WTI (July) $98.26 -$5.89, Brent (July) $105.02 -$6.26, Diff -$6.76 -37c
USNG (June) $3.00 -11c, UKNG (June) 121.0p -5.78p, TTF (June) €49.49 -€1.81

Oil price

After yesterday’s fall, after President Trump stated that the US was in the ‘final stages’ of a deal with Iran, as night follows day everything changed this morning when Iran stated that removal of its enriched uranium was a no-no. So back up we go, by noon today oil is up around $2.50 a barrel and all bets are off. 

And as for the rest of the world confusion reigns, the Governor of the Bank of England remains in the thrall of the Government whilst politicians are even more obtuse than ever. Having worked hard over the years to make Britains fitter, Governments have taxed or banned fizzy drinks and fried food so today’s news that Rachel from accounts is to cut taxes on both chocolate and biscuits seems half baked to me, certainly crackers…

And bankers cannot be trusted either as Bill Winters said yesterday that he would maintain AI investment as it would replace ‘lower-value human capital’, Standard Chartered employees must be feeling so wanted today….

Star Energy

Today I feature an interview with Ross Glover, CEO of Star Energy. After a busy few weeks in which the company exited its Croatia geothermal business and made a significant raise which included existing shareholders and adding new ones there was much to discuss. 

In the interview Ross talks through the Croatia sale and also walks through the portfolio and how it now looks now as well as plans for the future. Obviously this includes how the recent raise went and what he plans to do with the proceeds. 

Overall I remain very confident that Star is in very good condition, well financed, with good management keeping a tight grip on costs and with exciting plans for the future. The link is below and in my view well worth a listen. 

Core Finance CEO interview: Ross Glover, CEO of Star Energy

Zephyr Energy

Zephyr has announced a further divestment of undeveloped non-core acreage in two separate transactions generating aggregate gross proceeds of US$2.275 million.

The 1,837 acres being divested are located in the Powder River Basin in Wyoming, U.S.  They were acquired by the Company as part of its US$7.3 million acquisition of a portfolio of both proved developed producing wells and largely undeveloped acreage, the completion of which was announced on 26 August 2025 (the “Acquisition”). The Divestment has an effective date of 1 June 2026, and both transactions are scheduled for completion (including the payment of consideration to Zephyr) in the week commencing 15 June 2026.

The Divestment follows previous disposals of non-core acreage that was also acquired as part of the Acquisition (as announced by the Company on 30 December 2025 and 24 March 2026).

By way of context, the US$7.3 million purchase price of the Acquisition was determined by the Company primarily based on the producing assets acquired. However, the transaction also included approximately 6,350 acres of largely undeveloped, potential development acreage in the Williston, Powder River, Denver-Julesburg and other Rocky Mountain basins. 

Since the completion of the Acquisition, and following the completion of the Divestment, the Acquisition will have:

• Generated total asset sales of circa US$7.0 million (comprised of US$5.8 million in cash proceeds and the divestment of circa US$1.2 million in near-term plugging, abandonment and capital liabilities); 
• Generated US$1.7 million in revenue from acquired production (through to 31 December 2025)

The Company is currently evaluating options for the remaining undeveloped acreage acquired and will provide further updates in due course.

Colin Harrington, Chief Executive of Zephyr, said:
“I am delighted to report on the further generation of value from the undeveloped acreage acquired as part of the Acquisition. Since the completion of the US$7.3 million Acquisition in August last year, we have generated over US$8.7 million in revenues, cash from acreage disposals and from other cost savings. In doing so we have also retained the vast majority of production from the transaction, demonstrating the excellent economics of the deal.”

This proves beyond any doubt that the acquisition last year was exceptional with economics that look seriously compelling and just the opportunistic disposals of a portion of the non core, undeveloped acreage has been highly beneficial to Zephyr and added to the fantastic cashflows it brought. 

The deal has already paid for itself and demonstrate just how these non-op deals can and do deliver huge value for shareholders, think that it has already paid for itself and Zephyr still have the majority of the reserves still to sell, and those reserves were what the company based the purchase price on at the time…

The deal is a ‘barnstormer’ and with so much left to do is the gift that keeps on giving, it is accretive and adds a powerful metric to the Zephyr portfolio and at current prices delivers massive additional revenues that we should remember were bought to help fund the development of the Paradox Basin. 

The very fact that the shares have not risen more sharply today is a mystery to me, as if I could do a deal like this every week I would do so and the Zephyr management team should be congratulated. The recent run however has been good, up 30% in the last six months but with my target price of 20p there should be much more to go. Bucket List inclusion is solid and with so much potential good news to come I remain extremely confident that Zephyr will deliver the goods.

Seascape Energy Asia

Seascape has announced its full year results for the 12 months ended 31 December 2025.

Highlights

Corporate
The Company is now established as an independent player in the Malaysian upstream industry with interests in three, gas-weighted PSCs’:

Temaris Cluster (SEA 100% PI): two gas discoveries offshore shallow water Peninsular Malaysia, awarded in June 2025 with net certified 2C resources of 46 mmboe certified and net mean unrisked Prospective Resources of 158 mmboe;

DEWA (SEA 28% PI): located offshore, shallow water Sarawak, Eastern Malaysia, with certified net 2C resources of 18 mmboe and operated by EnQuest plc; and

Block 2A (SEA 10% PI): located deepwater offshore Sarawak, Eastern Malaysia, the giant Kertang prospect contains certified gross mean unrisked Prospective Resources of 1.7 bnboe with Seascape fully carried on an exploration well drilling mid-2027.

• An updated CPR has confirmed the Company’s total net 2C Contingent Resources of 64 mmboe (97% gas) (2024 nil) and total unrisked net mean Prospective Resources of 324 mmboe (99% gas)
• Seascape’s existing portfolio will see it become a significant, gas-weighted producer in Malaysia by 2028 with production potential in excess of 20,000 boepd at current equity levels.

Financial

• Year end 2025 cash of £6.3 million (2024: £2.8 million) including restricted cash of £2.1 million (2024: £0.5m), nil debt (2024: nil)
• Unaudited cash balances of £8.5 million as at the beginning of May 2026 following a successful placing, subscription and oversubscribed retail offer to raise gross proceeds of approximately £5.0 million
• Group operating loss of £4.4 million (2024: £5.8 million)
• Total profit for the year of £5.4 million (2024: loss £16.4 million) reflecting the proceeds from the farm down of the Company’s interest in the Block 2A PSC.

Outlook:

• Progress the Company’s Temaris Cluster and DEWA through to FDAP submission during 2026, targeting first gas in 2028 and allowing Seascape to book initial 2P reserves
• Continue to build-out its existing acreage position in Malaysia, including seeking to secure new acreage around its flagship Temaris Cluster and expand its core operated position
• Seek to bring a strategic partner into Temaris during the first half of 2026
• Award rig contract for drilling of Kertang prospect on Block 2A and confirm well spud window during mid-2027 at no cost to Seascape

Investor Meet Company

In conjunction with the release of its full year results for the year ended 2025, James Menzies (Executive Chairman) and Nick Ingrassia (CEO) will provide a live presentation via Investor Meet Company as part of the Company’s forthcoming Annual General Meeting which will be held on 25 June 2026. The presentation is open to all existing and potential shareholders and further details on how to join the meeting will follow.

Nick Ingrassia, Chief Executive Officer, commented:
“During 2025, Seascape successfully positioned itself as a significant independent player in the Malaysian upstream industry.

Seascape has now entered its next phase of growth across its portfolio, progressing both its short-cycle Temaris and DEWA gas developments towards final investment decisions while continuing down the path towards drilling of the giant Kertang prospect.

We look forward to an exciting year ahead, continuing to grow our high-quality portfolio and working towards first gas with high-quality partners.”

This is obviously a historic set of figures and on that basis of little or no interest, for Seascape it’s all about the future which has been funded by the recent raise. The key is in CEO Nick Ingrassia’s comments about the company now entering its next phase of growth across the portfolio specifically at the Temaris and DEWA gas developments and of course with at least one eye on Kertang. 

I remain a huge fan of Seascape, the shares have performed very well since the off, up by 45% over 6 months and 173% on 12 months, my target price, which I recently upped to 125p, looks easily achievable and Bucket List presence still a cert. 

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