WTI (Mar) $64.63 +67c, Brent (Apr) $63.40 +60c, Diff -$4.77 -7c
USNG (Mar) $3.16 +4c, UKNG (Mar) 76.50p +1.45p, TTF (Mar) €32.925 +€0.545

Oil price

Oil rose yesterday as tensions remain in the Middle East, however with talks still ongoing as Trump described as ‘insisting’ that they continue. The jobs data in the US were better than expected coming in at +155/- against the whisper of +66/- and inflation was better as well. 

What wasn’t so clever was the inventory data, the EIA reported a build of 8.53m barrels, less than the API but larger than the whisper of +800/- b’s. This morning the IEA has reported its update but given that it is now totally discredited after its row-back on previously ridiculous net zero numbers can safely be ignored. I still don’t understand why the countries who fund the organisation give them any money at all.  

Europa Oil & Gas

Europa has confirmed the result of the WRAP retail offer.

The WRAP Retail offer, at a price of 1.2 pence per share, with accompanying 1 for 4 warrants, was only offered to existing shareholders of the Company yet was still multiple times oversubscribed, demonstrating strong support from Europa’s retail shareholder base. As a result, in accordance with the terms of the WRAP Retail Offer, the Company has decided to increase the size of the WRAP Retail Offer to partially accommodate some of this excess demand. Despite this increase, applications still substantially exceeded the available allocation and, accordingly, were scaled back. In determining the amount of scale back, the Company sought to avoid overall dilution of existing shareholders who participated in the WRAP Retail Offer.

The Company has raised aggregate gross proceeds of £641,176.89 pursuant to the WRAP Retail Offer. Accordingly, the Company will issue a total of 53,431,408 new Ordinary Shares at the Issue Price and up to 13,357,852 warrants pursuant to the WRAP Retail Offer.

The issue of the WRAP Retail Offer Shares is conditional, inter alia, on shareholder approval at a General Meeting of the Company which will now take place on or around 3 March 2026 (the “General Meeting”). An amended Shareholder Circular and Notice of General Meeting will be posted to shareholders, including an updated resolution to reflect the increased size of the WRAP Retail Offer. If the necessary resolution is not passed at the General Meeting, the WRAP Retail Offer Shares will not be issued, and the proceeds of the WRAP Retail Offer will not be available to the Company.

In addition to the WRAP Retail Offer, as detailed in the announcement made by the Company on 10 February 2026, the Company has also conditionally raised approximately £3.5m via a placing of 291,667,000 new Ordinary Shares (the “Placing Shares” and together with the WRAP Retail Offer Shares, the “New Ordinary Shares”). For the avoidance of doubt, the WRAP Retail Offer is not part of the Placing. Completion of the WRAP Retail Offer is conditional, inter alia, upon the completion of the Placing but completion of the Placing is not conditional on the completion of the WRAP Retail Offer.

All is going well for EOG this week, a strongly subscribed placing has been followed by the retail offer, itself ‘multiple times oversubscribed’ at the same 1.2p level and with the 1:4 warrants attached. The offer, which had been expected to raise £350/- but due to the level of demand has been upped to £641/-, but even then punters were scaled back as demand still exceeded availability.

As I said on Tuesday this is very good news for Europa and should mean, subject to shareholder approval, which should now be a formality, the company will go forward in Equatorial Guinea. It is also worth noting as below, that CEO Will Holland has announced that he has bought shares in the company at a price of 1.4485p per share in the market which is a good sign. He still only has 1.387% of the issued share capital but it is worth noting.

I remain confident that now that they are fully funded for activities, plus a bit of working capital which eases short term financing concerns that may have arisen, EOG is in a strong place with significant potential upside. 

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, West Africa and Ireland focused oil and gas exploration, development and production company, announces that William Holland, Chief Executive Officer, has purchased 749,641 ordinary shares of £0.01 each in the Company (“Ordinary Shares”) at an average price of 1.4485 pence per Ordinary Share.

Following the purchase, Mr Holland is beneficially interested in a total of 13,468,435 Ordinary Shares, representing approximately 1.387% of the Company’s issued share capital.

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