WTI (Aug) $69.50 -$1.25, Brent (Sep)* $72.95 -34c, Diff -$3.45 +$1.05*
USNG (Aug) $3.28 +10c, UKNG (Aug) 104.58p +3.04p, TTF (Aug) €43.725 +€1.3
*Denotes expiry of Brent August contract

Oil price

The quarter ended with further weakness in the oil price although Brent rolled over quite well, markets have without doubt given ceasefire the benefit of the doubt although ironically the talks in Doha today have taken a different route as whilst the US envoys are there they are only meeting with the mediators as the Iranians are now not participating. Assuming that Trump has chickened out markets are weaker again this morning which you can’t blame them for I suppose…

The price moves in the quarter were indeed brutal, after the sharp rally the fall was precipitous, WTI was down $31.88 and Brent $31.02 although the product market was significantly more defensive. The API stats last night showed a fall in crude oil of 6.072m barrels, gasoline drew by 2.106m but distillates added 2.9m not surprising at this time of the year.

Savannah Energy

Following the previous announcement on 9 October 2025, Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce the appointment of Uyi Akpata as a Non-Executive Director with immediate effect. Following publication of the FY 2025 annual accounts, and after period of handover, it is intended that Mr Akpata will be appointed as Chair of the Audit and Risk Committee.

Commenting on the appointment, Joseph Pagop Noupoué, Non-Executive Chair of Savannah, said:
“We are pleased to welcome Uyi to the Savannah Board as a Non-Executive Director. Uyi brings extensive experience in audit, risk management, corporate governance and the energy sector, gained over a distinguished career spanning more than 40 years. His leadership roles at PwC, including as Senior Partner for Nigeria and Regional Senior Partner for West Africa, together with his deep knowledge of the African energy industry, make him an excellent addition to the Board. We look forward to benefiting from his expertise as Savannah continues to expand its operations across Africa, execute its growth strategy and deliver long-term value for shareholders.” 

Uyi Akpata commented:
“I am delighted to be joining the Board of Savannah at this important stage in the Company’s development. Savannah has built a strong and diversified energy business with a clear strategic focus and significant growth opportunities. I look forward to working closely with my fellow Board members and the management team, and to contributing my experience in governance, audit, risk oversight and the energy sector to support the Company’s continued growth and success.

Whilst I don’t always comment on NED appointments I think that this is important in that it shows that Savannah are adding serious weight behind its corporate governance by adding such an experienced member to its board.

The distinguished career at PwC in Nigeria will surely bring gravitas and strength to the audit process as he will become Chair of the Audit and Risk committee following publication of the 2025 final results and a period of handover. 

Arrow Exploration

Update from the Icaco 4HZ well, where $AXL is currently drilling and completing the first horizontal well on the Icaco pad targeting the Ubaque formation.

Arrow posted this on X yesterday afternoon, not sure there is much detail but a short video seems to indicate that all is going well. 

Angus Energy

Angus has announced an Investor Presentation Following Proposed Restructuring and Fundraising

• The £3 million fundraising combined institutional demand through the placing with significant participation from existing major shareholders and the Board through direct subscriptions, demonstrating broad support for the Company’s next phase of growth.
• The restructuring has materially strengthened the Company’s balance sheet through the crystallisation of the overriding royalty, conversion of deferred consideration into equity and simplification of the capital structure, removing significant legacy liabilities and equity overhangs.
• The revised financing structure enables Angus to fund its operating expenditure, capital investment programme and corporate overheads while maintaining a prudent liquidity position. Surplus cash is then applied to reducing debt, strengthening the balance sheet and increasing value attributable to shareholders over time, while the Company retains the flexibility to fund its growth strategy.
• Production has increased following the successful Saltfleetby workover programme, with further growth expected from facility optimisation, the Brockham workover and the planned fourth Saltfleetby well.
• The roll-off of legacy low-priced gas hedges, together with replacement hedges entered into at significantly higher prices and increased production, has materially improved hedge-adjusted revenues and cash generation.
• With a stronger financial platform, aligned stakeholders and established operating infrastructure, Angus is well positioned to deliver organic production growth alongside disciplined, value-accretive acquisition opportunities.

Angus Energy plc is pleased to announce the publication of an investor presentation used in connection with its recent restructuring and fundraising. The presentation provides additional information on the Company’s investment case, operational strategy and growth plans, and should be read alongside the Company’s announcement of 24 June 2026.

A copy of the presentation is available on the Company’s website at www.angusenergy.co.uk, under the Investors section in “Results, Reports & Presentations”. 

The Board believes the restructuring marks a significant milestone for the Company, providing a stronger financial platform from which to execute its operational strategy, reduce leverage through internally generated cash flow and create sustainable long-term value for shareholders.

This is a very useful update from Angus which puts a great deal of flesh on the bones of the the recent restructuring and fundraise and ‘provides additional information on the Company’s investment case, operational strategy and growth plans, and should be read alongside the Company’s announcement of 24 June 2026’.

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