WTI (May) $71.20 -28c, Brent (June) $74.49 -28c, Diff -$3.59 +30c
USNG (May) $3.95 -17c, UKNG (May) 102.79p +5.35p, TTF (May) €42.6 +€1.6

Oil price

Oil is flat ie level, today, Liberation day when the Donald announces the tariffs tonight at 9pm BST. End of.

Genel Energy

Consistent with the basis for the recent placement of a new $100 million senior unsecured bond with maturity in April 2030, Genel Energy plc  has notified Nordic Trustee A.S. that the Company will call the outstanding bond amount relating to ISIN NO 0010894330 with a maturity date in October 2025 and a fixed coupon of 9.25% per annum, at a price equal to 100% of the nominal amount. The total amount outstanding before the call is $66 million. The settlement date is set to be 14 April 2025.

Total no-brainer by using the new $100m bond to repay the remainder of the October 2025 bond outstanding. 

Challenger Energy Group

Challenger has announced that its ordinary shares have been approved to trade on the OTCQB Venture Market in the United States, and will commence trading at market open today, under the ticker symbol “BHSPF”.

Trading of the Company’s ordinary shares on the OTCQB offers significant benefits to investors, including enhanced access to trading for U.S. investors and potentially greater liquidity due to a broader geographic pool of potential investors. By trading on the OTCQB, the Company will be able to engage directly with U.S. investors, ensuring that they have the same level of information and disclosure available as those in the United Kingdom, but through U.S.-facing platforms and portals. Additionally, the OTCQB trading facility will provide U.S. based investors with the ability to access the Company’s ordinary shares in U.S. dollars during U.S. market hours.

Trading of the Company’s shares on the OTCQB will not affect trading of the Company’s ordinary shares on AIM, which will continue under the symbol “CEG”, and no new ordinary shares have been issued through this process. The Company will continue to make all announcements and disclosures to the London Stock Exchange through the Regulatory News Service and is not subject to any Sarbanes-Oxley or US Securities and Exchange Commission reporting requirements.

Eytan Uliel, CEO of Challenger Energy, said: 
“Since closing our farmout agreement with Chevron for the AREA OFF-1 block in Uruguay, we have seen a steady rise in interest in our company from North American investors – a natural development given the geographic location of our assets and the identity of our principal partner. Trading on the OTCQB is expected to enhance the Company’s visibility, broaden our reach, and drive greater engagement with US investors who are well placed to understand the significant upside value potential inherent in Challenger Energy at this time. Over the coming months we will be making full use of the benefits that come from being admitted to trading on the OTCQB, alongside our regular engagement activities within the UK.”

A sensible move by the CEG management who with relatively new brokers who are, I understand, very keen to roadshow in the US where interest has been significant for a number of reasons. Firstly as CEO Eytan Uliel points out above, cutting a farm-in with US super-major Chevron can’t do any harm to investor interest over there. 

Also Robert Bose, of Charlestown Partners invested in CEG early doors and has become a NED of the company, there is inevitable following-in by fans of him and of course Sintana Energy. With this news today and from yesterday’s Morgan Stanley stake as well as new research from shop broker Stifel I can see a very bright future.

Readers know that I have been all over CEG for a long time and my initial TP of 25p looked quite steep in early days. But now I think that, especially with the Chevron deal being worth pretty much exactly 25p I am light by quite a bit. At the risk of looking like I’m plagiarising others’ work I think I can justify another 25p making a 50p target price, after all I was there first…!

With a huge amount going on at CEG at OFF-1 and potential for OFF-3 I remain convinced that amongst the early Bucket List leaders it is sure to stay there.

Southern Energy Corp

Southern has announced it has received an extraordinary resolution from the holders (the “Debentureholders”) of its outstanding convertible unsecured subordinated debentures (the “Debentures”) approving certain amendments to the debenture indenture entered into between the Company and Computershare Trust Company of Canada (the “Trustee”) dated June 14, 2019, as amended by a first supplemental indenture dated June 30, 2021 and a second supplemental indenture dated June 26, 2024, to provide that, subject to and following the completion of the previously announced equity fundraising, which consists of a placing of new units of the Company (“Units”) to new and existing institutional investors on AIM (the “Placing”) and a concurrent public offering of new Units in Canada (together with the Placing, the “Fundraising”), an amount equal to 102.5% of the principal amount outstanding under the Debentures plus all accrued and unpaid interest as of the closing date would convert into Units at the revised Prospectus Price and such Units would be subject to customary lock up provisions (the “Debenture Amendment”). Pursuant to receipt of the extraordinary resolution from the Debentureholders, Southern will enter into a third supplemental indenture with the Trustee to effect the Debenture Amendment. As at the date hereof, the Company has 4,286 Debentures outstanding at face value of C$1,000 each. The completion of the Debenture Amendment remains subject to acceptance of the TSX Venture Exchange.

The Company also announces a revision to the expected timetable for the Fundraising, as further detailed below. The remainder of the terms of the Fundraising will continue without amendment. Defined terms used in this Announcement have the same meaning given to them as defined in the Company’s announcement released on 25 March 2025 unless otherwise defined herein.

This looks like a canny way of completing the fundraising, converting the debentures and completing the deal.

Expected Timetable of Principal Events

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