WTI (June) $105.07 -$1.81,  Brent (July)* $110.04 -$2.71, Diff -$4.97 -$6.18
USNG (June) $2.77 +22c, UKNG (June) 114.35p -3.35p, TTF (June) €46.325 -€1.175
*Denotes expiry of the June contract

Oil price

The oil price has fallen today after gossip that the US would not revert to military action, at least not right now. WTI is down five bucks at $100 whilst Brent, now on the July contract is only off three dollars at $107.

Kistos

Kistos has announced that it has successfully priced a USD 300 million issue of senior secured bonds at par, to be issued by Kistos Holdings plc with a maturity of four years and a coupon of 9.875% per annum.

The Bonds were oversubscribed, attracting strong demand from a broad base of international institutional investors across the Nordics, the UK and other geographies. Settlement of the Bonds and release of USD 280 million of the net proceeds are subject to completion of the Block 3 & 4, Oman acquisition and the satisfaction (or waiver) of customary conditions precedent, including the release of funds from escrow. An additional USD 20 million tranche (representing the balance of the issuance under the Bonds) will be available to be released from escrow upon completion of the Block 9, Oman acquisition, subject to the customary conditions precedent set out in the bond documentation.

Net proceeds will be used to redeem in full the Group’s existing Norwegian bond indebtedness, with any remaining amounts available for general corporate purposes.

An application will be made for the Bonds to be listed on the Euronext ABM. ABG Sundal Collier ASA and Fearnley Securities AS acted as Joint Bookrunners to the bond issue.

Andrew Austin, Executive Chairman of Kistos, commented:
“The strong demand for the bond issue among new and continuing credit investors demonstrates the strength and attractiveness of Kistos’ diversified energy platform, with a strong foothold in Europe and its entry into the Middle East & North Africa through Oman.”

This is a good result for Kistos, the bond issue very well oversubscribed and raised as expected some $300m at a very attractive coupon of 9.875%. This will reduce the overall cost of their debt whilst also giving flexibility, they can use the remainder for ‘general corporate purposes and of course may facilitate shareholder returns in due course.

It will ‘redeem in full’ the existing bond that was taken as part of the Norwegian acquisition and this refinancing of the debt reinforces the, already strong, balance sheet giving optionality and keeps Kistos in a very strong financial position.

Not surprisingly Kistos has performed well recently, up 33% in the last month, +71% over six months and has risen by 145% year on year. Unhedged and with the Oman deal scheduled to complete soon the company is set fair, my recently upgraded target price of 500p is in no way optimistic and the outlook is excellent for shareholders.

Union Jack Oil

Union Jack has announced that, further to the update on 16 April 2026, Reach Oil and Gas Company Inc, has informed the Company that the rig at Crossroads Well, located in Southern Oklahoma is still undergoing maintenance and repair. A spud date will be provided in early May.

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

Nothing to add here, a slight delay but it looks like a spud date announcement is not far away. I remain very positive about UJO’s progress in the states as well as domestically and my 30p target price is still very much intact. 

Sintana Energy

Sintana Energy Inc. (TSX-V: SEI, AIM: SEI, OTCQX: SEUSF) (“Sintana” or the “Company”) is pleased to announce its audited Annual Results for the year ended December 31, 2025.

The 2025 Annual Report is set out in full below and is also available on the Company’s website: https://sintanaenergy.com/

Not much to add to this, historic data but it’s worth reiterating my previous comments with regard to Sintana right now. The overwhelming message from the company remains upbeat, all is going extremely well, I would say that there is nothing but good news across the portfolio and Sintana is delivering on all its promises.

With action as expected in all areas I expect that with so many things ‘in the hopper’ for the next twelve months there should be a steady stream of good news to come from the company. With my target price of 75p looking highly achievable and Bucket List status confirmed I think that the outlook for Sintana is very optimistic. 

Star Energy

Star has announced that, further to its announcement at 5:00 pm on 30 April 2026, it has successfully completed and closed the Placing.

The Placing has conditionally raised gross proceeds of c.£8.5 million (before expenses) through the placing of 56,716,664 Placing Shares to new and existing investors. In addition, as part of the Fundraise, Ross Glover, Frances Ward, Kate Coppinger, Anthony White, Aneliya Erdly and Philip Jackson , each a Director of the Company, have agreed to subscribe for 206,665 Subscription Shares at the Issue Price, which is expected to raise £31,000 (before expenses), further details of which are set out below. 

In addition to the Placing and the Subscription, the Company is providing existing eligible shareholders with the opportunity to subscribe for up to 4,000,000 Retail Offer Shares at the Issue Price, to raise up to £0.6m (before expenses) pursuant to the separate Retail Offer being made by the Company. No part of the Placing is conditional on the Retail Offer proceeding or on any minimum take-up on the Retail Offer. The launch of the Retail Offer is expected to occur shortly following this announcement.  

The Issue Price of 15 pence represents a discount of 9.2 per cent. to the Closing Price of 16.25 pence per Ordinary Shares on 30 April 2026, being the last practicable day before the release of this announcement.

The Subscription

All the Directors have agreed to subscribe directly with the Company for the Subscription Shares. Details of their participation are set out as follows:

The participating Directors have agreed to subscribe for a total of 206,665 new Ordinary Shares, representing 0.16 per cent. of the Existing Share Capital of the Company.

General Meeting and Posting of Circular

The Fundraising is conditional upon, inter alia, the approval by the Shareholders of the Resolutions to be proposed at the General Meeting to be held at the offices of Watson Farley & Williams LLP at 15 Appold Street, London, EC2A 2HB at 10.30 a.m. on 18 May 2026. A circular, containing further details of the Fundraising, notice of General Meeting and proxy form (together the “Circular”) will be despatched to Shareholders shortly and the Circular will also be made available on the Company’s website at https://www.starenergygroupplc.com/ 

Recommendation

The Directors consider the Resolutions being proposed at the General Meeting to be in the best interests of the Company and the Shareholders as a whole. Consequently, the Directors unanimously recommend that you vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do in respect of the 646,200 Existing Ordinary Shares held, directly or indirectly, by them representing approximately 0.5% per cent. of the total voting rights of the Company in issue.

Admission

Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM (“Admission”). It is expected that, subject to the necessary Resolutions being passed at the General Meeting, Admission will become effective and dealings in the New Ordinary Shares will commence at 8:00 a.m. on 19 May 2026. The New Ordinary Shares will be issued fully paid and will rank pari passu in all respects with the Company’s Existing Ordinary Shares.

Admission is conditional, inter alia, upon Admission becoming effective, the Placing Agreement not having been terminated and becoming unconditional, and upon the approval of the Resolutions by the Shareholders at the Company’s forthcoming General Meeting to be held on 18 May 2026.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Company’s announcement released at 5:00pm on 30 April 2026 in respect of the Proposed Placing to raise up to £8.4 million (before expenses), Subscription to raise £31,000 (before expenses) and Retail Offer to raise up to £0.6m (before expenses) unless the context provides otherwise.

Ross Glover, Chief Executive Officer of Star Energy plc, commented:
“We are delighted with the strong support shown by our existing shareholders. This successful Placing represents a clear vote of confidence in Star Energy, our people and our strategy. It gives us the platform to move forward with our plans to materially grow production. We are grateful for existing shareholders’ continued support and look forward to welcoming new investors and delivering on the opportunity ahead.”

Shareholders will be delighted that this raise, from existing and new shareholders, has given Ross Glover and his team the chance to make ‘value accretive acquisitions’ as well as adding ‘selected organic in-field and near-field’ opportunities within the portfolio.

As an acquisition counterpart they look pretty good, a known entity from the NSTA perspective, an established operator, underlying cashflows and a useful amount of tax losses.

The company has been changing dramatically in the last couple of years under CEO Ross Glover and following the recent departure from the Croatian geothermal investment are now raring to go from what is now a significant position of strength. 

The shares have today already cleared back above the pre-raise level and the retail shareholders should take their chances with the offer also announced today. Despite the significant rise in the last year or so I remain confident that this will be a springboard for greater things and Star is very well placed now.

Star has also announced a retail offer via the BookBuild Platform of new Ordinary Shares of 0.002 pence each in the capital of the Company to raise gross proceeds of up to £0.6 million. Pursuant to the Retail Offer, up to 4,000,000 New Ordinary Shares will be made available at a price of 15 pence per Retail Offer Share. The Issue Price represents a discount of 9.2 per cent. to the closing price of the Ordinary Shares on 30 April 2026, being the date of the announcement of the Placing.

In addition to the Retail Offer, the Company also conducted a placing of new ordinary shares (the “Placing Shares” at the Issue Price (the “Placing”) and a subscription for new ordinary shares (“Subscription Shares” and together with the Placing Shares and the Retail Offer Shares, the “Fundraising Shares”) by all the Directors of the Company at the Issue Price (“Subscription”  and together with the Placing and the Retail Offer, the “Fundraising”). A separate announcement has been made regarding the Placing and its terms and the Subscription. For the avoidance of doubt, the Retail Offer is not part of the Placing or Subscription and completion of the Placing and Subscription is not conditional on the completion of the Retail Offer. Full details of the Fundraising, including the background to and reasons for the Fundraising is included in the separate announcement released by the Company at 5:00 pm on 30 April 2026.

Completion of the Retail Offer is conditional, inter alia, upon the Placing proceeding, Resolutions being duly passed by Shareholders at the General Meeting to be held at the offices of Watson Farley & Williams LLP at 15 Appold Street, London, EC2A 2HB on 18 May 2026 at 10.30am and Admission. Subject to these conditions being satisfied, Admission of the Retail Offer Shares is expected to take place at 8.00am on 19 May 2026.

For the avoidance of doubt, the Retail Offer is not part of the Placing or the Subscription and is the sole responsibility of the Company. Zeus Capital Limited, which is acting for the Company in relation to the Placing does not have any responsibilities, obligations, duties or liabilities (whether arising pursuant to any contract, law, regulation, or tort) whatsoever in relation to the Retail Offer. 

Expected timetable in relation to the Retail Offer

The dates and times set out in the above timetable are indicative only and may be subject to change. Any changes to the expected timetable set out above will be notified by the Company by announcement via a Regulatory Information Service (as defined in the AIM Rules for Companies published by the London Stock Exchange (as amended from time to time)). References to times are to London times.

Retail Offer

The Company highly values its retail shareholder base, which has supported the Company for many years. Given this support of retail shareholders, the Company believes that it is appropriate to provide its eligible shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the Intermediaries (defined below) which will be listed, subject to certain access restrictions, on the following website:

https://www.bookbuild.live/deals/N1NP27/authorised-intermediaries

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