WTI (May)* $68.07 -33c, Brent (May) $72.00 +$1.22, Diff -$3.93 +30c.

USNG (Apr) $3.98 -27c, UKNG (Apr) 109.0p +2.35p, TTF (Apr) €44.105 +€0.515.

*Denotes expiry of WTI April contract.

Oil price

Oil is flat today but will likely end up on the week, this is despite the WTI April contract going off the boards last night and dipping on entry. Crude has been moderately strong this week as the US have given Iran two months to agree to a new nuclear agreement, in the meantime they have been told that ‘maximum pressure will be exerted. It is thought that only around 1.5m b/d would come off the market, an amount that Opec+ could handle given its problems are mainly associated with over production discipline. 

Petrofac

Court approves creditor class composition

Further to its announcement on 28 February 2025, the Convening Hearing for Petrofac’s financial restructuring took place yesterday. The court approved the creditor class composition proposed in the restructuring plan and ordered the convening of creditor meetings. Details of these meetings will be communicated to the relevant parties in due course.

The Sanction Hearing will take place between 30 April and 2 May 2025. The restructuring effective date is expected to occur shortly thereafter.

2024 results timeline

As a consequence of the restructuring effective date being expected to fall after 30 April 2025, the Group has determined it appropriate to defer the finalisation and publication of its audited annual results. It expects to publish results shortly after the restructuring effective date.In accordance with its listing rules, therefore, trading in the Company’s shares will be temporarily suspended from 1 May 2025 until such time as its full year 2024 results are published.

Subscription period

On 12 March 2025, the Company opened the subscription period during which secured creditors can elect to participate in the new money options available to them under the terms of the restructuring. Further information regarding this process, timing and documentation is available through Kroll Issuer Services Limited as information agent.

Retail shareholder support

Further to its announcement dated 6 March 2025, the Group draws the attention of retail investors to the appointment of Jon Yorke as independent representative. Those who held shares between 7 October 2005 and 5 October 2021 and think they may have a claim that is affected by the restructuring plan, are encouraged to contact Mr Yorke, without charge, by emailing ia@pl-plan.co.uk. Doing so will not affect your legal rights.

So, another court approval and maybe just one more to go between 30th April and 2nd May, the results have to be after this date so the shares will be suspended from 1st May until after the results. Whilst the operating company appears to be in good nick it still looks like equity holders are looking increasingly under pressure. 

And finally…

A funny weekend of sport coming up, its the international footy break so World Cup qualifiers, England play Albania tonight and Wales play Kazakhstan tomorrow.

Scotland meanwhile are in the Nations League play-offs and face Greece on Sunday at home with a 0-1 lead from the away leg.

F1 is back and overnight Lewis qualified in pole position for the sprint race tomorrow at 0300 hours which is followed by qualifying at 0700 hrs ahead of the Grand Prix itself at 0700 hrs on Sunday morning.

Plenty of English cricketers on view in the IPL which starts tomorrow and goes through to the final on May 25th.