WTI (May) $ 99.64 +$5.16, Brent (May) $112.57 +$4.56, Diff -$12.93 -60c
USNG (May)* $3.03 +10c, UKNG (Apr) 138.0p +2.5p, TTF (Apr) €55.69 -€0.51

Oil price

Oil remains firm ahead of potential further military activity by the US if the Iranians don’t accept the peace plan, expect anything from an invasion of Kharg Island to further bombing of facilities across the country.

Corcel

Corcel has announced its unaudited half-year results for the six months ended 31 December 2025.

CEO Statement

Dear Shareholders,

Transitioning from Momentum to Execution

The second half of 2025 marked a decisive step forward for Corcel. Having spent the prior twelve months rebuilding the Company’s foundations, this reporting period has been characterised by execution, consolidation, and the establishment of a well-capitalised platform for the next phase of growth.

We entered the period with momentum and exit it with operational progress, strengthened liquidity, and a clear pathway toward drilling and potential production. Corcel is now firmly transitioning from repositioning to delivery.

Angola: Seismic Completion, Preparation for Drilling, and Technical Progress

In Angola, where Corcel, through its subsidiary Atlas Petroleum Exploration Worldwide Ltd (“APEX”), holds a commanding 85% interest (71.5% net to Corcel) in its operated KON-16 block, the focus has been on advancing the technical and operational workstreams required to move towards drilling.

In early November 2025, we received ministerial approval to commence the KON-16 seismic campaign and immediately began acquisition of the 326 line-km 2D seismic programme. Over a period of just over three months, and with the collaboration of more than 270 team members, we successfully delivered the largest onshore seismic programme in the Kwanza Basin in over 15 years, with no recorded incidents.

This programme represents a major milestone for the Company. The data acquired, which is of very high-quality, is expected to significantly de-risk our first exploration well, planned within the next twelve months, targeting both post-salt and pre-salt structures of material scale.

Our focus now turns to processing and interpretation of the seismic data, well planning, and progressing discussions around a potential farm-down.

Across KON-11 and KON-12, technical work by the operator has continued to advance. Ongoing subsurface evaluation supports the potential for these assets to contribute to nearer-term production while complementing our broader exploration strategy.

Together, our Angolan portfolio represents a balanced position across high-impact exploration and potential production within a concentrated and strategically advantaged acreage position.

Disciplined Growth and Portfolio Expansion

Our strategy remains focused on building a complementary production-led portfolio capable of generating near-term cash flow. While Brazil remains an important pillar of this strategy, we are also evaluating opportunities across the wider Latin American region and Angola. We continue to see attractive entry points for well-structured transactions and are progressing discussions aligned with our investment criteria.

In addition, we are actively assessing opportunities to expand our acreage position across the onshore Kwanza Basin.

Strengthened Financial Position

A key highlight of the period has been the continued strengthening of our balance sheet.

In July 2025, the Company welcomed new shareholders through a placing of £1.1 million from institutional investors, with strong participation from the Board. This was followed by the accelerated exercise of outstanding warrants, contributing £3.85 million.  In December 2025, a further £3 million investment was received at a premium to previous raises from two strategic long-term investors. Post-period, the Company secured an additional £3.6 million strategic investment from existing shareholders, again at a premium.

While the issuance of new equity may appear dilutive at first glance, the manner in which we have raised capital over the past twelve months reflects a disciplined and value-focused approach. We have consistently raised funds at or above prevailing market prices, supported by high-quality strategic investors. The Company’s share price performance over this period reflects growing market confidence in both our strategy and execution.

As an exploration-led business, access to capital is fundamental. What differentiates Corcel is the discipline with which that capital has been secured and deployed, alongside the strength and alignment of the investor base we have built. Over the past year, despite the issuance of new equity, the Company’s market capitalisation has increased significantly, rising from just under £10 million to approximately four times that level today, while the share price has increased by around 150%.

This progress we have made has strengthened our financial position and provides the flexibility required to execute our strategy and pursue growth opportunities.

Building a Scalable Platform

Alongside operational and financial progress, we have continued to strengthen the Company’s leadership and technical capability.

The addition of experienced industry professionals, combined with enhanced governance structures and continued alignment of the Board and management with shareholders, ensures that Corcel is well positioned to execute the next phase of its strategy.

We are building a scalable energy business with the technical, commercial, and financial foundations required to deliver sustained value.

Outlook: A Defining Period Ahead

Corcel is entering one of the most active and important periods in its recent history.

Our priorities for the remainder of the financial year and beyond are:

• Finalise processing and interpretation of the KON-16 seismic data
• Prepare for the first exploration well in KON-16
• Advance acquisition-led production opportunities
• Maintain disciplined capital allocation while preserving flexibility
• Work closely with the operator of KON-11 and KON-12 to progress toward operational and production outcomes

We are firmly in the execution phase of our strategy, supported by a strong asset base and the capability to deliver at pace.

Closing Remarks

Corcel has undergone significant transformation over a relatively short period. The progress achieved during this half year reinforces our confidence in both the quality of our assets and the strength of our strategy.

We are moving forward with increasing confidence as we approach key milestones that have the potential to deliver material value for shareholders.

On behalf of the Board, I would like to thank our shareholders, partners, contractors, employees, and ANPG (“Agência Nacional de Petróleo, Gás, e Biocombustíveis”) for their continued support. We look forward to the next phase of our development with focus and discipline.

Yours sincerely,

Scott Gilbert, Chef Executive Officer           

Not much for me to add here, the interims are historic and meaningless and the market is correctly focusing on the activity at KON-16 where a great deal of work has been underway, right now reprocessing the seismic data and preparing for the exploration well. 

With work also continuing on the KON-11 and KON-12 areas, the finances strong and recently bolstered, Corcel is in a robust position to deliver my target price of 2p and its position in the Bucket List, already justified but with more to come.

Jadestone Energy

Jadestone has provided the following update in relation to the impact of Cyclone Narelle on the Stag field offshore Australia.

In line with Jadestone’s standard operating procedures, a shut down of the Stag facilities commenced on 23 March and the platform was demobilised due to the projected path of Cyclone Narelle, which developed into a Category 5 Storm with sustained wind speeds well in excess of 200 km/hr. After returning to the facilities on 28 March, storm related damage was observed on the Stag platform and at the offloading facilities.  

The field’s export lines were cleared of hydrocarbons prior to shut-in and there was no release of hydrocarbons to the environment. The Australian offshore upstream regulator, NOPSEMA, was notified.

Jadestone is currently assessing the damage to the Stag facilities, while also developing repair plans and a schedule for the resumption of production. The Group has appropriate insurance in place, for both physical damage and loss of production income and is working with insurers through the standard claims process. Based on information currently available, Jadestone does not expect this incident to have a material financial impact on the Group’s current year or longer-term cashflow projections. 

Prior to shutdown, the field was producing approximately 2,000 bbls/d.

The Company will provide a further update in due course.

Clearly whilst this is inconvenient, these things happen in that part of the world, and the most important thing is that no harm came to any of the Jadestone team and the environment was protected. 

It seems that this was a pretty serious storm, one of the strongest to hit the Western Australia coast in many years but the team has returned to the platform and are assessing the damage. The assessment will include an estimate of how long it will take to repair and then they be able to give a timeline to production resumption. 

Whilst the company will provide further details in due course it is worth noting that they retain comprehensive insurance packages that cover all their assets. Accordingly, based on the information currently available, including the above, the company do not expect that this incident to have a material financial impact on the Group’s current year or on longer-term cashflow projections. 

Accordingly I remain upbeat about Jadestone, maintain my 75p target price and of course its position in the Bucket List. Recent strong oil prices have given plenty of reason to be positive about realisations in recent weeks and may continue to do so. 

Sintana Energy

Sintana has provided the following update on developments across its portfolio of high-impact assets. 

Highlights

• 57% increase to Mopane 3C contingent resource – Sintana net interest now ~67 mmboe
• AREA OFF-1 Uruguay seismic underway, with 22% of planned season one acquisition completed
• Strong regional momentum in Uruguay continues, with Chevron and QatarEnergy farming-in to multiple offshore blocks adjacent to the Company’s AREA OFF-3 block

·    $3m cash received from ExxonMobil as first instalment of agreed Colombia settlement

Robert Bose, CEO of Sintana, said: 
“Over the past two weeks, it has been extremely encouraging to see a number of positive catalysts unfold across our portfolio. In Namibia, as the holder of a carried 4.9% indirect interest in PEL 83, we benefit from a substantial 57% increase in the Mopane contingent resource base, taking our interest to 67 mmboe. This comes ahead of a three well drilling campaign that TotalEnergies is planning to commence later this year and which we expect should further expand what is already a world-scale project, as it progresses toward FID in 2028 and first oil in 2032.

“In Uruguay, the 3D seismic acquisition is now well underway on our AREA OFF-1 block, and the news that Chevron and QatarEnergy have farmed-in to multiple offshore blocks adds to the strong regional momentum we are seeing, and reinforces the excitement we feel about the country. Meanwhile, we have received the first instalment of settlement proceeds relating to our exit from Colombia, strengthening our balance sheet and demonstrating our ability to successfully monetize non-core assets at the appropriate time. We look forward to sharing more updates with shareholders as the year progresses.”

This portfolio update is very helpful, it brings together a number of points with regard to assets where changes have occurred in recent times. Firstly the Mopane farm-in by Total, thought at first by the market to have been a poor deal which has been proved by their recent resource upgrade to be far from that. Indeed the 50% increase in the base number and the fact that it is a 20,000 b/d development proves that it is a truly world class asset.

In Uruguay, Challenger as it was then surprised the market by doing a farm-out of significant proportions to Chevron which included a commitment to a 3D seismic survey which again has now got under way as expected by most. The area is now amongst the hottest post codes in the industry with Eni and Qatar Energy both entering and Chevron doubling down and wells in the area on the way. 

Finally, Sintana has received the first instalment of the proceeds of the exit from Colombia from Exxon which brings further stability to the balance sheet and as CEO Robert Bose says ‘strengthening our balance sheet and demonstrating our ability to successfully monetize non-core assets at the appropriate time.

Sintana is in a very strong position being represented in key basins and with significant upside potential from both, with farm-out opportunities in Uruguay and a strong partner in Namibia they are well placed to achieve my 75p target price and position in the Bucket List is assured.

Namibia – Mopane Resource Upgrade

On 23 March 2026, Galp Energia released its Integrated Management Report 2025, detailing a significant upgrade to 3C contingent resources within the Mopane complex on PEL 83, offshore Namibia. The  previously reported 3C contingent resource of 875 mmboe (gross) has been upgraded to 1.38 bnboe (gross), marking a substantial 57% increase following the success of Galp Energia’s exploration and appraisal drilling and highlighting the significant resource potential of Mopane and the broader PEL 83.  

Galp Energia is currently operator of PEL 83, with TotalEnergies in the process of farming-in and assuming operatorship, ahead of a planned three-well drilling campaign commencing in H2 2026, with a target FID expected in 2028, and target first oil in 2032. TotalEnergies has indicated the potential for significant further resource growth emanating from a possible inboard extension of Mopane in addition to the presence of two newly identified large prospects, Quiver and Sobreiro. The Company is fully carried on the costs of the upcoming well drilling program by TotalEnergies and Galp Energia. 

Sintana holds an indirect carried interest of 4.9% in PEL 83. Based on the upgraded contingent resource as detailed in Galp Energia’s Integrated Management Report 2025, Sintana’s net indirect interest is approximately 67 mmboe.

Uruguay – Additional Regional Farm-In Activity and Seismic Acquisition Update

On 25 March 2026, ANCAP, the Uruguayan state-owned oil company and industry regulator, advised that QatarEnergy has farmed-in to Uruguay offshore blocks AREA OFF-2 (30%) and AREA OFF-7 (30%) (both operated by Shell), and Chevron has farmed-in to AREA OFF-7 (30%) – in each case, as non-operating partners. AREA OFF-2 is the block immediately adjacent to Sintana’s AREA OFF-3, and AREA OFF-7 is the block immediately outboard of AREA OFF-3.

This farm-in activity expands Chevron’s presence in Uruguay to two blocks including Sintana’s AREA OFF-1 block, where Chevron holds a 60% interest and is operator following a farm-in in 2025. It also represents a new country entry for QatarEnergy, increasing the roster of major global oil and gas businesses now present in Uruguay to Chevron, Shell, APA, YPF, ENI and QatarEnergy.  Sintana is the only junior company with exposure to this rapidly emerging exploration hotspot.

As announced by the Company on 3 March 2026, 3D seismic acquisition on AREA OFF-1 is underway. As of 25 March 2026, approximately 564km2 of seismic data has been acquired, which represents 22% of planned acquisition for the first season ending April 2026. Most acquisition relevant to the key prospects identified on AREA OFF-1 is expected to be completed in the first season, with fast-track results  expected in Q4 2026, and full PSDM results from the first season expected in Q2 2027. The Company is carried for the costs of this seismic acquisition program by Chevron.

Colombia – Receipt of Initial Instalment Payment from ExxonMobil

On 4 February 2026, the Company announced it had reached agreement to resolve an arbitration with ExxonMobil relating to the VMM-37 block in Colombia, whereby the parties had agreed to dismiss the arbitration; the Company had agreed to conditionally assign all its interests in VMM-37 to ExxonMobil; and ExxonMobil had agreed to make a total of $9 million in cash payments to the Company: an initial payment of $3 million within 60 days, and a second $6 million payment contingent on Colombian governmental  approval. Subsequently, the arbitration has been dismissed as agreed, and the Company has now received the first payment of $3 million from ExxonMobil. The parties are working collaboratively in relation to securing the requisite governmental approvals, and presently expect payment of the second instalment prior to year end 2026.

Touchstone Exploration

Touchstone has provided an update on its recent operational activities in the Republic of Trinidad and Tobago.

Highlights

• Carapal Ridge 3 onstream: The Carapal Ridge 3 (“CR-3”) well was successfully tied into the Central block natural gas facility and brought onstream on March 28, 2026. The well is currently flowing natural gas and condensate as it continues to recover drilling and completion fluids.
• Central block throughput growth: Since the Central block acquisition, gross natural gas throughput (excluding Coho-1 volumes) has increased from approximately 16 MMcf/d to 19 MMcf/d through optimization, rising further to approximately 21.5 MMcf/d following the startup of CR-3. During the current cleanup phase, CR-3 has demonstrated intermittent peak rates of up to 5.7 MMcf/d during liquid offloading.
• Cascadura compressor progress: The Cascadura facility booster compressor successfully completed run testing in Houston. The unit is currently in transit to Trinidad, with arrival at port expected in April 2026 and commissioning targeted for May 2026.
• Oil block drilling: The Company successfully drilled the FR-1835 well on the WD-8 block, encountering approximately 290 feet of net pay. The drilling rig has since spudded the second well in a four-well campaign.
• Production update: Average net sales volumes for January and February 2026 were 4,778 boe/d, consisting of approximately 20.5 MMcf/d of natural gas and 1,357 bbls/d of crude oil and liquids.

Paul R. Baay, President and Chief Executive Officer, commented:
“Our current strategy is twofold: maximizing the utilization of existing excess capacity in our processing facilities through targeted drilling and deploying capital toward our highest-priced sales contracts to optimize project returns. The CR-3 well achieves both objectives, adding immediate production while allowing us to benefit from strengthening LNG market fundamentals and improved pricing.

As the first new well in the field in over 17 years, our team was successful in bringing CR-3 online and into the plant. In line with the performance of historical wells in this field, the cleanup process is expected to take several weeks, and we will provide further updates as stabilized rates are established.

The Central block acquisition has successfully marked our entry into the LNG market. By increasing throughput without incurring additional incremental operating costs, we are leveraging our infrastructure to capture higher-value sales. Simultaneously, our legacy crude oil blocks continue to provide low-risk production growth, funded by the strategic disposition of non-core assets last year. Finally, the upcoming Cascadura compressor installation is a vital investment that is expected to stabilize short-term production and extend the long-term economic life of the field.”

This is a positive update and the CR-3 well particularly achieves the twin objectives of bringing on production as well as tieing into the Central Block natural gas facility when it came onstream on Saturday flowing natural gas and condensate.

At Cascadura the booster compressor is expected soon as it is en route from Houston having completed a two-day run test and when it arrives next month will be transported to the facility ready for commissioning in May. When commissioned it should ‘mitigate elevated sales pipeline pressures’ improving both production rates and overall operational stability at the facility. 

Meanwhile the company has been drilling, the successful FR-1835 well on the WD-8 block which encountered 290 feet of net pay and the FR-1836 well has spudded and is drilling ahead and when at TD both wells will be tied-in to the processing facilities. 

As I mentioned in my last resort Touchstone is benefitting from the current pricing profile and demand is sure to remain high and the LNG part of the equation will prove its worth and of course add value to the company’s total portfolio. 

I remain confident that Touchstone will justify its position in the Bucket List and my 30p target price is not over ambitious, the scope for the company lies in its incredibly strong acreage  position which is backed by the Central Block acquisition and its LNG market pricing model. 

Central Block

The CR-3 well commenced production on March 28, 2026, and is currently flowing natural gas, 58-degree API condensate, and drilling and completion fluids. While initial deliverability is currently being impacted by mud losses and liquids in the wellbore, the well continues to clean up drilling and completion fluids to the facility. Increased production from CR-3 is expected to accelerate the fulfillment of gas volumes committed under “deliver or pay” requirements, enabling a strategic shift toward the Company’s higher-priced LNG sales contracts.

Since the May 2025 acquisition, Touchstone has executed an active optimization program focused on reducing facility operating costs and increasing plant throughput. Average natural gas throughput volumes for the Central block during January and February 2026 were approximately 3,435 boe/d (net 2,233 boe/d).

Realized LNG pricing (prior to fees) for the period was $6.74/MMbtu in January and an estimated $3.98/MMbtu in February, supported by strong Henry Hub pricing early in the year. We expect continued pricing strength in March, driven by international LNG market dynamics and geopolitical supply disruptions. In contrast to the variable LNG market, Ortoire volumes, including Cascadura and Coho production, continue to receive a fixed natural gas price of $2.33/MMbtu.

Cascadura Compressor 

The Cascadura booster compressor successfully completed a two-day run test in Houston, Texas during February 2026 and is currently in transit to Trinidad. Upon its expected arrival in April, the unit will be transported to the Cascadura facility for installation, with commissioning targeted for May 2026.

The unit is designed to mitigate elevated sales pipeline pressures, which currently range from 650 to 750 psi and constrain production. By reducing wellhead backpressure, the compressor is expected to improve both production rates and overall operational stability at the facility.

Oil Blocks

Following the December 2025 asset swap of the non-core Fyzabad property for three turnkey development wells, the Company began a four-well drilling campaign on the WD-8 and WD-4 blocks in early March 2026.

The first well, FR-1835, was spud on March 7, 2026 and reached total depth on March 16, 2026. Wireline logs indicate approximately 290 feet of net hydrocarbon pay. This well was drilled ahead of schedule, with all turnkey drilling costs covered by the operator, apart from certain ancillary drilling equipment costs. The second well, FR-1836, was spud on March 26, 2026, and is currently drilling. Upon reaching total depth on FR-1836, the drilling rig will demobilize, and completion and tie-in operations will proceed for both wells. The rig is then expected to move to the WD-4 block in the third quarter of 2026 to drill two additional wells.

Afentra

Afentra provide an update on the planned Block 3/05 drilling programme, offshore Angola.

A rig opportunity provided by Sonangol has allowed an acceleration of the planned 2026 drilling programme on Block 3/05 offshore Angola. The Borr Grid jackup rig is currently under contract to Sonangol and the Block 3/05 Joint Venture partners have signed a commercial agreement with Sonangol to use the rig for the planned Block 3/05 well programme (the “2026 Drilling Agreement”).

Highlights

• Accelerated Two-Well Programme: The Block 3/05 Joint Venture has signed a commercial agreement with Sonangol to utilise the Borr Grid jack-up rig, which is currently under contract to Sonangol, accelerating the planned two-well drilling programme.
• Spud Date Anticipated in Coming Days: The Pacassa SW exploration well is anticipated to spud in the coming days, marking Afentra’s transition into the execution phase of its organic growth strategy.
• Deferred Funding Structure: The two-well programme will be financed by Sonangol, with costs recovered from future incremental production revenues from the wells being drilled. The programme is therefore not expected to impact Afentra’s 2026 cash capex.
• Significant Production and Resource Potential: The programme targets a potential gross production uplift of around 9,000 bopd and will help define the material upside potential in the Pacassa SW area (up to 70 mmbo recoverable) and the Impala field (up to 50 mmbo recoverable).

Drilling Programme Details

The accelerated programme will commence with the Pacassa SW well, which is expected to have a drilling duration of 80 to 90 days. The second well in the programme will be either a Pacassa SW injection well or the Impala-2 development well, with the decision dependent on the outcome of the initial Pacassa SW well and operational preparedness.

Pacassa SW is a currently un-drilled fault block adjacent to the prolific Pacassa field which has the potential to contain up to 210 mmbbls of oil in place. The well will be drilled from the Pacassa F4 platform which in the event of a successful outcome will allow the well to be completed and connected to the existing production infrastructure. A successful outcome will also provide the opportunity to define the full development of the Pacassa SW area of up to 70mmbo recoverable resources

Impala-2 will be drilled from the Impala wellhead platform into the Impala field around 1000m from the existing Impala-1 production well. The well will assist in defining the upside potential of the field which could contain up to 200mmbo of oil in place. Upon completion the well will be connected to the existing production infrastructure. The outcome will also assist in defining the optimum Impala field development which has up to 50mmbo of incremental recoverable resources.

As part of the commercial agreement to utilise the rig Sonangol will finance the planned two well programme with the deferred capex being recovered by Sonangol from future incremental production revenues from the wells being drilled. The accelerated well programme is therefore not expected to impact Afentra’s 2026 cash capex. 

Paul McDade, Chief Executive Officer of Afentra plc, commented:
“The ability to accelerate our drilling programme is a pivotal moment for Afentra, marking a clear transition to the execution phase of our organic growth strategy. This opportunity is a direct result of the strong, collaborative partnership we have with Sonangol and the Joint Venture. The funding structure agreed with Sonangol allows us to fast-track the unlocking of significant potential value from both the Pacassa SW area and the Impala field without impacting our 2026 cash capex. This programme is designed to efficiently convert resources into production, growing volumes through our existing infrastructure and delivering tangible value for our shareholders. Crucially, it will also provide invaluable data to de-risk and define future prospectivity across the wider Block 3/05 area, optimising our long-term development plan.”

The planned well programme has been accelerated by the opportunity to get a rig sooner than expected, this can only be good news for the company as at no further capex, should the wells come in, and real value could arise if current oil prices were to continue.

With the company in a technical bid situation this can only make potential suitors sharpen their pencils and it means that my 100p target price must look pretty parsimonious but stay the same as the process unfolds. This campaign in itself could add o that target. 

Afentra is justifiably in the Bucket List and is a massive store of value for the long term and whatever the outcome, in the absence of a low bid succeeding, the shares remain an absolute favourite.

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