WTI (Aug) $65.24 +32c, Brent (Aug) $67.73 +5c, Diff -$2.49
USNG (Aug)* $3.53 -3c, UKNG (July) 79.1p -2.97p, TTF (Aug)* €33.675 -€1.185
*Denotes July contract expiry

Oil price

Oil is again slightly better this morning, two things I feel are behind this, firstly the Iranian Supreme Leader has, unsurprisingly added fuel to the flames by initially stating that Iran gave the USA a hell of a slapping last week and perhaps more importantly stated that the country would not allow the IAEA access to the nuclear operations in country. This may be a problem….

Secondly, I talked about inventories yesterday, the product market is very strong across the board, surprisingly for distillates at this time of year but given the refinery runs rate of 94.7% shows that demand is very strong across the board. Indeed with WTI outperforming Brent we definitely have some product refining drag. 

Beacon Energy

Beacon has announced its Final Results for the period ended 31 December 2024.

Copies of the Annual Report and Accounts have today been posted to shareholders and made available on the Company’s website at: https://beaconenergyplc.com/

Mark Rollins, Non-Executive Chairman of Beacon Energy, commented:
“It has been an extremely challenging year for your Company. During the year and subsequent period, the Board has worked tirelessly to stabilise the Company’s financial position and deliver on its strategy which is to pursue the acquisition of value enhancing opportunities to develop and grow a self-funding upstream oil & gas company.

The Board is presently in discussions on a range of opportunities that will enable realisation of this strategy. Of these, the Company has signed a non-binding Heads of Terms and has entered into a period of exclusivity with a third party in relation to the potential acquisition of an interest in an onshore gas development asset located in Europe (the “Transaction”). It is anticipated that binding documentation related to the Transaction will be agreed and an Admission Document published by the end September 2025. While there can be no guarantee that agreement on such a Transaction will be reached, we believe that we have identified a compelling, value accretive opportunity and will continue our efforts to deliver on behalf of our shareholders.

We thank shareholders for their continuing support and patience and look forward to providing updates on our progress as we move through the rest of the year.”

 Final figures are as ever backward facing and not a direction Beacon wants to, or is looking at. The company is working hard to find a deal and are working on a number of opportunities in order to to acquire a ‘value enhancing’ and necessarily inorganic activity so that they can ‘develop and grow a self-funding upstream oil & gas company’.

It seems that, having entered into a non-binding heads of terms with a ‘third party in relation to the potential acquisition of an interest in an onshore gas development asset located in Europe’ that they are on the trail of a ‘compelling, value accretive opportunity and will continue our efforts to deliver on behalf of our shareholders’.

I have a great deal of confidence in the management of Beacon and feel that they should be allowed to put the Germany experience behind them and I look forward to seeing what the potential acquisition is. 

As the Transaction would be considered a reverse transaction under Rule 14 of the AIM Rules for Companies (“Aim Rules”), the Company has requested and been granted the immediate suspension of trading of its shares pending publication of an Admission Document.  Shareholders should note that if the transaction was not to proceed after 6 July 2025 then trading in the shares would remain suspended as the shares were due to be suspended on 7 July 2025 in accordance with Rule 15 of the AIM Rules, as previously announced.

The Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) by 6 January 2026.  Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document.  In the event that the Company does not complete a reverse takeover under AIM Rule 14 within that time or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8, admission to trading on AIM of the Company’s ordinary shares would be cancelled.

United Oil & Gas

United yesterday announced the publication of its audited results for the year ended 31 December 2024, extracts from which are set out below.   The final audited results are being posted to shareholders and will shortly be available on the Company’s website at https://www.uogplc.com/investors/reports-cpr/

Brian Larkin, CEO, commented:
“2024 was a year of significant progress and resilience for United. While we began the year navigating a default notice in Egypt driven primarily by foreign exchange losses due to the geopolitical environment impacted by the war in the middle east. We resolved this constructively, recovering $1.6 million from our receivables and bringing closure to this chapter.

At the same time, we made important progress across our portfolio. Early in 2024, United secured a two-year extension to our Walton Morant licence in Jamaica, a significant milestone that extended our licence through to January 2026. This was further strengthened post-period end, with a second two-year extension granted in March 2025, securing tenure of licence through to January 2028 on what is now our most material asset.

The Company’s full focus is now on Jamaica. With over 40 leads mapped in a proven working petroleum system, Walton Morant offers a rare combination of frontier exploration upside, regional infrastructure proximity, and a stable jurisdiction close to the USA.

Appetite for high-impact exploration is returning. Against this backdrop, our farm-out strategy has gained renewed momentum and have several parties under NDA.

Permitting activities for the next phase of technical de-risking are advancing. Regulatory approvals for a piston core sampling programme are progressing well, and we look forward to providing further updates in the coming months.

With a streamlined portfolio, strengthened asset base, and clear strategic focus, United enters the second half of 2025 well positioned to deliver long-term value for shareholders.”

United is another company where the past is certainly that and these results, snuck out in the afternoon at the end of June are best ignored. Focus is without doubt all on Jamaica and I have seen this structure on maps so many times in the past that I am aware of how big it could be… 

Financial summary

• Loss after tax ($2.44m) (2023: Loss ($20.37m))
• Group Cash balances as at 31 December 2024 were $0.8m (2023: Cash balances $2.0m)
• Cash capital expenditure was $1.3m (2023: $6.2m) 

Outlook

• Additional two-year licence extension granted for the Walton Morant licence to January 2028
• Permitting process advancing for piston core sampling to support next-phase technical de-risking
• United received £0.14 million from an existing shareholder and saw 48 million warrants exercised, further strengthening working capital position

Prospex Energy

Prospex has confirmed, further to the announcement made at 7.01am on Wednesday 25 June 2025, that the ‘WRAP’ Retail Offer is still open for subscription at the Issue Price of 4.5 pence per share until 4.30pm today. Purchasing shares through the WRAP Retail Offer, rather than on market where the current price is approximately the same as the Issue Price, increases the cash resources available to the Company to pursue its strategy.

The Company reserves the right to extend and/or increase the WRAP Retail Offer, subject to demand. A minimum subscription amount of £100 applies for the WRAP Retail Offer. Prospective investors will find full details of the WRAP Retail Offer in the Company’s 7.01am 25 June 2025 announcement. 

The gross proceeds from the Fundraise will be allocated for the cash call for the Viura-1B well in northern Spain, to fund the workover to resume production at the Viura field and to cover ordering long-lead items for the 2026 drilling campaign.

Mark Routh, Prospex’s CEO, commented:
“We are always grateful for the support of our shareholders and are pleased to be able to offer current investors the opportunity to participate in the ongoing Fundraise via the WRAP Retail Offer. With the resumption of production from the Viura field imminent, two other revenue generating onshore natural gas investments, and new wells in the pipeline, Prospex has an active and robust development strategy.  By subscribing to the WRAP Retail Offer subscribers will support the continued growth of Prospex and contribute to increasing the momentum of our Company.”

Just in case shareholders were leaving it to the last minute before adding to their Prospex holding before the offer closes, the company reminds that it is still open for business.

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