WTI (Nov) $61.51 -$1.04, Brent (Dec) $65.22 -$1.03, Diff -$3.71 +1c
USNG (Nov) $3.27 -5c, UKNG (Nov) 82.77p +0.62p, TTF (Nov) €32.17 +€0.035

Oil price

Oil is a bit easier today as the Middle East premium comes out of the price, the 20 point document is signed and whilst nothing can be guaranteed the signs look good at least for now. 

Union Jack Oil

Union Jack has announced that following the withdrawal of the resolution that was to be put to shareholders at a general meeting on 26 August 2025, the Company has today posted a Circular and notice of general meeting to shareholders. 

The General Meeting (“GM”) will be held on 30 October 2025 at 11.00 a.m. at the George White Suite, The Bristol Hotel, Prince Street, Bristol, BS1 4QF.

Following shareholder feedback regarding the proposed issue of warrants by the Company as part of the Fundraise announced on 23 July 2025, the Board has concluded that it would be in the Company’s best interests to offer all shareholders an opportunity to participate in the Company’s future success through an issue of bonus warrants to all shareholders, on the basis of one bonus warrant in respect of every four ordinary shares of 5p each in the capital of the Company (“Ordinary Shares”) held by shareholders at 6.00 p.m. on 3 November 2025 (the “Bonus Warrants”). The proposed issue of Bonus Warrants will be in addition to the issue of warrants to those shareholders who participated in the Fundraise (“Fundraise Warrants”).

At the General Meeting a resolution will be proposed to seek the approval of shareholders to authorise the Directors to issue the Bonus Warrants to subscribe for up to 36,641,474 Ordinary Shares and the Fundraise Warrants to subscribe for up to 40,000,000 Ordinary Shares and to empower the Directors to disapply pre-emption rights in relation to the allotment of Ordinary Shares in connection with the issue of both the Bonus and Fundraise Warrants pursuant to their exercise (the “Resolution”).

Subject to the passing of the Resolution, the Fundraise Warrants and the Bonus Warrants will be subject to the same terms, namely each Fundraise Warrant and each Bonus Warrant will be exercisable at 8 pence for a period of two years following their issue (which is expected to be 7 November 2025) and will otherwise be subject to the terms and conditions set out in the Warrant Instrument.  The Bonus Warrants and the Fundraise Warrants will not be admitted to trading on AIM.

This is good news for shareholders, some of whom had, I understand, been more than a touch unhappy about being left out of the placing. This is always a difficult call whenever money is being raised but this looks to me to be a great way to ‘even things up’ and management should be praised for their lack of parsimony. 

Sometimes managements get stick for poor decisions made in the heat of acquisitions or fund raises and this to me proves that if the will is there then recompense can sometimes, not always be made. So, all being well and with a reasonable market and continued success from the portfolio, I suspect that the bonus warrants might well reach the magic 8p level. Management and shareholders alike deserve such rewards, UJO is in great shape in the UK and the US and my value is a lot higher than this exercise price.

Expected Timetable of Principal Events

Each of the times and dates in the below is indicative only and may be subject to change by the Company, in which event details of the new times and dates will be notified to shareholders by announcement through a Regulatory Information Service. 

References to times set out above and in the circular are to Greenwich Mean Time unless stated otherwise. The timetable above assumes that the Resolution is passed at the General Meeting without adjournment.

Further details on the background to and reasons for the General Meeting will be set out in the Circular which will also be made available on the Company’s website (www.unionjackoil.com).

Reabold Resources

Reabold has announced that, through participation in a rights issue, it has increased its interest in LNEnergy Limited by a further 1.2% through the subscription for 128 new ordinary shares at a price of £1,200 per share, with total cash consideration of £153,600. This will take Reabold’s total shareholding to approximately 47.4% of LNEnergy’s enlarged share capital. 

LNEnergy’s 100% owned subsidiary, LNEnergy S.r.l, is the Italian company that has a 90% interest in the Colle Santo gas field in the Abruzzo region of Italy, a highly material gas resource with an estimated 65Bcf of 2P reserves1.

As announced on 7 October 2025, Reabold has entered into a binding, conditional agreement with Beacon Energy PLC (“Beacon”), for Beacon to acquire all of Reabold’s interest in LNEnergy. The first phase of this acquisition, in which Beacon will initially acquire approximately 49% of Reabold’s holding in LNEnergy, is anticipated to complete in November 2025.

Nothing much to add here, LNEnergy is having a rights issue to top up working capital so it makes perfect sense for Reabold to maintain their share, especially after the announcement of the deal with Beacon earlier this week. 

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