WTI (May) $91.29 +1c, Brent (June) $94.93 +14c, Diff -$3.64 +13c
USNG (May) $2.61 +1c, UKNG (May) 103.92p -5.07p, TTF (May) €41.6 -€1.0

Oil price

Oil is unchanged this morning, the ceasefire remains intact and is currently scheduled to last until the 22nd of this month. Adding to the more positive schematic, stories that Israel and Lebanon were in talks had a modestly bullish effect although optimism is in short supply. 

The EIA inventory stats are going to be less influential than normal but with a fall of 2.4% in refinery runs both gasoline and distillates drew quite heavily, by 6.328m b’s and 3.122m b’s respectively. 

Union Jack Oil

Union Jack has announced that, following the update on 8 April 2026, Reach Oil and Gas Company Inc, has informed the Company that there has been a short delay to the spud date for the Crossroads well, located in Southern Oklahoma, USA as a result of rig maintenance requirements. The Operator is confident that the well will be spudded before the end of April 2026.

Union Jack currently holds a 43% interest. The Company’s share of the drilling costs have already been funded from the Company’s existing cash resources.

Not much to add to this as it looks like the delay is a short one and that the well will be spudded before the end of April, in which case there will be no change in the materiality of the company’s US drilling programme which is proving to be a really worthwhile addition to its portfolio. 

Buccaneer Energy

Buccaneer has noted the recent interview with Chief Executive Officer Paul Welch, which provides additional context on current production, operating performance and the impact of higher oil prices at the Pine Mills Field.

Ahead of today’s presentation by CEO Paul Welch the company has released an interview, not that I would normally write about that but below is what looks like an operational update although I can’t detect any new information.

I shall be listening to the webcast, Buccaneer looks to be in an interesting place and I look forward to hearing how it plans to scale up the business.

Watch the full interview here: 

https://www.youtube.com/watch?v=2_SKaq_1ueM&list=PLt5TrgKtYSNnKQeYf9okh5mmx_Tc7TawD&index=6

The interview outlines the Company’s focus on maximising production from existing assets, maintaining low operating costs and progressing enhanced recovery initiatives.

Highlights:

• Production currently c.150 bopd, expected to increase to c.155-160 bopd (WI Gross)
• Strong realised pricing, with recent sales at c.US$98/bbl
• Operating costs in the Fouke area remain low at <US$5/bbl, supporting high-margin onshore production 
• Estimated operating margins at Pine Mills have increased from c.US$40/bbl to c.US$70/bbl at current prices
• At ~150 bopd, this equates to c.US$270,000 per month of pre-royalty operating margin* at current pricing
• OOR pilot initially doubled production in the treated area, with one well maintaining a water cut below 10% 
• Fouke waterflood targeted for mid-year, with potential to materially increase production
• Targeting c.200 bopd by year-end through primarily organic growth initiatives 

Operational Context

In the current price environment, the Company continues to prioritise bringing all available production online and optimising field performance.

Recent activity includes returning the Turner #1 well to production, providing incremental output ahead of its planned role as an injector within the proposed Fouke waterflood.

With a largely fixed cost base, higher realised oil prices are translating directly into improved margins and increased cash generation across the Pine Mills field.

Investor Presentation Reminder

As previously announced, CEO Paul Welch will host a live investor presentation via the Engage Investor platform on: Thursday, 16 April at 3:30pm BST

Shareholders and prospective investors are invited to attend and may submit questions in advance or during the session.

Register here: https://engageinvestor.news/BUCE_IP26

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