WTI (Aug) $83.88 u/c*, Brent (Sep) $87.43 +9c, Diff -$3.55 +9c
USNG (Aug) $2.42 u/c*, UKNG (Aug) 78.3p +1.92p, TTF (Aug) €33.695 +€1.25
*US Markets closed for Independence Day holiday

Oil price

Another, albeit shortened, up week for crude oil as the hurricane season started with Beryl and inventories showed significant stock draw downs across the board. Non-farm-Payrolls today will affect the Fed’s views on interest rate timings but with the dollar weak maybe September is the time…

Echo Energy

Echo has announced that pursuant to the announcement on 6 June 2024 regarding the Conditional Convertible Loan Note, the Company has received a Conversion Notice for £45,000 in respect of outstanding loan notes. Accordingly, the Company has today issued 1,666,666,666 new ordinary shares of 0.0001 pence each (“New Ordinary Shares”) at a price of 0.0027 pence per New Ordinary Share, being the lesser of: (i) 150% of the Company’s closing bid price on the trading day immediately prior to the date of draw-down of the relevant tranche; or (ii) 90% of the lowest closing bid price in the five trading days immediately preceding the date of conversion as specified in the agreement.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM (“Admission”) and it is expected that such Admission will take place on or around 8.00 a.m. on 11 July 2024.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the New Ordinary Shares, its issued ordinary share capital will comprise 20,353,390,222 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 20,353,390,222. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.

Modest but helpful, Echo has more important fish to fry right now.

KeyFacts Energy Industry Directory: Malcy's Blog