WTI (Feb) $59.19 -$2.83, Brent (Mar) $63.76 -$2.80, Diff -$4.57 +3c
USNG (Feb) $3.13 +1c, UKNG (Feb) 88.49p +4.7p, TTF (Feb) €34.585 +€1.85

Oil price

Oil fell again yesterday as the situation in Iran settled a little persuading Trump to back-off, for now. Today it has rallied as more short positions have been covered, traders worry it’s not over yet…

And only three sleeps til Dav-Oh where the richest and most powerful people in the world gather to spend huge amounts of other peoples money and procrastinate about things they rarely know about and can do less, ie poverty. The sooner this expensive charade is shut down the better off we will all be.

Savannah Energy

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter is pleased to provide the following operational and financial update for the 11 months (“11M”) to 30 November 2025. All figures are unaudited.

Andrew Knott, CEO of Savannah, said:
“Throughout 2025, Savannah has made solid progress across the nine focus areas we set out at the beginning of the year. In Nigeria, we increased our rate of cash collections year-on-year and made significant progress in refinancing our debt facilities.

Operationally, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, with production already materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of planned drilling in early 2026. Earlier in the year, we also reported a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year.

In the power sector, we have repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, alongside continued progress on our wind, solar and hydro portfolio. We continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion. We have also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026.

Collectively, this progress provides a strong platform for continued execution in 2026. I would also like to take this opportunity to thank my incredibly dedicated and passionate colleagues, as well as our host governments, communities, local authorities and regulators, shareholders, lenders, customers, suppliers and partners for their continued support. Thank you all.”

This update came out over the new year and I have looked at the detail of the announcement and spoken to the company and can add a note here. At the bottom of the announcement I have put the shareholder agreement with NIPCO which has since been completed, it shows strong and strategic backing from the company’s largest shareholder.

Operationally, the key point is the progress made on the 9 focus areas that CEO Andrew Knott set out at the beginning of the year, in particular the increased rate of cash collections year-on-year and of course the ‘significant progress in refinancing our debt facilities’, where company reported that the Accugas US$ facility has almost entirely been converted into Naira.

Elsewhere, activity at Stubb Creek continued, following the acquisition of SIPEC in March, with the expansion programme driving oil production already to levels almost 25%, or  ‘materially above 2024’, where a 29% upgrade in the oil field’s 2P reserves was reported.

At the Uquo gas field, reserves were also updated earlier in the year, in this case 2P were up by 21%, and the new gas compression system was delivered, some 10% under budget, and all ahead of the spudding of the NE development well scheduled for Q1. 

Work has also started on the well site for the Uquo South exploration well, which is targeting an Unrisked Gross GIIP of 131 Bscf of incremental Prospective gas Resources, all of which secures future long term gas supplies for Accugas’ customers. Savannah also noted that Accugas recently agreed a gas contract extension with the Central Horizon Gas Company for up to 10 MMscfpd until December of this year.

In Niger discussions are ongoing with the Government where Savannah are considering ‘commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27′ and future activity centres around the R3 East development well plan ‘significantly enhanced during the year’.

In the power division, the Norfund acquisition is targeted to complete in Q1, bringing Savannah its first operating renewable energy asset, the 255 MW Bujagali hydropower plant in Uganda, alongside interests in two other late-stage 361 MW and 206 MW development hydropower projects in East Africa, which complement the ‘continued progress on our wind, solar and hydro portfolio’.

Turning to future M&A expectations, the company notes it is continuing to pursue further ‘value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion’.

With regard to arbitration claims they are ongoing and both the SCI and SMIL proceedings are expected to be concluded in H1 2026. As for receivables, the balance at end November was $506.9m, a 5.9% improvement y-o-y, while it’s worth noting that only 5.5% of outstanding debt as at 30 November 2025 was recourse to Savannah, with the balance sitting within subsidiary companies on a non-recourse basis.

These numbers show that Savannah is in good shape operationally, has plans to continue to expand both organically and by selective accretive acquisitions and has solid and strong strategic shareholder backing, including importantly a stake of 13.81% held by CEO Andrew Knott.

The shares have settled and are up by 22% in the last month as the disclosures have been well received by the market, there are plenty of potential further positive in the pipeline and the outlook is good for Savannah.

Highlights

Operational

• 11M 2025 average gross daily production of 19.1 Kboepd (11M 2024: 22.8 Kboepd), of which 84% was gas (11M 2024: 88%)1. Following completion of the SIPEC Acquisition in March 2025, commenced an 18-month expansion programme that has already seen Stubb Creek gross daily production increase to 3.3 Kbopd, approximately 24% above the 2024 average;
• Well site construction for the Uquo NE development well is expected to be completed by the end of December, with an anticipated spud date in January 2026 and first gas targeted by the end of Q1 2026;
• Well site preparation has commenced on the Uquo South exploration well;
• New compression system at the Uquo Central Processing Facility (“CPF”) completed and fully commissioned. This project, which was delivered safely and approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells;
• Gas contract extension agreed with the Central Horizon Gas Company Limited (“CHGC”) to end December 2026 for up to 10 MMscfpd;
• The previously announced proposed acquisition of indirect interests in three East African hydropower projects is targeted to complete in Q1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo (the “DRC”), Malawi and Rwanda;
• Continuing to progress our existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
• Subject to a satisfactory agreement being reached with the Government of Niger, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27; and
• Actively reviewing opportunities in both the thermal and renewable power sector, with the expectation of announcing transaction(s) currently under consideration over the course of the next 24 months in the African power space.

Financial (unaudited)

• 11M 2025 Total Revenues2 of US$218.1 million (11M 2024: US$226.7 million) and 11M 2025 cash collections of US$260.8 million, an increase of 5.5% on the prior year (11M 2024: US$247.3 million);
• As at 30 November 2025, cash balances were US$59.8 million (31 December 2024: US$32.6 million) and net debt stood at US$652.5 million (31 December 2024: US$636.9 million). Gross debt as at 30 November 2025 was US$715.3 million of which only US$39.3 million (5.5%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis;
• The Trade Receivables balance as at 30 November 2025 was US$506.9 million, a 5.9% improvement on year-end 2024 (31 December 2024: US$538.9 million); and
• Following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion (the “Transitional Facility”), as at 30 November 2025, there was a remaining principal balance under the US$ Facility of approximately US$25 million. It is expected that the remaining residual principal amount outstanding will be fully repaid within the permitted tenor of the US$ Facility.

Operational Update

Hydrocarbons Division

Average gross daily production was 19.1 Kboepd for 11M 2025 (11M 2024: 22.8 Kboepd), of which 84% was gas (11M 2024: 88%)1;

On 10 March 2025, we announced the completion of the SIPEC Acquisition. Following completion, we commenced a planned production expansion programme that has already seen Stubb Creek gross daily production increase to 3.3 Kbopd, approximately 24% above the 2024 average. The full programme, expected to take up to 18 months, is anticipated to raise gross production to as much as 4.7 Kbopd. In parallel, we are evaluating an alternative, lower capex option that could deliver a faster production ramp up, with plateau production sustained for a longer period at a slightly lower rate than under the original expansion programme.

The compression project at the Uquo CPF was completed and fully commissioned. This project, which was delivered approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells.

The Company’s Accugas subsidiary agreed a contract extension with CHGC to end December 2026 to supply up to 10 MMscfpd of gas. This represents the fourth such extension to the original contract signed with CHGC in February 2022. CHGC is a major gas distribution company situated in the South-South region of Nigeria, operating a 17 km gas pipeline infrastructure network providing natural gas to industrial and commercial users in the Trans Amadi Industrial Area of Port Harcourt as well as the greater Port Harcourt Area, Nigeria.

Well site construction is in the final stages for the Uquo NE development well and is expected to be completed this year. This follows the earlier signing of a turnkey drilling contract in preparation for a planned two-well drilling campaign on the Uquo Field. Drilling for Uquo NE is scheduled to begin in January 2026, with first gas targeted by the end of Q1 2026 and forecast to deliver gas volumes of up to 80 MMscfpd. Well site preparation has also commenced on the Uquo South exploration well, which is targeting an Unrisked Gross GIIP of 131 Bscf of incremental Prospective gas Resources on the Uquo licence area.

The Company notes the supportive public statements made by various officials of the Government of Nigeria during 2025 regarding the Nigerian electricity sector, stating that His Excellency President Bola Tinubu has approved a US$2.6 billion financing package to assist companies operating within the power industry settle outstanding verified invoices to power generation companies (“Gencos”) and subsequently to gas supply companies. In this regard, the Government successfully launched a NGN590 billion first tranche bond issuance in Q4 2025, as part of a wider NGN4 trillion bond programme to settle verified legacy invoices owed to Gencos and gas suppliers. This has created renewed positive momentum in the discussions Accugas Ltd, an 80% Savannah owned subsidiary, is having with its offtakers that are Gencos around the repayment of the Company’s outstanding receivables balance in an accelerated manner.

We continue to actively engage with the Government of Niger around our forward work programme plans in country. Subject to a satisfactory agreement being reached with the Government, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27. The R3 East development plan, itself, has been significantly re-worked since the last published Niger Competent Persons’ Report (“CPR”) of December 2021, with a plateau production rate of around 10 Kbopd now assumed (previously 5 Kbopd). The Company has updated its internal management estimates of the potential PV10 value (on an unrisked basis) at an asset level basis for R3 East to US$184.4 million (vs the last CPR asset value estimate of US$150 million). Assuming a successful well test programme is conducted, we would look to accelerate plans to commence commercial oil production from the R3 East Area and intend to incorporate the data acquired into our field development plan.

Power Division

In 2025, we have repositioned our power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects.

Proposed Acquisition of Three East African Hydropower Projects

On 19 September 2025, we announced the proposed acquisition of interests in three East African hydropower projects with the signing by our wholly owned subsidiary, Savannah Energy EA Limited, of a Share Purchase Agreement (“SPA”) with Norfund, the Norwegian investment fund for developing countries, to acquire its current 50.1% interest in Klinchenberg for a total consideration of up to US$65.4 million (the “Klinchenberg Transaction”). Klinchenberg has interests in a portfolio of hydropower assets, as set out below:3

• an indirect 13.6% interest in the operating 255 MW Bujagali run-of-river hydropower plant (“Bujagali”) in Uganda;
• an indirect 12.3% interest in the 361 MW Mpatamanga hydropower development project (“Mpatamanga”) in Malawi; and
• an indirect 9.8% interest in the 206 MW Ruzizi III hydropower development project (“Ruzizi III”) spanning Burundi, the DRC and Rwanda.

The Klinchenberg Transaction is targeted to complete in Q1 2026.

Existing Projects

We continue to progress our existing portfolio of wind, solar and hydroelectric projects, with our principal focus projects being on the up to 250 MW Parc Eolien de la Tarka project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

Our Parc Eolien de la Tarka project has made significant progress in the year to date, with the Minister of Energy confirming that the project is on the Government’s list of priority projects and, as such, is included in the Niger Energy Compact document adopted in Dar es Salaam during the Mission 300 Africa Energy Summit held in January this year. We are continuing to progress the Environmental and Social Impact Assessment which we expect to complete and submit to the relevant authorities in early 2026. Having officially obtained favourable opinions for the project from both the regulator and the strategic agency in charge of PPPs, we continue to seek to negotiate outline terms in relation to the project’s proposed power purchase agreement and continue to work on the project in close collaboration with the International Finance Corporation (World Bank) and the US International Development Finance Corporation.

Negotiations with the Government of Cameroon are at an advanced stage regarding a Joint Development Agreement for the up to 95 MW Bini a Warak hybrid hydroelectric and solar project. This is expected to replace the Memorandum of Agreement signed in April 2023 and secure the terms under which Savannah will collaborate with the Government of Cameroon to develop the project further. We also plan to introduce a development partner to the project, alongside Savannah, during the next development phase.

Future M&A Activity

The Company continues to view mergers and acquisitions activity as a core driver of potential future value creation and is actively pursuing opportunities across both the hydrocarbon and renewable energy sectors.

Savannah is in an exclusivity period in respect of the proposed acquisition of majority interests in a portfolio of renewable projects located in Sub-Saharan Africa, with an aggregate gross capacity in excess of 100 MW and a strong payment history. The proposed acquisition would also include a portfolio of renewable development projects in the same country with a targeted gross capacity of approximately 40 MW. The transaction, which remains subject to the execution of long-form documentation and other customary conditions, is envisaged to involve a potential gross consideration in the US$70 million to US$90 million range and would be expected to be funded through a combination of debt and cash resources.

This proposed acquisition represents the most advanced transaction currently being progressed by Savannah. However, shareholders are advised that there can be no certainty that the transaction will proceed on the above summarised terms or be completed at all. The Company maintains an active business development pipeline comprising a number of potential transactions at various stages of evaluation, although no other opportunities have, at this stage, reached such a level to necessitate disclosure under applicable regulations. The Business development pipeline is sufficiently large that we are however confident of announcing further transaction(s) over the course of the next 24 months in the African oil and gas and power space.

Financial Update (unaudited)

11M 2025 Performance Highlights

11M 2025 Total Revenues2 were US$218.1 million (11M 2024: US$226.7 million) and 11M 2025 cash collections were US$260.8 million, an increase of 5.5% over the comparable prior year period (11M 2024: US$247.3 million).

As at 30 November 2025, cash balances were US$59.8 million (31 December 2024: US$32.6 million) and net debt stood at US$652.5 million (31 December 2024: US$636.9 million). This included debt associated with the SIPEC Acquisition and, for comparison purposes, if this were excluded, net debt would have further reduced to US$609.4 million. It should be noted that only 5.5% of outstanding debt as at 30 November 2025 was recourse to Savannah, with the balance sitting within subsidiary companies on a non-recourse basis.

The Trade Receivables balance as at 30 November 2025 was US$506.9 million, a 5.9% improvement on year-end 2024 (31 December 2024: US$538.9 million). This relates primarily to amounts due under various gas sales agreements in Nigeria. Delivering an increase in our rate of cash collections in Nigeria remains a key focus area for the business in 2026.

Debt Facilities

In January 2024, a NGN 340 billion term facility was signed by Accugas with a consortium of five Nigerian banks (the “Transitional Facility”). This facility was fully utilised earlier this year with the resulting funds converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility. In October 2025, we signed agreements with the consortium of five Nigerian banks to increase the Transitional Facility to up to approximately NGN772 billion enabling the remaining outstanding US$ balance to be converted into Naira. As at 30 November 2025, there was a remaining residual principal amount outstanding under the US$ Facility of approximately US$25 million, which is expected to be fully repaid within the permitted tenor of the US$ Facility. This process, when complete, is expected to align Accugas’ debt facility with the currency in which gas revenues are received.

Arbitration Update

Our wholly owned subsidiary, SCI, commenced arbitral proceedings in 2023 against the Government of the Republic of Chad in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights. Another wholly owned subsidiary, SMIL, commenced arbitral proceedings in 2023 in relation to the nationalisation of its investment in TOTCo, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad. SMIL has also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to COTCo, the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon. We currently expect these arbitral proceedings to be concluded in the first half of 2026.

SCI and SMIL are claiming in excess of US$775 million (plus interest which is currently estimated at in excess of US$215 million and costs) for the nationalisation of their rights and assets in Chad.4 SMIL has a claim valued at approximately US$330 million (plus interest which is currently estimated at in excess of US$67 million plus costs) for breaches of its rights in relation to COTCo.5 Whilst the Government of the Republic of Chad has acknowledged SCI’s and SMIL’s right to compensation, no compensation has been paid by the Government of the Republic of Chad to date. Savannah remains ready and willing to discuss with the Government of the Republic of Chad an amicable solution to the disputes. However, in the absence of such discussions, SCI and SMIL intend to vigorously pursue their rights in the arbitrations.

SCI is involved in further arbitral proceedings in which designates of Société des Hydrocarbures du Tchad allege breaches by SCI of the Doba fields joint operating agreement.6 SCI is defending the claims vigorously. We currently expect these arbitral proceedings to be concluded in H2 2026.

Relationship agreement

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, announces the intended entry into a relationship agreement (the “Relationship Agreement”) with its largest shareholder, NIPCO Plc (“NIPCO”), in connection with the Company facilitating NIPCO increasing its shareholding in Savannah, as further detailed below.

NIPCO Shareholding Increase and Termination of Buyback Agreement

NIPCO proposes to acquire further existing Ordinary Shares in the Company through a series of secondary market transactions. In connection with these proposed acquisitions, the Company intends to terminate the off-market share buyback agreement (the “Buyback Agreement”) announced on 22 October 2025 and approved by shareholders on 28 November 2025.

Following termination of the Buyback Agreement, NIPCO proposes to acquire 118,083,927 of the 143,565,582 Ordinary Shares that were subject to the Buyback Agreement, which would increase NIPCO’s stake to approximately 25% of the Company’s current issued share capital.

In addition, NIPCO has indicated to the Company its intention to acquire up to a further approximately 1.5% of the Company’s current issued share capital through additional secondary market transactions with identified existing shareholders. If completed in full, these additional acquisitions would increase NIPCO’s ownership interest in Savannah to approximately 26.5% of the Company’s current issued share capital. There can be no certainty such further acquisitions will occur and to the extent that they do occur, the Company would expect to update its website to reflect the increased ownership holding.

The Relationship Agreement

The proposed Relationship Agreement is expected to provide a number of important protections for the Company and its minority shareholders, and to ensure that the Company is at all times able to carry on its business independently of NIPCO.

The Relationship Agreement is expected to include: (i) undertakings by NIPCO to exercise its voting rights in support of Board-recommended governance-related shareholder resolutions; (ii) confirmation that NIPCO has no right to board representation; (iii) an undertaking from NIPCO not to pursue any hostile takeover of the Company (subject to certain exceptions); and (iv) orderly market disposal obligations governing any future disposals of shares by NIPCO, covering both on market and off market trades, with the Company being afforded a certain period of time in the latter instance to attempt to identify an alternative purchaser (should it so choose).

The Relationship Agreement is expected to remain in force for so long as NIPCO and its affiliates hold, in aggregate, 12.5% or more of the Company’s issued share capital. Entry into the Relationship Agreement is expected to occur shortly following regulatory consultation, and NIPCO is expected to undertake to the Company imminently to agree to any amendments to the draft Relationship Agreement that may follow the regulatory consultation.

Background to termination of Buyback Agreement

In reaching its decision to terminate the Buyback Agreement, the Board, having taken appropriate external professional advice, concluded that the proposed entry into the Relationship Agreement would be of significant strategic value to the Company and its minority shareholders. In particular, the Board considered that: (1) the Relationship Agreement would deliver meaningful minority shareholder protections and provide important assurances regarding the Company’s continued operational and decision-making independence from its largest shareholder; and (2) the proposed termination of the Buyback Agreement would preserve approximately £10.05 million of the Company’s cash resources (due to the Company not having to buyback the Ordinary Shares subject to the Buyback Agreement), enhancing financial flexibility while retaining the Company’s ability to return capital to shareholders through Board-approved on-market share buybacks under the authority granted by shareholders at the general meeting held on 28 November 2025. 

Director Share Purchase

The Company’s Chief Executive Officer, Andrew Knott (the “CEO”), proposes to acquire the balance of 25,481,655 Ordinary Shares that were subject to the Buyback Agreement and are not being acquired by NIPCO, thereby increasing his total interest to 292,764,370 Ordinary Shares, equal to approximately 13.8% of the Company’s current issued share capital. The Company’s Board of Directors (the “Board”) considers this additional investment, which is to be undertaken via an investment vehicle wholly owned by the CEO, to be a further demonstration of senior management’s confidence in the Company’s strategy and prospects and to enhance the alignment of senior management’s interests with those of shareholders.

Related Party Transactions

The arrangements pursuant to which the Company has agreed to terminate the Buyback Agreement and to enter into the Relationship Agreement, in connection with the intended share purchases by NIPCO and Andrew Knott, constitute related party transactions for the purposes of the AIM Rules for Companies.

The Company’s independent directors, being all of the directors other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company’s nominated adviser, that the terms of these arrangements and the actions to be taken by the Company in connection therewith are fair and reasonable insofar as shareholders are concerned.

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, notes that, further to its 30 December 2025 announcement, regulatory consultation on the proposed relationship agreement between the Company and NIPCO Plc has completed. The relationship agreement has, therefore, been entered into with NIPCO Plc on the terms described in the 30 December 2025 announcement.

Rockhopper Exploration

Rockhopper has announced the results of its Open Offer to Qualifying Shareholders announced on 22 December 2025 which, in accordance with its terms, closed for acceptances at 11.00 a.m. on 15 January 2026. 

The Company is pleased to announce that valid acceptances were received from Qualifying Shareholders for a total of 101,956,821 Open Offer Shares under the Open Offer, representing a take-up of approximately 773.1% per cent. of the 13,188,036 Open Offer Shares available under the Open Offer.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full basic entitlement. Applications for New Ordinary Shares under the Excess Application Facility have been scaled back on a pro rata basis, in accordance with the terms of the Open Offer as outlined in the Circular.

Accordingly, the Open Offer has raised total gross proceeds of approximately £6.9 million (approximately US$9.2 million) through the issue of a total of 13,188,036 Open Offer Shares.

Admission and dealings

The Open Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission. Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM (“Admission”). Dealings in the Open Offer Shares and Admission are expected to take place on or around 8.00 a.m. on 21 January 2026.

Total voting rights

The Company confirms that, upon Admission of the Open Offer Shares, which is expected to occur on 21 January 2026, the issued ordinary share capital of the Company will consist of 860,504,777 Ordinary Shares of 1 pence each with voting rights attached and there will be no Ordinary Shares held in treasury. This issued share capital figure can be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules. 

Sam Moody, Chief Executive Officer of Rockhopper Exploration, commented:
“I am delighted that the Open Offer has been a success and was significantly oversubscribed, reflecting strong shareholder support at an exciting time for Rockhopper. We thank all our shareholders for their continued interest and look forward to progressing the Sea Lion development with partner and operator Navitas.” 

No surprise here that shareholders in Rockhopper have massively supported this offer and now that the naysayers have been put firmly back in their boxes the company can kick on with ‘an exciting time’ for the company. 

This comes as no surprise and after a time when partnership has been established and plans are being made Rockhopper is in a very strong position and remains a fabulous investment.

Europa Oil & Gas

Europa has announced that the Oil and Gas Authority (now officially referred to as the North Sea Transition Authority, (the “NSTA”)) has granted a 2-year extension to the first phase of the PEDL343 licence which holds the Company’s 137bcf Cloughton discovery. As a result of the extension the first phase of the licence will now expire on 21 March 2028 and the second phase will expire on 21 July 2030.

The work programme during the first phase of the PEDL343 licence includes:

• Acquire 17km² 3D seismic
• Drill a well to 6,500 ft TVDSS1

William Holland, Chief Executive Officer of Europa, said:
“I am very pleased that we have secured this extension which has provided us with the time needed to drill the appraisal well on the 137bcf Cloughton gas field. This onshore field is close to the NTS2 and as such a successful appraisal well will allow the field to be brought online quickly. The domestic gas produced from Cloughton would not only displace high GHG3 intensity imported LNG4, generate well paid local jobs, provide gas to heat almost half of the homes in North Yorkshire and generate over £50m in taxes, but importantly it would largely be unnoticed by the local community yet provide a material positive impact to local community groups, as demonstrated at our other onshore UK production sites.” 

A piece of very good news from EOG today as the no-brainer that is an extension by the NSTA is announced with 3D seismic and an appraisal well planned. The company clearly state the benefits of domestic gas in the last sentence of the release but it shouldn’t be necessary, the eyes wide shut attitude of the Government is truly appalling and this will benefit everybody.

Europa is in good nick, recent news from Equatorial Guinea as well as this from the UK has justified the strength in the share price and makes the company a good investment going forward. 

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