WTI (Oct) $90.16 +$1.64, Brent (Nov) $93.70 +$1.82, Diff -$3.54 +18c.

USNG (Oct) $2.71 +3c, UKNG (Oct) 86.0p -8.12p, TTF (Oct) €34.705 -€1.025.

Oil price

Oil remains strong, ending the week at new highs.

Beacon Energy

Beacon has announced, further to its announcement of 14 September 2023, that it has successfully completed its oversubscribed Placing with new and existing institutional investors and PrimaryBid Offer, which have now closed.  The Company has raised, in aggregate, approximately £4.3 million via the issue of 2,667,000,000 Placing Shares and 200,000,000 PrimaryBid Shares at the Issue Price. 

The Placing was undertaken through an accelerated bookbuilding process managed by Tennyson Securities.  

Larry Bottomley, CEO of Beacon Energy, commented: 

“We are delighted to have received such strong support in this process from both existing and new investors. The Fundraise was significantly oversubscribed, bringing a number of new high quality institutional investors onto the shareholder register – a testament to the quality of the Company’s asset base and the scope for material value creation. The fundraise provides welcome additional working capital to support bringing the SCHB-2(2.) well into commercial production. We would like to thank our new and existing investors for their support and look forward to providing further updates on our operational progress in due course.”

As I have said before the Germany well is significant and despite operational problems has come in, a good time to raise money as the costs were a touch higher than expected. There are a number of things to get on with, not least getting on with development of this excellent well and finding partners. 

There are wells to drill and oil to move, I rate Beacon as a very good chance of being around for a very long time, take 2 is under way.


And finally…

It’s a mad weekend of sport, in the final ODI England are playing the Black Caps, as I write England are 195-4 off 33.4 overs.

In F1 it is the Singapore GP where Sainz and Chaz Clerc are up the front in practise.

Footy continues tomorrow sees Wolves  v Liverpool, Villa host the Eagles, the Hatters are at the Cottagers, the Red Devils host the Seagulls, Spurs host the Blades, the Noisy Neighbours go to the Hammers and the Bar Coders entertain the Bees. On Sunday the Cherries host Chelsea and the Gooners are at the Toffees.

At the RWC the All Blacks take on Namibia, Ireland play Tonga, Wales plat Portugal, Samoa play Chile and on Sunday South Africa play. Romania, Australia play Fiji and England play the Cherry Reds.