WTI $64.71 -92c, Brent $68.09 -87c, Diff -$3.38 +5c, NG $2.93 -1c, UKNG 62.96p +1.33p

Oil price 

There isn’t much I can add at the moment, oil will probably end up around two bucks better on the week as economic figures back up the bullish stance on some markets. Today is non-farm payroll day in the US and whilst the average is for around 1m jobs created it may be a fair bit higher. In Germany factory orders picked up better than expected and in the UK the Bank of England ramped up GDP forecasts big time yesterday.

San Leon Energy

San Leon has announced that John Brown has joined the Board on 7 May 2021 as an independent Non-Executive Director.  Mr Brown has more than 20 years of international experience in oil and gas and related industries, including over nine years of experience with operations in West Africa. He is a Chartered Accountant (ICAS) and was Chief Financial Officer or Group Finance Director for numerous UK listed companies within the oil and gas sector including Gulf Marine Services plc, Bowleven plc and Pittencrieff Resources plc. Upon joining the Board, Mr Brown will chair the audit and risk committee and be a member of the nomination and remuneration committees.

The Company further announces that, as part of a corporate governance review previously announced and conducted in conjunction with its search for a new non-executive director, Alan Campbell, Director of Commercial & Business Development, will step down from the Board with immediate effect.  This has been facilitated as part of the Board’s desire to rebalance the number of executive directors and non-executive directors which, following Mr Brown’s appointment, will now be three of each.  ‘San Leon is committed to high standards of corporate governance and the Directors believe that this reorganisation is an important step to ensure the overall Board structure is suitable in light of the Company’s requirements’.

Oisin Fanning, Chief Executive Officer, commented:

“We are delighted to welcome John to San Leon. His combination of oil and gas and financial experience will be invaluable to us as we continue to seek to grow San Leon’s operations.

“I am also grateful to Alan for stepping down from his Board role at this time as part of our corporate governance restructuring.  Alan has been a key figure in the transformation and growth of the Company. He remains a core part of the team.”

Providence Resources

Providence has announced that 23,017,892 warrants of 3p each have been exercised raising £690,536.76 for the Company. The warrants were issued as part of the fundraising in May 2020. Providence Resources has issued a total of 23,017,892 new Ordinary Shares to the warrant holders.

In May 2020, there were 177,973,400 £0.03 and 177,973,400 £0.09 warrants issued as part of the fundraising. To date there have been 133,350,343 of £0.03 warrants converted in shares raising an additional £4,000,510.29. This represents a conversion ratio of 74.93%. There were 44,622,661 £0.03 warrants outstanding which expired at the close of business on the 6th May 2021.  The £0.09 warrants will expire on 6th May 2022.

Providence CEO Alan Linn commented “We are delighted to have received the ongoing support of the warrant holders and believe it reflects and highlights the underlying strength of the Barryroe asset.”

And finally…

Last night in the Boropa Cup the Red Devils went through to the final, they lost 3-2 on the night to Roma but won 8-5 on aggregate over the two legs. The Gooners however went out, drawing 0-0 on the night but losing 2-1 on aggregate to Villareal, the ultimate irony is that the Spanish side is managed by Dick Emery who the Gooners sacked recently for not being good enough…

This weekend in the Prem starts with a top v bottom game tonight as the Magpies visit the Foxes, tomorrow sees Leeds hosting Spurs, the Eagles go to the Blades, the Noisy Neighbours entertain Chelski who are in the fight for CL places as are Liverpool who host the Saints. On Sunday Wolves host the Seagulls, the Red Devils are at Villa, the Toffees go to the Hammers and the Gooners host the Baggies.

Sunday sees the F1 Spanish GP at the Circuit de Catalunya in Barcelona where first practise has just got underway.

Plenty of flat racing now with Ascot tomorrow but also the Oaks and Derby Trials at Lingfield is always a good day out when we are allowed.