WTI (Aug)* $73.86 -$1.73, Brent (Aug) $77.90 -$2.67, Diff -$4.04 -68c.
USNG (July) $3.25 +2c, UKNG (July) 99.72p -1.73p, TTF (July) €41.77 -€0.86
*Denotes expiry of the WTI July contract

Oil price

Oil is unchanged today after the falls overnight and with WTI for July expiring quite well all is relatively quiet at the moment. This will surely not last but ‘progress’ is undoubtedly the mot du jour, even JDV is using it…

Apparently Iran has agreed to the IAEA inspectors arriving soon (of course and fairies live at the end of the garden) and that they will agree to management of the stockpiles, apparently 9,000kg of which 400kg is highly enriched to weapons grade…

The Strait of Hormuz are sort of open, Iran say that 25m barrels of crude passaged through yesterday which is around 25% of world demand if it is correct…

And RIP Sir Alan Greenspan he of ‘irrational exuberance’ and late Chairman of the Fed who presided over but never stopped two major market crashes…

Prospex Energy

Prospex  announces that a copy of the Corporate Presentation being delivered by CEO, Tom Reynolds, at today’s  Annual General Meeting, has been published on the Company’s website and can be viewed at www.prospex.energy.  

Another excellent update from Prospex at today’s AGM in which CEO Tom Reynolds accentuated the significant amount of potential in the portfolio. I thought that he presented the most recent addition to the asset base, the Polish licences as an area where Prospex can control the pace and the activity and of dynamic potential. 

The conclusion of the presentation was a good summation of the three tenets of the Prospex case, ie transparent, open, communications and a focus on ‘what we can control’ and what makes a difference.

Finally the company intend to pursue partnership capital, something Tom Reynolds has stressed right from the start, with the intention of creating ‘value added opportunities’ to grow the company.

I have been positive on Prospex for a while now, I like the markets it is in and the beta works well in the European gas markets. The arrival of Tom Reynolds earlier this year has moved this on and the strategy is falling nicely into place, a good mix of production and exploration should please shareholders.

Angus Energy

Angus Energy is pleased to announce its interim accounts for the six months ended 31 March 2025 as set out below. A copy of the Interims is available on the Company’s website www.angusenergy.co.uk

I am adding below the letter to shareholders from the Chairman, financial discussions continue but ‘significant progress has been made’ and that completion is ‘close’. This should ensure that Angus can move forward and benefit from the Saltfleetby workover programme whilst continuing to ‘pursue further optimisation opportunities across the portfolio and of course get the shares back to the listing. 

 I am pleased to present the interim results of Angus Energy plc for the six months ended 31 March 2026. The period under review has been one of significant progress for the Company. Our focus has remained firmly on three key objectives: the restructuring of the Group’s financial obligations, enhancing production from the Saltfleetby Gas Field and strengthening the Company’s financial resilience. I am pleased to report meaningful progress across all three areas.

Operationally, the highlight of the period was the successful completion of the Saltfleetby well intervention programme. Workovers were undertaken on two producing wells during the period and completed safely and efficiently. The results have been highly encouraging, with field production rates increasing by approximately 30 per cent compared with pre-workover levels and this level having been maintained post period end. This performance reflects both the quality of the underlying reservoir and the effectiveness of the operational enhancement programme undertaken by our technical team. The production uplift achieved at Saltfleetby is expected to support improved revenues and cash flow generation going forward. The Board continues to evaluate further opportunities to optimise field performance and maximise value from reserves at the Company’s flagship asset. In parallel, work continues on reservoir modelling and the assessment of future development opportunities capable of extending field life and thus enhancing shareholder value.

The Company also continued to make progress at the Brockham Oil Field during the period. Following a programme of operational optimisation, production performance has improved significantly over the last twelve months, with average production rates almost doubling from levels achieved in early 2025. Operational efficiency remained consistently high throughout the period, whilst a continued reduction in water cut has supported improved field performance. The Company has also continued preparations for the planned return of the BRX4z well to production from the Portland reservoir, which the Board believes has the potential to further enhance production and cash flow from the field. We look forward to providing further updates as this work progresses. Alongside our operational achievements, substantial effort has been directed towards the restructuring of the Group’s financial obligations.

Discussions with creditors and other stakeholders have remained constructive throughout the period and I am pleased to report that significant progress has been made. While the process has taken longer than originally anticipated, the Board remains confident that completion is now close though of course there can be no certainty until definitive documentation has been executed. The proposed restructuring is expected to materially strengthen the Company’s balance sheet, improve liquidity and simplify the Group’s capital structure. Completion of this process remains the Board’s highest priority, and we believe it will provide a significantly stronger platform from which to pursue future growth opportunities and restore trading in the Company’s shares.

The Company has also strengthened its financial resilience through the implementation of additional gas hedging arrangements extending through to June 2027. The combined hedge portfolio now covers approximately 12.3 million therms at an average weighted price of approximately 100 pence per therm, providing substantial revenue visibility and cash flow certainty while preserving meaningful exposure to future commodity price upside.

Commodity markets remained volatile throughout Commodity markets remained volatile throughout the period. While realised gas prices were lower than those experienced in the comparative period, impacting revenues despite stable operational performance, prices have strengthened in recent months amid ongoing geopolitical tensions and increasing concerns surrounding energy security. Against this backdrop, Angus remains well positioned as a significant UK onshore gas producer. With approximately 56% of forecast production remaining unhedged, the Company retains meaningful exposure to favourable gas market conditions.

Financially, the Group generated revenue of £9.5 million during the six-month period. EBITDA was £5.3 million and operating profit was £1.5 million. The Group also generated net cash from operating activities of £4.4 million during the period, demonstrating the continued cash-generative nature of its producing assets. While the Group reported a small loss after finance costs and derivative movements, the underlying operating performance of the business remained robust and cash generative.

The Company continued to operate safely and responsibly throughout the period. I am pleased to report that all operations were conducted without health, safety or environmental incident. Maintaining the highest standards of operational integrity remains fundamental to our business and to the trust placed in us by our regulators, partners and local communities.

Looking ahead, the Board’s immediate priority remains the completion of the restructuring process and the restoration of trading in the Company’s shares. Operationally, we expect to benefit from the full impact of the Saltfleetby workover programme during the remainder of the year while continuing to pursue further optimisation opportunities across the portfolio. Once this is complete, Angus will turn its attention to organic and inorganic growth opportunities, including potential mergers and acquisitions. The combination of improved production performance, enhanced revenue visibility through hedging, supportive commodity market conditions and the anticipated completion of the restructuring provide a strong foundation for the future.

The Board remains confident in the quality of the Company’s assets and its ability to create long-term value for shareholders. On behalf of the Board, I would like to thank our employees, contractors, advisers and shareholders for their continued support, patience and commitment during this important period for the Company.

Krzysztof Zielicki Non-Executive Chairman

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