WTI (Aug) $70.75 +$1.52, Brent (Aug) $73.15 +$2.40, Diff -$2.40 -36c
USNG (Aug) $3.18 -10c, UKNG (Aug)* 101.54p +2.25p, TTF (Aug) €42.425 +€0.86
*Denotes expiry of July contract

Oil price

Oil is up a little more today as the Doha talks get under way but both sides appear to be there rather on sufferance, particularly the Iranian delegation. Traffic through the Strait has lessened a little particularly through the Oman southern corridor after the weekend’s attacks. 

In Peru the final election result has been announced and as we know it was as they say, a damned close run thing. The right wing candidate, Keiko Fujimori defeated the left wing Roberto Sanchez by the slimmest of margins, taking 50.14% of the vote winning by only 49,641 votes in total. 

Savannah Energy

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, advises that its FY 2025 Annual Report will be released during August 2026.

The FY 2025 audit process is significantly advanced and the Company is working closely with its external auditors to finalise the report. Pursuant to the requirements of AIM Rule 19, trading in the Company’s shares will therefore be subject to a temporary suspension from 7:30 a.m. on 1 July 2026 until publication of the FY 2025 Annual Report.

FY 2025 Financial Highlights (unaudited)

The Company confirms that FY 2025 financial performance remains in line with the Operational and Financial Update released on 4 February 2026.

For FY 2025, financial performance was broadly stable across the Group. Unaudited key performance and financial metrics, and commentary are provided as follows:

Cash collections of US$278.0 million (2024: US$248.5 million) increased by approximately 12% year-on-year, the highest since the Group commenced its Nigerian operations. Improving the rate of cash collections remains a focus for the Company in 2026.

Total production for the year was 18.8 Kboepd (2024: 23.1 Kboepd). During FY 2025 we announced a 29% increase in gross 2P Reserves at the Stubb Creek Field and a 21% increase in gross 2P Reserves at the Uquo Field.

The positive impact of the completion of the SIPEC Acquisition4 in March 2025 is reflected in the financial performance for the year with over US$18.5 million of post debt-service cashflow generated between acquisition date and the year end.

Given the Group’s existing ownership interest in the Stubb Creek asset prior to the acquisition (through Universal Energy Resources Limited), accounting standards required the Group to revalue that existing interest at the point of consolidation. Together with the gain arising on the SIPEC Acquisition4 itself, this produced a combined (provisional) gain which is reflected within the income statement of US$155.3 million.

Revenue for FY 2025 of US$234.8 million was 3% ahead of the prior year reflecting the increased oil revenues at Stubb Creek offset by lower gas production at Uquo.

Adjusted EBITDA was US$124.2 million (2024: US$181.2 million). The year-on-year decrease reflects lower invoiced gas sales in the year and a combination of: (i) an increase in cost of sales (described below) driven by certain non-recurring items totalling US$10.0 million; and (ii) a number of non-recurring administrative and other operating expenses. Excluding these non-recurring items, comparable Adjusted EBITDA2 would have been US$141.4 million.

Cost of sales increased in FY 2025 to US$109.5 million (2024: US$75.0 million) primarily as a result of the SIPEC Acquisition. The increase includes two non-recurring items totalling US$10.0 million: (i) a US$3.8 million non-cash, accounting adjustment for inventory on transition to Savannah accounting practices; and (ii) US$6.2 million of pipeline maintenance and rerouting costs. Additionally, there was a US$10.1 million increase in the non-cash depletion charge predominantly attributable to the enlarged oil asset base.  Excluding these items the underlying increase in cost of sales was US$14.4 million and this increase predominantly reflects the funding arrangements for Stubb Creek whereby SIPEC pays a higher share of field costs relative to its 49% working interest. For comparison, excluding the SIPEC Acquisition4 and pipeline maintenance and rerouting costs, the cost of sales would have been broadly unchanged in the period (at approximately US$74.0 million).

Administrative and other Operating expenses were US$50.2 million (FY 2024: US$40.9 million). The increase reflects a combination of non-recurring items in FY 2025 of US$7.2 million alongside the non-recurrence of a credit in the prior year (of US$1.3 million); excluding these, the underlying adjusted cost base of approximately US$43.0 million was broadly stable year-on-year, notwithstanding the completion of the SIPEC Acquisition.

Cash balances at year-end were US$42.7 million (2024: US$32.6 million) and net debt stood at US$658.8 million (2024: US$636.9 million). It should be noted that only 6% of outstanding debt as at 31 December 2025 was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis. For comparison purposes, if the debt associated with the SIPEC Acquisition4 was excluded, net debt would have reduced by 3% during the year to US$616.0 million. Post-period end, an increase in the Stubb Creek RBL to US$130.0 million has been agreed with lenders and formal documentation is expected to be shortly concluded.

The statement confirms that 2025 was in-line with expectations and that the audit, with it has to be remembered, new auditors, is well advanced and that the accounts are expected to be published in August. The shares are to be temporarily suspended until the accounts are out, expect resumption then with further news expected on first gas from Uquo NE and Uquo South drilling.

Zephyr Energy

The Board of Zephyr has announced the Group’s audited results for the year ended 31 December 2025.

Rick Grant, Zephyr’s Non-Executive Chairman, said:
On behalf of the Company’s board of directors, I am pleased to share the Company’s results for the 2025 financial year, a period of significant progress as the Company prepares to unlock what we believe to be the next prolific onshore oil and gas play in the United States. The results reflect the ongoing effort and commitment of the Zephyr team who have been building a Company of which all stakeholders can be proud.

During the period we continued to deliver on our dual strategy of building an income generating non‑operated asset portfolio in the Rocky Mountain region of the U.S. in parallel with the pursuit of increased value through the successful development of our operated project in the Paradox Basin, Utah, U.S.

Operational progress in 2025 was demonstrated by the drilling and excellent production test results from the State 36-2 LNW-CC-R well (the “State 36-2R well”), which achieved a peak flow rate of 2,848 barrels of oil equivalent per day (“boepd”) with no material drop in bottom hole pressure, and without the use of any fracture stimulation, suggesting that the well ranks in the top 6% of gas wells across the Lower 48 U.S. states.

The State 36-2R well performance formed a core basis for the updated Competent Person’s Report (“CPR”), independently prepared by Sproule-ERCE International Limited (“Sproule”), which was published in October 2025, and which demonstrates the progress made at the Paradox project through our successful ongoing operations.

It is an exciting time on the Paradox project as we push to deliver first commercial production.  We continue to advance the project‘s development, through our infrastructure build out and by expanding our acreage position. We also continue with our farm-out and gas marketing negotiations and expect considerable newsflow in the coming weeks.

On the non‑operated portfolio, we completed the US$7.3 million acquisition during the year, which consisted of working interests in production assets across core Rocky Mountain basins (“Acquisition”). The Acquisition was accretive to both earnings and reserves, strengthened the Group’s balance sheet, provided strategic entry into key areas of interest and enhanced our competitive position within core Rocky Mountain basins.

As part of our ongoing portfolio management, we also completed multiple cash‑generative divestments of non‑core, non‑producing acreage obtained in conjunction with the Acquisition. Since completion of the Acquisition, we have generated circa US$7.0 million in total consideration from these divestments with no material impact to current production, and we continue to evaluate options for the remaining undeveloped acreage.

In addition, we announced a US$100 million strategic partnership with a major U.S.‑based capital provider focused on the energy sector. The combination of Zephyr‘s regional expertise and the investor‘s financial strength is designed to accelerate the Group‘s non‑operated growth, enhance consolidated cashflow and drive attractive project returns. The first transaction under the partnership was announced in October 2025, and we continue to evaluate additional assets for inclusion.

I would like to express my appreciation to our team for their dedication in helping us deliver on our vision. My thanks also go to my fellow Board members, the leadership team, our advisers and, above all, our shareholders for their continued trust and support.

The Board looks forward to the coming months with confidence, as we continue in our pursuit of opening-up the next prolific oil and gas basin in the U.S.”

I remain very positive with regard to Zephyr and this statement very much proves my point, the board is doing all the right things and are getting increasingly closer to delivery at the Paradox. As the Chairman states, ‘It is an exciting time on the Paradox project as we push to deliver first commercial production.  We continue to advance the project‘s development, through our infrastructure build out and by expanding our acreage position’.

Expect plenty of news then in the coming months, the farm-out discussions continue along with gas marketing negotiations and with a forward looking programme as exciting as this I am not worried at all about my aggressive 20p target price.

Reabold Resources

Reabold has noted the announcement made by Beacon Energy PLC today that a leading Italian energy distribution company has entered the Colle Santo project and that LNEnergy srl has increased its working interest in the Colle Santo project from 90 per cent to 100 per cent.

Finals for 2025 are below but don’t contain anything we didn’t know about already, since then much has happened and Reabold have raised £4.2m to progress the key West Newton project via the A-2 recompletion well and given the company the ability to access additional capital if the well is a success and can move to early production. 

The news that Reabold allude to in their acknowledgement of the Beacon announcement is also a validation of their participation in the Colle Santo project and activity here is expected to hot up in the coming months. Colle Santo is a highly material gas resource with an estimated 65Bcf of 2P reserves and with European onshore natural gas markets firm and increasingly valuable I expect more good news to come. 

Reabold shares are up around 50% year on year and with a great deal of activity within its portfolio I expect that my 500p target price and the place in the Bucket List to be justified. The backers of the raise appear to be highly supportive, and with deep pockets which will serve Reabold well in its organic and inorganic progress I remain very confident about the future.

Reabold has announced its audited financial results for the year ended 31 December 2025 and the Annual Report is publicly available at https://reabold.com/presentations.

2025 Highlights

Rathlin Energy (UK) Limited (“Rathlin”) and West Newton – PEDL 183 

• Reabold increased its interest in West Newton via the acquisition of 20.4% of the shares in Rathlin from Connaught Oil & Gas Limited for a total cash consideration of £700,000. Reabold’s total shareholding in Rathlin now stands at 79.8%, and its economic interest in West Newton stands at 69.9%. 
• In August 2025, Reabold announced the potential use of gas produced from the existing wells at West Newton to generate on-site electricity and power crypto mining activities, and that it had entered into a non-binding Letter of Intent (“LOI”) with 360 Energy, Inc. to scope and design a potential bitcoin mining solution at West Newton, subject to regulatory and third-party approvals.
• In March 2025, Paul Harris, former CEO of NEO Energy, was appointed to the Board of Rathlin.

LNEnergy – Colle Santo gas field, Italy 

• In August 2025, LNEnergy’s Small Scale-LNG development plan in Colle Santo, Italy, was granted a positive opinion by the Independent Environmental Impact Assessment (“EIA”) Commission of the Italian Ministry for the Environment and Energy Security – a significant milestone towards the final EIA Ministerial Decree and the award of the Natural Gas Production Concession.
• In March 2025, LNEnergy Limited (“LNEnergy”) acquired the entire outstanding issued share capital of LNEnergy S.r.l. LNEnergy S.r.l is the Italian company that has a 90% interest in the Colle Santo gas field in the Abruzzo region of Italy, a highly material gas resource with an estimated 65Bcf of 2P reserves(1).

(1) RPS estimate, September 2022

• During the year, Reabold increased its interest in LNEnergy from 29.2% to 47.6%.
• In October 2025, Reabold announced it had entered into an agreement with Beacon Energy plc (“Beacon”) in which Reabold will sell its total interest in LNEnergy to Beacon in exchange for new shares in Beacon and a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. The first stage of the transaction completed in March 2026. 

KryptoByte

• In 2025, Reabold launched KryptoByte Ltd, a wholly owned subsidiary of Reabold Resources plc.  KryptoByte aims to take stranded natural gas and use it to power Bitcoin mining and potentially data centres. KryptoByte would be able to purchase gas at discounted prices to power Bitcoin mining operations, offering a compelling economic advantage. KryptoByte would co-locate power generation at the well-site avoiding costly and lengthy waiting times to connect to the grid. KryptoByte would aim to roll out its business model to a number of locations, and sees further opportunities to establish data centres at locations across the UK, Europe and globally.

Other business and Corporate

• Post year-end, in April 2026, Reabold raised £4.2 million through the issue of 4,231,800,000 new ordinary shares. The net proceeds of the Fundraise will be used to progress the key West Newton project, including the funding of both Reabold and Rathlin’s shares of the recompletion of the A-2 well, expected to take place in the coming months. In addition, participants in the fundraise received 1.25 warrants for each New Ordinary Share, each with a right to convert to one new ordinary share at an exercise price of 0.11 pence per share (£1.10 per share following the share consolidation in May 2026). This mechanism is intended to provide the Company with access to additional capital, in the event of a successful A-2 recompletion, and to move into early production as soon as possible.

Beacon Energy

Beacon has announced that a leading Italian energy distribution company has subscribed for new shares in LNEnergy Italy for consideration of €1.4 million. As a result, the Investor will hold approximately 10 per cent shareholding in LNEnergy Italy with the remaining 90 per cent held by LNEnergy Limited.

Simultaneously, LNEnergy Italy has increased its working interest in the Colle Santo project from 90 per cent to 100 per cent, fully consolidating the project’s ownership, through an agreement with the existing partner to withdraw from the licence.

Beacon holds its interest in the Colle Santo project indirectly through LNE IOM Limited and LNEnergy Limited, as further described in the Notes to Editors below.

The Colle Santo project provides investors with significant exposure to European gas prices. RPS Energy Limited calculate an NPV10 of €37.6m (at €40/MWh) and €52.9m (at €50/MWh) attributable to Beacon’s 42.3 per cent indirect economic interest in the project, assuming the Second Acquisition is completed (the ‘Second Acquisition’, as defined in Beacon’s Admission Document of 17 February 2026). These figures highlight the value that could be unlocked as the Company progresses towards production.

Stewart MacDonald, Chief Executive Officer of Beacon Energy, commented:
“The introduction of a large industrial player with over a century of energy sector expertise in Italy to the shareholder base of LNEnergy Italy further validates the quality of the Colle Santo project and strengthens the financial backing for the project.

These transactions, when taken together, maintain Beacon’s 43.2 per cent indirect economic interest in the project (assuming the Second Acquisition is completed) while providing additional capital for the project.

With the VIA approval in August 2025 and the full EIA approval in January 2026, LNEnergy Italy remains fully focused on securing the Production Concession award in the coming months. We have a clear and active pipeline of milestones ahead and look forward to keeping shareholders updated on our progress.”

The finals below are completely meaningless owing to the company being a cash shell and before the LNE investment was completed. So it’s all about the LNE deal announced today where the JV has brought in a strategic industry player for both the offtake and of course the equity stake in the Italian subsidiary. 

This, along with a tidying up of the corporate structure, brings genuine industry validation of the project and further de-risks the Production Concession award, it being the final regulatory approval. It also gives an interesting read through to the valuation for Beacon, the see through valuation, based on €14m for 100% is at a 25% premium to the Beacon current market cap given their holding of 43.2% of the asset so €6m or £5.2m.

I would expect more good news from Beacon in coming months, a well test, finalisation of FEED, the Production Concession and of course further news on funding should all combine to keep the shares front and centre of investors minds and as I have said before makes a compelling argument for a cheap European gas play. 

Beacon has also announced its Final Results for the year ended 31 December 2025.

Copies of the Annual Report and Accounts will shortly be posted to shareholders and made available on the Company’s website at: https://beaconenergyplc.com/

Mark Rollins, Non-Executive Chairman of Beacon Energy, commented:
“During the year and subsequent period, the Board has worked tirelessly to deliver the Company’s strategy which is to pursue the acquisition of value enhancing opportunities to develop and grow a self-funding upstream oil & gas company.

On 6 March 2026, the Company was delighted to complete the acquisition of a strategic investment in LNEnergy Limited (“LNEnergy”), together with a £3.79 million fundraise and simultaneous readmission to AIM.

The acquisition represented a transformational transaction for shareholders, which was fully aligned with Beacon Energy’s growth strategy to focus on assets with proven resources, a clear path to production and therefore tangible value. 

As announced separately today, the introduction of a large industrial player with over a century of energy sector expertise in Italy to the shareholder base of LNEnergy Italy further validates the quality of the Colle Santo project and strengthens the financial backing for the project.

With the VIA approval in August 2025 and the full EIA approval in January 2026, LNEnergy Italy remains fully focused on securing the Production Concession award in the coming months. We have a clear and active pipeline of milestones ahead and look forward to keeping shareholders updated on our progress.”

Chariot 

Chariot has announced its audited final results for the year ended 31 December 2025.

Adonis Pouroulis, CEO commented:
“We are pleased to present our Final Results today as we report on the key developments over the past year that have transformed our business and will now shape our path forward. Once our transaction in Angola completes, we will have material exposure to cash generative oil producing assets, and we have clear plans to put additional oil production on the books. In Morocco, our assets provide us with development and exploration optionality in a strategically located hydrocarbon basin and our new ventures pipeline gives us access to the next generation of upstream opportunities across Africa.

“Our renewables business has built further critical mass over the past months and we are now looking to realise this value and utilise the capital to further accelerate our upstream objectives. Fundamentally, we are focused on growth, and alongside our existing assets which represent independently valuable opportunities, we have the partners, the team, and financial foundation to continue to execute and scale.”

Chariot’s 2025 results are also relatively meaningless, all the spice, and there is plenty of it, is on the way that the company is transforming itself with its move into Angola which should complete before long. This is, as I have said a number of times here, is a particularly good deal and with lucrative production generating significant cash and the raise leaves Chariot in a very strong position.

Key Highlights throughout 2025 and Post Period:

Upstream Oil & Gas

Angola – post year end

Morocco

New Ventures

Renewable Power

Electricity Trading

Generation Projects

Green Hydrogen

Corporate

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018.

Rockhopper Exploration

Rockhopper has provided the following update in respect of the exit of Rockhopper’s Italian assets.

On the 14 October 2024, Rockhopper announced its planned exit from Italy through the signing of a share purchase agreement (“SPA”) with Zodiac Energy Limited (“Zodiac”). The SPA relates to the sale of Rockhopper Civita Limited (a wholly owned subsidiary of Rockhopper Exploration Plc). Rockhopper Civita Limited holds all Rockhopper’s Italian assets and liabilities, except for the Ombrina Mare arbitration.

The SPA is conditional on receipt of approvals from the Falkland Islands Government (“FIG”) and the Italian regulator, the first of which, from FIG has been received. As at the date of this announcement, 30 June 2026, Italian regulatory approval has not been received.

Whilst the SPA remains in full force and effect, the extended long stop date of 30 June 2026 has been reached, which provides Rockhopper and Zodiac with an option, should either party choose to exercise it, to withdraw from the transaction.

The Company and Zodiac continue to try and satisfy the demands of the Italian regulator and will provide further updates as appropriate.

Nothing to add here, it’s all about the Falklands…

Sunda Energy

Sunda has provided an update on the acquisition of a production business in New Zealand, the funding thereof, and its activities in Timor-Leste and the Philippines.

New Zealand acquisition update

On 8 April 2026, the Company announced the signature of a conditional share sale and purchase Agreement (the “SPA”) with Matahio Ventures Pte. Limited (the “Seller”) for the acquisition of Matahio NZ (the “Transaction”) which, through two subsidiary companies, owns and operates 100% of four petroleum mining permits and one exploration permits (together the “Permits”), located within the onshore area of the Taranaki Basin on the west coast of New Zealand’s North Island.

Following signature of the SPA, Sunda applied to the New Zealand government for consent for the change of control of the Permits. Productive meetings have been held with New Zealand Petroleum and Minerals, the government regulatory authority, and the approvals process is ongoing.

Sunda and the Seller are working collaboratively towards a smooth and seamless handover in anticipation of completion of the Transaction, which the Company currently estimates will be during September 2026. A joint transition team has been established, meets regularly virtually, and has held physical workshops in Matahio NZ’s offices in New Plymouth and regional headquarters in Kuala Lumpur, Malaysia. Representatives from the Sunda Energy team cover engineering, HSE (Health, Safety and Environment), finance, geoscience and IT functions. Keith Bush, an independent non-executive director of Sunda, has also visited the offices and facilities in New Zealand to ensure board representation and oversight of the transition process. The transition team is pursuing a detailed handover and integration plan with various discrete and time-bound workstreams.

As part of the transition plan, Sunda is now receiving regular updates on all operational, production, HSE and finance matters concerning the New Zealand business. Overall average production for the five months from 1 January 2026 to 31 May 2026 was 1,036 barrels of oil equivalent per day (“boepd”). Full year forecast average production for 2026 is 1,052 boepd, representing a 2.3% increase on 2025 average production. Crude oil produced from the Permits are delivered to a tank farm near New Plymouth, with liftings and exports occurring on a roughly 3-month cycle. Two liftings have occurred to date in 2026, during February and May, with oil lifting volumes and realised sale prices to date in 2026 significantly above the long-term average, reflective of the high oil price environment during 2026.

Acquisition financing update

As detailed in the Company’s announcement of 8 April 2026, the Transaction is being funded through a combination of director loans, share subscriptions, a retail offer and the issuance of unsecured convertible loan notes (the “CLNs”). This structure was required to provide the Seller with certainty of funding to complete the Transaction.

In addition to an equity subscription of £900,000, Alumni Capital Limited (“Alumni”) agreed to subscribe for the CLNs in three tranches, to a maximum aggregate value of £4,250,000.

An initial tranche of CLNs for a sum of £1,250,000 were drawn down following a general meeting on 29 April 2026. To date, Alumni has converted £750,000 of this first tranche of CLNs.

The second and third tranches of the CLNs are each for an amount up to £1,500,000.

The second tranche could have been subscribed for up to 29 June 2026 and the third tranche can be subscribed for within the period commencing on 30 June 2026 and ending on the earlier of either the date of completion of the Transaction (the “Completion Date”) or 7 April 2027.

Following analysis of revenues and costs to date within the Matahio NZ business, and in the context of stronger oil prices than anticipated when negotiating the Transaction, the Company has not drawn down the second tranche of CLNs. Sunda is continuing to monitor cashflows closely and evaluate the requirement to drawdown the third tranche of the CLNs, whilst being mindful of the need to be financially prudent and allow for contingencies.

Timor-Leste update

Further to the announcement on 19 June 2026, the Company’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda. (“SundaGas”) has held clarification meetings with Timor-Leste upstream regulator Autoridade Nacional do Petróleo and government-owned joint venture partner TIMOR GAP Chuditch Unipessoal, Lda. concerning the next steps for Production Sharing Contract TL-SO-19-16 following the receipt of a letter of notice of intention to terminate. The Company is now evaluating its options and considering how to proceed with respect to the drilling of the planned Chuditch-2 appraisal well. Further updates will be provided in due course.

Philippines update

Sunda holds a 37.5% non-operated interest in Philippines Service Contracts SC 80 and SC 81, located in the southern Sulu Sea. SC 80 and SC 81 are both operated by Tetragon Energy Limited with PXP Energy Corporation and Philodrill Corporation as partners. Geoscience technical studies on the area are ongoing and continue to provide encouragement concerning the prospectivity of the licence areas. A joint operating agreement has been executed by the partners to govern the relationship between the partners in the joint venture.

No comment from the company with this announcement so I don’t see why I should spend any time on it…