WTI (Mar) $63.21 +$1.07, Brent (Apr) $67.33 +$1.03, Diff -$4.12 -4c
USNG (Mar) $3.31 +7c, UKNG (Mar) 80.61p +3.27p, TTF (Mar) €33.345 +€1.19

Oil price

Oil rallied last night and is better again this morning. Yesterday the peace between the US and Iran was tested by a drone from Iran being shot down as it approached the US fleet and then an Iranian gunboat entered the Straits of Hormuz again approaching US ships. 

Meanwhile India is trying to avoid the blandishments offered by Russia for its crude, as part of the recent deal with the US they agreed not to buy any more oil from Russia…

And China is stepping up its own crude purchases from Iran, starting with the oil that is in afloat storage. Given that Iran shouldn’t be selling any under the sanctions….

The API stats showed an enormous 11.1m draw in crude oil which as I suggested last week is bound to be affected by the recent bad weather, tonight’s EIA numbers may also be a bit odd. Proving that they were a bit mixed up the API had a build of 4.7m barrels of gasoline and a draw of 4.8m of distillates. 

Finally in corporate America Marathon reported 4th quarter numbers which blew away the whisper, earnings came in at $4.07 against the whisper of $2.72, just how wrong can these teenage scribblers get it? The refining number was up by a factor of nearly four and margins up from 12.93% to $18.65 in the quarter with higher crack spreads continuing. Valero also beat the whisper in its update recently. 

Sintana Energy

Sintana has announced that its subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia (“Patriot”), have successfully reached agreement to resolve the previously announced arbitration against ExxonMobil Exploration Colombia Limited and ExxonMobil Exploration Colombia Limited Sucursal Colombia (collectively, “ExxonMobil“) associated with the VMM-37 block located in Colombia’s Middle Magdalena Valley Basin (“VMM-37“).

Pursuant to such resolution: Patriot and ExxonMobil have agreed to dismiss the current arbitration; Patriot has agreed to conditionally assign all of its rights and interests associated with VMM-37 to ExxonMobil (the “Assignment”); and ExxonMobil has agreed to make two cash payments to Patriot, the first $3 million due within sixty (60) days of  execution, and a second payment of $6 million, together with mutual releases, conditioned on approval of the Assignment by the appropriate Colombian governmental agencies, including the Agencia Nacional de Hidrocarburos and other contractual requirements.

Robert Bose, Chief Executive Officer of Sintana commented: 
“We are pleased to bring this matter associated with our legacy position in Colombia to an initial conclusion. This outcome supports our efforts to streamline operations focusing resources on our active, high impact portfolio across the Atlantic margin.”

This is a good outcome for Sintana, the arbitration has been going on for a while and the company knew that it had the potential to deliver so a $9m settlement is a very handy result and the cash will be a useful addition to the balance sheet. 

Sintana is a favourite and it will without doubt feature in the upcoming Bucket List and without doubt an updated Target Price. With assets in Namibia, which were recently franked by the Galp/Total deal, the outstanding Challenger portfolio in Uruguay which has incredible potential and the interests in Angola with Corcel set to make an exciting future. 

Gulf Keystone Petroleum

Gulf Keystone has announced its intention to complete the Company’s previously announced proposal to pursue a dual listing of its shares on Euronext Growth Oslo operated by the Oslo Stock Exchange.

Nothing much to add here, a listing in Oslo is never going to add much, certainly in the way of increased liquidity given the tiny raise but psychologically having access to a market that actually likes the sector and has a history of having investors locally that actually participate will be good. I’m presuming that the costs of the listing are pretty small even when they go to the main market so it’s a net, albeit modest gain for the company.

To satisfy applicable listing criteria in connection with the Listing, Gulf Keystone has retained DNB Carnegie, a part of DNB Bank ASA, and SB1 Markets AS (jointly, the “Managers”) as joint bookrunners in a contemplated retail offering of a small number of new shares in the Company, fully underwritten by one of the Company’s large shareholders, of up to the NOK equivalent of EUR 1 million, equal to approximately GBP 0.87 million.

The Listing and support from major shareholders

The Company, which is currently listed on the London Stock Exchange’s Main Market for listed securities with a market capitalisation of approximately GBP 400 million (equivalent to approximately NOK 5.3 billion), has applied for the Listing of its shares on Euronext Growth Oslo. Subject to, inter alia, completion of the Private Placement, OSE approval of the Company’s application for the Listing and satisfaction of any conditions for the Listing set by the OSE, the first day of trading in the Company’s shares on Euronext Growth Oslo is expected to be on or about 18 February 2026.

The Company is pursuing the Listing as part of ongoing efforts to increase the liquidity of its issued share capital, attract new institutional and retail shareholders and improve its access to capital markets. Following the Private Placement and the Listing, the Company plans to implement arrangements to enable cross-border transfers of the Company’s shares between Euronext Growth Oslo and the London Stock Exchange. The Company will provide further information on such transfer arrangements in connection with the implementation, expected in mid-February 2026.

If the Listing is completed, the Company intends to uplist to the OSE’s Main Market in due course.

One of the Company’s large shareholders has agreed, subject to customary conditions, to fully underwrite the Private Placement. Furthermore, the shareholder intends in connection with the Listing to transfer an initial shareholding to the OSE in order for the Company to satisfy relevant listing requirements, and has signalled its intention of moving a material portion of its shareholding to the OSE in due course. Other major shareholders have also signalled their support for share transfers to the OSE in due course.

The Private Placement

The Private Placement will consist of a fully underwritten retail offering of Offer Shares up to the NOK equivalent of EUR 1 million, directed at Norwegian and Swedish investors via the Managers and Nordnet Bank AB (“Nordnet”).

Key highlights and details for the Private Placement:

• Price per Offer Share: A pre-determined customary discount of 10% to the volume-weighted-average price (VWAP) of the Company’s shares trading on the London Stock Exchange during the Application Period
• Application Period: From 4 February 2026 at 09:00 (CET) to 13 February 2026 at 16:30 (CET)
• Minimum order size: NOK 10,500
• Maximum order size: NOK 1,000,000
• Available to investors in Norway and Sweden only
• Applications can only be submitted through the websites of the Managers and Nordnet from the start to the end of the Application Period

The Private Placement will be directed towards retail investors in Norway and Sweden, in each case subject to and in compliance with applicable exemptions from prospectus requirements, any other filing or registration requirements, and subject to other selling restrictions.

One of the Company’s large shareholders has, subject to standard conditions, agreed to fully underwrite the Private Placement. The underwriter shall receive a customary underwriting commission to be settled in shares.

The net proceeds to the Company from the Private Placement will be used for general corporate purposes.

The application period for the Private Placement will commence today, 4 February 2026 at 09:00 (CET), and expire on Friday, 13 February 2026 at 16:30 (CET) (the “Application Period”). Investors applying for Offer Shares electronically through the web services of Nordnet will be required to submit their applications no later than 10.00 (CET) on 13 February 2026.

The Company may, at its sole discretion, resolve to extend the Application Period at any time and for any reason on short notice or without notice. If the Application Period is extended, any other dates referred to herein may be amended accordingly.

The subscription price per Offer Share will be based on a pre-determined discount to the volume VWAP of the Company’s shares trading on the London Stock Exchange during the Application Period. Accordingly, the total number of Offer Shares to be issued in the Private Placement will be determined by the board of directors following the end of the Application Period.

Completion of the Private Placement is subject to; (A) all corporate resolutions of the Company required to implement the Private Placement being validly made by the Company, including without limitation, the resolution by the board of directors to consummate the Private Placement and issue the Offer Shares; (B) the pre-payment agreement to be entered into between the Company and the Managers to facilitate settlement of the Private Placement remaining in full force and effect, (C) the OSE approving the listing application and the satisfaction of any conditions set by the OSE for listing of the Company’s shares on Euronext Growth Oslo, (D) the share capital increase pertaining to the issuance of the allocated Offer Shares being validly registered with the Company’s register of members, and (E) the allocated Offer Shares being validly issued and registered in the Norwegian Central Securities Depository (jointly, the “Conditions”).

The Company reserves the right to cancel the Private Placement at any time and for any reason. Neither the Company nor the Managers or any of their directors, officer, employees, representatives, or advisors will be liable for any losses incurred by applicants if the Private Placement is cancelled, irrespective of the reason for such cancellation.

Allocation of Offer Shares will be determined by the Company, at its sole discretion, in consultation with the Managers, following the expiry of the Application Period. The Company reserves the right to reject and/or reduce any orders, in whole or in part. The Private Placement will in any case be limited to a maximum of the NOK equivalent of EUR 1 million. Allocations will be reduced should demand exceed this limit.

The Offer Shares delivered to the investors are expected to be tradable on Euronext Growth Oslo upon the Listing, expected on or about 18 February 2026.

Each applicant in the Private Placement accepts the following by placing an application through Nordnet’s platform: an investment in the Offer Shares is made solely at the applicant’s own risk and is based on the applicant’s own assessment of the Company and the Offer Shares. An investment in the Offer Shares is only suitable for investors who can afford to lose the invested amount. No prospectus or other document providing a similar level of disclosure has been prepared in connection with the Private Placement.

DNB Carnegie, a part of DNB Bank ASA, and SB1 Markets AS are acting as Managers for the Private Placement and as Euronext Growth advisors to the Company in connection with the Listing. Wikborg Rein Advokatfirma AS is acting as legal counsel to the Company.

Investor presentation

Gulf Keystone’s management team will be hosting a presentation to investors at 11:30am CET via live webcast on Monday 9 February 2026.

Link to join: https://bit.ly/GK022026

Investors will have the opportunity to submit questions during the presentation. The presentation slides will be made available on GKP’s website today.

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