WTI (May) $83.85 -$10.84, Brent (June) $90.38 -$9.01, Diff -$6.53 +$1.83
USNG (May) $2.67 +2c, UKNG (May) 102.02p -3.91p, TTF (May) €41.015 -€0.81

Oil price

Oil has rallied by around five dollars today after a weekend of changing policy. On Friday afternoon crude had fallen by over ten dollars after the Strait of Hormuz was reopened by Iran during the Israeli/Lebanon cease fire. That was subject to their own rules such as using coordinated and designated routes and paying tolls. 

On Saturday they then reimposed the closure as the US navy effected closure to Iranian vessels and since then those vessels that wouldn’t stop making passage have been attacked. One question is that has President Xi agreed with the US policy as it wants the Strait open and have said that they won’t sell arms to Iran any more?

Reabold Resources

Reabold has noted the recent media article in the Telegraph newspaper on 19th April 2026 and issues the following clarifications.

The significant onshore natural gas resource at the West Newton site in Yorkshire has and will continue to be progressed for the benefit of UK energy security, which is particularly important at this time of significant geopolitical uncertainty. In addition, Reabold will continue to engage with all stakeholders, both locally and nationally, to ensure the optimal development pathway for West Newton is achieved.

The Company is exploring the potential to deploy a small-scale power generation facility at the West Newton A well site to mine bitcoin from initial flows of gas following the upcoming well workover, to demonstrate the ability to use West Newton gas to fuel datacenter developments that will be crucial to the future UK economy.

Successful implementation of such a project could allow for the development of a larger scale data centre at site, which would not preclude the potential for gas to grid, or gas to industrial consumption development options.

Reabold believes that the natural gas resources at West Newton and further prospective resources on the PEDL 183 licence can be used for the benefit of all stakeholders and is committed to facilitating this outcome.

I noted this article and was pleased that it brought to the attention of the public to the West Newton project which I have said for a long time has the potential to make a significant contribution  to both the UK’s domestic energy security as well as materially change for the better the outlook for local stakeholders. 

But it also was slightly confusing in that it, wrongly in my view, gave the indication that the JV is mining Bitcoin at the expense of contributing to UK energy needs. As far as I understand it, Bitcoin mining was only ever going to be a small component of the use of the gas and that it should be emphasised that West Newton and Reabold will make a big contribution to domestic energy strength and security for many years to come.

Reabold is looking in a strong position ahead of the recompletion work at West Newton and accordingly I remain positive on the shares, with an entry in the Bucket List and a target price of 0.5p. 

Jadestone Energy

Jadestone has announced the signing of the Gas Sales and Purchase Agreement (“GSPA”) for the supply of gas from the Nam Du / U Minh discoveries offshore Vietnam.

T. Mitch Little, Chief Executive Officer of Jadestone, commented:
“The execution of this agreement is a pivotal moment for Jadestone.  After years of dedicated effort, we are now in a position to deliver the Nam Du/U Minh development, which will materially strengthen our portfolio while supporting our growth ambitions. With all key commercial and technical approvals now in place, and recent key hires into the Jadestone Vietnam project delivery team, we are now focused on rapidly progressing towards the project execution phase. Our near-term priorities are to conclude the bid evaluation for the FPSO and field infrastructure, and award their respective contracts during the second half of this year. 

We thank all of our stakeholders in Vietnam for supporting the recent progress on Nam Du/U Minh, and we look forward to working with them to deliver the development safely and efficiently. Over the project life, we expect that the development and production phases will generate significant local employment opportunities, material contract awards to local Vietnam companies, and hundreds of millions of dollars in government revenues. The Nam Du/U Minh project also supports Vietnam’s strategic plan and net zero ambitions, prioritizing sovereign resources to enhance Vietnam’s energy security and economic growth alongside the transition to lower emitting sources of fuel.” 

This is exceptionally good news for Jadestone and it ticks yet another box as the ‘new’ management team really get to grips with the portfolio and make no mistake this GPSA is a really important catalyst for the Nam Du/U Minh project. 

Now there is for the first time a formal commercial framework in place for the project which ensures that potential partners and providers of finance are given the traditional protections that they require such as take-or-pay commitments. 

The farm-out process has already started with formal solicitation of interest ahead of any scheduled management presentations, having the GPSA signed at this stage will provide further momentum in that process. It should also be noted that Jadestone also see considerable upside potential in close proximity to ND/UM which it is thought will attract very credible partners.

I have said in the past, and reiterate now, that it is clear that there is a lot of Vietnam Government support for this project as they will benefit significantly from a successful project that will bring Government take, contracts with local businesses, employment opportunities locally and of course tax revenue. 

I reiterate that the company are drawing a line under historical performance and are now demonstrating that shareholder value is at the heart of their plans. FDP approval was achieved swiftly as has been the GPSA here now, I remain confident that things are moving fast and although coming from a low base recent positive share price performance will be continued, hence my target price of 75p and Bucket List entry has plenty of scope. 

Nam Du/U Minh GSPA

The Nam Du/U Minh discoveries are located offshore southwest Vietnam in shallow waters, with production targeted to commence in late-2028, as per the approved field development plan previously announced on 18 March 2026.

The finalized GSPA sets out the terms on which gas will be supplied from the Nam Du/U Minh fields offshore Vietnam to PV Gas, a subsidiary of Petrovietnam, the state-owned national energy industry group of Vietnam. Key elements of the GSPA include:

• A daily contract quantity (“DCQ”) of 80 MMscf/d, or ~13,000 boe/d (gross).
• Maximum DCQ set at 110% of DCQ.
• Take-or-pay is set at 90% of DCQ, equivalent to approximately 26 Bscf per year during the plateau period.
• The wellhead gas price is comparable to historical Vietnam gas imports and subject to fixed annual escalation.

Combined, the Nam Du/U Minh fields contain independently audited gross 2P reserves of 32 MMboe. Jadestone estimates up to 1.5 trillion cubic feet of gross unrisked gas in place from seismically supported prospects within the existing licenses, much of which lies in close proximity to Nam Du/U Minh, representing low risk upside potential which could extend and/or increase plateau production from the initial development.

Angus Energy

• Angus has announced First Quarter 2026 Production, Operations, Corporate and Finance Update 
• c.30% increase in production rates at Saltfleetby following completion of the workovers.
• Production from the Saltfleetby Field in the First Quarter of 2026 was 471 million standard cubic feet of natural gas and 10,180 barrels of gas condensate.
• Gas sales of 5.24 million therms were achieved in the Quarter from the Saltfleetby Field.
• Estimated revenues of £5.65m for the Quarter.
• Production uplift driven by successful completion of Saltfleetby workovers.

Production and Operations Update

Saltfleetby
Gas sales from the Saltfleetby Field totalled 5.24 million therms during January, February and March 2026, compared to 4.98 million therms in the fourth quarter of 2025, representing an increase of approximately 5%. This modest increase was driven by the successful completion of the Saltfleetby well workover programme but moderated by the impact of planned well shut-ins during January and February to facilitate the workover operations and therefore does not fully capture the circa 30% uplift in underlying production rates achieved post-completion.

Average monthly gas sales for the quarter were 1.75 million therms, up from 1.66 million therms in Q4 2025. Gas condensate production averaged 111 barrels per day, an increase of approximately 32% compared to 84 barrels per day in the previous quarter. Operational efficiency remained robust at 87% notwithstanding the impact of workover interventions on two of the three producing wells over the period (Q4 2025: 94%).  

Successful Saltfleetby Well Workovers

Coiled tubing operations were successfully completed on wells Saltfleetby-B2 and Saltfleetby-B7, including cleaning and stimulation using acid and mutual solvent treatments. The site returned to full production with all 3 well producing on 10 February 2026, with full site, post-workover rates indicating an increase of approximately 30% compared to pre-workover levels.

Brockham
Total oil production from the Brockham Field for the quarter was 4,114 barrels, equating to an average production rate of 46 barrels per day, broadly in line with the previous quarter (Q4 2025: 4,577 barrels; 50 barrels per day). Operational efficiency was 100% (Q4 2025: 100%).

Ongoing optimisation initiatives have supported stable production, alongside a continued reduction in water cut. The Company is now progressing preparations to restart production from the BRX4z well targeting the Portland reservoir.

Finance Update

Estimated revenues for the quarter were £5.24 million (Q4 2025: £4.12 million), representing an increase of approximately 28%, driven primarily by higher realised gas prices, increased production volumes and improved hedging position.

Further to previous announcements (most recently on 19 March 2026), the Company continues to make good progress on the legally binding documentation associated with its proposed financial restructuring. The Company is targeting completion and execution of the definitive agreements in the coming weeks.

Upon execution, the proposed restructuring is expected to materially strengthen the Group’s balance sheet, enhance liquidity, and establish a more sustainable long-term capital structure.

In the meantime, the Board continues to prudently manage working capital in close coordination with its lenders.

Suspension of Trading on AIM

Trading in the Company’s shares on AIM will remain suspended pending the conclusion of its financial restructuring.

The Board remains focused on strengthening the Company’s long-term position and will provide further updates as the restructuring progresses.

A 1Q update from Angus in which they note that there is a 30% increase in production following completion of the workovers during the quarter at Saltfleetby. Production in the quarter was 5.24m therms, up 5% on 4Q 2025 which only partly includes shut-ins for the workover operations. 

This, along with liquids production and oil from Brockham gave estimated revenue of £5.65m thanks to firm hydrocarbon prices likely to continue through Q2. 

Shareholders will be keen to hear news of the financial restructuring where the company state that they ‘continue to make good progress on the legally binding documentation associated with its proposed financial restructuring. The Company is targeting completion and execution of the definitive agreements in the coming weeks’.

All in all good news again from Angus particularly on the operational front, when they can sign the documentation on restructuring and the shares return to a listing shareholders will breathe again. 

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