WTI (Mar) $75.88 -53c, Brent (Apr) $82.17 -67c, Diff -$6.29 -14c. 

USNG (Mar) $2.45 u/c, UKNG (Mar) 145.0p -5.0p, TTF (Mar) €56.495 -€13.0.

Oil price

Oil fell yesterday after the final interest rate increases were announced but the mighty dollar staged a rally as Jerome suggested inflation may be peaking, or not…

PetroTal Corp

PetroTal has announced that it received a notice to exercise 11,764,706 Investor Warrants at a price of 16 pence per Common Share from an investor in relation to the Investor Warrants issued on June 12, 2020. The Company received 1,882,352.96 GBP for the Warrants exercised.

Following the Warrants exercise, the Company will have 47,110,981 Investor Warrants outstanding. Application will be made for admission of the 11,764,706 common shares, which will rank pari passu with existing Common Shares, to trading on AIM, which is expected to occur on or around February 9, 2023.

Following Admission, the Company will have 874,973,702 common shares issued and there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Speaks for itself.

Wentworth Resources

Wentworth announced on 5 December 2022 that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Wentworth by M&P. The Acquisition values the entire issued and to be issued ordinary share capital of Wentworth at approximately £61.7 million (approximately $75.0 million).

The Acquisition is to be implemented by means of a scheme of arrangement pursuant to Article 125 of the Jersey Companies Law, which requires (among other matters) the approval of the Scheme Shareholders at the Court Meeting and the Wentworth Shareholders at the General Meeting, and the sanction of the Court.

On 25 January 2023 Wentworth announced the publication and posting of a circular in relation to the Scheme containing, amongst other things, a letter from the Chairman of Wentworth, an explanatory statement pursuant to Article 126 of the Jersey Companies Law, the full terms and conditions of the Acquisition, notices convening the Court Meeting and the General Meeting, an expected timetable of principal events and details of the actions to be taken by Wentworth Shareholders, together with the associated Forms of Proxy 

The Court Meeting and General Meeting are scheduled for 23 February 2023 and the latest date for lodging Forms of Proxy is 21 February 2023.

The Board of Wentworth notes that Institutional Shareholder Services (“ISS”) and Pensions & Investment Research Consultants Ltd (“PIRC”) have both issued supportive FOR recommendations, advising their institutional shareholder subscribers to vote IN FAVOUR of the resolutions necessary to approve the Scheme at the Court Meeting and general meeting.

ISS and PIRC are leading independent, third-party proxy advisory firms which provide proxy voting recommendations to pension funds, investment managers, mutual funds, and other institutional shareholders.

Subject to any restrictions relating to persons resident in Restricted Jurisdictions, the Scheme Document is available on Wentworth’s website at https://www.wentplc.com/investors/offer-for-wentworth and on M&P’s website at https://www.maureletprom.fr/en/

Scheme Shareholders and Wentworth Shareholders are encouraged to submit proxy appointments and instructions for the Court Meeting and the General Meeting as soon as possible using any of the methods set out in the Scheme Document. Scheme Shareholders and Wentworth Shareholders are also encouraged to appoint the Chair of the relevant Meeting as their proxy.

It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of the opinion of Scheme Shareholders. Whether or not you intend to attend the Court Meeting and/or the General Meeting in person, you are therefore strongly urged to complete, sign and return both of your Forms of Proxy or appoint a proxy or proxies electronically for both the Court Meeting and the General Meeting as soon as possible.

Wentworth Shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Scheme.

This is important for Wentworth and its shareholders as both these firms are considered to be independent and their advice, as can be seen in other M&A situations, are by no means taken as read. 

Any endorsement by either PIRC or ISS can be relied upon to be advice worth heeding and given that the Board has recommended the transaction as being in the best interests of shareholders should be borne in mind.

Molecular Industries

Molecular Energies has provided an update on the drilling rig for its Paraguay operations.

Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S.A now signed. As flagged previously the rig will now undergo necessary repairs and checks due to the rig having being cold stacked for a prolonged period.

The agreements for ancillary drilling services are now being signed with the objective of commencing drilling as soon as possible. Due to the significant delays completely outside of MEN’s control the estimated time for commencement of drilling is in May. We restate that such delays were directly due to the complex financial insolvency of the previous owners of the rig which necessitated dealing with multiple parties.

The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement.

Despite the various delays shareholders will be pleased that a timescale is now ahead of them. 

And finally…

Tomorrow is one of the most exciting sporting days of the year as the start of rugby Six Nations Championship. Even more exciting as this year is a Rugby World Cup year with the finals in France in the autumn.

The fixtures start tomorrow with Wales v Ireland (14:15) and England v Scotland (1645). On Sunday a newly invigorated Italy entertain Les Bleus in Rome.

The Prem is back and tonight the famous Kings road derby sees the Cottagers head up to Stamford Bridge.

Tomorrow the Toffees under new management host top of the table Gooners and in the Midlands Villa entertain the Foxes. The Bees host the Saints, and in the Riviera derby the Cherries go to the Seagulls. The Eagles are at the Theatre of Dreams, Wolves host Liverpool and the Magpies entertain the Hammers.

On Sunday Forest host Leeds and in what used to be a top of the table clash the Noisy Neighbours go to White Hart Lane, although maybe not looking over Harry Kane any more.

Racing is at Sandown Park tomorrow.