WTI (Dec)* $57.24 +$1.33, Brent (Dec) $61.32 +31c, Diff -$4.08 +59c
USNG (Nov) $3.47 +7c, UKNG (Nov) 81.2p +1.07p, TTF (Nov) €32.065 +€0.63.
*WTI November contract expiry

Oil Price

Off to the Capital Markets event today but the market is quite buoyant with oil up around a buck following the call-off of the Trump/Putin summit, sanctions will be applied. Rumours that a US/India deal is imminent and the meeting between trump and Xi may produce something.

Technically the API stats showed a decent draw of 2.98m barrels of crude, higher than the scribblers guesses with the EIA later more representative. Interesting to note that Halliburton beat the whisper, 58c vs 50c that after SLB also beat the market last week. 

Serica Energy

Serica has provided an update on its planned move from AIM to the Main Market.

The Company remains committed to moving to the Main Market at the earliest viable opportunity. Serica had been progressing work on the move from AIM to the Main Market of the London Stock Exchange which, as previously communicated, was set to be completed in Q4 2025. Due to recently announced M&A activity and the impact these transactions will have on the required regulatory disclosure (including the need for the inclusion of a Competent Person’s Report (‘CPR’) in relation to the acquired reserves and resources in the required prospectus) Serica has determined that it will not now be possible to complete the move up in 2025.

Given much of the preparatory work has been completed, the move up is now expected to occur at the earliest opportunity following publication of Serica’s audited FY 2025 accounts and consolidated year end CPR information on the Company’s existing assets and recent acquisitions.

No surprise here, the slip into spring of 2026 is inevitable as with the M&A deals going through at the moment will require substantial documentation. As a result the move can’t really happen until after the 2025 finals and therefore i would expect it next spring, that’s if they aren’t doing another deal then….

Sintana Energy

Sintana has provided the following update in regards to the previously announced intention to complete an acquisition of Challenger Energy Group PLC by way of an all-share acquisition pursuant to which Sintana will acquire all of the issued and to be issued ordinary share capital of Challenger.

Further to announcements made by the Sintana and Challenger on October 9th, 2025 in relation to the proposed recommended offer (“Offer”), the Board of Challenger confirmed that it has today, filed a Claim Form in the High Court of Justice of the Isle of Man, Civil Division, Chancery Procedure (“Claim”) for an Order (“Order”) under Part IV (sections 152) of the Isle of Man Companies Act 1931 to convene, on November 26th, 2025 at 12:00 p.m. local time, a meeting of the holders of Challengers Ordinary Shares (the “Court Meeting”) for the purpose of considering and if thought fit approving (with or without modification) the Scheme proposed to be made between the Challenger and the holders of its shares (the “Scheme Shareholders”) in order to give effect to the Offer. Further details regarding the Scheme are set out in the aforementioned announcements made by each of Sintana and Challenger on October 9th, 2025.

If the Court makes an Order that the Court Meeting be convened and if at the Court Meeting a majority in number of the Scheme Shareholders present and voting, either in person or by proxy, representing at least 75 per cent. in value of the shares held by those Scheme Shareholders present and voting agree to the proposed arrangements, the Court may under sections 152 of the Isle of Man Companies Act 1931, sanction the proposed Scheme.

A hearing of the Claim is listed for October 29th 2025 at 10:30 a.m. local time (the “Convening Hearing”). The Convening Hearing is to be held at The Isle of Man Courts of Justice Deemsters Walk, Bucks Road, Douglas, IM1 3AR. Scheme Shareholders are entitled to attend or be represented at both the Convening Hearing and the hearing of the Court at which Challenger will seek an order sanctioning the Scheme, which is expected to be held on December 9th, 2025 at 10:30a.m. local time.

Subject to the Order being granted, a scheme document in relation to the proposed Scheme will be published in due course and a further announcement will be made at that time.

As previously announced, the independent directors of the board of Challenger intend to recommend unanimously that Challenger shareholders vote in favour of the Acquisition and Sintana has received irrevocable undertakings from certain of Challenger’s shareholders (including directors) to vote their Challenger shares in favour of the Acquisition representing, in aggregate, approximately 34.2% of Challenger’s issued ordinary share capital as of October 8, 2025.

Additionally, a Special Committee of the Board of Directors of Sintana (the “Special Committee”) constituted by disinterested directors, having received a fairness opinion from Pareto Securities AS (“Pareto”) in its capacity as a financial adviser to Sintana, recommended the Acquisition to the board of Sintana. The Acquisition received unanimous support from voting directors which did not include Robert Bose who abstained from voting due to his roles as a director and/or officer with each of Sintana and Challenger.

Completion of the Acquisition is subject to customary regulatory, stock exchange and Challenger shareholder approvals and is expected to close by the end of the fourth quarter of 2025.

“Robert Bose”
Chief Executive Officer

Nothing to add here, usual legals around the Sintana/Challenger deal. I remain convinced that this is a genuine ++ for both sides and the upside is huge. 

Prospex Energy

Prospex, through its wholly owned subsidiary PXEN Tatra Sp z.o.o. has applied for two licence areas onshore in southern Poland which have been named ‘San’ and ‘Dunajec’. The projects meet the Company’s stringent investment criteria, being areas which have proven gas production, high potential prospectivity in the targeted geological horizons, high potential for new reserves to be unlocked and can be brought onstream within two to three years.

Under EU laws, the application to licence open areas for hydrocarbon exploration and exploitation must be subject to a competitive process.  The EU Journal announcement provides information about the opportunity to make a competitive offer for the defined exploration areas. A 90-day application window now follows the publication, where interested entities must submit concession applications to Poland’s Ministry of Climate and Environment. Only companies that have pre-qualified to apply for licences may make such submissions.  Prospex has already pre-qualified to apply for onshore open acreage hydrocarbon exploration licences in Poland. (Ref RNS_4_October_2024.)

The bidding process is fully confidential and the selection criteria are defined.  If competitive applications are received the ultimate selection to award is determined by the regulator.  There is no opportunity to improve an offer or argue a specific case.

Full details of the proposed work programmes and the licence areas remain confidential until such time as the Ministry awards the licences. The 90-day application window ends in January 2026. Then the administrative procedure to award the licences will take approximately three months meaning that the earliest that the licences can be awarded is April/May 2026.  If Prospex is awarded the licences further details will be disclosed.

Mark Routh, Prospex’s CEO, commented:
“Our planned expansion into Poland marks an important step in our active growth strategy and would add a third European nation to our portfolio reach.  The publication of our Polish licence applications in the EU Gazette is a positive step forward.  Our team has extensive exploration experience in Poland and so is very familiar with the regional geology and the regulatory environment.  Poland is well known for its hydrocarbon resources and has a regulatory regime which is supportive of natural gas investment as the nation focusses on its security of energy supply, so we are extremely excited by the development opportunities these new licences would present should they be awarded to Prospex.”

Interesting to see Prospex planning a move into Poland, not a dead cert yet as others can also apply but either way I like the potential broadening of the portfolio and in an area where they have competence. 

Like most sensible countries in Europe, and unlike our buffoons in Government, the Polish leadership has promised to support its domestic natural gas industry and with a helpful regulatory regime. Shareholders should like this, promising progress from Mark Routh and team.

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