WTI (Nov) $62.37 -$1.08, Brent (Dec)* $66.03 -16c, Diff -$3.66*.

USNG (Nov) $3.30 +3c, UKNG (Nov)** 80.81p -2.9p, TTF (Nov)** €31.32 -€1.27.

*Denotes Brent November contract expiry.

** Denotes UKNG and TTF October contract expiry 29/9/2025.

Oil price

Oil is having a modest bounce this morning after a couple of days which has included Opec rumoured to be adding over 500/- b/d at the November meeting, strongly denied yesterday and also the extra crude coming though the Iraqi/Turkish pipeline.

Diversified Energy Company

Diversified has announced today that its Board of Directors, having evaluated the Company’s optimal public company listing venue, intends to move the Company’s primary listing to the New York Stock Exchange (“NYSE”) while retaining a secondary listing on the London Stock Exchange (“LSE”).

Today, the Company is substantially a US business, reporting in US dollars, with all the Company’s operating profit derived from its US operations, which is also the sole growth market for the business. The Company’s executive management team and operational headquarters are based in the US, all of its employees reside in the US and all its assets are located in the US.

Additionally, as of June 30, 2025, over 65% of the Company’s outstanding shares were held by US resident investors. The Company will start filing customary SEC financial statements and periodic reports as a US domestic filer with its year-end 2025 financial results.

The Board has been evaluating the optimal primary listing venue for the Company in the context of its business strategy for the benefit of all its stakeholders. In December 2023, the Company undertook an additional listing of its shares on the NYSE to complement its existing LSE listing. At this time, the Board has concluded that the US market is the natural long-term primary listing venue for the Company and that moving to a US primary listing, while retaining a secondary UK listing on the ESICC Category, is in the best interests of its shareholders.

In arriving at this conclusion, the Board considered several factors and potential benefits, including:

  • alignment of the primary listing venue with the Company’s business activity, leadership team, and employee base
  • increased overall liquidity in the Company’s shares, given access to deeper US capital markets
  • increased exposure to US investors through a primary US listing, including additional access to passive investment pools of capital
  • expanded Company profile and access to high-quality equity investors
  • simplified share ownership for the wider employee base of the Company and expanded access to the recruitment and retention of top US talent
  • optimized positioning of the Company for inclusion in premier US equity indices and Exchange Traded Funds
  • retention of a secondary listing on the LSE to facilitate trading liquidity for non-US shareholder base

The proposed venue change will be implemented by way of a UK scheme of arrangement which will require a formal vote by shareholders of the Company at a general meeting (“General Meeting”) to be approved by a majority in number of the registered shareholders voting in person or by proxy, representing 75% in value of the shares voted. It is currently expected that a shareholder circular containing details of the proposals will be published and that the General Meeting will take place in the coming weeks. Subject to shareholders voting in favor of the proposals at the General Meeting, the Board expects that the scheme of arrangement will take effect during the fourth quarter of 2025, after which the shares are expected to trade on the NYSE and on the equity shares (commercial companies) category of the Official List of the FCA (the “ESICC Category”) and the Main Market of the LSE.

Further announcements will be made in due course as the process advances.

This shouldn’t come as a surprise to shareholders, as the US shareholding has risen since they took a listing there but UK shareholders can rest assured that the shares will remain listed in London.

Arrow Exploration Corp

Arrow has provided an update on the recently drilled exploration well, Mateguafa Oeste-1, on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Drilling Operations – Mateguafa Oeste 1

The Mateguafa Oeste-1 (MO-1) exploration well was spud on September 21, 2025, and reached target depth on September 26th, 2025. The primary targets for the MO-1 were the sands of the Ubaque formation, which have been prolific producing reservoirs in the nearby Carrizales Norte field. The well was drilled to a total measured depth of 9,718 feet MD (9,399 feet true vertical depth).  The well encountered reservoir sands of 27 feet TVD at the C7 zone and 290 feet TVD at the Ubaque zone.  Unfortunately, both zones exhibited thin oil pay over water.

Accordingly, MO-1 well is being abandoned due to the lack of an economic discovery.

Drilling Schedule

Currently the drilling rig is moving to the Mateguafa Attic field to drill a vertical exploration well, Mateguafa-5 (M-5), a step out well to Mateguafa 1 and Mateguafa 3, which together historically produced 630,000 barrels of oil out of the Carbonera zone, C7.  This target is geologically independent from the Mateguafa Oeste prospect.  The M-5 well is expected to spud early November and is targeting both the C7 and Ubaque reservoirs.  On the basis of a successful well at M-5, the Company plans to drill three additional wells, one vertical and two horizonal, on the prospect.  The Company then plans to test the Icaco, Macoya and the Capullo prospects.

Marshall Abbott, CEO of Arrow commented:

“The results of the Mateguafa Oeste-1 exploration well provide calibration for existing future prospects. The well was drilled under budget, and successfully hit the reservoirs as delineated by geological and geophysical control. The well had thin oil pay over water and was deemed uneconomic.  This is the first dry hole that Arrow has drilled out of 40 exploration and development wells to date.

The rig is now moving to the Mateguafa Attic field where we plan to drill the M-5 well targeting both the Ubaque and C7 zones.  The well will also intercept both the Guadalupe and Gacheta formations.  The M-5 well is a step out well from the M-1 and M-3 wells that were successful wells drilled and produced by Mohave and Petrolco respectively.  The M-1 and M-3 wells were abandoned in 2013.  With the 2023 3D seismic acquisition we are able to drill closer to the Mateguafa fault into a higher part of the reservoir.”

“We look forward to updating the market on the results of M-5 once the well has been evaluated and remain excited about the future prospectivity at the Icaco, Macoya and Capullo prospects .”

“We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff.”

The Mateguafa Oeste-1 well, whilst being disappointing was an exploration well and clearly I had no production in the model, a first duster for the company in 40 wells remains a good hit rate.

So, the company moves on to the separate Attic field and will drill Mateguafa-5 well which is lower risk and looking for the Ubaque and C7 zones as well as the Guadalupe and Gacheta formations. It is a step-out from previously successful wells M-1 and M-3, abandoned in 2013 but with better seismic data available now.

Success at M-5 well would see the drilling of three additional wells, one vertical and two horizontal on this prospect. After that the company are planning to go to the Icaco, Macoya and Capullo prospects which Marshall Abbott discussed in a recent interview with me.

Despite the disappointment the company has a busy run of activity upcoming with the drill bit and I would expect to see a chance to make a positive move on the needle and when I return from Cape Town I will look at the Target Price but can’t see this exploration dry hole making much difference.

Petrofac

Further to its announcement dated 11 September 2025, the Group is advancing discussions towards a binding agreement with SAMSUNG E&A and Saipem regarding their claims relating to the Thai Oil project.

As previously communicated, the Group is focused on completing the Restructuring in the shortest possible time and by the end of November 2025. It continues to advance more than one route to implement the Restructuring, each supporting the Group’s operational capability and ongoing delivery. These routes include those which may result in no residual value being retained by existing shareholders. The implementation route will be determined on the basis of input from funding parties and key creditors, such that it is not within the Company’s sole discretion.

The Company will continue to share further details as soon as appropriate to do so, in line with its disclosure obligations.

As it’s a new month Petrofac has to update the situation but shareholders should note the comment about ‘include those which may result in no residual value being retained by existing shareholders’. Be aware, be very aware….

Beacon Energy

Beacon yesterday announced its half-yearly report for the six months ended 30 June 2025.

Mark Rollins, Non-Executive Chairman of Beacon Energy, commented:

“During the period, the Board has worked tirelessly to stabilise the Company’s financial position and has made good progress in delivering the Company’s strategy which is to pursue the acquisition of value enhancing opportunities to develop and grow a self-funding upstream oil & gas company.

As previously announced, the Company has signed a non-binding Heads of Terms and has entered into a period of exclusivity with a third party in relation to the potential acquisition of an interest in an onshore gas development asset located in Europe (the “Proposed Transaction”). The Company is in the final stages of agreeing the Proposed Transaction and while there can be no guarantee that agreement on such a Proposed Transaction will be reached, we believe that we have identified a compelling, value accretive opportunity and will continue our efforts to deliver on behalf of our shareholders.

We thank shareholders for their continuing support and patience and look forward to providing updates on our progress as we move through the rest of the year.”

 It’s always interesting when a company brings out the Chairman to comment so it must be true…I’m looking forward to seeing this deal which we have heard about for a long time. 

The Proposed Transaction would be considered a Reverse Takeover transaction under Rule 14 of the AIM Rules for Companies (“Aim Rules”).

Following the Company’s suspension pursuant to Rule 15 of the AIM Rules, the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) by 6 January 2026.  Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document.  In the event that the Company does not complete a reverse takeover under AIM Rule 14 within that time or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8, admission to trading on AIM of the Company’s ordinary shares would be ca

Tower Resources

Tower yesterday announce its Interim Results for the six months ended 30 June 2025.

Key Highlights

10 January 2025: Transformational Farm-out Agreements for Cameroon and Namibia Licenses

§ Execution of two farm-out agreements with Prime Global Energies Limited (“Prime”) for minority, non-operated interests in its Thali license, offshore Cameroon, and PEL96 offshore Namibia.

§ Prime will acquire a 42.5% non-operated interest in the Thali license in exchange for a US$15,000,000 cash contribution towards the Thali work programme, including drilling of the NJOM-3 well, plus additional payments.

§ Prime will also acquire a 25% non-operated interest in PEL96, offshore Namibia, for approximately US$2,500,000.

7 March 2025: Namibia and Cameroon Update

§ Tower Resources (Namibia) Limited agreed to purchase an additional 5% interest in the PEL96 license, offshore Namibia, from its local partner, ZM Fourteen Investment (Pty) Ltd.

§ Tower Resources Cameroon SA had previously submitted farm-out agreement documentation and the request for a year’s further extension of the First Exploration Period of the Thali license for approval from the Cameroon Minister of Mines, Industry and Technological Development (“MINMIDT”).

26 March 2025: Bridge Loan

§ Agreement for an unsecured fixed-price convertible bridge loan of £500,000 with Prime Resources Limited with a term of up to 12 months and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share.

9 April 2025: Grant of Restricted Shares under Long Term Incentive Plan (“LTIP”)

§ The award of 1,540,000,000 Restricted Shares to directors, employees and consultants vesting at the end of three years under the annual LTIP scheme.

10 June 2025: Letter of Award for Rig Contract in Cameroon

§ Tower Resources Cameroon SA issued a Letter of Award to Advanced Energy Systems S.A.E (“ADES”) for the provision of a jack-up rig to drill the NJOM-3 well on Tower’s Thali license in Cameroon.

30 June 2025: Key financial metrics

§ Cash and cash equivalents on hand of $394,025 (2024: $337,489).

§ Operating loss of $1,177,149 (2024: $447,757) reflecting increased staffing in preparation for drilling in Cameroon, and increase in UK pound/US dollar exchange rate.

Other Highlights and Post-Reporting Period Events

§ 22 January 2025 – Exercise of 271,018,518 Broker Warrants at an exercise price of 0.027p per share with an exercise cost of £73,175.00.

§ 1 July 2025 – An extension of the Bridge Loan with Prime Resources Limited by £250,000 to £750,000 under the original loan terms was agreed.

§ 1 September 2025 – A further extension of the Bridge Loan with Prime Resources Limited by £250,000 to £1,000,000 under the original terms was agreed.

A copy of the Company’s interim results will be made available shortly on the Company’s website at https://www.towerresources.co.uk

 This time no comment at all but it’s right as I would expect from Jeremy Asher who knows that all these facts are in the market and that shareholders can access the interims via the website.