WTI (May) $66.95 -$4.76, Brent (June) $70.14 -$4.81, Diff -$3.19 -5c
USNG (May) $4.14 +8c, UKNG (May) 94.99p -1.62p, TTF (May) €38.785 – €1.475

Oil price

Liberation Day +2 and what can one say? The tariffs have crashed markets again and oil is down around $6, the reason for the latter being down to Opec+. In their meeting yesterday they took the inflammatory decision to announce that they would increase production by 411/- b/d up from the planned 135/- b/d which was a red rag to a bull.

Opec leaders suggested that the oil markets are ‘healthy’ and that the outlook is ‘positive’ others called it controlled sweating or more likely Kazakh spanking and a move to improve compliance from the cronic cheater.

Finally the news sent Iran begging to MbS, saying that they would facilitate talks with the USA saying ‘we remain fully subject to verification and ready to engage in dialogue. 

Serica Energy

On 7th March 2025, following media speculation, the Board of Serica announced that it was in discussions with EnQuest plc (“EnQuest”) regarding a possible transaction to combine Serica and EnQuest (the “Possible Transaction”) (the “Announcement”). It was envisaged in the Announcement that the Possible Transaction would be structured as an all share offer by EnQuest for Serica by way of a reverse takeover under the UK Listing Rules.

The Announcement stated that in accordance with Rule 2.6(a) of the Code, EnQuest is required by not later than 5.00 p.m. on 4th April 2025 (the “PUSU Deadline”) (or such later date as the Panel on Takeovers and Mergers (the “Panel”) may consent to in accordance with the Code) to either announce a firm intention to make an offer for Serica in accordance with Rule 2.7 of the Code or announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

Discussions between Serica and EnQuest remain ongoing. Therefore, the Board of Serica has requested, and the Panel has consented to, an extension of the PUSU Deadline in accordance with Rule 2.6(c) of the Code. In accordance with Rule 2.6(a) of the Code, EnQuest is now required by not later than 5.00 p.m. on 2nd May 2025 (the “Revised PUSU Deadline”) to either announce a firm intention to make an offer for Serica in accordance with Rule 2.7 of the Code or announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The Revised PUSU Deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

There can be no certainty either that an offer will be made, nor as to the terms on which such offer will be made. A further announcement will be made when appropriate.

I’ve been waiting for the news from Serica but all we got was an extension from today until 2nd May which to be frank is not surprising especially when something leaks, like this one did. We can read nothing into the likelihood but it is evident that more time is needed to determine if a deal can be reached or not.

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