WTI (Oct) $64.01 u/c*, Brent (Nov) 68.15 +67c, Diff -$4.14*
USNG (Oct) $3.00 u/c*, UKNG (Oct) 79.24p +2.34p, TTF (Oct) €33.16 +€0.16
*Denotes US Labor Day holiday, markets closed

Oil price

With US markets shut yesterday for Labor Day many other markets were very quiet, all eyes were on the meeting between China, Russia and India, North Korea joins today….Opec + starts on Monday and with the oil market looking finely balanced they can’t afford to tinker too much. 

United Oil & Gas

United Oil & Gas has announced that it has been Granted the Beach licence. This licence enables United to undertake seabed sampling operations within the Walton Morant Basin, offshore Jamaica.

This milestone builds on the recent extension of the Walton Morant Licence to January 2028 and the granting of the Environmental Permit, announced on 24 July 2025, marking continued progress in United’s permitting for the work program for the Jamaican licence.

The Beach Licence is a continuous licence and renews annually on the 1st April and authorises United to conduct a piston core survey in the foreshore and seabed areas and to collect seabed samples for geochemical analysis, an essential step in assessing hydrocarbon potential. These surveys will enhance United’s technical dataset and are specifically designed to de-risk the licence by providing critical information to support prospectivity, including potential hydrocarbon indicators in the seabed. The sampling programme will support ongoing technical workstreams to further de-risk the licence.

Brian Larkin, CEO of United Oil & Gas, commented:
“The granting of the Beach Licence marks another important step forward in our efforts to unlock the potential of the Walton Morant Basin. Seabed sampling will provide valuable geochemical insights that support our technical evaluation and further enhance the prospectivity and value potential of the Walton Morant licence area. With parties engaged in the data room, this progress helps make the asset even more attractive to potential farm-in partners We are grateful to the Jamaican authorities for their continued support and look forward to advancing our work programme in the region.”

For a company in UOG’s situation every step counts and this granting of the Beach Licence does indeed ‘mark another important step forward’, however modest. Seabed sampling is important and will enable the company to provide ‘valuable geochemical insights’ with regard to the licence.

But there are bigger steps to come before one can value even this licence to UOG and whilst the Seabed sampling may indicate leads or potential drill locations I suspect a partner is way more important. Watch this space….

Gulf Keystone Petroleum

I have been left off the analysts meetings in recent months by GKP but I do think that it is important to note the dividend details!

Following the Company’s announcement on 28 August 2025 of a $25 million interim dividend, which will be paid on 30 September 2025, Gulf Keystone confirms the following information, including the schedule for currency elections.

The default currency for the Company’s dividend payments is GBP, either via Cheque, Crest or BACS. Dividend payments in USD can be paid by Cheque or Crest. Should shareholders wish to change their current currency to USD or modify their payment methods, forms are available through Computershare Investor Services PLC at the following link:

https://www-uk.computershare.com/Investor/#Help/PrintableForms?issuerId=SCUKGKP

Shareholders who have previously amended their preferences are not required to do so again, unless they wish to make further changes. If shareholders hold their shares through a nominee, they are advised to contact their nominee well in advance of the currency election deadline of 15 September 2025.

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