WTI (Aug) $78.14 +$6.73, Brent (Sep) $83.30 +$7.29, Diff -$5.16 +56c
USNG (Aug) $2.90 -4c, UKNG (Aug) 128.22p +6.13p, TTF (Aug) €52.975 +€2.36

Oil price

Brent is up another three dollars this morning which will not surprise some of us although some people never learn and those people who shorted oil recently will hopefully have learnt the hard way that anything can happen in such situations.

So, the USA has declared its own blockade of the Strait of Hormuz after Iran attacked two UAE tankers and the Iranian backed Houthis attacked targets in Saudi Arabia. This means that there is now a US 20% tariff on any shipping going through the strait which apparently means about $30m per vessel. 

Also with Russian facilities damaged by Ukraine overnight and with less visibility of LNG getting to market gas prices have risen sharply as well today. Finally I will address again the world stock situation later in the week after the inventory stats but will clearly look at strategic reserves where some people are forgetting quite how much, and for how long it will take to rebuild them…

Angus Energy

Angus has announced the appointment of Ross Pearson as Chief Operating Officer and Executive Director with immediate effect.

Ross has served as Director of Wells and Subsurface at Angus Energy since October 2023, with responsibility for the Technical Team, capital budget, drilling and workover programmes, and M&A evaluation. Prior to this he was Technical Director and Executive Committee member at IGas Energy plc, where he held oversight of Subsurface, Well Engineering and Facilities Engineering. Ross has a wealth of E&P experience gained over the past 25 years, both here in the UK but also in North America and Australia.

In his new role, Ross assumes board-level responsibility for all operational, technical and HSE functions, and will work closely with the Finance Director on capital allocation, strategy, and investor relations. Ross is a Petroleum Engineer by background, a Fellow of the Energy Institute and a long-standing member of the Society of Petroleum Engineers.

Carlos Fernandes, Finance Director comments:
“Ross has made an outstanding contribution to Angus Energy and his appointment to the Board reflects that. His technical credentials and operational leadership will be invaluable as we continue to grow the business, particularly around the identification and assessment of potential acquisition targets”.

The announcement of Ross Pearson being promoted to the board as COO is a good one, I have known him for a long time and it’s just what Angus needs right now. 

Below I copy the AGM statement issued yesterday, which in itself only confirms the necessary approvals concerning the restructuring and fundraising but has, in my opinion, significance for Angus going forward. 

The company say that this represents ‘a transformational milestone in the company’s development which materially strengthened the balance sheet, simplified the capital structure and secured long-term financing’ with which I concur.

The board also announce that ‘Angus is entering its next phase from a position of financial strength, with a clear strategy to grow production, increase cash generation, and deliver sustainable long-term value for shareholders through organic and inorganic growth’.

No argument there either, Angus looks to be in a good place, well set and with the shares set for a resumption of trading this morning, shareholders can now look forward to a potentially very rewarding future. 

Angus AGM statement

Angus yesterday announce that at the Company’s General Meeting held earlier today all resolutions were duly passed. Accordingly, all shareholder approvals required to complete the Company’s previously announced restructuring and fundraising have now been obtained and all material conditions to the transaction have been satisfied. 

With the Company’s financial position now clarified, the Company expects the restoration of trading in its ordinary shares on AIM to take place at 7.30 a.m. tomorrow, 14 July 2026 and Admission of the new Ordinary Shares to take place at 8.00 a.m. tomorrow.

The Board believes the successful completion of the restructuring represents a transformational milestone in the Company’s development. Having materially strengthened the balance sheet, simplified the capital structure and secured long-term financing, Angus is entering its next phase from a position of financial strength, with a clear strategy to grow production, increase cash generation, and deliver sustainable long-term value for shareholders through organic and inorganic growth.

Sunda Energy

Sunda has announced that it has submitted an application for a new Petroleum Exploration Permit within the offshore area of the Taranaki Basin on the west coast of New Zealand’s North Island. The PEP, which covers approximately 645 km2, contains the Awakino gas condensate field which was originally drilled in 1985.

Following the Company’s announcement on 8 April 2026 of the conditional acquisition of Matahio Energy NZ Limited, Sunda intends to pursue a wider growth strategy in New Zealand focused on gas exploration, development and production opportunities, both inside and outside the Matahio NZ permits. This PEP application represents a key step in executing that strategy.

If successful, the firm commitment programme offered under the application consists of technical studies of the existing well and field data and, within 36 months, reprocessing of 450 km2 of 3D seismic data. The programme is designed to delineate the gas field for possible future appraisal and development, along with the evaluation of the area’s exploration potential.

The PEP application has been accepted by New Zealand Petroleum and Minerals (“NZPAM”), the government agency responsible for regulating the exploration and development of the country’s Crown-owned mineral and petroleum resources, for entry into its open market competitive process and now enters a 3-month period during which competing offers are invited (the “Period of Competition”). Following the Period of Competition, NZPAM will assess the application, and any competing offers, before making a final decision on the permit award.

Dr Andy Butler, Sunda CEO, commented:
“Sunda’s application for an exploration permit covering the existing nearshore Awakino gas discovery further demonstrates our intent to grow a meaningful business in New Zealand in tandem with the previously announced conditional acquisition of the Matahio NZ production business. This application is consistent with the current New Zealand Government’s policy direction to support domestic gas supply and energy security. We look forward to making further announcements on our New Zealand initiatives in due course.”

Whilst there is plenty going on at Sunda right now, and this is clearly a step in the right direction, shareholders should be aware that they will need a great deal of patience in New Zealand. Not all the news is good obviously and with Timor-Leste still in abeyance, as I understand it, we wait for what might happen with Chuditch-2.

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