Another flash blog today from Fort Lauderdale and as yesterday I am briefly covering today’s news and of course more to come where necessary.

No and finally of course due to brevity but I couldnt let today go by without saying how sad I was to hear that John Coulson, a favourite salesman at James Capel in the 80’s died on February 19th. He was a tremendous guy with a notable dry sense of humour which captivated us all. RIP Coulsie

Diversified Energy Company

Diversified has announced the closing of its acquisition of certain upstream assets and related facilities in Texas, within the Company’s Central Region, from Tanos Energy Holdings II LLC, a portfolio company of Quantum Energy Partners. Concurrently, the Company also completed an acquisition-related redetermination of the borrowing base of its Sustainability Linked Loan resulting in a 50% or $125 million increase in the borrowing base to $375 million.

Acquisition Highlights

•     Purchase price of $250 million before customary purchase price adjustments

•     Acquisition net purchase price of $244 million after customary purchase price adjustments

◦     PDP reserves of ~25 MMBoe (152 Bcfe) and a PDP PV10 of ~$312 million(a)

◦     Current net production of ~17 MBoepd (76% natural gas)

•     Substantial potential upside from ~50 undeveloped locations with ~PV10 of ~$280 million(b)

•     Cash margins of ~80%(c) on estimated Adjusted EBITDA of ~$107 million(d)

•     Purchase price multiple of ~2.3x(d) on PDP-only assets

•     Results in uplift of Free Cash Flow of 20%(e) and Adjusted EBITDA of ~19%(e)

•     Acquisition of hedges of ~60% of 2023 production  at an average floor price of ~$3.80 per Mcf

◦     Complements DEC current 2023 hedge portfolio of 80% of production at ~$3.65 per Mcf

Diversified funded the Acquisition with the proceeds from the recently completed $163 million equity fundraise, cash on hand and existing availability on the Company’s enlarged borrowing base of the SLL.  Post-transaction leverage, as measured by pro forma Net Debt to Adjusted EBITDA, is ~2.1x(f).

Commenting on the Acquisition, CEO Rusty Hutson, Jr. said:

“We are excited to complete another Central Region acquisition of accretive, high-quality assets, further increasing our operational scale in the region. Leveraging the recent reduction in natural gas prices, the net purchase price equates to a low multiple of the assets’ net annual cash flows and approximates a PV17 value. Having acquired the assets with a foundation of hedge protection, we will begin our usual asset-optimisation work while opportunistically adding to the hedge portfolio with an eye towards protecting and expanding already strong margins that underpin our tangible returns for shareholders through commodity price cycles and create long-term value. I would like to thank our lenders for their continued support, demonstrated by a 50% increase in the borrowing base of our Sustainability Linked Loan, and our investors for their support during the concurrent equity raise, which collectively enhance our balance sheet and position us for continued success.”

DEC confirm the Tanos deal which cost a net $244m, brings 17/- boe/d and PDP reserves of ~25 MMBoe (152 Bcfe) and a PDP PV10 of ~$312 million. The RBL facilities have been redetermined with an uplift in the borrowing base up $125m to $375m which is also smart. 

There has also been some magic worked in the hedging department, including the acquisition of hedges of ~60% of 2023 production  at an average floor price of ~$3.80 per Mcf which complements the DEC current 2023 hedge portfolio of 80% of production at ~$3.65 per Mcf. This is exceptional when you look at current prices and makes the springboard to higher cash flow and the ability to cover big dividend payments and debt repayments achievable.

So, to confirm, another cracking deal, well funded and cash generative and at this price the smart investors should be climbing aboard for both long term income yield and capital growth. 

Touchstone Exploration

Touchstone has reported that the Company has completed drilling the Royston-1X exploration well and is pleased to announce that the well encountered substantial sands in the targeted Herrera Formation. Touchstone has an 80 percent operating working interest in the well, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 percent working interest.


Royston-1X was drilled to a total depth of 11,316 feet and is the deepest exploration well drilled by Touchstone.

Exceeding pre-drill expectations, the well encountered an encouraging total Herrera turbidite thickness of 1,664 feet with an estimated 765 feet of net sand penetrated.

Mud logging and wireline logs indicate hydrocarbon accumulations in the targeted Herrera sections.

Drilling operations took approximately 25 days which was ahead of schedule and on budget.

The well is currently being cased and prepared for production testing.

Paul Baay, President and Chief Executive Officer, commented:

“We are encouraged by the Royston-1X drilling results yet remain cautiously optimistic until production testing is completed. Not only is this the deepest well we have drilled to date but it also is the deepest well drilled onshore Trinidad in the last 15 years. The fact that the well was drilled ahead of schedule and within our budget can be attributed to the best-in-class industry standards that Touchstone is driving within Trinidad, both through the introduction of new equipment, as well as additional expertise that we have added to our technical team.

We are encouraged by the hydrocarbon indications internally interpreted from openhole wireline logs, which show that the well successfully intersected the Herrera Formation through the subthrust level in one of the thickest turbidite sections observed in any of our previous wells. Once the drilling pad is completed at our Cascadura C location, the drilling rig will be moved off the Royston location, and we will commence a comprehensive testing program that is currently anticipated to begin in April. We will update the market when results become available.

There is very little to add to this excellent drilling report, ‘substantial sands in the Herrera’ and the company are correctly remaining cautiously optimistic as the case and prepare for testing. I am also impressed by the operational feedback, a new team with new kit which has brought the well in ahead of schedule and within budget.

My optimism for TXP as a potentially very exciting stock for this year isn’t wavering and while it is still very early days this is a big well by both Touchstone and Trinidad standards so my confidence remains.

San Leon Energy

San Leon noted yesterday the announcement made today by Decklar Resources Inc. in Canada. San Leon has a 11% shareholding in Decklar Petroleum Limited, the local subsidiary of Decklar operating in Nigeria, and has also made a US$5.5 million loan to DPL, via 10% per annum unsecured subordinated loan notes.

Further to the announcement made by San Leon on 20 December 2022, San Leon remains committed to the proposed sale of San Leon’s non-core investments in DPL, although the completion of this proposed sale still remains  subject to the purchaser finalising its own funding arrangements.

Part of the text of Decklar’s announcement is set out below

·  Decklar Resources Inc. and its co-venturer Millenium Oil & Gas Company Limited have executed a sale and purchase agreement to deliver an additional 150,000 barrels of crude oil with the Edo Refinery and Petrochemicals Company Limited in Edo State, Nigeria.

·    Decklar and Millenium have also entered into a new sale and purchase agreement with Duport Midstream Company Limited to deliver an initial 5,000 bbls to the Duport refinery in Edo State, Nigeria, followed by a minimum of 2,500 bbls per month thereafter.

·    Trucking of crude oil has continued from the Oza Field to the ERPC refinery, and another delivery of 5,000 bbls to ERPC has been completed, for a total of approximately 17,000 bbls delivered under the 30,000 bbls crude sale agreement.

Calgary, Alberta — Decklar Resources Inc. and its co-venturer Millenium are pleased to announce execution of additional crude oil sale and purchase agreements and to provide updates regarding crude oil delivery operations at the Oza Oil Field in Nigeria.

Crude Oil Sales and Purchase Agreement for additional 150,000 bbls

Decklar and its co-venturer Millenium have signed a new sale and purchase agreement with ERPC to deliver an additional 150,000 bbls to the Edo Refinery in Edo State, Nigeria. This agreement follows the 30,000 bbls agreement that Decklar and Millenium have been delivering on and extends the arrangement to continue to deliver and sell production from the Oza Oil Field after the 30,000 bbls contract has been fulfilled.

New Crude Oil Sale and Purchaser

Decklar and Millenium have entered into a new sale and purchase agreement with DMCL to deliver an initial 5,000 bbls to the Duport refinery in Edo State, Nigeria, followed by a minimum 2,500 bbls per month thereafter. This agreement expands the customer base for the sale of crude oil from the Oza Oil Field and gives Decklar and Millenium an alternate delivery location for additional volume.

Continued Trucking and Sale of Crude Oil to Edo Refinery

Trucking of oil from the Oza Field has continued to the ERPC facility in Edo State, Nigeria, and delivery of an additional batch of 5,000 bbls has been completed. Total deliveries of approximately 17,000 bbls have been completed to date, with invoices issued for 15,000 bbls. Payment for the first 5,000 bbls invoice has been received, and payment for the subsequent invoices is expected in the next week under the terms of 30,000 bbls sales agreement. Additional deliveries are anticipated to continue on an ongoing basis. The current total available fleet of 20 contracted trucks is expected to consistently deliver approximately 5,000 bbls per week.

With the execution of the additional 150,000 bbls sale and purchase agreement with ERPC and the execution of the new DMCL agreement, Decklar and Millenium plan to secure additional trucks and permits to service the increased sales volumes and allow for the Oza Oil Field to be produced at full capacity from the Oza-1 and Oza-4 wells.”

All this is very good news for SLE in my opinion with its across the board exposure to Decklar which itself is performing in line if not better than expectations. As always recently with SLE patience will be required but also highly rewarding. 

Angus Energy

Saltfleetby Drilling and Operations Update, proposed Board Changes and Offer of Additional Funding

·    SF7v drilling has completed successfully.

·    Cleaning and Testing to take place in March

·    2nd Compressor has now been installed and commissioned with a view of fully running during the course of March

·    Richard Herbert to be appointed CEO with full control of day to day operations

·  George Lucan to be appointed Executive Chairman with a focus on strategy and stakeholder relations

·   Offer received from a group of core shareholders to provide a junior debt facility to cover any drilling programme overruns as well as diligence costs with potential acquisitions, as an alternative to a dilutive placing

Drilling Programme

Angus Energy (AIM: ANGS) is pleased to announce that, in line with the announcement of 10 February 2023, the drilling of the SF7v sidetrack at the Saltfleetby Field has concluded, reaching a total measured depth of 2746 meters in the Westphalian 1D reservoir. The well bore has been secured with 4.5″ liner to that depth, slotted across the reservoir. Completion operations will commence later this week after surplus equipment has been demobilised.

Following the setting of the well completion production tubing, well clean-up operations will be conducted in the middle of March once coiled tubing equipment becomes available. Flow testing will follow shortly afterward and, assuming coiled tubing services are available at the scheduled date, the additional flow from this well should be available for export from 1 April.  The Company will announce results of the flow test once complete.

The Company is confident from the electric logging, mud logging and gas shows in the reservoir section that the well will be a successful producer.  Furthermore, the well is drilled alongside and replicates what was previously the best producing well in the field.  Technical detail on the final pathway will be made available on the Company’s website and social media pages later today.

Wet commissioning of the second compressor began last week and we expect successful full running in the coming days and are confident that the unit will be available for duty well before 1 April.

Proposed Board Reorganisation

In line with Angus’ s vision of becoming a significant player in the aggregation, production and storage of gas, the Board has decided to strengthen its leadership to achieve its goals of delivering growth and returns to shareholders. Accordingly, the Board has resolved to make the following changes, subject to final terms being agreed:

Richard Herbert, a geologist by background, who joined the Board as a Non-Executive Director earlier this year has agreed to assume the role of Chief Executive Officer in charge of day to day management of the Company and responsibility for the ongoing development of the management team.  Richard’s background at the helm of independent oil and gas companies, such as Frontera Energy, combined with his experience as Head of Exploration at BP, his particular experience in the UK onshore makes him the ideal candidate for strengthening the execution of the Company’s strategy.

George Lucan will take up the role of Executive Chairman with particular responsibility for stakeholder and governmental relations and strategic direction.  Carlos Fernandes will continue in his role as Finance Director.  Andrew Hollis will remain Technical Director of the Company but will be stepping down from his Board responsibilities.

Paddy Clanwilliam will step down as Non-Executive Chairman to become Senior Independent Non-Executive Director, alongside Krzysztof Zielicki, who remains our second Independent Non-Executive Director.  Paul Forrest will remain a Non-Executive Director representing the interests of Forum Energy.  One further Non-Executive Director is presently under consideration. A further announcement will be made once these changes are finalised.

Offer of Additional Funding

The cost overrun on drilling and the demands of evaluating new projects, including potential gas storage at Saltfleetby, have resulted in a short-term funding need for the Company.  The Board after discussions with major shareholders has determined that it was prudent to secure additional funding, and wherever possible, such funding needs should be met with equity dilution only as a last resort.

Accordingly, Angus has entered into a non-binding, conditional Term Sheet with Aleph Commodities for a GBP 3 million junior debt facility intended to convert into a larger and longer-term prepayment facility, whilst production and revenue increase as the SF7v well comes online. The key features are a 6 month bridge finance, priced at SONIA + 15%, 150 million warrants, struck at the previous placement level of 1.65p/share and a repayment option, should the facility not be converted into the prepayment facility, of redemption in either cash or shares (at the option of the Company) at a 25% discount to the 30 day VWAP subject to a floor of 1p per share. Although there can be no guarantee that final documentation will be executed successfully, it is the Company’s aim to expedite this process over the coming days.

Aleph Commodities and its associates are Substantial Shareholders in the Company and accordingly, should definitive agreement be reached in respect of the offer of funding subject to the Term Sheet, the transaction will be a Related Party Transaction under AIM Rule 13; the requirements of AIM Rule 13 will therefore be addressed at that time.

Operationally it looks to be on track but the other costs have overrun so the key shareholders have stepped up to the plate. Upcoming testing will be important in March.

With the reorganisation of the board seeming to be sensible and the team determined to deliver Saltfleetby as a success the dénouement seems in the tea leaves. 

Scirocco Energy

Scirocco, the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, notes the update issued today by Aminex PLC regarding the Ruvuma asset (link below), in which Scirocco awaits completion of the divestment of its 25% interest to ARA Petroleum Tanzania (“APT”).

Commenting on the update, Tom Reynolds, CEO of Scirocco, said:

“As we progress towards completion of the divestment of Scirocco’s interest in Ruvuma to APT, the likely acceleration of first gas revenue – which could be seen as early as Q4 2023 – is a very positive step towards receiving the contingent payments relating to FID and the deferred consideration linked to a share of gas revenue.

The earlier than expected release of payments to Scirocco would provide capital for reinvestment into EAG and other prospective target assets within the deal pipeline presently being assessed. With regards to ongoing capex on the Ruvuma project, Scirocco’s exposure to these costs is covered by the loan facility agreed with APT.  We continue to make progress towards completion although it is possible that this may slip into Q2 2023 rather than the previously guided timeframe of Q1 2023. We will provide an update in due course.”

The delays that Aminex have announced today confirm my belief that the timeframe will continue to slip. If I had to guess it may be this time next year for gas from CH-1 and all the while Scirocco will continue to gain and will do so having its costs covered. 


Hunting has announced its results for the year ended 31 December 2022.

Financial Highlights

·        Order book increased by 124% to $473.0m.

·        Revenue increased by 39% to $725.8m.

·        Gross margin improved to 24% from 12%.

·        Return to profitability with EBITDA of $52.0m and adjusted profit from operations of $14.6m.

·        Total dividends declared in the year of 9.0 cents per share.

Financial Summary

Financial Performance measures as defined by the Group*













Adjusted profit (loss) from operations**




Net assets




Total cash and bank**





Adjusted diluted earnings per share**

4.7 cents

(27.1) cents

+31.8 cents

Final dividend proposed***

4.5 cents

4.0 cents

+0.5 cents



Financial Performance measures as derived from IFRS






Profit (loss) from operations




Diluted earnings per share

(2.8) cents

(53.2) cents

+50.4 cents



* Adjusted results exclude adjusting items agreed by the Audit Committee and Board.

** Non-GAAP measure (“NGM”). Please see the 2022 Annual Report and Accounts pages 240 to 246.

*** Payable on 12 May 2023 to shareholders on the register on 21 April 2023, subject to approval at the Company’s AGM.

Commenting on the results Jim Johnson, Chief Executive, said:

“I am pleased with the Group’s performance this year, delivering good results in a period of commodity price volatility and macro-economic uncertainty. Whilst certain challenges remain, we are confident that we will deliver a strong performance in the year ahead, with Hunting exceptionally well positioned to benefit from increased investment in energy security and higher demand for energy as China continues to re-open post COVID.

“Whilst our commitment to our growth plans in oilfield services remains rock solid, I am delighted to be launching our Hunting 2030 Strategy today that includes increased investment to enhance our growth in other complementary markets, including the energy transition.”

I recently made a series of positive comments on Hunting and given that I am meeting with the CEO next week I won’t add anything to that now. Below are the details and also for a Capital Markets Day in September where the new strategy will be unveiled. 

Operational and Corporate Highlights


Strong increases in activity across all operating segments as higher commodity prices support new global drilling projects.

·      External sales order book increased 124% during the year to $473.0m (2021 – $211.5m).

·      Revenue visibility increased due to level of order book, which now extends into 2025.

139% increase in sales order book within the Subsea Technologies division to $105.1m.

·      The Subsea Spring business unit has grown materially during the year, following new orders for steel and titanium stress joints for the Gulf of Mexico and South America.

·      Record $48m order received in October 2022 to apply stress joints to FPSO units.


Record OCTG contract awarded by CNOOC for Premium Connections and Accessories.

·      In August 2022, the Group’s Asia Pacific operating segment was awarded a contract for OCTG that management estimates to be worth up to $86m for Hunting’s proprietary SEAL-LOCK XD™ premium connection.

·      Vast majority of order to be delivered in 2023.


Strong development of non-oil and gas sales order book within the Advanced Manufacturing group.

·      The Dearborn business now has a sales order book of $71.3m, which comprises c.68% of non-oil and gas sales.

·      The Electronics business now has a sales order book of $49.8m, which comprises c.14% of non-oil and gas sales.

Construction of a new threading facility in India commenced with Jindal SAW to support domestic activity.

·      Facility to be operational during Q2 2023 with three premium connection threading lines.

·      162,000 sqft facility is located in Nashik Province, adjacent to Jindal’s steel mill.

·      Hiring of employees and QA training underway.

Formation of global Energy Transition group to build sales in geothermal and carbon capture market sub-sectors.

·      Hunting is pursuing a broad range of sales opportunities in these growing low carbon sub-sectors, leveraging its position in OCTG and accessories, valves and couplings and subsea products to drive growth.

·      The Board has set a revenue target of $100m of sales within this area by the end of the decade.


$150m Asset Based Lending facility agreed in February 2022.

·        Borrowing base secured against certain North American freehold property, inventories and trade receivables.

·        Facility agreed with four-year tenor.

·        The facility provides an appropriate funding base to pursue growth opportunities.

Outlook Statement

The outlook for energy continues to be highly robust, given the demand projections for the year ahead, which continue to indicate a daily requirement of c.102m barrels of crude oil per day – or an increase of c.1.5m to 2.0m barrels per day over what was seen in 2022. The outlook for natural gas remains strong, as customers of Russia-origin natural gas move to other global LNG suppliers.

Despite some macro-economic concerns, the re-opening of China and material under investment in new oil and gas production since 2019 will likely lead to continued growth for all industry participants.

Commentators continue to project an average oil price for the year ahead of between $75 to $100 per barrel, which is a range that will support new activity in all basins globally. Overall, the short to medium term market outlook remains strongly positive given the economic fundamentals driving the global demand for oil and gas.

For Hunting, all the Group’s businesses are seeing improving demand as onshore and offshore projects increase.

Across North America, investment in drilling is projected to grow further, following a strong performance in 2022. This will lead to a steady growth in the demand for our perforating systems, OCTG and accessories businesses.

Our newly formed Subsea Technologies operating segment has delivered strong growth in its revenue profile and sales order book over the past two years. This has been predominantly driven by the Subsea Spring business unit, but with strong market projections for subsea trees and SURF products, Hunting is well placed to capture strong growth in all of our deep water orientated technologies. These opportunities also extend to Hunting’s OCTG and accessories businesses, which supply many offshore clients with critical components.

The Advanced Manufacturing group has built a robust sales order book during 2022, which reflects our pursuit of non-oil and gas sales as well as our existing energy-focused product lines.

With the newly formed Energy Transition sales group, Hunting is also well placed to drive a further diversification in our revenue profile, with a primary focus on geothermal and carbon capture projects, as announced separately today.

The EMEA and Asia Pacific operating segments continue to see strong increases in enquiries. There is likely to be good progress in the Middle East, as drilling investment increases, which will drive a return to profitability in the year ahead for these segments.

In summary, Hunting remains in a good position to invest in the market upturn to grow revenue and profitability in the year ahead. Management is targeting further EBITDA margin expansion as price increases, improved facility utilisation and production efficiencies continue to be pursued.

Overall, Hunting has demonstrated its resilience during the industry challenges associated with the effect of COVID-19, which is due to Hunting’s committed and skilled workforce, underpinned by a world class HSE performance.

I would like to thank all of our employees for helping to guide Hunting through a particularly challenging period, but now look forward to a new growth phase in our chosen industry and our Company.

Group Results Narrative

For access to narrative on the Group’s results (incorporating the Chairman’s and Chief Executive’s Statements, Outlook, Market Analysis, Group Review and Segmental Review) for the year ended 31 December 2022 please click on the following link.

Financial Statements and Notes to the Accounts

For access to the Financial Statements and Notes to the Accounts for the year ended 31 December 2022 please click on the following link.

Listing Rules / Disclosure Guidance and Transparency Rules Information

For access to Hunting’s Key Performance Indicators, Business Model and Strategy, ESG, Risk Management (including Principal Risks), and the Statement of the Directors’ Responsibilities for the year ended 31 December 2022, please click on the following link.

Hunting PLC (LSE:HTG), the international energy services group with proven capabilities for energy and beyond, today announces the launch of the Hunting 2030 Strategy, a broad-based strategy to grow and evolve the Company through the remainder of the decade and beyond.

The highlights of the Hunting 2030 Strategy are detailed below and will be expanded upon at a Capital Markets Day to be hosted in September 2023.

Strategic Highlights

·           Continue to capitalise on Hunting’s proven capabilities in energy services;

·           Stimulate further growth, rebuild baseload earnings and stabilise profitability:

o    Supported by the strong outlook for global oil and gas sales (North America, Europe, Middle East and Asia Pacific);

o    Furthered through diversifying revenue across non-oil and gas sub-sectors where the Group can leverage existing expertise;

o    Delivered through both organic and inorganic growth opportunities;

·           Resulting in a long-term EBITDA margin target of 15%; and

·           Sustainable and growing dividend policy targeting an average increase of c.10% per annum until the end of 2030.

Commenting on Hunting’s 2030 Strategy, Chief Executive Jim Johnson, said:

“The Board has set a targeted medium-term strategy that derives revenue from a wider range of sectors including oil and gas, as well as the wider energy industry and other sectors requiring precision engineering and systems design, supported by the Group’s proprietary technology and sector leading expertise. This strategy will stimulate new growth and rebuild a baseload of earnings to establish greater resilience to the cyclicality of the oil and gas industry, which will in turn lead to more stable earnings and increased investment returns in the medium term.

“The evolution of the Group’s strategy is underpinned by its established position as a manufacturer of world-class precision engineered products across multiple sectors and the belief that Hunting can achieve strong organic growth within existing and complementary sectors through an enhanced strategic focus on compelling growth markets that lend themselves to Hunting’s existing expertise.”

Strategic Initiatives

Continued focus on precision engineering to service the global oil and gas market

·           Primary focus remains on the manufacturing of high-value, energy services’ products and technology for Hunting’s core oil and gas market; of which

·           Premium connections, OCTG, accessories manufacturing and well intervention tools will underpin revenue and profitability over the short and medium term, driven by a continued focus on domestic and regional energy security and following years of material underinvestment in oil and gas production;

·           Cash flows from core operations will fund new investments in both the oil and gas sector as well as wider opportunities.

Growth of Subsea Technologies operating segment

·           Subsea Technologies growth to be achieved both organically and inorganically;

·           Since 2009, the Company has acquired a number of key businesses:

o    National Coupling Company – a key supplier of hydraulic valves and couplings to deep water projects;

o    RTI Energy Services – a manufacturer of titanium and steel stress joints, which are applied to FPSOs; and

o    Enpro Subsea – a developer of modular deep water production and intervention equipment.

·           These businesses form Hunting’s core Subsea Technologies offering;

·           The Group is also focusing on new opportunities across the energy transition, plug and abandonment and integrated subsea systems sectors.

Development of Energy Transition market position

·           Establishment of Energy Transition sales group previously announced in December 2022;

·           Strategic focus on cultivating a material revenue stream from the emerging opportunities within the geothermal and carbon capture and storage sectors;

·           Near and medium term growth opportunities in Asia Pacific and North America, where a significant number of developments have been sanctioned.

Continued development of non-oil and gas revenue

·           Continued diversification within Hunting’s Advanced Manufacturing business, leveraging its expertise in precision engineering and specialist electronics;

·           Both the Dearborn and Electronics businesses have grown their respective order books over the past 12 months (>$121m with >$40m from non-oil and gas sectors in areas such as defence and aerospace);

·           Anticipate further material growth from our existing business, supplemented by targeted inorganic growth.

Notice of Capital Markets Day

Hunting will present the details of the Hunting 2030 Strategy at a Capital Markets Day to be held in London in September 2023. Further details of this event will be provided in due course.