WTI (Aug) $67.00 -45c, Brent (Sep) $68.80 -31c, Diff-$1.80 +14c
USNG (Aug) $3.41 -8c, UKNG (Aug) 80.51p +1.04p, TTF (Aug) €30.825 +€0.145

Oil price

With the US closed today for Independence Day, markets were quiet leading up to it but the Opec+ meeting on Sunday also affected traders. The cartel are expected to add another 411/- b/d which means they remain confident about the current state of the market. 

From yesterday it is worth noting the situation in Iran where the President has signed a law suspending co-operation with the IAEA which might lead to renewed hostilities with the USA. Also a rider on the 2015 deal reinstates all US sanctions on Iranian oil exports should they not comply…

United Oil & Gas      

United yesterday announced a conditional placing and subscription to raise gross proceeds of £800,000 (the “Fundraising”) through the issue of 444,444,444 new ordinary shares of £0.00001 each (the “Fundraising Shares”) in the capital of the Company at a price of £0.0018 per share (the “Issue Price”). Global Investment Strategy UK Limited acted as placing agent to the placing and raised gross proceeds of £654,852 and an additional £145,148 was directly subscribed for with the Company. The Fundraising was significantly oversubscribed and was scaled back.

As part of the Fundraising, participants will be issued one warrant for every two new ordinary shares subscribed (the “Warrants”). Each Warrant will be exercisable at £0.0028 and expire on 30 June 2026.

The authorisation to issue the Fundraising Shares along with associated Warrants is included within the resolutions in the Company’s forthcoming Annual General Meeting (“AGM”) on 25 July 2025 and subject to shareholder approval.

Use of Proceeds

The net proceeds of the Fundraising will be used to:

• Support the ongoing farm-out process for the Company’s Walton-Morant Licence in Jamaica, and
• Provide general working capital for the Group.

Brian Larkin, Chief Executive Officer, commented: 
“We are very pleased with the strong demand for this fundraising, which was significantly oversubscribed, a clear vote of confidence in our strategy, asset base, and progress in Jamaica.

We structured a modest raise to minimise dilution,  to give us near term flexibility through a key phase while preserving upside for existing shareholders. With two additional tranches of warrants already in place, including the £0.0015 warrants now in the money, we have created a framework for progressive funding through future warrant exercises. We continue to focus on delivering on our primary objective the farmout of our Walton-Morant licence in Jamaica.

The Jamaica farm-out process continues to gain traction. We are encouraged by the quality of the parties and the growing level of engagement. Our focus remains on securing the right partner to move the Walton-Morant Licence forward in a way that creates long-term value.

The Walton-Morant Licence offers a rare combination: multi-billion-barrel potential, drill-ready prospects, and shared geological traits with proven regional systems such as Guyana and Trinidad Jamaica’s favourable operating environment and rising strategic importance in the context of regional energy security all strengthen the investment case. The “string of pearls” play concept – multiple prospects along trend – increases the potential scale and upside of any initial success.

With the licence extended to January 2028 and growing momentum in the farm out process, we are entering an exciting phase for United and its shareholders.”

After a long time without a raise UOG has raised the necessary to get it through the Walton Morant farm-out and it was gratifying to see it significantly oversubscribed, albeit for a modest amount.

This is because the company wanted to avoid dilution, and to be fair to them they have kept the beta in the shares for investors. It does look very exciting indeed and it may well be an interesting, if last chance saloon for UOG.

Coro Energy

Coro yesterday announced that it has signed a memorandum of understanding for a strategic partnership with Threefold Energy Group Ltd (“Threefold Energy” or “Threefold”).

Threefold Energy is an energy technology company backed by Tier 1 global partners. Threefold’s services are centred on the deployment of industry-leading Battery Energy Storage System (“BESS”) hardware with proprietary specification that is underpinned by Threefold’s IP-protected energy management platform. Threefold Energy enables businesses to significantly reduce their energy costs and associated emissions. Focused on the UK, European and South East Asian markets, it currently has 40MW in development in commercial and industrial (“C&I”) BESS projects.

Under the terms of the MOU the two companies will explore opportunities in Vietnam and other South East Asian markets to increase the stand-alone commercial benefits and performance of rooftop solar systems to C&I customers by combining them with Threefold Energy’s platform.

Tom Richardson, Chairman of Coro, commented:
“We are pleased to be partnering with a well-funded company backed by Tier 1 industry partners that has a track record of developing market-leading energy management and storage solutions.”

Luke Gamble, CEO of Threefold Power, commented:
“Coro has an established footprint in Vietnam with high quality assets and a significant pipeline of C&I customers. We look forward to demonstrating the significant additional value that Threefold Power can deliver from our platform and hardware combination.”

Coro has finally announced something that shareholders should actually appreciate and with a good partner. As the MOU suggests, there should be decent opportunities to do more together.

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