WTI (Aug) $72.08 -$1.44, Brent (Sep) $76.30 -$1.72, Diff -$4.22 -28c
USNG (Aug) $3.01 -20c, UKNG (Aug) 118.77p +2.4p, TTF (Aug) €49.465 +€0.795

Oil price

Oil is unchanged today and will end up on the week for the first time for a while. Some are taking a sanguine view as apparently technical talks are continuing, while Rome burns as they say…

And whilst oil has been flat, product markets are still spritely and yesterday, after further Ukrainian attacks on refining operations, Russia had to ban exports of diesel. 

Seascape Energy Asia

I note that EnQuest has announced that it has not been pre-empted by any of the JV partners in the three asset package acquisitions announced recently at a total cost of c.$833m. I don’t cover EnQuest but I do follow Seascape and this has, in my view, a knock on effect on them.

The market was not expecting the EnQuest/Petronas deal to be pre-empted believing, as I did, that the consideration location was structured to minimise the risk. 

What it does do is to highlight Malaysia as a top-tier destination for upstream investment and the series of deals in country so far this year (ENI/Petronas JV, EnQuest/Petronas, INPEX/TotalEnergies) prove that.

For Seascape I have been convinced from day 1 that it has exactly the right strategy in the right place and that all these moves bode well for a farm-out of their acreage and also validate how the portfolio has been constructed so far. 

Readers know that I have been bullish from the start and it immediately went into the Bucket List and the target price has doubled since then and now stands at 125p. At 87p the shares have performed well but with so much potential they remain a firm favourite and has lots of upside from here. 

Chariot

Chariot has announced that its Annual General Meeting will be held at The Mayfair Hotel, Stratton Street, London, W1J 8LT on 22 September 2026 at 10.00am. Please can shareholders arrive at 9.30am for a 10.00am start. Once the formal business of the AGM has concluded, management will go through the latest version of the corporate presentation which will be followed by a Q&A session.

As one of the resolutions at the AGM, the Company is proposing to implement a consolidation of the Company’s ordinary share capital on the basis of 1 New Ordinary Share of 25p for every 25 Existing Ordinary Shares of 1p each at a time to be determined at the discretion of the Directors.

As set out in recent announcements, Chariot is firmly refocusing the business on its upstream strategy. The Company sees a number of value triggers ahead, including the completion of its offshore Angola transaction, the divestment of its renewables business, securing additional oil and gas production revenues and pursuing other synergistic development and exploration opportunities. Management believes this is a pivotal time for the Company as it shifts its investment focus towards cashflow generation and growth, and that a rebased share price will support its growth trajectory over the longer term. 

As a consequence of the level of the Company’s share price, minor changes in the price can amount to significant percentage movements, and this can lead to volatility. Accordingly, the Board believes that it would be in the interests of both the Company and Shareholders to decrease the number of Existing Ordinary Shares in issue, with a corresponding increase in the nominal value and market price of those shares, by consolidating the Existing Ordinary Shares on the basis of 1 New Ordinary Share of 25p for every 25 Existing Ordinary Shares of 1p each. The Board anticipates that a higher share price may help reduce the volatility in the Company’s share price and support a more consistent valuation of the Company.

Subject to the passing of the Share Consolidation Resolution at the Annual General Meeting, the Directors will have the discretion to determine the optimal timing of its implementation.

The notice of AGM (“Notice”) and letter from the Chairman which includes further details on the proposed share consolidation is available on the Company’s website and will be posted out to shareholders on request.

All shareholders are encouraged to submit their vote electronically or by using the proxy form enclosed with the Notice. Details of how to do this are contained in the document. All valid proxy votes will be included in the poll to be taken at the meeting.

The result of the AGM will be announced shortly after its conclusion and published on the Company’s website.

This seems pretty sensible to me as the share price can be rebased ahead of the exciting production story ahead.  I share the optimism for Chariot going forward I would think that shareholders will approve. 

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