WTI (Nov) $57.46 -81c, Brent (Dec) $61.06 -85c, Diff -$3.60 -4c.
USNG (Nov) $2.94 -11c, UKNG (Nov) 81.21p -0.22p, TTF (Nov) €31.995 +€0.75

Oil price

Oil is flat today and will end the week down about a dollar, it feels worse. With President Trump announcing a meeting with Putin in Hungary in the next fortnight, markets are thinking that there may be an easing in sanctions on Russia, quite why beats me. 

The inventory stats were both a bit worse than forecast as the refiners started to shift their make-ups for winter and some used the time for maintenance shut-downs. 

Tower Resources

Tower has announced a subscription of 1,964,285,714 ordinary shares of 0.001p each at a price of 0.028p per Subscription Share, being at a discount of approximately 15% to the closing bid price of the Company’s shares on 16 October 2025.

The Subscription is being made to fund working capital and work commitments on the Company’s licenses, including data acquisition in Namibia.

The Company has agreed to issue the broker, Axis Capital Markets Limited, warrants over 49,107,143 new ordinary shares for arranging the Subscription (“Broker Warrants”). The period of the Broker Warrants will be three years at a strike price of 0.056p per share (representing a premium of 100% to the Subscription Price).

Share Capital following the Subscription

The Subscription Shares will rank pari passu with the Company’s existing shares. Application has been made for the Subscription Shares to be admitted to trading on AIM in two equal tranches of 982,142,857 shares each. It is expected that Admission of the Subscription Shares will become effective and that dealings will commence at 8.00 a.m. on or around 23 October 2025 in respect of the first tranche, and 31 October 2025 in respect of the second tranche.

Following admission of both tranches of the]Subscription Shares, the Company’s enlarged issued share capital will comprise 31,279,995,707 Ordinary Shares of 0.001p each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

Warrants and Options in Issue

Following the issue of the Broker Warrants, the total number of warrants in issue is 1,616,942,411 equating to 4.5% of the Company’s enlarged share capital assuming full exercise of all warrants,  options and restricted shares.

Tower Resources Chairman & CEO, Jeremy Asher, commented:
“This is an exciting and very active period for us. Our understanding remains that documentation of our various approvals in Cameroon and Namibia is proceeding as previously disclosed. However, we need to maintain readiness for drilling in Cameroon in Q1 2026, and we also need to keep our work programme on track in Namibia, where our entry to the First Renewal Period has already been approved. Therefore, we have decided that a small capital raise at this time will aid in supporting these goals and our overall schedule, pending the receipt of farm-out funds.”

There is no doubt that Tower is in a very exciting place right now and the company must be desperate for the various approvals could go through, how you say, expeditiously…

Accordingly investors are, in my view, rather fortunate to have been given the opportunity to grab a piece of the equity at a more than generous 15% discount with the added bonus of some warrants attached.

Never say never but this might be the last before Tower move into action and prepare to drill in Cameroon and continue work in Namibia where approval has been made. Patient shareholders will I think be rewarded and the clock is ticking and as Jeremy Asher says, at an exciting and active time for Tower. 

Buccaneer Energy

Buccaneer yesterday announced that construction has commenced at the location of its upcoming Allar #1 well (the “well”), the first of two planned development locations in the Fouke area of the Pine Mills Field.

Allar #1 (WI: 32.5%) is tentatively expected to spud in late October, following the completion of site preparation and associated civil works, which are now under way. Drilling operations are anticipated to take up to two weeks to complete and evaluate.

The Allar #1 well is designed to build on the Company’s recent operational success in the Fouke area and forms part of its broader strategy to enhance production and unlock further value across the Pine Mills Field.

Paul Welch, Buccaneer Energy’s Chief Executive Officer, said:
“We are pleased to have begun construction at the Allar #1 location – an important milestone in what we expect to be another productive phase of activity in the Fouke area. With the pad now under construction, we remain on track to spud later this month. We look forward to providing further updates on the well in due course.”

Not long to go now as Buccaneer start construction at the Allar#1 location with drilling expected in a couple of weeks. Paul Welch is moving on as promised and shareholders can look forward to the journey with him. 

Petrofac

Further to its announcement on 1 October 2025, in which the Company advised it was advancing more than one route to implement the Restructuring, it today confirms that the Restructuring will result in no residual value being retained by existing shareholders.

The Company remains focused on completing the Restructuring in the shortest possible time and by the end of November 2025. It has made very good progress towards implementation, and expects to shortly conclude a Lock Up Agreement in respect of the identified implementation route, which will support the Group’s operational capability and ongoing delivery.

The Group expects to share further detail in the coming days.

Ouch! Whilst I wrote only recently that PFC shareholders may be about to take a haircut I didn’t think that it would be a total cropping and this is a brutal way to tell them the news. The story will one day be written in the business school text books as a way to show how a company can go from heroes to zeroes and how brilliant managements can give way to atrocious ones that can p... away the total value for long suffering shareholders. Ayman Asfari must wish he had never let go of the reins although some will still want to ask questions about the enquiries that started the rot.

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