WTI (July) $96.02 +$2.26, Brent (Aug) $97.81 +$1.81, Diff -$1.79 -45c
USNG (July) $3.21 +4c, UKNG (July) 118.3p +0.73p, TTF (July) €48.975 +0.05

Oil price

Oil is down this morning as a couple of factors weigh on the minds, firstly the House of Representatives passed a motion that would require permission for further war activities which will potentially stymie the President but there is more to play for including passing in the Senate.

Also better news as Israel and Lebanon agree a conditional ceasefire, how long will this last or?

And the API and EIA both reported crude draws of 6.75m and 8m barrels respectively which is only to be expected…

Angus Energy

Angus Energy announces that further to previous announcements (most recently on 20 April 2026), the Company continues to make good progress on the legally binding documentation associated with its proposed financial restructuring. Although progress to final binding agreements has been slower than anticipated, the Company is confident that the restructuring process will conclude 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 resume on completion of the restructuring.

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

Good news here that Angus seems ‘confident that the restructuring process will conclude in the coming weeks’ which sounds very positive for shareholders.

Added to that the board has also added that ‘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’.

This is also perhaps better than expected and whilst progress is somewhat slower than all had expected it should be remembered that it there are many detailed and binding agreements to be put together. I think that shareholders, and my, patience will be rewarded in ‘the coming weeks’. 

Afentra

Afentra yesterday announced its intention to raise approximately US$40 million by way of a firm placing, a conditional placing and a retail offer. Highlights · Following the Company’s announcements on30 March 2026, 23 April 2026 and 13 May 2026, relating to the agreement with Sonangol for the accelerated two-well drilling programme on Block 3/05 and the US$125 million Gunvor debt facility, Afentra is in a strong position to deliver its near term growth plan, with a target of doubling production to approximately 13 kbopd by 2028;

Afentra has a much larger opportunity set within its portfolio that can be accelerated to deliver growth and value accretion for its shareholders, including follow up drilling activity and workovers on Block 3/05, drilling, near-field developments and exploration on Blocks 3/05A and 3/24, and short-cycle production and significant exploration on the Company’s material onshore Kwanza basin acreage; · The Company intends to use the net proceeds of the Placing to accelerate these growth activities and enhance strategic flexibility;

The Company intends to raise approximately US$40 million through the Placing at an issue price of 67 pence per share. The Issue Price represents a discount of approximately 5.2 per cent to the closing mid-market price of 70.7 pence on 2 June 2026 (being the latest practicable date prior to the date of this announcement.

Following a period of shareholder consultation and wall crossed marketing, the Company has received indications of interest for the Placing in excess of US$40 million. · As part of the Placing, the Company will also offer the opportunity for the Company’s retail shareholder base in the United Kingdom to participate in the offering at the Issue Price. The Retail Offer will be carried out via the Winterflood Retail Access Platform and a separate announcement will be made regarding the Retail Offer and its terms on 4 June 2026. The Placing is to be conducted by way of an accelerated bookbuild process in accordance with the terms and conditions set out in Appendix I.

Paul McDade, Chief Executive Officer, Afentra plc commented:
“The proposed equity raise allows Afentra to further accelerate our growth strategy as we enter into the next phase of value creation, deepening our investor share register, and further strengthening our balance sheet. Over the past five years, and without recourse to our shareholders, we have built a robust platform designed to leverage the significant scale of our asset portfolio, both offshore and onshore Angola. Our stated strategy remains on track to more than double our current production by 2028, as well as sustainably increase our reserves and resources through high-impact drilling. We are delighted by the strong support we have received from existing and new investors for the Placing and look forward to working with all of our stakeholders in delivering on our next phase of value creation.”

Afentra has raised over $40m at a good, tight discount indicating that the market is confident that the company has plenty of opportunities in its portfolio for significant growth. The money is to strengthen the balance sheet and for its near term work programme although it is worth noting that it is carried on blocks 3/05 and 3/05A by Sonangol. 

Afentra remains a favourite stock, it has a longstanding spot in the Bucket List and a target price of 100p, I expect further outperformance. Regarding its portfolio, with Etu buying everything in sight there won’t be anything to buy offshore Angola so it’s good that Afentra has a fantastic and extensive bunch of assets and of course much work to do onshore.

Afentra has announced that it has successfully raised gross proceeds of US$40 million before expenses by way of an oversubscribed firm and conditional placing. The Placing was completed via the issue of 44,315,240 new ordinary shares in the Company representing 19.6 per cent of the Company’s existing share capital at a price of 67 pence per share, comprising:

• a firm placing of 22,615,600 Firm Placing Shares to raise approximately US$20.4 million at the Issue Price, to be effected using the authorities to issue and allot new shares granted to the Directors by Shareholders at the Company’s annual general meeting held on 4 June 2025 (the “Firm Placing”); and
• a conditional placing of 21,699,640 Conditional Placing Shares to raise approximately US$19.6 million at the Issue Price, conditional upon inter alia the passing of the Resolutions at a general meeting of the Company (the “General Meeting”).

The Issue Price represents a discount of approximately 5.2 per cent to the closing mid-market price of 70.7 pence on 2 June 2026.

Afentra has announced a retail offer via the Winterflood Retail Access Platform to raise up to £2 million through the issue of new ordinary shares of £0.10 each in the capital of the Company. Under the WRAP Retail Offer up to 2,985,074 new Ordinary Shares will be made available at a price of 67 pence per share to eligible investors in the United Kingdom.

In addition to the WRAP Retail Offer and as announced on 3 June 2026, the Company has announced a placing of new Ordinary Shares to raise approximately US$40 million through a bookbuild process at a price of 67 pence per share. The Issue Price represents a discount of approximately 5.2 per cent. to the mid-market closing price of an Ordinary Share on 2 June 2026 (being the latest practicable date prior to the Placing announcement). The issue price of the WRAP Retail Offer Shares is equal to the Issue Price.

A separate announcement has been made regarding the Placing and its terms and sets out the reasons for the Placing and use of proceeds. The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing.

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.

The WRAP Retail Offer and the Placing are conditional on the New Ordinary Shares being admitted to trading on AIM (“Admission”). The Company intends to convene a shareholder meeting, expected to be held on or around 25 June 2026, to approve the allotment of the Conditional Placing Shares and the WRAP Retail Offer Shares. Afentra will publish a Notice of General Meeting, setting out the Resolutions requiring approval, on or around 9 June 2026. 

Settlement for, and Admission of, the Conditional Placing Shares and the WRAP Retail Offer Shares is expected to take place on or around 8.00 a.m. on 26 June 2026, subject to the Company’s shareholders approving the allotment of the Conditional Placing Shares and the WRAP Retail Offer Shares on a non-pre-emptive basis.   

Capitalised terms not otherwise defined in the text of this Announcement have the meanings given in the Company’s announcement dated 3 June 2026.

WRAP Retail Offer

The Company values its retail shareholder base and believes that it is appropriate to provide both new and existing retail shareholders in the United Kingdom the opportunity to participate in the WRAP Retail Offer.

Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being new or existing shareholders of Afentra, following release of this announcement and through certain financial intermediaries.

A number of retail platforms are able to access the WRAP Retail Offer. Non-holders or existing shareholders wishing to subscribe for WRAP Retail Offer Shares should contact their broker or wealth manager who will confirm if they are participating in the WRAP Retail Offer.

Retail brokers wishing to participate in the WRAP Retail Offer on behalf of eligible retail investors, should contact WRAP@winterflood.com.

The WRAP Retail Offer is expected to close at 16:30 on 8 June 2026. Eligible retail investors should note that financial intermediaries may have earlier closing times. The result of the WRAP Retail Offer is expected to be announced by the Company on or around 9 June 2026.

To be eligible to participate in the WRAP Retail Offer, applicants must be a customer of a participating intermediary including individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations. 

There is a minimum subscription of £100 per investor under the WRAP Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.

The Company reserves the right to amend the size and timings of the WRAP Retail Offer at its discretion. The Company reserves the right to scale back any order and to reject any application for subscription under the WRAP Retail Offer without giving any reason for such rejection.

It is vital to note that once an application for WRAP Retail Offer Shares has been made and accepted via an intermediary, it cannot be withdrawn.

The WRAP Retail Offer Shares will, when issued, be credited as fully paid, and have the right to receive all dividends and other distributions declared, made or paid after their date of issue.

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