WTI (May) $112.95 +54c, Brent (June) $109.27 -50c, Diff +$3.68 +$1.04
USNG (May) $2.87 +6c, UKNG (May) 107.18p -24.04p, TTF (May) €44.405 -€6.17
NB Opening prices this morning WTI $96.18 -$16.77, Brent $95.02 -$14.25

Oil prices

The prices above are worth noting as, at least for a fortnight we may not see them for a while. After the US/Iranian agreement to a two week ceasefire, crude prices have plunged, as I write WTI is $92.50, down $20.65 and Brent is $91.52, off by $17.75. 

There is much to agree on, if the Strait of Hormuz reopens fully and Iran doesn’t stop any ships passing through and the uranium supplies can be checked etc etc….

I also watch the EIA US retail gasoline prices and mention them most weeks. In the last week a gallon of Exxon’s finest will set you back $4.12, up 13 cents w/w, 61.8 m/m and 87.7 y/y. Indeed my notes tell me that as recently as the end of February it was $2.90….

Another notable occurence is that annually the US Memorial Day holiday, this year on Monday 25th of May, is the unofficial start of the US driving season, so all being well well prices will have fallen by then…

Union Jack Oil

Union Jack has announced that Reach Oil and Gas Company Inc, has informed the Company that the Crossroads well, located in Southern Oklahoma, USA will be spudded on or around 16 April 2026. Union Jack currently holds a 43% interest. The Company’s share of the drilling costs have already been funded.

• Crossroads will penetrate a large, 100 acre structure in the prolific Oil Creek Sand
• Estimated recoverable resource by the Operator over multiple target zones of 1,670,000 barrels of oil gross
• Crossroads is a large four-way dip closed structure mapped on 3D seismic

Union Jack has resumed its campaign in the USA with this announcement that the Crossroads well in Southern Oklahoma is expected to be spudded on or around the 16th April. UJO has a 43% stake and its share of the drilling costs are already funded. 

The structure looks large, with 100 acres of the prolific Oil Creek Sand giving estimated recoverable resources of over 1.67m barrels of oil on a gross basis over multiple target zones, so very exciting for shareholders.

I remain confident that UJO has a huge inventory of exciting acreage both in the US and here in the UK where Wressle continues to bring in substantial revenue and recompletion activity is on the cards at West Newton. It remains in the Bucket List and my target price is still 30p.

Chariot

Chariot has provided a corporate overview and outlook for its Upstream and Renewable Energy pillars.

Following the recently announced transaction offshore Angola which will bring material cashflows into the Group, Chariot’s focus going forward will be to further grow its upstream portfolio and maximise value from its renewable energy business.

Chariot will be hosting a webcast for existing and potential investors at 10.00am BST tomorrow, 9th April. Investors are able to register for the event ahead of time and can do so by clicking on the link below. There will be a Q&A session at the end and participants will be able to submit their questions before and during the webcast. The presentation and recording will then be available on the Company’s website. 

https://engageinvestor.news/CHAR_IP26   

Adonis Pouroulis, CEO of Chariot commented:
“With our recent transaction offshore Angola, we have secured an economic exposure to oil producing assets which marks a new phase for Chariot as it introduces a material income stream into our Company. As a result of this deal, we have secured long-term production revenues which will underpin our future plans, our focus will now be on growing our asset base across our upstream portfolio and we are excited by the opportunities we are evaluating at the moment.

We are also extremely proud of what we have built within our Renewable Power business and what the team has achieved here alongside the Etana Energy team. We co-founded what is one of the fastest growing energy trading companies in South Africa today and have reached financial close on two utility scale wind projects with the support from high calibre financial institutions. Having completed these financings, we have laid solid foundations for the future and we are now looking to realise this underlying value and reinvest in our upstream growth to ensure we capture the opportunity to deliver most value to shareholders.”

An update today from Chariot which doesn’t include any new information nad that I have commented on in previous notes. ‘New’ Chariot looks very exciting and I for one will be listening in tomorrow to the webcast, details above.  

UPSTREAM

Angola – Production

• Secured substantial economic exposure to oil producing assets offshore Angola
• Part financed Etu Energias S.A’s (“Etu Energias”) acquisition of a 20% and 10% respective interest in Blocks 14 and 14K alongside Shell Western Supply and Trading Ltd (“Shell Trading”)
• Sale and purchase agreement now signed by Etu Energias and closing is expected in H2 2026 with an effective date of 1st January 2025
• Block 14 is a prolific mid-to-late-life producing asset with material upside in existing discoveries
• Chariot is entitled to the economics associated with current production of 4,000 bopd which has a base case indicative net NPV10 in excess of US$100 million at a US$60/bbl oil price
• Collaboration with Shell Trading and Etu Energias could unlock further growth opportunities

Morocco – Development & Exploration

• Re-scaled the Anchois gas project, located in the Lixus Offshore licence, to optimise a development focused on the gas resource volumes found in the Anchois-1 and Anchois-2 wells leveraging the existing subsea-to-shore development plan which is supported by a previously completed Front End Engineering & Design (FEED) stage work and has already obtained environmental licensing approvals
• EPCI turnkey proposal received for the Anchois development demonstrates the opportunity to substantially reduce previously projected capex requirements
• Production capacity maintained at up to 105mmscfd
• Economics remain robust with a gross NPV10 of US$0.65 – 1 billion
• Increased third party partnering interest in offshore acreage, including basin scale exploration opportunities across a range of plays, with adjacent block recently awarded to Murphy Oil Corporation
• Discussions are ongoing with ONHYM regarding the next steps for Loukos Onshore
• Partnering discussions underway with large industry players and Moroccan investors across both Lixus and Rissana licences

New Ventures

• Maturing pipeline of opportunities covering a range of production, development and exploration assets within Africa in line with our previously announced strategy
• Progressing multi-billion-barrel opportunity in Namibia with a ten percent back in right in previously operated 2714 A&B blocks

RENEWABLES:

• Chariot has built a South Africa-focused renewable energy business, including founding a leading electricity trading platform and securing material stakes in two large wind generation projects
• These ventures have been supported through a series of financing transactions completed at subsidiary level
• With these two future revenue streams now financed, management is focused on realising the value of this business

Electricity Trading – Etana Energy

• Continuing to execute its business plan at pace with 400MW of wind and solar under development and over 500MW of shovel-ready grid connectable projects in pipeline
• Recent transactions include a significant Power Purchase Agreement to deliver 220MW over a 10-year term to Sibanye Stillwater Mining Group and 150MW of solar power secured in sole offtake from new Orkney solar project
• Financings from Standard Bank, Norfund, British International Investment and GuarantCo ensure bankability and enable the roll out of new generation projects

Generation

• Chariot holds a material stake in two wind projects, Zen and Bergriver, with a combined capacity of 194MW, currently under construction, led by Acciona Energias
• Significant financing package of project finance debt combined with third party equity investment and mezzanine secured in December 2025 with Standard Bank, Investec and Mahlako A Phahla Financial Services, enabled financial close
• Progressing a pipeline of renewable projects for First Quantum Minerals in Zambia, Tharisa in South Africa and Karo Mining in Zimbabwe

Green Hydrogen

• Work ongoing alongside TEH2 across Project Nour in Mauritania with focus on scoping an early stage green iron project

Sunda Energy

Sunda has announced that it has signed a Share Sale and Purchase Agreement with Matahio Ventures Pte. Limited for the conditional acquisition of Matahio Energy NZ Limited which, through two subsidiary companies, owns and operates 100% of a group of production and exploration permits located within the onshore area of the Taranaki Basin on the west coast of New Zealand’s North Island. In addition, the Company has conditionally raised up to £6.7 million through the proposed Fundraising to fund the Acquisition as set out below.

The Company has also announced today an update on operational plans in Timor-Leste and, as part of the Fundraising, has launched the conditional Retail Offer to existing shareholders. 

Highlights of Matahio NZ and the assets subject to the Acquisition include:

• Approximately 1,000 boepd production (c. 80% oil and 20% gas) in 2025
• Material cashflow generation anticipated from existing production and growth plans
• 100% working interest in four oil and gas production permits, and one exploration permit
• 2P Reserves of 2.6 MMboe and 2C Contingent Resources of 0.5 MMboe
• 2U Prospective Resources of 5.8 MMboe, including near-term, low-risk exploration drilling
• Highly capable, experienced operating team
• Multiple infield development and field re-start opportunities
• Successful pilot gas storage project and additional revenues from third-party gas processing
• Stable business environment in an OECD nation, with new government incentives to encourage gas developments and enhance energy security

Key terms of the Acquisition include:

• Deal negotiated in Q4 2025 and early Q1 2026, with an Effective Date of 1 January 2026
• The aggregate of the Firm Consideration (excluding the Tariki Payments) and Deferred Consideration expected to be between US$8.0 million and US$14.0 million, with this anticipated to be at the high end of the range in the current oil price environment
• Contingent Consideration expected to be between US$1.0 million and US$13.0 million, mostly related to a successful outcome of planned exploration drilling
• Payments phased with a Deposit, Completion Payment and Deferred Consideration with the final payment date estimated to fall in Q3 2027
• Competitive acquisition metrics of US$5.77 per boe of 2P reserves (peer average1 = US$11.72) and US$14,577 per producing boe (peer average1 = US$47,563)

(1) Peer averages from valuations of listed companies with production in Asia Pacific region. Sunda metrics exclude Oru success payment and the Tariki Payments. Market comparables data provided by Hannam & Partners, from Bloomberg data on 24 March 2026

Highlights of the Fundraising include:

• Firm Subscription by Alumni Capital raising £900,000 at 0.02975 pence per Firm Subscription Share
• Convertible Loan Note Subscription by Alumni Capital, which will raise gross proceeds of up to £4,250,000, assuming all the tranches are drawn down by the Company and conditional on shareholder approval
• Draw down of final £350,000 under the £1.5 million unsecured loan provided by Andy Butler (CEO of Sunda Energy) as announced on 10 February 2026 (the “AB Loan”)
• Conditional Subscriptions totalling £800,000 at the Issue Price comprising: (i) the conversion of £750,000 of the AB Loan; and (ii) conditional subscriptions by three other directors, Gerry Aherne (Non-Executive Chair), Keith Bush (Non-Executive Director) and John Chessher (Non-Executive Director), totalling £50,000
• WRAP Retail Offer to existing shareholders of the Company to raise up to £750,000 at the Issue Price, conditional on shareholder approval

The Company also today announces a proposed Capital Reorganisation, to consolidate and sub-divide the Existing Ordinary Shares, such that every 100 Existing Ordinary Shares are consolidated into one New Ordinary Share.

The Acquisition, the Conditional Subscriptions, the Retail Offer, the CLN Subscription and the Capital Reorganisation are conditional on, inter alia, Shareholder approval at the General Meeting to be convened on 29 April 2026. A circular containing further details of the proposals and containing the Notice of General Meeting is expected to be despatched to Shareholders by 10 April 2026. Following its publication, the Circular will be available on the Company’s website at https://sundaenergy.com/. An updated Company presentation will also be uploaded today onto the Company’s website.

Furthermore, the Acquisition is conditional, inter alia, on New Zealand government approval for the change of control which is expected to take four to six months from the date of this Circular.

Dr Andy Butler, CEO, commented:
“The announcements being made today are transformational for Sunda. The Company can look forward to an exciting and robust future built around a portfolio of New Zealand production, development and exploration assets that are complementary to our existing business in Timor-Leste and the Philippines. Diversifying Sunda’s portfolio through this Acquisition will enable the Company to effectively develop all areas of our business for the benefit of shareholders and host country stakeholders. The assets being acquired come with tremendous potential, particularly around bringing gas resources to the New Zealand market, and I look forward to working on delivery of this potential with the brilliant in-country team that will be joining Sunda once the Acquisition has completed. I thank the Seller’s management and shareholders for the collaborative spirit in which the Acquisition has been negotiated, for the mutual benefit of all parties and stakeholders.”

So, the promised deal from Sunda which on the face of it looks pretty good. It ticks the right boxes in that it provides exploration and more importantly production and scales the business up. The cost isn’t given but that we should assume that it is at the high end of the rather wide $8-14m range, at that level it isn’t dear and should be accretive.

The company are raising money everywhere for this deal, a retail WRAP offer, a loan from the CEO, Alumni Capital are subscribing and doing a CLN, some directors are dipping into their pockets and the AB loan is being converted. 

My hope now is that this really is a ‘transformational’ deal as described by the CEO, in itself it is complementary to the Timor-Leste plans which had looked awfully stretched on their own, something that the partnering will also help with. Subject to further details and hearing from the company at some stage I’m cautiously optimistic…

United Oil & Gas

United Oil & Gas has provided an update on the analysis of piston core samples from its recently completed Seabed Geochemical Exploration survey over the Walton-Morant Licence offshore Jamaica.

United has undertaken a geochemical analysis on the 42 piston cores acquired across the Walton-Morant Licence. The analysis has identified C4 and C5 hydrocarbons, including butanes and pentanes, in select piston cores within the headspace gas dataset. United note that these higher order hydrocarbons are not typically associated with biogenic gas systems and are therefore consistent with a potential thermogenic contribution.

There is an established body of evidence for an active petroleum system in Jamaica in general, and on the licence in particular, including repeat satellite slick anomalies, thermogenic hydrocarbon geochemistry from existing onshore and offshore wells, onshore and offshore oil seeps, and onshore surface outcrops. Furthermore, petroleum systems modelling suggests the presence of oil-mature source rocks. The 2026 SGE survey is the first on the licence to be optimally positioned using 3D seismic, multibeam echosounder (MBES) seabed mapping, and satellite-derived slick anomaly data. Taken together, the data are interpreted as consistent with an active petroleum system offshore Jamaica.

United will integrate the results into its geological understanding and risking models, and the dataset will support ongoing technical evaluation and farm-out discussions.

Brian Larkin, CEO of United Oil & Gas, commented:
“The 2026 piston core survey results represent an important step forward in our understanding of the Walton Morant licence. We have identified butane and pentane hydrocarbons in the analysis. These results enhance our understanding of the licence and provide an important input as we advance towards a drilling decision. We look forward to integrating the results into our subsurface work and continuing to progress discussions with interested parties. We believe United’s technical evaluation of the licence’s potential will support our ongoing farm-out process as we work to advance this world-class licence which contains approximately 7 billion of prospective resources.”

‘Important’ but probably pretty small steps for UOG as they keep up their work on the Walton Morant licence in Jamaica. The company say that ‘taken together, the data are interpreted as consistent with an active petroleum system offshore Jamaica’ and that they will ‘integrate the results into its geological understanding and risking models, and the dataset will support ongoing technical evaluation and farm-out discussions’. 

So UOG are still doing the grunt work but all of it pales into insignificance next to the necessity of finding a partner in the farm-out process which is ‘ongoing’ but must be a breeze if there are 7 billion barrels of prospective resources in ‘this world class licence’…

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