WTI (Apr) $65.21 -21c, Brent (Apr). $70.75 -10c, Diff -$5.54 +11c
USNG (Apr) $2.83 -4c, UKNG (Apr) 77.8p +3.8p, TTF (Apr) €31.47 +€0.8

Overview

Today I publish the 2026 Bucket List, as before it’s a bit rough and ready with only a nod to previous performance and no adjustment for dividends or buy backs. Looking at the list you will see some exceptional performances last year with fewer major problems but the new list has lost a couple which have been replaced by Borders & Southern and Jadestone.

As is often the case the oil and gas prices show volatility but are interestingly not very far off what they were this time last year.

Some target prices have been recalculated, revisions upward are Seascape, Genel, Sintana, Serica, Kistos, and of course Jadestone and B&S are new and Eco Atlantic, despite the huge outperformance merits an upward revision as well.

The list

In alphabetical order the new list with updated target prices and 1 year performance is as follows:

Afentra 57p (TP 100p) y/y +28%

Arrow Exploration 17p (TP 40p) y/y -12%

Borders & Southern* 9.8p (TP 50p) y/y +73%

Corcel 0.34p  (TP 2p) y/y +114%

Diversified Energy Company 1016p (TP 2500p) y/y +3%

Eco (Atlantic) Oil & Gas 45p (TP 150p) y/y +265%

Genel Energy 64p (TP 100p) y/y -3%

Jadestone Energy* 22p (TP 75p) y/y -18%

Kistos 245p (TP 500p) y/y +101%

Pharos Energy 25p (TP 50p) y/y +4.9%

PetroTal Corp 22p (TP 75p) y/y -44%

Reabold Resources 0.09p (TP 0.5p) y/y +44%

Seascape Energy Asia 75p (TP 125p) y/y +93%

Serica Energy 243p (TP 400p) y/y +90%

Sintana Energy 26p (TP 75p) n/a

Touchstone Exploration 8.8p (TP 30p) y/y -61%

Union Jack Oil & Gas 2.7p (TP 30p) y/y -76%

Zephyr Energy 3.5p (TP 20p) y/y +5.1%

*Denotes new entrant

For what it’s worth I think that this is a list of excellent companies offering significant opportunities. It was initially designed to provide a list of high quality, well managed companies that had good portfolios of assets and the ability to finance them.

There are always some left field choices, sometimes when  shares are at a discount to underlying value, such as Union Jack, Touchstone, Zephyr, Reabold and Corcel or in the case of Borders & Southern where I would be astonished if a major industry player did not farm-in to Darwin. That would crystallise value and then some, there are few prospects of its size around as Eco Atlantic has demonstrated and Sintana is in three of them as well.

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