WTI (May) $69.36 -56c, Brent (May) $73.63 -40c, Diff -$4.27 +16c
USNG (May) $4.07 -4c, UKNG (May)* 96.76p -1.4p, TTF (May)* €40.975 +€0.225
*Denotes expiry of April contract

Oil price

The last day of the month and the quarter sees oil very quiet, after another up week crude is taking it slowly, after all Wednesday is ‘Liberation Day’ and Tariffs remain the key talking point and Putin has been drawn into the debate, Trump saying that he will put 25% or 50% on Russian crude prices if the Russian President doesn’t fall into line…

And as for Iran, Trump has said that bombing them is ‘an option’ if it would hurry up getting rid of their nuclear apparatus. 

Finally, many apologies as some people got Friday’s blog on Sunday lunchtime, this was due to a glitch at Mailchimp who send out the email version, all other ways of delivery came out at the correct time!

Challenger Energy Group

Morgan Stanley has announce that its stake in CEG has risen from 7.135% to 8.015% as interest from the US in the Challenger story grows. 

Hunting

Hunting has today announced an update to the Group’s Subsea Technologies sales order book, following a number of new contract wins.

Enpro

The Group’s Enpro business has been successful in expanding its end-markets with the securing of decommissioning contracts with two clients in the North Sea, totalling c.$23 million. The clients will utilise Hunting’s proprietary solutions for the attic oil recovery phase of these decommissioning projects, which are designed to safely access fluids contained in gravity-based concrete cell structures, which form part of the infrastructure of oil and gas fields. These awards are part of multi-year decommissioning programmes in the North Sea, with the possibility of further orders being awarded in 2026.

The awards demonstrate Enpro’s ability to provide subsea solutions from first-production to decommissioning, utilising the Company’s modular product solutions.

Spring

Hunting has secured a new order for its titanium stress joints for a project in the Gulf of Mexico, with a major oil and gas company. The order totals c.$15 million and represents a new client for the Group for this product line.

Quarter-End Sales Order Book

With these new order wins, totalling c.$38 million, the Subsea Technologies sales order book has increased from $72.5 million at 31 December 2024, to c.$85 million at 31 March 2025, with the division also executing on existing large orders for Guyana in the quarter.

An update to the Group’s total sales order book will be published within the Group’s planned Q1 2025 Trading Update, which is to be issued on Wednesday 16 April 2025, being the date of Hunting PLC’s Annual General Meeting.

Commenting on this progress, Jim Johnson, Chief Executive of Hunting, said:
“The progress delivered by our Subsea businesses during Q1 2025 demonstrates that our widening product offering accesses the whole lifecycle of an oil and gas field, from first-production to abandonment. Further, with the securing of new titanium stress joint orders with a new client in the Gulf of Mexico, Hunting has demonstrated that our leading riser solution is increasingly being adopted by the Majors and large Independents operating in deepwater regions.”

More good news from Hunting as the Subsea business steps up with decommissioning contracts worth $23m in the North Sea which are part of multi-year decommissioning programmes in the North Sea, with the possibility of further orders being awarded in 2026.

In addition, the company has secured a new order for its titanium stress joints for a project in the Gulf of Mexico, with a major oil and gas company. The order totals c.$15 million and represents a new client for the Group for this product line.

Put together these orders have increased the Subsea Technologies order book to c.$85m as of today, the company also remind investors that the division is also executing on existing large orders for Guyana during the quarter. 

Yet again Hunting are demonstrating best-in-class contract wins and that the areas that they are operating in are amongst the top league of world energy technologies with appropriate margins and thus high profitability, I remain highly positive on Hunting with a TP of 500p.

Jadestone Energy

Jadestone has announced that the Valaris 247 jack-up rig has arrived on location at the Montara field offshore Australia to drill the Skua-11 well side-track.

Skua-11ST is the main activity in Jadestone’s 2025 capital program. Operations will cover safe decommissioning of the existing SK-11 well, after which a side-track will be drilled higher in the Skua structure to accelerate the recovery of reserves from this field. The Skua-11ST program is expected to take c.60 days to complete, with an expected initial oil rate of c.3,500 bbls/d when brought onstream and extending the economic life of the Montara field by one year. The well is expected to cost US$62 million, with a forecast payback period of 16 months and generate a 65% internal rate of return.

Adel Chaouch, Executive Chairman of Jadestone, commented:
“We are looking forward to executing drilling operations at Skua-11 safely and efficiently. Bringing this well back into production will add to the positive operational momentum we have seen so far in 2025, with Group production year to date averaging c.21,000 boe/d, slightly ahead of expectations, even after cyclone related downtime in Australia early in the year. The emphasis on high uptime and stable operations is beginning to pay off, as we focus on demonstrating delivery against targets.”

Good news here from Jadestone as the Skua sidetrack is about to be drilled bringing with it additional production and a life extension at Montara. Slowly but surely things continue to improve at Jadestone whom I am meeting later this week….

Corcel

Corcel has announced its unaudited half-year results for the six months ended 31 December 2024.

Chairman’s Statement

Dear Shareholders,

I am pleased to present the interim results of Corcel Plc for the six-month period ending 31 December 2024.

Corcel entered this financial year with a clear mission – to transform into a high-growth energy platform driven by technical expertise, operational efficiency, and strategic capital allocation. We have focused on disciplined execution, strengthening our portfolio, and are making significant progress in our strategy. I am happy to report that the transformation is progressing satisfactorily.

In Angola, in our operated KON-16 block we made significant progress. The successful completion of the Enhanced Full Tensor Gradiometry (eFTG) survey post year-end was followed during this interim period by the processing and interpretation of the data. This critical work will set the next stage of our exploration programme, including seismic acquisition and eventual drilling. Our confidence in KON-16’s pre-salt potential is reinforced by our increased equity position, now at 49.5%.

Meanwhile, activity continues on the non-operated blocks KON-11 and KON-12, where the operator’s work to assess and resolve challenges encountered in the TO-13 and TO-14 wells remains ongoing. Corcel continues to work with the Operator to realise the future potential of these assets.

In Brazil, our entry through a strategic collaboration agreement has opened doors to low-risk, near-term production. Post interim period, in February 2025, we announced the successful result in the EI-1 well workover. Our efforts now turn to the second workover well, which will assist us in further evaluating the Irai opportunity, and Corcel’s decision of potentially exercising the Option it holds to acquire 20% of the field.  Additional opportunities are under active evaluation, consistent with our ambition to grow a robust production portfolio in this strategically important market.

Post interim period, in February 2025, we successfully raised £2.72m at a 6.7% premium to the previous day closing price to fund value-accretive ongoing operational activities across our assets, business development efforts to increase our interest in the Kwanza Basin, onshore Angola, and our growth strategy in Brazil. This capital injection allowed us to strengthen our balance sheet and financial position. It also demonstrates investor confidence in our assets and our team as a whole.

Our Board remains focused on governance and accountability, ensuring Corcel’s growth is underpinned by strong oversight and prudent risk management as we scale operations.

Outlook

As we enter the second half of the financial year, Corcel is in a stronger, more focused position than ever before. Our near-term priorities are clear:

• Finalising the eFTG data interpretation for KON-16 and advancing toward seismic and drilling;
• Increasing our interests across the Kwanza Basin, onshore Angola;
• Potentially converting the Irai option into our first production asset and identifying follow-on acquisitions in Brazil;
• Supporting Sonangol’s efforts to unlock value in KON-11 and KON-12;
• Maintaining a disciplined approach to capital deployment, aligned with strategic value creation.

In summary, we are entering a phase of execution and delivery. The foundation laid over the past year is now enabling us to transition into a business capable of generating revenues while continuing to build long-term exploration and development upside.

I would like to thank our shareholders for their continued trust and support, and our employees and partners for their commitment to this shared vision. Together, we are building a stronger, more resilient Corcel.

Yours sincerely,

Pradeep Kabra, Independent Non-Executive Chairman

CEO’s Statement

Dear Shareholders,

Corcel has entered 2025 with strength. The groundwork laid over the past 9 to 12 months – both operationally and commercially – is now beginning to convert into tangible progress. With material developments across our portfolio in Angola and Brazil, a strengthened financial position, and a clear pathway to value delivery, Corcel is moving into a phase where momentum is unmistakably building.

Angola: A Leading Position in the Kwanza Basin

In Angola’s Kwanza Basin – rapidly emerging as one of the most closely watched onshore energy frontiers globally – Corcel has secured a leading position. We now hold a 49.5% interest in our operated KON-16 block, a meaningful increase achieved at no cost to the Company. This enhanced position gives us both strategic control and expanded exposure to the significant upside this basin offers.

The completion of the Enhanced Full Tensor Gradiometry (eFTG) survey over KON-16, followed by the start of data processing during this reporting period, represents a pivotal technical step. This work will directly contribute towards our 2D seismic acquisition later this year, a programme that will define the roadmap toward the first new well on KON-16. Importantly, our operator status puts us in the driver’s seat, enabling us to maintain strict cost discipline while driving forward value-accretive activity.

Elsewhere in the basin, work recommenced on the Tobias wells in KON-11, as the operator seeks to unlock value in this historic oilfield.

The Kwanza Basin is attracting increasing attention from international and regional players. Corcel was the first AIM-listed independent to secure operated acreage in this prolific region – and that first-mover advantage is now becoming a competitive edge, especially as we take steps to increase our interests across the basin.

Brazil: From Entry to Execution

Our expansion into Brazil is progressing at speed. In November 2024, we secured a binding option over the producing IRAI gas field, and by February this year, the first workover was successfully completed – confirming stabilised gas production at 120 BOEPD. The well has now been tied in and has come online, demonstrating not just technical success, but the speed and discipline with which our team and partners can deliver.

Following the outcome of the second workover, we will assess the commercial case for exercising the IRAI option – an investment decision that could see Corcel step into cash-generating production in Brazil. This rapid timeline, from deal signing to well reactivation, showcases our ability to move decisively in unlocking value.

With rights of first refusal over the remaining 80% of the IRAI field and the adjacent TUC-172 block, we are well positioned to scale our presence in this highly prospective basin.

Brazil is central to our production-led strategy, and we are actively evaluating several further opportunities to build a robust, margin-accretive portfolio.

Strengthened Financial Platform

In February 2025, we successfully raised £2.72 million in a placing completed at a 6.7% premium to the previous day’s closing price – an uncommon achievement for an AIM-listed growth company in the current markets, and a clear signal of confidence in our direction. This followed an earlier raise of £1.22 million in September 2024, also supported by strategic energy-focused investors.

Taken together, these transactions have bolstered our balance sheet and provided the flexibility to accelerate activity across both Angola and Brazil – funding seismic planning, workovers, and business development without compromising capital discipline or shareholder value.

Execution-Focused – Catalysts Ahead

As we look ahead to the second half of the financial year, Corcel is focused on a) finalising KON-16 eFTG interpretation and preparing for 2D seismic acquisition; b) advancing the second IRAI workover and evaluating a potential step into revenue-generating production; and c) targeting growth through further asset consolidation in Angola and acquisition-led expansion in Brazil.

Corcel is no longer a company setting the stage – it is stepping into the spotlight. We are operating in two of the most exciting onshore energy plays globally, with strong partnerships, growing investor support, and a team executing with clarity and urgency.

To our shareholders, thank you for your continued support. With solid foundations in place and a clear strategy ahead, we’re confident that the most exciting chapters for Corcel are still to come.

Sincerely,

Scott Gilbert, Chief Executive Officer

I remain ‘interested’ in Corcel as it has positions in two of the world’s most exciting onshore plays, indeed wading through the above makes one think the company is bigger than it really is but confidence is genuine and to be lauded. 

BUT, I wish that they would put their RNS’s out on the London Stock Exchange but apart from that I am happy to keep an eye on corcel as it looks an interesting play to me…

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