WTI (Dec) $59.75 +32c, Brent (Jan) $63.63 +25c, Diff -$3.88 -7c
USNG (Dec) $4.32 -4c, UKNG (Dec) 81.23p -1.07p, TTF (Dec) €31.24 -€0.19

Oil price

The likelihood of the Government shutdown in the US being lifted appears to be growing as leading Democrats appear to have done a bit of head banging together. Oil analysts appear to still be bearish for choice with continued concern about supply, the agency Tanker Trackers say that a billion barrels is afloat. 

The Saudis confirmed that they are cutting December selling prices to Asian refiners which probably confirms that point above. Meanwhile the Baker Hughes rig count showed overall units in the US last week of 548, up two and in oil it was unchanged at 414 rigs. 

Buccaneer Energy

Buccaneer has announced that the Allar #1 well (32.5% WI) in the Fouke area of the Pine Mills Field has been drilled to a total depth of 5,767 feet and encountered a shaly oil sand sequence in the 2nd sub-Clarksville unit at a depth of 5,616 ft which did not contain a commercial hydrocarbon accumulation. 

The well was drilled safely, within the anticipated timeline, and will now be plugged and abandoned. Following the completion of this process, the drilling rig will be released and is expected to return to the Pine Mills Field to drill the Fouke #4 well.

Paul Welch, Buccaneer Energy’s Chief Executive Officer, commented:
“The results of this well are disappointing; however, the geologic targets and most importantly the bounding fault, came in on prognosis.  The sand section thinning as it approached the fault was a phenomenon not observed in previous offset wells in the Fouke area and provides valuable subsurface data that will be incorporated into the geological model for the field and future drilling plans.

The bounding fault follows a northwest trajectory, which permits the Fouke #4 well to be located at a similar distance from the fault as Fouke #1; potentially within a thicker sand section of the sub-Clarksville. Although Allar #1 was considered a low-risk development well, subsurface outcomes can vary even within proven structures, and the data gathered here will directly inform and de-risk the upcoming Fouke #4 location.

The Company continues to generate revenue from existing wells in the Fouke area and wider Pine Mills field as we continue our strategy to increase production and optimise value from the Pine Mills Field. I look forward to updating everyone on the results of these efforts as we progress with the drilling of Fouke #4 and assess options for a potential sidetrack of Allar #1 as the next phase of the programme.”

No doubt that this is disappointing for Buccaneer but it is not without hope for other wells in the Fouke area and hydrocarbons were present but sub-commercial. CEO Paul Welch remains upbeat about the possibilities in the Pine Mills Field and they are now off to drill the Fouke#4 well and possibly an sidetrack of this Allar#1 well. 

I remain happy to continue to back this venture as I think that Paul and his backers have got the right ideas about building an E&P company that might make a substantial return to shareholders and with a number of wells coming up chances are very much alive.

Afentra

Afentra has announced the appointment of Andrew Osborne as Independent Non-Executive Director and Chair of the Audit Committee, with effect from 10th November 2025. On his appointment Andrew Osborne will also become a member of the Company’s Nominations Committee and Remuneration Committee. Thierry Tanoh, Chairman of the Board, will step down from his interim Audit Committee Chair responsibilities upon Andrew’s appointment.

Andrew Osborne brings more than 30 years’ board-level and senior leadership experience across oil & gas, capital markets and M&A. He was most recently EVP, Special Projects at Harbour Energy plc (2021-2024) and previously Chief Financial Officer at Chrysaor (2012-2021), where he led major financings and acquisitions, including transactions with Shell and ConocoPhillips, and was part of the executive team during the merger that created Harbour Energy. Earlier in his career he was a Managing Director at Merrill Lynch.

Thierry Tanoh, Chairman, commented:
“On behalf of the Board, I am delighted to welcome Andrew to Afentra. His deep financial, transaction and governance experience in the energy sector will bring valuable perspective to the Board and enhance the effectiveness of the Audit Committee. Andrew’s appointment further strengthens our governance framework as Afentra continues to build its position as a responsible, well-governed and financially disciplined independent producer.”

Andrew Osborne, Audit Chair, commented:

“I’m pleased to be joining Afentra at this exciting stage in its growth. The Company’s disciplined approach to capital management and its strategic focus on value-accretive opportunities in Africa align well with my experience and interests. I look forward to working with the Board and management team to support Afentra’s continued progress and ensure robust financial oversight as the business evolves.”

Board and Board Committee Chairs

Following the appointment of Andrew Osborne as Independent Non-Executive Director of Afentra, the Board and Board Committee Chairs will be as follows:

This is a good appointment and will add to an already powerful board. Andrew Osborne is highly regarded in the industry and it’s good to see him back at a high quality company like Afentra.

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