdown. This figure has the potential to be boosted through the addition of production from two new wells, both of which were delivered on schedule and under budget during the Triton downtime, the W7z well on the Guillemot North West field (Serica: 10%) and the EV02 well on the Evelyn field (Serica: 100%).

During the shutdown, extensive repairs to the inert gas marine system were completed, with over 100 components on the system either replaced or refurbished. Topside modifications were made in readiness to accept the start of production from the Belinda field expected in early 2026, significant safety critical maintenance work was also undertaken on the firewater system, and valves and sections of pipework across the FPSO were replaced. With work now complete, the normal start-up sequence has begun.

The work done is expected to improve operational performance of the Triton FPSO significantly going forward, and there are no further planned outages for the Triton FPSO in 2025.

Excellent news this morning from Serica and bang in-line with their forecast that the Triton FPSO would be back on production by the end of June. Technically of course you don’t just switch on at full speed, the company are guiding that production will commence shortly and ramp up as each field tied back to the Triton FPSO is brought back onstream following the normal post maintenance start-up schedule, with a stable production level expected to be reached during July.

With the production having been down for some time, this ramping up process is absolutely normal given the amount of work done but there is also a benefit that the company have said that the work that has been done has improved the operational performance of the Triton FPSO ‘significantly going forward and that there are no further planned outages in 2025’. It is also worth noting that while the asset was offline Serica also did the work necessary for the Belinda field to be tied in, another hidden benefit. 

Serica has been performing well recently having been 20% up from the lows and I remain fully confident in my 250p TP as well as it justifying its place in the Bucket List.

Angus Energy

Angus has announced Interim Results for the six months ended 31 March 2025

• All operations were conducted without any harm to people or the environment
• EBITDA of £6.943m for the six month period
• Booster compressor successfully installed

Angus Energy is pleased to announce its interim accounts for the six months ended 31 March 2025 as set out below. A copy of the Interims is available on the Company’s website www.angusenergy.co.uk

A detailed report from Angus at a time when the position for the company looks particularly good but the resignation of the CEO may just hold back new investors until things are clarified, I remain very positive.

Chairman’s Statement

Dear Shareholders,

I am pleased to share with you the interim results for the six months ended 31 March 2025. First, following his resignation, tendered after the period end, the Board would like to thank Richard Herbert for his dedication and hard work in taking the Company through what has been a transformative time in its development. 

Despite delays to the installation of the Booster, the Company reported strong EBITDA for the period. The Board remains committed to unlocking the significant potential embedded in our asset base and corporate platform. Our goal is to position the Company to better weather near-term volatility while laying the foundation for sustainable long-term growth. 

All operations were conducted without any harm to people or the environment. We have also taken proactive steps to pursue both organic and inorganic growth opportunities. On the organic front, our technical teams have identified a number of near-field development and optimization targets within our existing portfolio that is needed to enhance production and cash flow. Concurrently, our M&A team remains active in evaluating potential transactions that are value-accretive, strategically aligned, and capable of accelerating our transformation.

In line with these efforts, the Company is currently assessing a potential reverse takeover (RTO) transaction. As a result, trading in our shares has been temporarily suspended in accordance with regulatory requirements. We are also engaged in active discussions with Trafigura on the restructuring of our existing debt facility. While we understand this may cause uncertainty for shareholders in the short term, we believe the RTO under consideration, along with other M&A opportunities currently under consideration, could significantly strengthen and expand our operational footprint by increasing reserves production and cashflow, and create a path toward growth and renewed shareholder value. At present, discussions pertaining to the RTO are at an early stage. The Company has signed a non-binding agreement which is subject to completion of due diligence, financing and other material considerations and there is no certainty that it will be completed.

We are mindful of the responsibility we owe to our shareholders and stakeholders, and I want to assure you that every effort is being made to steer Angus through this period of transition. The Board remains confident that, with discipline and strategic focus, we can emerge stronger and better positioned to take advantage of the opportunities ahead.

Net revenue from oil and gas production during the period was £11.302m on gross production of 17,361 bbls of gas condensate, 3,695 bbls of crude oil and 10.443 mm therms of natural gas as against hedged volumes of 7.5 mm therms for the period. This was the result of production from the Saltfleetby Gas Field and the Brockham Oil Field. Average sales prices achieved during the period were £35.18/bbls for gas condensate, £57.58/bbls for crude oil and £1.00/therm for natural gas. 

The Group recorded a profit of £0.756m, which included an operating profit of £3.367m. EBITDA for the period was £6.943m. The derivative profit is based on future production and calculated using forward gas prices as at 31 March 2025. The derivative will be realised to a profit or loss when the payments under the derivative instruments become due.

Operational Highlights

Saltfleetby (100% Working Interest)
Gas volumes produced and sold from the Saltfleetby Field equalled 10.443 mm therms in aggregate for the period as against hedged volumes of 7.5 mm therms for the period. Operational efficiency was 90% for the period. Gas condensate (liquid) production was 17,361 bbls for the period.

The new booster compressor at the Saltfleetby Gas Field commenced operation on 11 April 2025. The compressor operates at a lower suction pressure than the two existing compressors at the field, allowing more pressure drawdown of the wells and helping to alleviate the impact of liquid loading in the wells, which has been increasingly impacting gas flow rates in the last three months. The introduction of the booster compressor has resulted in a circa 15% increase in production compared with the average production forecasts without the booster operational.

Angus has been conducting well tests to determine the optimum configuration of the plant and wells to increase production. Well tests identified a number of in-wellbore production enhancement opportunities which are being progressed to FID (“Final Investment Decision”). These opportunities, targeted for Q3 2025, include coil tubing workovers which are necessary to enhance production.  

Future Drilling
Building on the seismic reprocessing and remapping work completed in 2023, a geocellular, dynamic reservoir model has been constructed across the Westphalian Sandstone and underlying Namurian reservoir at the Saltfleetby Gas Field. The reservoir model gives us a greater understanding of the reservoir properties and fluid flow within the reservoir and in turn has then been used to identify several infill drilling opportunities. Additionally, this reservoir model will be fundamental in the progression of the long-term plan for the Satlfleetby field as a future storage facility for CO2, Natural Gas or Hydrogen at the end of gas production. 

Angus is evaluating the drilling of a new well which has received full regulatory approval, adding a fourth producer to the field to accelerate production and increase shareholder value. The well is in the preliminary design phase with a target drilling date of Q1 2026, subject to funding and pending delivery time for long lead items.  The target drill date would allow for 2 and up to 6 mmcf/d of incremental field production in Q2 2026.      

Brockham (80% Working Interest)
Gross oil volumes sold from the Brockham Field equalled 3,695 barrels in aggregate for the period, an average of 24 bopd. The Company has continued optimization of oil production through improvements in operational efficiency and the field is currently producing at circa 40 bopd gross. Production will continue to be monitored, and an assessment is being undertaken to determine if BRX4Z, a suspended offset well, can be commercially brought into production to increase recovery from the Portland reservoir.

Balcombe (25% Working Interest)
Following the initial 7-day well test in the Autumn of 2018, a planning application was submitted in late 2019 for a longer 3-year well test on the Balcombe-2Z well. The aim of the planned operation is to recover remaining drilling fluids from the wellbore and conduct a long-term extended well test to indicate to what degree the well and field can produce hydrocarbons at a commercial rate. The Planning Inspectorate’s decision in October 2023 to grant the Company the right to test the existing well, was appealed by a residents’ organization and heard in court on the 26th and 27th of January 2025. The decision of the High Court was made public on 16 April 2025 and ruled in favour of the Company. The Company is now evaluating options for the extended well test.

Lidsey (80% Working Interest)
Due to the high cost of water disposal, Lidsey has remained shut in, however, as previously stated, a planning application has been submitted to allow for transportation of produced water off-site to the Brockham oil field for voidage replacement and pressure maintenance. This application has now been approved, and we are awaiting imminent formal validation. Once received, the Company will progress to test the integrity of the well in readiness for future production, confirm the operability of the currently installed artificial lift, and establish the re-instatement production potential of the X2 well. This is low-cost operation, and if successful, it will allow for the reinstatement of the site with produced water trucked to Brockham for injection.

Financial Highlights

On 19 March 2025, the Company issued 427,893,123 Ordinary Shares at 0.02 pence per share to Forum Energy Services Limited in relation to a £1,000,000 Deferred Consideration based on a conversion notice received on 22 February 2025. The Company also issued a further 137,145,481 in relation to accrued interest on the Deferred Consideration up to 31 December 2024.

Under existing arrangements and calculation methods the Company is required to issue 368,376,672 shares (or cash equivalent) in aggregate in settlement of the Q2, Q3 and Q4 2024 and Q1 2025 royalty interest. Angus is currently negotiating the timing of the settlement with the royalty interest holders and will provide an update accordingly.

As announced on 22 February 2024, Angus Energy entered into a Financing Facility with a subsidiary of Trafigura Group PTE Ltd (“Trafigura”). The terms of the Facility are unchanged from those of the term sheet summarised by the Company via RNS on 20 December 2023, being a 5-year loan, with a twelve-month grace period on principal repayment and then approximately even amortisation from March 2025. Production variability during the first quarter of 2025, before the booster compressor was commissioned, has resulted in the first principal repayment of £1.25 million, being deferred as part of ongoing discussions with Trafigura about restructuring the repayment schedule.

As at 31 March 2025 the Group had cash of £0.785m.

On 19 June 2025, the Company announced that Richard Herbert had tendered his resignation as CEO and a director of the Company with immediate effect.

Outlook

The Company looks forward to providing an update on the restructuring of its debt arrangements alongside the stabilisation and optimisation of production as Saltfleetby.

In parallel the Company continues to progress both organic and inorganic growth opportunities and we look forward to updating shareholders as our plans progress.

With kind regards

Krzysztof Zielicki 
Non-Executive Chairman

Zephyr Energy

The Board of Zephyr has announced the Group’s audited results for the year ended 31 December 2024.

Rick Grant, Zephyr’s Non-Executive Chairman, said:
“On behalf of the Company’s Board of Directors, I am pleased to share the Company’s results for the 2024 financial year, a period of continued progress as the Company works to unlock what we believe to be the next prolific onshore oil and gas play in the U.S. The results reflect the ongoing efforts and commitment of the Zephyr team, who are working to build a Company of which all stakeholders can be proud.

“During the period we have continued to deliver on our dual-strategy of building an income-generating non-operated asset portfolio in the Williston Basin, U.S. (the “Williston project”) in parallel with the pursuit of increased value through our development of the project in the Paradox basin, Utah, U.S. (the “Paradox project”). 

“This is a pivotal time in the evolution of the Paradox project, and we believe that the fundamental pieces are in place to drive the project forward to first gas and commercial production. The Paradox project is on the cusp of realising its potential as a project of substantial scale, and we will be working tirelessly to deliver this value over the next period.

“On the Williston project, our recent fundraise will enable us to complete our proposed acquisition which is expected to be accretive to both earnings and reserves, as well as provide strategic entry into key areas and enhance our competitive position in core Rocky Mountain oil and gas producing basins.

“It is anticipated that there will be considerable newsflow as we progress through the next phase in our development and we look forward to keeping Shareholders updated on our progress. 

“I would like to express my appreciation to our team for their dedication in helping us deliver on our vision. My thanks also go to my fellow Board members, the leadership team, our advisers, and, above all, our shareholders for their continued trust and support.

“The Board looks forward to the coming months with confidence, as we continue to open up the next prolific oil and gas basin in the U.S.”

These results are clearly very much a historical event particularly given how much activity has been going on across the Zephyr portfolio recently. With success at the Paradox with the drill bit and at the Williston as well as raising funds Zephyr is in a very strong position indeed.

Deltic Energy

The boards of Viaro Bidco and Deltic are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Deltic (the “Acquisition”). It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Acquisition, each Deltic Shareholder will be entitled to receive:

For each Deltic Share: 7.46 pence in cash (the “Cash Consideration”)

The Cash Consideration represents a premium of approximately:

• 36 per cent. to the Closing Price of 5.50 pence per Deltic Share on 27 June 2025 (being the last trading day before the commencement of the Offer Period);
• 34 per cent. to the volume weighted average price of 5.55 pence per Deltic Share for the one-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period);
• 38 per cent. to the volume weighted average price of 5.41 pence per Deltic Share for the three-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period); and
• 56 per cent. to the volume weighted average price of 4.79 pence per Deltic Share for the six-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period).

The Acquisition values the entire issued and to be issued share capital of Deltic at approximately £6.9 million on a fully diluted basis.

If, on or after the date of this Announcement and on or prior to the Effective Date, any dividend and/or other distribution and/or return of capital is authorised, declared, made or paid or becomes payable in respect of the Deltic Shares, Viaro Bidco reserves the right to reduce the Cash Consideration payable under the terms of the Acquisition by an amount equal to all or part of any such dividend and/or other distribution and/or return of capital, in which case Deltic Shareholders would be entitled to receive and retain any such dividend and/or other distribution and/or return of capital. Any exercise by Viaro Bidco of its rights referred to in this paragraph shall be the subject of an announcement and, for the avoidance of doubt, shall not be regarded as constituting any revision or variation of the terms of the Scheme or the Acquisition.

In connection with the Acquisition, Viaro Bidco has agreed to provide a bridging loan of up to £2.7 million (the “Bridge Financing”) with a view to providing Deltic with sufficient working capital prior to the Acquisition becoming Effective (further details of which are set out in paragraph 12 below).

In addition, in consideration for Deltic engaging in discussions with Viaro Bidco in connection with the Acquisition, Viaro Bidco has undertaken to pay, or procure the payment of, certain costs reasonably and properly incurred by Deltic in the event that the Acquisition does not complete due to the occurrence of certain trigger events (further details of which are set out in paragraph 13 below).

It is intended that the Acquisition will be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. However, Viaro Bidco reserves the right to elect to implement the Acquisition by way of a Takeover Offer (subject to the consent of the Panel).

Background to and reasons for the Acquisition

The Viaro Group entered the upstream oil and gas business in 2020 through the acquisition of Viaro Bidco, and has continued to invest and expand through further acquisitions in the UK and Netherlands. Viaro has ambitious growth plans for its upstream business and believes that the Acquisition would support its strategic aim of building a portfolio to deliver group production of 100,000 barrels of oil equivalent per day (“boe/d”).

Viaro Bidco has evaluated opportunities to expand its upstream operations in the UK North Sea and views the licence interests held by Deltic to offer significant synergies to its existing portfolio. In particular the development of the Selene discovery is a key opportunity where Viaro Bidco can leverage its expertise to add to Viaro Bidco’s near-term production growth in the UK. Additionally, the Blackadder exploration opportunity is close to existing Viaro Bidco infrastructure and, if successful, could add to near term production and extend the life of the potential host facilities.

Deltic’s strategy today

Deltic’s strategy as an investing company has been focussed on the identification and maturation of new or overlooked exploration activities in the UK North Sea with a particular focus on the Southern North Sea Gas basin.  Deltic typically identified opportunities and applied for licences at 100% working interest, with the intention of reducing capital exposure to the projects by bringing partners to fund key aspects of the work programme including seismic acquisition and exploration drilling activities with the option to crystallise value from the assets prior to incurring the costs associated with offshore developments.  This approach saw Deltic successfully farm-out a number of licences to established partners, two 3D seismic surveys acquired and two exploration wells drilled, both of which resulted in major discoveries at Pensacola and Selene.

Given the uncertain fiscal and policy environment which has persisted in recent years in the UK, it has become extremely challenging to both continue funding the Deltic business model via the equity markets or to realise significant value from exploration success.

Recommendation

The Deltic Directors, who have been so advised by Allenby Capital as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable.

In providing advice to the Deltic Directors, Allenby Capital has taken into account the commercial assessments of the Deltic Directors.

Allenby Capital is providing independent financial advice to the Deltic Directors for the purposes of Rule 3 of the Takeover Code.

Accordingly, the Deltic Directors intend to unanimously recommend that the Deltic Shareholders vote (or procure votes) in favour of the Scheme at the Court Meeting and vote (or procure votes) in favour of the Deltic Resolution(s) at the General Meeting as the Deltic Directors who hold Deltic Shares have irrevocably undertaken to do in respect of 240,336 Deltic Shares in total, representing in aggregate approximately 0.26 per cent. of Deltic’s ordinary share capital in issue as at the Latest Practicable Date. The irrevocable undertakings given by the Deltic Directors remain binding in the event a higher competing offer is made for Deltic by a third party.

Considerations for the Recommendation

Since 2014, Deltic has been focussed on its UK gas exploration strategy which has delivered material success, including farm-outs to Shell, Capricorn and Dana and two significant gas discoveries in the Southern North Sea at Pensacola and Selene.  However, this success has come against a backdrop of volatile oil and gas prices, significant inflationary pressures, an unpredictable UK fiscal regime since the introduction of the Energy Profits Levy in 2022 and the recent election of a UK government which has further undermined the UK’s domestic oil and gas industry by pledging to end exploration licencing and ban drilling for new oil and gas fields in UK waters.

The Deltic Directors consider that continuing uncertainty around the UK government’s support for domestic exploration and production has undermined investor confidence in the sector as a whole and the industry awaits new fiscal and policy direction later this year in response to a number of ongoing public consultations which the Board believes are likely to have significant implications for the industry.  This ongoing uncertainty has been difficult for companies across the sector, but especially for smaller exploration or development focussed oil and gas companies which are pre-revenue, many of which have suffered a material erosion in valuation and share liquidity since early 2024.

The 25 per cent. non-operated interest in the Selene discovery is a material asset for Deltic with material long term cash-flow potential, although it will require substantial additional investment for studies and development capital expenditure prior to delivery of first gas which is currently estimated in early 2029.  While debt facilities or gas sales pre-payment options may potentially be available to satisfy the majority of the Company’s capital requirements following a final investment decision (‘FID’), expected in early 2027, the Deltic Directors consider that the Company would be wholly reliant on equity funding until that point.

Deltic was also recently informed by Shell UK Ltd of an overspend on the Selene well which will result in unexpected costs being allocated to Deltic.  The exact quantum of these costs is currently still being assessed and reviewed by the joint venture partners, but it is expected that it will be approximately £1.3 million net to Deltic. While discussions around a deferred payment agreement, similar to that put in place in 2024 for Pensacola, are ongoing, this would represent a significant deferred liability for Deltic that would likely be due prior to first revenues from a potential Selene development.

It is against this backdrop of continued and increasing cost exposure associated with the development of Selene and a lack of confidence in the equity market’s willingness to continue funding UK projects before further clarity is provided by the UK government, that the Deltic Directors have been considering the financial terms of the Acquisition and whether to recommend it to Shareholders.  The Deltic Directors took into account a number of factors, including that:

• Despite the quality of the Selene discovery and the current partnership group, there remain a number of significant stage gates in the process of achieving an FID on Selene.  Any one of these could lead to the project being cancelled or delayed in response to external events, including further changes to UK government policy, the regulatory regime, the gas price environment and/or capital availability within the joint venture group.
• The cash value per Deltic Share to be received pursuant to the Acquisition represents a premium of 36 per cent. to the Closing Price of 5.50 pence per Deltic Share on 27 June 2025 (being the last Business Day before this Announcement). In addition, the Acquisition represents premia of 34 per cent., 38 per cent. and 56 per cent. to the volume weighted average price in the one-month, three-month and six-month periods ended 27 June 2025 respectively.
• The Acquisition provides Deltic Shareholders with the opportunity to realise an immediate and certain cash value.  The Deltic Directors recognise the market in Deltic Shares over the last year has been relatively illiquid, making it difficult for Shareholders to realise their investment should they wish to do so. 
• As at 31 December 2024, Deltic had cash resources totalling £1.4 million.  Subsequent to that period end, the cash position of the Company has reduced as a result of normal operational expenditure such that, as at 31 May 2025, Deltic’s unaudited cash balance was £0.49 million. Cash levels continue to be carefully managed, however in the absence of the Acquisition proceeding, the Deltic Directors anticipate that Deltic would be required to raise additional capital during July 2025 to: (i) continue to fund the Company’s share of the Selene work program until value can be realised from the Selene asset; (ii) cover the Company’s general corporate costs; and (iii) allow Deltic to cover its existing and potential additional deferred liabilities to Shell. 
• In light of the Company’s requirement to access additional capital during July 2025, the Board of Deltic has explored the potential options to fund the business until first revenues on Selene could potentially be achieved, including assessing the possibility of an equity fundraise. However, given the difficult market conditions referred to above and having discussed with the Company’s largest shareholder and previously with other potential existing and new investors their appetite to provide further funding, the Deltic Directors do not have confidence in the Company’s ability to raise sufficient funds through an issue of equity.  The Deltic Directors also believe that, given the stage of Deltic’s investments, providers of debt finance would be unwilling to provide the required debt facilities to Deltic. 
• Against this backdrop, the Deltic Directors believe that the Acquisition represents certainty for Deltic Shareholders in relation to the future of the Company. The Deltic Directors also believe that, in the absence of alternative funding to the Bridge Financing and the Acquisition progressing, the Company would be in an extremely challenging financial position and the Deltic Directors may have no option but to place the Company into administration. Should administrators be appointed, it is not known how much, if any, value would be returned to Shareholders.
• The Deltic Directors have also considered the Offeror’s stated intentions for Deltic’s business, assets, management and staff and other stakeholders of Deltic.

Following careful consideration of the financial terms of the Acquisition, the combination of value and certainty that the terms of the Acquisition provide to Deltic Shareholders and the factors noted above, the Deltic Directors intend to unanimously recommend the terms of the Acquisition.

Irrevocable Undertakings

Viaro Bidco has received irrevocable undertakings to vote in favour (or procure the voting in favour, as applicable) of the Scheme at the Court Meeting and the Deltic Resolution(s) at the General Meeting from:

• IPGL Limited in respect of 14,678,781 Deltic Shares, representing approximately 15.77 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date;
• Lord Spencer of Alresford in respect of 2,856,825 Deltic Shares, representing approximately 3.07 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date;
• Sarah McLeod in respect of 43,126 Deltic Shares, representing approximately 0.05 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date; and
• Sarah Flavell in respect of 30,172 Deltic Shares, representing approximately 0.03 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date.

The Directors of Deltic have also given irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the Deltic Resolution(s) at the General Meeting in respect of an additional 240,336 Deltic Shares, representing approximately 0.26 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date.

Viaro Bidco has therefore received, in aggregate, irrevocable undertakings in respect of 17,849,240 Deltic Shares, representing approximately 19.17 per cent. of Deltic’s ordinary share capital in issue as at the Latest Practicable Date.

Further details of these irrevocable undertakings, including the circumstances in which they may lapse, are set out in paragraph 7 of this Announcement and in Appendix 3 to this Announcement.

Information relating to Viaro Bidco and the Viaro Group

Viaro Bidco is a private company limited by shares. It was incorporated on 1 July 2015 in England and Wales with company number 09665181, and registered in the United Kingdom under the Companies Act 2006. The address of its registered office is 5th Floor, Viaro House, 20-23 Holbom, London, United Kingdom, EC1N 2JD.

Viaro Bidco was founded in 2015 for the purpose of making acquisitions of companies or businesses in the upstream oil and gas and power sector. It has grown rapidly through a series of corporate acquisitions, predominantly in the UK North Sea. Viaro Bidco was acquired by Viaro Energy in 2020 and became part of the Viaro Group. Since then, it has further expanded with various acquisitions of upstream assets which has strengthened its position, particularly in the UK and the Netherlands.

Viaro Bidco currently holds interests in more than 30 oil and gas assets in the North Sea, with associated interests in the supporting infrastructure and in key onshore terminals in both the UK and the Netherlands. Its team has a strong and demonstrable technical capability and experience with both operated and non-operated oil and gas assets in the North Sea and internationally, working collaboratively within joint venture partnerships to deliver added value through the application of relevant experience in the management of mature assets, with a number of its personnel having held key positions within operating companies.

So it’s the end of the road for Deltic who have struggled valiantly against all the odds and have turned to bidders Viaro for a cash offer. Notwithstanding the UK Government’s recent record of being incredibly anti the domestic energy industry hasn’t helped and with crucifying tax rates and a manic drive for net zero has driven Deltic into the sea.

With UK government policy undermining investor confidence, there were few chances to raise money of any type in the market place and clearly Deltic found itself between a rock and a hard place. Tipping it over were unexpected costs of £1.3M in relation to the Shell operated Selene discovery well in addition to ongoing costs related to the development planning process on Selene.

Viaro can add Selene to its portfolio and Blackadder fits as well and with a plan to get to 100/- b/d from the UK and the Netherlands has meant that they seem to be one of a few with the desire and the money to take out Deltic. There is little doubt that Deltic management has secured the future for Deltic holders, a modest premium to recent share prices has meant that holders can get money off the table now in the knowledge that the options were few and far between.

Chariot

Chariot has announced its audited final results for the year ended 31 December 2024.

Adonis Pouroulis, CEO commented:
“Over the past five years, Chariot has been focused on developing scalable transitional energy projects across the African continent. We have built out a broad portfolio of assets spanning gas, renewable power, green hydrogen and water throughout this period and we have continually reviewed and evaluated the strategy and future direction of each of these pillars as they have moved forward. Following recent developments, our gas and power pillars now have their own momentum and we believe now is the right time to split the Group, in order to maximise value for shareholders.

Some of Chariot’s core strengths lie in its ability to be nimble, spot an opportunity, adapt when needed and we will now evolve again into two distinct businesses – Upstream Oil and Gas, and Renewable Power – to create two investment opportunities and look to release unrecognised value that is sitting within the Group. We have a clear plan for both entities and see the potential to deliver material growth with each one. As major investors, the Board and wider team are very much aligned and focused on delivering success and we look forward to this next phase of Chariot’s journey.”

With its extensive portfolio in both upstream and renewables a split between the two makes a great deal of sense and investors will be able decide for themselves. With substantial value of differing nature in both businesses along with their requirement for capital the split should add value.

Key Highlights throughout 2024 and Post Period:

Transitional Gas

Offshore Morocco:

• Partnered with Energean plc (“Energean”) on the Lixus and Rissana licences offshore Morocco with Energean taking operatorship and carrying the Anchois-3 drilling campaign
• Drilling commenced at the Anchois-3 well in August 2024 and completed in September 2024, having drilled safely and efficiently to target depths

Multiple gas bearing reservoirs were discovered in the B sand appraisal interval in the main hole, although with thinner associated gas pays than anticipated, and other target reservoirs were found to be water wet

• Recently completed the transfer of licences back from Energean with operatorship and 75% working interest returned to Chariot
• Working with ONHYM to assess a rescaled Anchois development based on discovered resources 
• Continued development of the prospectivity and portfolio of opportunities across Lixus and Rissana

Onshore Morocco:

Two well drilling campaign successfully conducted in May 2024

• Gas discovery confirmed from drilling the OBA-1 well at the Dartois prospect – gross interval approximately 70m of primary interest identified
• The RZK-1 well drilled on the Gaufrette prospect confirmed good quality reservoir and multiple gas shows, though this was sub-economic
• OBA-1 well cased and cemented with a Christmas tree installed for rigless flow testing and potential use as a future producer
• Heads of Terms agreement signed with Vivo Energy in June 2024 to progress future commercialisation of onshore gas to industry business
• Integration of well results and ongoing reprocessing work has mapped over 100Bcf of resource potential across the licence – multi-well and test programme described with farm-out process underway to fund and progress next steps

Transitional Power

• Strategic Review initiated to look to secure funding at the subsidiary level and enable ongoing growth and development of the portfolio – multiple expressions of interest received from South African focused investors to finance both the Etana platform and generation assets

Electricity Trading:

• Etana Energy is now a fully financed, bankable entity
• US$155 million Guarantee Financing Facility secured from British International Investment (“BII”), GuarantCo and Standard Bank
• Up to US$20 million equity investment secured from Norfund

Renewable Generation Projects

• Three wind projects totalling 315MW nearing financial close

Ongoing progress across power to mining projects:

• Tharisa – 40MW solar project in South Africa working in partnership with TotalEnergies
• First Quantum Minerals – 430MW solar and wind projects in Zambia working in partnership with TotalEnergies
• Karo – 30MW solar project in Zimbabwe, working in partnership with Solarcentury

10% stake in the Essakane 15MW solar project in Burkina Faso sold to Iamgold, the operators of the Essakane gold mine for US$167k in January 2025

Water:

• Water desalination project in Djibouti performing well
• Ongoing evaluation of other water provision opportunities within Africa
• Pursuing funding of this business at the subsidiary level

Green Hydrogen

Feasibility study completed on Project Nour in Mauritania in March 2024 alongside partner TEH2 (80% owned by TotalEnergies and 20% owned by the EREN Group)

• Confirmed world class scale and outlined first phase pathway for domestic and export development

Partnership with UM6P and Oort Energy continues on proof-of-concept projects in Morocco

• 1MW electrolyser commissioned and produced first green hydrogen in the UK in advance of relocation to Morocco
• Pursuing funding of this business at the subsidiary level

Corporate

• Andrew Hockey appointed as Non-Executive Chairman in October 2024
• Placing and oversubscribed Open Offer successfully raised gross US$7.1 million in June 2025

Investor Webcast

Management will host a live interactive presentation on the Engage Investor platform at 9am BST on 4 July 2025. Investors are able to register for the event ahead of time and can do so by clicking on the below link. There will be a Q&A session at the end of the presentation and participants can pre-submit questions ahead of the event or any time during the live presentation.

 https://engageinvestor.news/CHAR_IP25  

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018.

United Oil & Gas

United  notes that the National Environment and Planning Agency (NEPA) in Jamaica has published its decision to grant an Environmental Permit and a Beach Licence in relation to the planned offshore technical programme within the Walton Morant Licence .

The piston core survey will involve the collection of 40 to 60 seabed sediment (mud) samples from the Walton and Morant basins using a long, cylindrical piston corer designed to penetrate the seafloor and retrieve undisturbed score samples from the seafloor. These samples will undergo detailed geochemical analysis to improve understanding of the hydrocarbon generation potential and reservoir quality across the licence area. To aid in selecting viable seabed locations, a Multibeam Echosounder (MBES) survey is planned over certain deeper areas of the licence, particularly in regions of the Morant Basin not currently covered by 3D seismic data. 

In addition, the survey will include a heat probe analysis at selected locations to measure background heat flow and sediment thermal conductivity. This data will support refined basin modelling and petroleum system analysis, helping to identify and prioritise areas most likely to host commercial hydrocarbon accumulations. 

United is currently awaiting formal receipt of the permits and will undertake a detailed review upon arrival. A further update will be provided to the market in due course.

Brian Larkin, Chief Executive Officer of United Oil & Gas, commented:
“We welcome NEPA’s publication and view it as a positive indication of progress toward the next technical phase at Walton Morant. While we await the formal documentation, this is a significant milestone in our planning for the offshore programme and supports our strategy to advance the licence and unlock its value through disciplined technical work and industry engagement.

These developments play an important role in our ongoing farm-out process, which continues to attract interest from credible counterparties. Walton Morant remains one of the few frontier licences with multi-billion-barrel potential and proximity to existing infrastructure in a stable jurisdiction near the US Gulf Coast.”

Bit by bit the jigsaw for UOG in Jamaica is being put together and with interest from ‘credible counterparties’ the company has at least every chance of monetising Walton Morant. 

Warrant Extension

The Company also announces its intention to extend the expiry date of 166,666,667 warrants exercisable at 0.28 pence per share. These warrants will now expire on 31 December 2025, instead of 30 June 2025. All other terms of the warrants will remain unchanged. 

The extension maintains the potential for additional non-dilutive funding to be realised over the coming months, as the Company continues to advance its strategy and seeks to unlock value across its asset base.

Coro

Coro Energy PLC, the South East Asian renewable energy developer, is pleased to provide an update across its clean energy portfolio in Vietnam and the Philippines. Shareholders are referred to a separate announcement also issued today in which the Company announces its final results for the year ended 31 December 2024, which may also be found on its website.

Vietnam

The Company announces that a further 0.8MW of commercial and industrial (C&I) rooftop solar capacity is now operational and revenue generating with Mobile World Group (“MWG”). The Company therefore now has 3.4MW of operating installed capacity with MWG in addition to the existing 3.0MW industrial project with Phong Phu Corporation. The estimated run-rate annual cash flows to Coro from the total 6.4MW is approximately US$720,000. 

The Company has a significant pipeline of new C&I customers in Southern Vietnam which are under evaluation and negotiation. The Company is in advanced discussions with the first of these and shortly expects to sign a contract to deliver power at further sites in Southern Vietnam with a total additional capacity of 6MW.  Operational and contracting preparations for the construction of the 6MW are already underway.

An addendum for a further 0.26MW in Ho Chi Minh City, potentially including a pilot of a co-located battery energy storage system, is also expected to be signed shortly. 

The Company has arrangements with its Engineering, Procurement, and Construction (EPC) provider which in effect provides deferred payment terms for some of the EPC costs. The Company confirms it is in advanced discussions with local banks to refinance the EPC deferred payments owed by Coro. The Company continues to work with both international and local banks to introduce debt funding into the operational C&I rooftop solar portfolio in Vietnam.

Philippines

The Company continues to develop its utility-scale solar and wind projects on the Island of Cebu in the Philippines where it has already, as previously announced, secured two 100MW wind energy service contracts and a 130 meter tall meteorological mast which has been collecting bankable data since January 2024. 

The Company has completed a comprehensive pre-feasibility study on the planned solar project in Lagunde (Oslob) and has now submitted a pre-application for the award of a Certificate of Authority.  The project envisages an 80MW ground-mounted solar power plant project on the 90 hectares of land which have been secured. The pre-application envisages the plant being connected to the National Grid of the Philippines (NGCP) substation at Samboan (approximately 15Km distance).  Discussions with off-takers are also underway.

The Company is updating the project economics for the existing wind projects to include the 18 months of bankable wind data collected so far alongside recent capital cost reductions, including the cost of turbines. 

Corporate

As previously announced, the Company initiated legal proceedings against an Italian contractor in relation to damages following the historical cessation of production at the Bezzecca field in Italy.  The Company is pleased to report that at the recent hearing, the court rejected the contractor’s request for further technical assessment considering the case to be sufficiently documented and ready for a decision.  The judgement hearing has been set for 21st January 2027.

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog