WTI (Jan) $60.08 +41c, Brent (Feb) $63.75 +49c, Diff -$3.67 +8c
USNG (Feb) $5.29 +23c, UKNG (Jan) 70.23p +0.43p, TTF (Jan) €27.735 +€0.635

Oil price

Oil is down slightly this morning, after a good week in which WTI rose $1.53 and Brent was up $1.37 markets are looking to the Fed for a 25 bp fall in rates. The Ukraine talks still dominate thoughts as Zelensky comes to London for talks with EU leaders but no sign yet of a peace treaty. Finally the Baker Hughes rig count showed a rise overall of 5 units to 549 and oil was up 6 to 413.

Corcel

Corcel has announced that it has raised £3 million by way of an equity placing at £0.0035 per share, in line with the Company’s 15-day volume-weighted average price.

The fundraising was conducted by Auctus Advisors and comprises two highly experienced new shareholders who, between them, bring decades of institutional investment experience and deep expertise in global capital markets. Their participation and leadership in the placing reflect strong conviction in the Company’s strategy and long-term potential.

Scott Gilbert, Corcel’s CEO, commented:
“I am delighted to welcome our two new shareholders to Corcel. Their support provides us with additional strength and optionality as we enter a pivotal phase for the Company. Operations are now underway on our 2D seismic programme at KON-16, and we continue to advance multiple workstreams as we pursue growth opportunities both in Angola and internationally across the E&P life cycle. With a busy operational schedule ahead, 2026 is set to be a transformative year for Corcel, with several key milestones expected to drive substantial growth in shareholder value.”

A smart piece of business today from Corcel, raising £3m at spot price and from two ‘highly experienced new shareholders who, between them, bring decades of institutional investment experience and deep expertise in global capital markets’.

These two major investors in Corcel will undoubtedly add a great deal to the company, their gravitas in markets will be good in their own right and I can’t believe that they will not bring other like-minded investors to the process.

Whilst Corcel was already strongly financed this adds huge optionality for the management who have expressed an interest in other potential deals that would balance the portfolio and bring further strength to its offering.

The conversion of warrants, a previous raise and of course the Sintana farm-in for 5% of KON-16 will leave cash balances of at least £6m by the tear end means that the current 2D seismic campaign is fully funded and should reveal its data after analysis mid 2026. 

After that there will be a decision about the exploration well, its location and partners of course, but this raise takes the company to that process in excellent financial strength and able to a large extent dictate its own terms. Corcel is very well placed for next year and I have no hesitation in keeping my 2p TP and of course its position in the Bucket List.

Fundraising:

The Company will issue 857,142,858 new ordinary shares of £0.0001 each (“Placing Shares”) at a price of £0.0035 per share to raise £3 million before expenses.

Application will be made for the  Placing Shares to be admitted (“Admission”) to trading on AIM and it is expected that Admission will occur on or around 11 December 2025

Following Admission, the Company’s total issued share capital will consist of 8,515,475,996 Ordinary Shares, with one voting right per Ordinary Share. The Company does not hold any Ordinary Shares in treasury.  This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA’s Disclosure Guidance and Transparency Rules.

Sound Energy

Sound has announced that it has received notification from the operator of the Tendrara Production Concession, Mana Energy Ltd (55%), of the commencement of the initial commissioning activities for the TE-5 Horst development project in the Tendrara Production Concession that first gas has entered the gas gathering system (“GGS”) in preparation for long term gas production into the micro-LNG plant.  Sound Energy retains a 20% equity interest in the Tendrara Production Concession.

The final required component of the gas gathering system, which is being constructed by Mana Energy Ltd, the SCADA (Supervisory Control and Data Acquisition) computer, was delivered on 28 November 2025. After installation, gas was safely and successfully flowed from the TE-6 production well, to commence the commissioning of the GGS.

The micro-LNG Plant has been designed, is being constructed and will be operated and maintained by Italfluid Geoenergy S.r.l. (“ITF”) with guarantees for plant operability and delivery of LNG to the off-taker, Afriquia Gaz, a leading energy distributor in Morocco. A binding gas sales agreement and associated funding are in place with Afriquia Gaz, with a ten-year commitment from first gas to purchase a contractual quantity of one hundred million normal cubic metres per annum. This is in the context of a take or pay agreement priced in the range of $6-$8.346 per MMBtu which will be determined using an indexed formula which applies a combination of the European TTF and US Henry Hub benchmark indices. The development will use existing wells TE-6 and TE-7, and one new well to deliver the required raw gas volumes into the plant for the Phase 1 development and maintain a ten-year production plateau under the gas sales agreement. Construction of the micro-LNG plant continues at site, with revenue generating LNG sales forecast by the contractor, ITF, to commence late Q1 or Q2 2026.

The Company is grateful for the dedication and professionalism of our partners Mana Energy and ONYHM (25%), contractors and suppliers, for their ongoing partnership and support.

Further announcements will be made, as appropriate, in due course.

Majid Shafiq, Chief Executive Officer, commented: 
“We are pleased that we have reached another milestone to bring gas to Moroccan industrial consumers and congratulate the operator, Mana Energy Ltd. I look forward to full commissioning of the micro-LNG facility and delivery of sales gas in the coming months. We are entering an exciting period at Sound Energy as we become a revenue generating company, whilst progressing to the FID for the second phase of development of the entire field, to supply Moroccan power markets.” 

Things are really coming together for Sound now, gas is flowing and will commission the plant with sales expected next year. It seems that Sound are delivering on what they laid out once the deal with Managem was announced and investors should appreciate that. 

2026 looks exciting for the company, the new CEO in is place and has arrived at the right time and has a strong team under the board’s guidance.

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