WTI (Aug) $66.98 -$1.47, Brent (Sep) $69.21 -$1.15, Diff -$2.23 +31c
USNG (Aug) $3.47 +16c, UKNG (Aug) 84.37p -1.13p, TTF (Aug) €34.875 -€0.635

Oil price

A quiet day in the market, no certainty of sanctions on Russia but the 100% tariff is outstanding.

Arrow Exploration corp

Arrow has provided an update on recent operational activity on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Highlights

• Current production between 4,600 and 4,800 boe/d net to Arrow.
• 2 horizontal wells and 2 vertical wells drilled in Q2 and Q3 to date.
• AB HZ5 brought on production on July 2, 2025, and currently producing 1,790 BOPD gross (895 BOPD net).
• AB HZ4 brought on production on June 11, 2025, and currently producing 880 BOPD gross (440 BOPD net).
• RCE9 vertical well brought on production on June 23, 2025, and currently producing 201 BOPD gross (100.5 BOPD net).
• CN11 vertical well brought on production on April 17, 2025, and currently producing 143 BOPD gross (72.5 BOPD net).
• Strong balance sheet, no debt or drilling commitments.  Arrow has flexibility in its work program and is actively exploring potential acquisition opportunities.

Production

Total corporate production is currently between 4,600 and 4,800 boe/d net.  Arrow’s base production has flattened out and is experiencing shallower declines, as expected.

Additional production is expected to be added during the second half of the year as Arrow focuses on an accelerated drilling program.   In light of the recent movements in oil prices and current market volatility, Arrow has the ability to balance drilling infill and development wells with low-risk exploration activity which has the potential to increase Arrow’s reserve base and build up drilling inventory.

Cash Balance

On July 1, 2025, the Company had a cash balance of US$13.5 million and held no debt.  Further, the Company has no long-term rig contracts or obligations to drill wells.  The Company has been able to carry out an accelerated drilling program while maintaining a healthy balance sheet.

The combination of cash on the balance sheet and robust operating cashflow continues to be a key corporate strength in this volatile market.

Drilling Operations – Tapir Block

Carrizales Norte field
On the Carrizales Norte field, the Company has recently drilled one vertical production well from the CN pad.

The Carrizales Norte 11 (CN 11) well was spud on April 2, 2025, and reached target depth on April 8, 2025. CN 11 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8371 MD feet (7798 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On April 17, 2025, Arrow put the CN 11 well on production in the C7 formation which has approximately 11 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 73%. CN 11 is producing at a stabilized rate of 143 BOPD gross (72.5 BOPD net) with a water cut of 88%.

Alberta Llanos field
At the Alberta Llanos field, the Company has recently drilled two horizontal production wells from the Alberta, Llanos pad, both on time and within budget.  Arrow’s experience drilling horizontal wells in the area is resulting in improved efficiency in the field.

The Alberta Llanos HZ4 (AB HZ4) horizontal well was spud on May 11, 2025, and reached target depth on June 5, 2025. AB HZ4 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 13687 MD feet (8558 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.  The well was completed with Inflow Control Devices (ICDs).

On June 11, 2025, Arrow put the AB HZ4 well on production in the Ubaque formation which has approximately 2837 feet (measured depth) of oil charged sandstone.  AB HZ4 is producing at a stabilized rate of 880 BOPD gross (440 BOPD net) with a water cut of 19%.

The Alberta Llanos HZ5 (AB HZ5) horizontal well was spud on June 12, 2025, and reached target depth on June 23, 2025. AB HZ5 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 12188 MD feet (8556 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.  The well was completed with ICDs.

On July 2, 2025, Arrow put the AB HZ5 well on production in the Ubaque formation which has approximately 1813 feet (measured depth) of oil charged sandstone.  AB HZ5 is producing at a stabilized rate of 1790 BOPD gross (895 BOPD net) with a water cut of 3%.

RCE Field
On the Rio Cravo Este (RCE) field, the Company has recently drilled one vertical production well from the RCE pad.

The Rio Cravo Este 9 (RCE 9) well was spud on June 6, 2025, and reached target depth on June 14, 2025. RCE 9 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8940 MD feet (8305 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On June 23, 2025, Arrow put the RCE 9 well on production in the C7 formation which has approximately 20 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 95%. RCE 9 is producing at a stabilized rate of 201 BOPD gross (100.5 BOPD net) with a water cut of 88%.

Drilling Schedule

Currently Arrow has two drilling rigs working in the field.

The rig at Alberta Llanos is being disassembled and moved to the Carrizales Norte pad where the Company plans to drill two horizontal wells into the Ubaque formation.

The rig at Rio Cravo Este is currently drilling a short horizontal well into the Ubaque formation.  This will be the first horizontal well targeting the Ubaque at RCE.

Arrow is continuously reviewing the original Board-approved $50MM budget and drilling schedule.  Arrow does not have any contractual commitments to employ additional rigs or to drill additional wells.

Arrow’s strong balance sheet allows the Company to remain flexible in a volatile oil price environment and the Company will make further announcements should modifications to its capital program be determined.

The Company is still considering the timing of any share buyback, with a decision to follow further progress in the 2025 drilling campaign.

East Tapir 3-D Seismic Program

The initial processing and interpretation of the East Tapir 3-D program has been accomplished. The East Tapir 3-D survey covers a further 100 sq. km where existing leads on the 2-D dataset have been defined as prospects. The Icaco and Macoya  prospects are further supported by the new 3-D program and Arrow is focused on testing the Icaco prospect in late 2025 or early 2026.

Marshall Abbott, CEO of Arrow commented:
“The AB HZ5 and AB HZ4 horizontal wells have been successfully developed at the Alberta Llanos field, with rates and pressures higher than originally forecast.  Both wells are highly accretive with payback expected in the first six months at current oil prices.  The success of these two horizontal wells proves the Ubaque concept at Alberta Llanos and has resulted in further development wells being planned.”

“The East Tapir 3-D seismic program has resulted in a number of new prospects including Icaco and Macoya.  These two prospects appear to be stacked reservoirs similar to those found at the RCE and Carriazales Norte fields.  Management is encouraged by technical work done to refine these prospects and has started the surface land acquisition process to test these prospects in the near future.”

“Arrow continues to review and develop its drilling schedule for the 2025 and 2026 programs.  Market conditions are continuously reviewed to show development options that will allow the company to grow production and remain financially strong.”

“We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff.”

Another excellent report from Arrow who are yet to be given the benefit of the doubt for good old fashioned success with the drill bit. Since last report the company has drilled and brought onstream two horizontal wells from the Ubaque concept at Alberta Llanos with plans to drill more development wells imminently.

Looking forwards, the East Tapir 3-D seismic has offered up new prospects such as the Icaco and Macoya prospects which are similar to the RCE and Carrizales Norte fields and work for longer term technical analysis is under way.

The process that Arrow has been going through has inevitably led to only moderate growth in production in this quarter, however these wells have had their steepest decline rates and the longer term should even out and then see production growth with additional wells.

Arrow remain in a very strong position financially, with a cash balance of $13.5m and no debt they are their own Lords and Masters with regard to programme, and have no long-term rig contracts or well obligations to hinder them. The power of this flexibility is very important in this market, it is no time to be at the behest of partners when the chips are down. 

Arrow are strongly placed to beat the pack at this time when they are financially strong and projects in the portfolio still offer growth, optionality and excellent long-term payback.

Challenger Energy Group

Challenger has provided an operational update on its licences in Uruguay.

Highlights

• AREA OFF-1: Uruguay environmental permitting process is well advanced; on-track for 3D seismic acquisition to commence in Q4 2025
• AREA OFF-3: encouraging preliminary technical results; work programme expanded to enable full evaluation of new amplitude anomalies identified; on track to commence farm-out process in September 2025, with a technical update to be provided ahead of data room opening

Eytan Uliel, CEO of Challenger Energy, said: 
“We are making excellent progress in Uruguay. For AREA OFF-1, we remain on track to commence 3D seismic acquisition in Q4, a hugely value-additive component of the geotechnical work, and fundamental to support any future well drilling decision. For AREA OFF-3, early results from our interpretation of the reprocessed 3D seismic are encouraging, and we have thus expanded our technical work to allow for a more thorough evaluation of several of the new amplitude anomalies we have identified. Our aim is to provide a technical update ahead of commencing a farm-out process as planned, later this year. In summary, both Uruguay blocks are progressing in line with expectations, positioning Challenger for a busy and exciting period through the second half of 2025 and the first half of 2026.”

Challenger remains a leader in the Bucket List and for very good reasons, today’s update shows that all is going according to plan in Uruguay. As Eytan Uliel states, in AREA OFF-1 they are on track to commence 3D seismic acquisition in Q4 and hence forward an exciting drilling programme.

Over in AREA OFF-3 there is much work going on after early results indicate much to be encouraged about in the reprocessed 3-D seismic data and when a technical update is out a farm-out process will follow, probably later this year. There is much to be excited about and with my TP as strong as ever at 50p this is a great opportunity to load up for the longer term. 

Uruguay AREA OFF-1 (60% Chevron – operator; 40% Challenger)

• Several Uruguay offshore exploration licence operators are seeking to undertake 3D seismic data acquisition in the next available season (southern hemisphere summer, late 2025/early 2026). This includes the planned campaign over AREA OFF-1. The Uruguay Ministry of Environment is conducting public consultations ahead of issuance of requisite environmental permits, with separate consultations being held for the various seismic vendors wishing to obtain a permit. A consultation was thus held in respect of TGS (February) and Viridian (May), with an additional, final consultation now scheduled for all remaining permit applicants in late July.
• As the consultation process is expected to conclude in July, the grant of permits is expected to follow in August/September. This would in turn enable seismic acquisition on AREA OFF-1 to commence in Q4 2025. Preparatory work for commencement of the campaign in this timeframe is underway and progressing well.

Uruguay AREA OFF-3 (100% Challenger – operator)

• Reprocessing of 1,250 km² of 3D seismic data from the previously acquired survey has been completed, along with various geochemical studies, notably a satellite seeps and slick study, a seabed micro-seepage study, and a multibeam echosounder seabed survey. The Company is now actively engaged in the next phase of evaluation including mapping and interpretation to establish a portfolio of leads, high-graded after DHI/AVO interrogation, prior to volumetric analysis. This represents a similar technical analysis process that was successfully applied on AREA OFF-1.
• Preliminary technical results are encouraging. The Company’s ongoing work programme has identified several new, amplitude-supported prospects of material size, in relatively shallow waters on AREA OFF-3. One of the most promising of these, which the Company has named “Benteveo”, extends beyond the 3D seismic data set. Challenger Energy has therefore proceeded to licence additional data to enable analysis of the full extent of Benteveo, and estimates it will take a further six to eight weeks to integrate this additional data into the ongoing technical work.
• Accordingly, the Company expects it will be in a position to open the virtual data room for the planned AREA OFF-3 farm-out process in September 2025. A technical update will be provided ahead of opening of the data room.

Afentra

Afentra has provided an operational and financial trading update for the six months ended 30 June 2025.

Key Highlights

• Block 3/05 Acquisition: SPA signed with Etu Energias for additional interests in Blocks 3/05 and 3/05A
• Kwanza Onshore Expansion: KON15 license awarded; KON4 license contract initialled
• H1 2025 Net Average Production: 6,348 bopd

Crude Oil Sales & Revenue

0.7 mmbbls sold at $72/bbl average price, generating $52.0 million revenue

0.5 mmbbls sold at $70/bbl post period (1st July), additional $35.4 million receivable1

Borrowings: reduced to $36.8 million, Net Debt of $15.5 million (Net Cash $19.9 million post 1st July lifting)

2P Reserve Replacement: >140% over 18-month period; demonstrating reserve growth potential

Operational & Corporate Overview

Production and Field Operations

• Gross average production for H1 2025 was ~21,350 bopd (Net: Block 3/05 6,207 bopd; Block 3/05A 141 bopd).
• Reserves and resources have materially increased since the last CPR in June 2023, with a 140% reserve replacement ratio, offsetting gross production of ~11 mmbo over the 18-month period to 31 December 2024, highlighting the long-term potential of the asset

Multi-year redevelopment plan remains on track targeting increased recovery and production growth. Key workstreams progressed in H1 include:

• Water injection ramp-up continued, averaging 35,000 bwpd, with upgrades targeting around 85,000 bwpd consistently by year-end. Maximum injection rates in excess of 100,000 bwpd in H1 2025.
• 10 light well interventions delivered to date to underpin production performance.
• Infrastructure upgrades across power systems, cranes, subsea lines and risers to enhance safety, reliability, uptime and protect future value.
• Platform surveys and access preparation to support rig mobilisation and drilling in 2026.

Asset uptime remained stable throughout the period with no major periods of downtime.Opex continues to track around $23/bbl and we remain on track to deliver the planned $180 million (Net: $54 million) capital investment programme.

Etu Acquisition

In June 2025, Afentra signed a Sale & Purchase Agreement with Etu Energias for an additional 5% net interest in Block 3/05 and 6.67% net interest in Block 3/05A. The transaction is structured with a modest upfront payment of $23 million, contingent considerations of up to $11 million and will be fully funded from existing cash resources. The effective date of the transaction is 31 December 2023, which is expected to result in a significantly reduced payment at the expected completion in late H2 2025. The completion of the Acquisition is subject to the satisfaction of customary conditions precedent including governmental approval and approval of the transaction by the operator.

Strategically, the acquisition consolidates Afentra’s position across its core offshore portfolio, enhances alignment within the joint venture, and delivers an immediate uplift in production and reserves.

Kwanza Onshore Licenses

In H1 2025, Afentra achieved key strategic milestones in its onshore Kwanza basin growth plan: the KON15 license was formally awarded in February by Presidential Decree, securing a 45% non-operated interest, and in June the KON4 Risk Service Contract (RSC) was initialed, confirming Afentra as the operator with a 35% working interest. Together with the previously awarded KON19 license, the combined acreage provides significant redevelopment and exploration potential. KON4 features the Quenguela Norte field – the largest onshore discovery to date – estimated to hold over 200 mmbbls of discovered oil in place. The blocks include both post-salt and pre-salt low-cost exploration potential.

Initial technical and operational workstreams are underway across the Kwanza licenses. Afentra and its partners have conducted reconnaissance visits, reviewed historic well data, and completed early-stage subsurface workshops. An eFTG survey was completed over KON19, with interpretation now feeding into the basin-wide structural understanding. eFTG Acquisition over KON15 and KON4 will be completed in 3Q 2025 and available before year-end for integration. These activities will support future 2D seismic planning and advance subsurface evaluation to identify exploration, development and appraisal opportunities in the next 18 months.

Financial Overview

Key Financials at 30 June 2025 (excl 1st July lifting)

• Revenue of $52.0 million
• Cash resources of $21.6 million (includes $7.6 million of restricted funds)

Debt drawdowns:

• Reserve Based Lending Facility: $36.8 million
• Working Capital Facility: zero
• Net debt of $15.5 million
• INA transaction contingent payment for Block 3/05 expired with no further payments expected

Crude Oil Sales and Hedging

• Two crude oil liftings completed during H1 2025, totaling approximately 0.7 million barrels
• Average realised price for crude sales was approximately $72/bbl
• Up to five liftings anticipated for 2025, evenly distributed across the year
• Approximately 70% of 2025 production hedged using a combination of put options and collar structures
• Current hedging includes $60-$65/bbl put options over 70% of estimated sale volumes
• Call options in place at $80-$89/bbl over approximately 45% of volumes

Post-Period Summary

• A third lifting of approximately 0.5 mmbbls was completed on 1 July 2025 at $70/bbl
• Additional revenue of $35.4 million to be recognised in H2 2025
• Results in total liftings to date of 1.2 million barrels1
• Average realised price across all three liftings of $71/bbl
• Cash resources increase to $57.0 million, including restricted funds
• Net cash of $19.9 million on a pro forma basis (vs. net debt of $15.5 million at 30 June)
• Employee Benefit Trust commenced a share purchase programme in July to acquire ~6.5 million shares, covering FSP and LTIP awards through H2 2025 and 2026, avoiding dilution and capitalising on current share price levels.

Following two liftings in H1 and a third post-period, Afentra has realised $87.4 million in revenue year-to-date (inclusive of the $35.4 million receivable relating to the 1 July lifting), resulting in a pro forma net cash position of $19.9 million. The Company’s balance sheet has strengthened significantly over the period, with total debt reduced to $36.8 million at 30 June 2025 (vs 30 June 2024: $60.2 million) and net debt more than halving to $15.5 million (vs 30 June 2024: $46.4 million), reflecting strong cash generation and active debt repayment. This strong financial position, underpinned by cost discipline and active risk management, provides a solid foundation for continued investment and long-term value creation. The 2026 hedging programme is currently paused as prevailing market pricing does not offer sufficient value protection. The management team continues to take a disciplined and opportunistic approach to future hedging.

Paul McDade, Chief Executive Officer, Afentra plc commented:
Afentra has continued to make strong progress in executing our value driven growth strategy, with the announced Etu transaction consolidating our position in Block 3/05 and the initialling of the KON4 RSC marking a further step forward in our onshore ambitions. The KON4 RSC marks an important step for Afentra, as it will be our first operated asset, a testament to our growing capabilities and a key step forward in our onshore ambitions. We continue to prioritise sound financial and risk management to ensure appropriate visibility on cash flow and the most recent cargo sale has moved Afentra into a strong net cash position. Combined with solid operational performance, material reserve replacement and strong asset cash generation, these milestones reinforce the strength of our portfolio and leave us well positioned to deliver further organic growth from our existing portfolio and pursue further value-accretive opportunities.  The focus for the second half of the year will be continued operational progress across the portfolio and completion of the Etu and KON4 transactions as we continue to expand, diversify and strengthen Afentra’s portfolio in Angola.”

Another cracking update from Afentra who are making Angola their own back yard, now getting underway onshore to go with the fantastic offshore portfolio. Net production in the interim was 6,348 b/d giving revenue of $52m and a lifting of $35.4m in June gives net cash of $19.9m.

Recently Afentra have added to their stakes offshore, they now have 35% of 3/5 and 28% of block 3/05A which was a no-brainer, indeed a few months ago when chatting with Paul McDade about M&A I sensed that any offer to hoover up more of these blocks would be the best acquisition possible, and so it was.

But to add to that Afentra has stayed in-country to beef up its acreage but this time it has gone onshore, an area which is gaining much credibility, via the award of the KON15 license award and the initialling of the KON4 license contract. This will be the company’s first operated asset and the springboard to deliver more organic growth as well as ‘further value creative opportunities’. 

I remain confident that Afentra will stay in the top echelon of the bucket list, it is some 43% off the recent low and my TP of 100p stays a comfortable target.

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor Meet Company platform on Thursday 17 July 2025 10:30 BST to updated investors and answer questions.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 16 July 2025, 17:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet AFENTRA PLC via:

https://www.investormeetcompany.com/afentra-plc/register-investor

A presentation has been uploaded to the Afentra website:

https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/07/2025.04-Afentra-Investor-Presentation-July.pdf

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Revenue is net of the state’s fiscal take (cost oil and profit oil allocation), but prior to deduction of petroleum income tax (PIT).

(1)Post 1st July lifting Afentra’s stock in tank was in an overlift position of 217k bbls.

Corcel

Corcel  announce the successful completion of a £1.1 million equity placing at £0.0034 per share, in line with the Company’s 15-day volume-weighted average price (VWAP). The placing was led by Toronto-based Purpose Global Resource Fund, who join the Corcel register as a new institutional shareholder. The round also included follow-on investment from Charlestown Energy Partners, based in New York City, who increased their position in the Company. Members of the Corcel Board – CEO Scott Gilbert, Executive Director and CSO Geraldine Geraldo, Independent Non-Executive Chair Pradeep Kabra, and Independent Non-Executive Director Andrew Fairclough – also participated in the placing, collectively subscribing for 9.6% of the total amount raised.

Highlights:

• Successfully received an investment of £1.1 million through an equity placing at £0.0034 per share
• Participation by leading institutional investors, including new shareholder Purpose Global Resource Fund
• Continued support from Charlestown Energy Partners and strong Board participation
• Proceeds to be deployed towards the execution of a 2D seismic program at KON-16, onshore Angola in Q3 2025

Scott Gilbert, Corcel’s CEO, commented: 
“We are delighted to welcome Purpose Global Resource Fund as a new shareholder in Corcel, and equally pleased with the continued support from Charlestown Energy Partners. Over the past 12 months, we’ve executed a focused turnaround strategy that has driven significant value creation – reflected in a 150% increase in our share price and more than a sixfold rise in market capitalization. The calibre of international institutional investors that we have been able to attract, through this and previous placings, is a strong validation of our strategy and progress. The additional capital will enable us to maintain our momentum towards the execution of our 2D seismic program at KON-16 in Q3 2025 and further strengthen our position as a fast-growing company in Angola. We are proud of the foundations we have built in Angola and Brazil and remain committed to delivering long-term value for our shareholders, as we drive towards the drilling of the first exploration well in the Kwanza Basin since 1982 – a pivotal milestone that could unlock a material pre-salt discovery and redefine the basin’s energy potential.”

Jeremy Lin, Portfolio Manager of Purpose Global Resource Fund, commented: 
“We are excited at the opportunity to invest alongside Corcel’s team in unlocking significant resource potential in Angola.”

About Purpose Global Resource Fund:

Purpose Global Resource Fund is a fund at Purpose Unlimited Inc. dedicated to investing in high-impact resource plays with asymmetric risk-reward profiles. Purpose Unlimited Inc. is a rapidly growing Canadian financial services firm founded in 2013 and headquartered in Toronto with $25 billion in assets under management. The company is dedicated to reinventing the financial sector through bold innovation, with a mission to empower Canadians to take control of their financial futures and pursue their ambitions with confidence.

Robert Bose, Principal and Managing Partner of Charlestown Energy Partners, commented: 
“We are thrilled to add to our existing corporate exposure to Corcel through this placement. Corcel provides one of the most compelling opportunities for high impact exploration [in Africa].  We are looking forward to significant progress and success in the coming quarters on KON-16 in particular.”

About Charlestown Energy Partners

Charlestown Energy Partners is a private investment vehicle associated with a family office in New York that has been making investments globally across the energy complex since 2014.  Charlestown Energy has a specific focus on high impact exploration opportunities across the conjugate margin including as the cornerstone investor in Sintana Energy (SEI-TSX-V) with substantial exposure in Namibia and Angola, and also through its investment in Challenger Energy (CEG – AIM) which has significant exposure to Uruguay’s emerging offshore opportunity.  Charlestown Energy is led by Robert Bose who is the Chief Executive Office and a board member of Sintana Energy, and also a Non-Executive Director of Challenger Energy.

Corcel is a company in a hurry, having only met this management exactly a year ago they have been swift to put together a great portfolio in Angola’s Kwanza Basin where at KON 16 is planned for next year. They have a talented board which has clearly impressed, firstly the legend that is Robert Bose, who has also topped up his holding today 

As for Purpose Global Resource Fund they seem keen to join the Corcel train and I can’t say that I can blame them. I met with Corcel CEO recently and was most impressed and if readers want to know what Robert Bose thinks about them they only have to tune in toward the end of my recent interview with him. 

I think the best way of expressing what Scott Gilbert and team are doing is to quote from his report. ‘Over the past 12 months, we’ve executed a focused turnaround strategy that has driven significant value creation – reflected in a 150% increase in our share price and more than a sixfold rise in market capitalization. The calibre of international institutional investors that we have been able to attract, through this and previous placings, is a strong validation of our strategy and progress’.

Corcel has gone into the upcoming Bucket List with every chance of becoming the Premier League leaders in year one if it carries on like this, my Target Price is 2p, with every chance of achievement. Finally today’s investor presentation was impeccable…

Fundraising:

The Company will issue 323,529,407 new ordinary shares of £0.0001 each (“Placing Shares”) at a price of £0.0034 per share (the “Fundraising”) to raise £1.1m before expenses.

The issuance of the Placing Shares is contingent upon the approval of the resolutions to be put to shareholders of the Company to be outlined herein.

Directors Dealings:

The following Directors intend to participate in the Fundraising as outlined below.

Mr. Scott Gilbert, Chief Executive Officer, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Ms. Geraldine Geraldo, Executive Director, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Mr. Pradeep Kabra, Independent Non-Executive Chair, intends to subscribe for 8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

Mr. Andrew Fairclough, Independent Non-Executive Director, intends to subscribe for 4,411,764 Ordinary Shares at the Placing Price for an investment of £15,000.

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