WTI (Apr) $81.01 +$6.35, Brent (May) $85.41 +$4.01, Diff -$4.40 -$2.24
USNG (Apr) $3.00 +8c, UKNG (Apr) 131.0p -7.0p, TTF (Apr) €48.75 -€4.955

Oil price

Oil is up five dollars today, at least WTI is and Brent is up $3.40 after worries about the war becoming more prolonged. It wasn’t made any better by the Qatari oil minister saying that whenever it finished LNG from his country would be out for ‘months not weeks’. And who am I to argue?

Elsewhere in gas markets Asian buyers are bidding up for US LNG, indeed charter rates have gone through the roof, from $40,000 a day last week they are now making $300,000 a day and last night spot rates hit $400,000.

Beacon Energy

Beacon has announced that at the Company’s Extraordinary General Meeting held earlier today, all resolutions including the special resolutions proposed were duly passed on a poll.

Further to the Company’s announcement of 18 February 2026, application has been made to the London Stock Exchange for the admission of the Enlarged Share Capital, comprising the Existing Ordinary Shares and the new Ordinary Shares, including the Placing Shares, the First Acquisition Consideration Shares, the WRAP Shares, the Reabold Subscription Shares, the Director Subscription Shares, the Director Fee Shares and the Adviser Fee Shares, to trading on AIM, which is to take effect at 8.00 a.m. on 6 March 2026 under the ISIN of IM00BW9JFW84 (“Admission”). Following Admission, the Company will have 124,790,040 Ordinary Shares in issue. 

In addition, on Admission, as set out in the Admission Document, the following Proposals will become unconditional in all respects:

• The acquisition of a significant strategic investment in LNEnergy Limited which comprises of a reverse takeover for the purposes of Rule 14 of the AIM Rules for Companies, pursuant to the terms of the SPA; and
• The issue of 9,086,917 First Acquisition Consideration Shares and 97,191,443 Fundraise Shares.

Director Shareholdings

Further to the passing of, inter alia, Resolution 2, the Director Fee Shares and Director Subscription Shares will now be issued and the resultant beneficial interests in the Company’s new Ordinary Shares of the relevant individuals on Admission will be as set out below:

(1) Certain of these shares will be held by the Escrow Agent for a period of two years in accordance with the terms of the Conditional Remuneration Agreements

Further to the passing of the Proposals, 7,500,000 Options over new Ordinary Shares have been granted to directors. The number of Options over new Ordinary Shares granted to each recipient is as set out below:

(2) Exercisable at a price per Existing Ordinary Share of between nil and £0.15.
(3) Exercisable at the Fundraise Price, full details of which are set out in paragraph 6 of Part VII of the Admission Document.

Related Party Transactions

It is noted that Tulip currently holds approximately 23.0 per cent. of the Company’s Existing Ordinary Shares, and accordingly the proposed issue of the Tulip Earn Out Shares detailed in Paragraph 13.1 of Part I of the Admission Document is considered a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors in the context of the issue of the Tulip Earn Out Shares, being all Directors save for Leo Koot, having consulted with Strand Hanson Limited, consider the terms of the Earn Out Consideration to be fair and reasonable insofar as Shareholders are concerned.

The issue of the Director Fee Shares detailed in Paragraph 13.3 of Part I of the Admission Document is considered a related party transaction under the AIM Rules for Companies. Accordingly, the independent director, in the context of the issue of the Director Fee Shares, Ross Warner, having consulted with Strand Hanson Limited, considers the issue of the Director Fee Shares to be fair and reasonable insofar as Shareholders are concerned.

The Director Subscription by Mark Rollins and Leo Koot detailed in Paragraph 10.2 of Part I of the Admission Document is considered a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors in respect of the Director Subscription, Ross Warner and Stewart MacDonald, having consulted with Strand Hanson Limited, consider the terms of Director Subscription to be fair and reasonable insofar as Shareholders are concerned.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the up to 106,278,360 new Ordinary Shares to be admitted to trading on AIM (“Admission”).  It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 6 March 2026.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA (‘DTR’), the Company confirms that, following Admission, its issued share capital will comprise 124,790,040 Ordinary Shares. There are no Ordinary Shares held in treasury. Therefore, the total voting rights in the Company will be 124,790,040. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRs. The new Ordinary Shares will, following Admission, rank pari passu in all respects with the existing Ordinary Shares.

Terms used but not defined in this announcement have the same meaning as set out in the Company’s Admission Document which was published on 17 February 2026.

The Admission Document and further information on the Company can be found on Beacon Energy’s website at: www.beaconenergyplc.com

Stewart MacDonald, Chief Executive Officer of Beacon Energy, commented:
“The overwhelming support of our shareholders at the EGM is extremely encouraging and represents an important milestone in the process of rebuilding the Company undertaken over the last year.

The completion of a strategic investment in LNEnergy is transformative for Beacon, providing the Company with proven reserves, a pathway to production and an exciting pipeline of value catalysts over the next 18 months.

The Board considers the Colle Santo Asset to be commercially and economically attractive. On a 100 per cent. working interest basis, RPS calculated a post-tax NPV(10) for the Proved plus Probable (2P) reserves of €61.7 million and based on a 48% shareholding in LNEnergy (43.2 per cent. economic interest basis), a post-tax NPV(10) of €26.6 million.

We look forward to updating Shareholders and the market as we progress the Colle Santo project over the coming months.”

This is excellent news for Beacon and its shareholders as the LNEnergy deal is approved and the shares are readmitted to the LSE this morning. The first price is 4.5p which compares very favourably with the suspension and raise price which is equivalent to 3.9p after a share consolidation, ie no discount to the price at the time. 

 A few points worth making, firstly readers know that I have been increasingly positive about European gas prospects, no pun intended, as Governments on the continent have realised that they have substantial domestic resources which can be used to benefit their economies and without negatively affecting their carbon footprint. 

Secondly I like the fact that the two key members of the Beacon Board, Chairman Mark Rollins and CEO Stewart MacDonald both have significant skin in the game here, as it should be.

Finally it should not be lost on the market that Beacon raised this money when natural gas prices were a fraction of what they are now and whilst there is no reason to believe that they won’t return to those levels a lesson will not have gone unnoticed by the Italian Government. 

That is a massive incentive, if any were needed, for the Government to support the Colle Santo project and increase domestic production and, as stated above, achieve fiscal revenue and more importantly perhaps, increased security of supply at this important time when gas supplies have been shown to be at more risk than previously thought.

I think that Beacon looks a very interesting play at the moment and it is a very decent proxy for natural gas in the European market, investors should without doubt have it on the radar screen.

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