WTI (Oct) $102.48 +$6.43, Brent (Nov) $107.63 +$6.42, Diff -$5.15 -1c.

USNG (Oct) $2.83 +1c, UKNG (Oct) 201.36p +2.15p, TTF (Oct) €80.695 +€0.795.

Oil price

Today marks the 25th anniversary of the 9/11 terrorist attack on the twin towers and the Pentagon, I wish all my American friends peace and remembrance on such an awful day to recall for all concerned. 

More attacks in the Gulf again and this time it seems that the Houthis are becoming bolder in their fight against Saudi Arabia, hitting ships and according to reports taking the Port of Mocha. 

It seems that the market is expecting more trouble although the EIA stats have settled the market down and oil is just over 3 dollars down as I write. Those inventories showed another mixed message, refinery runs were still high at 97.8% only 0.2% down on the week and with crude unchanged, products both built with runs so high.

I’m going to bang on about diesel again, prices continue to rise, I noted that in the EIA numbers yesterday that overall it was $5.967 per gallon, overnight the AAA report that it is now $6 and in California has breached the $10 mark. That makes it difficult for some retailers as their machines are only calibrated up to $9.99!

Arrow Exploration

Arrow yesterday released an interview that CEO Marshall Abbott did recently with Proactive, it gives a good update on the recent breakthrough of achieving 6/- b/d and also asks the important question about the Tapir licence extension and how negotiations are going ahead of expiry in 2028. 

With Arrow in London in a couple of weeks for a roadshow and an analysts Capital Markets presentation I look forward to catching up with the team then. I recently upped my target price to 60p and expect the excellent share price performance to continue.

https://x.com/corp_arrow/status/2098095836127211771?s=43

Buccaneer Energy

Buccaneer has shared a recent interview with Chief Executive Officer Paul Welch on the SmallCapPix platform.

Watch the full interview here:

https://www.youtube.com/watch?v=zdFvYONRESc

The interview outlines Buccaneer’s progress in building a low-cost, cash-generative production base in Texas, alongside the Company’s strategy to scale into European onshore gas opportunities.

Highlights:

Texas Operations: A Self-Funding Platform

·

Net production has more than doubled since mid-2024. The business now generates positive free cash flow of c.$200,000 to $250,000 per month at recent prices, roughly 10% of the Company’s current market capitalisation

·

Texas operations continue to generate positive net cash flow, helping to support the Company’s next phase of growth

·

Further organic upside remains in-field, with production targeted towards approximately 250 bopd by year end through the ongoing Fouke waterflood and an expanding Organic Oil Recovery programme

·

The Board views Texas as the platform, not the destination: a stable, cash-generative base

Europe: The Next Phase

·

Europe’s gas market has been transformed. The end of Russian pipeline supply, disrupted Middle Eastern LNG flows, and limited regional storage have driven European gas prices to a significant multiple of US levels

·

Host governments are increasingly encouraging domestic gas development, reopening opportunities that had been off-limits for a decade or more

·

Our European exploration team, led by Roberto Bencini, has screened close to 300 European gas opportunities down to a focused shortlist

·

The Company is targeting an initial portfolio with an NPV10 of c.$500 million, to be developed through a capital-light strategy: securing acreage, advancing technical work, then bringing in partner capital to fund drilling

·

The Board’s ambition is to grow Buccaneer into a mid-sized E&P company producing approximately 5,000 boepd in the next three to five years, delivering scale that organic US growth alone could not achieve at pace

Paul Welch, Chief Executive Officer of Buccaneer Energy, commented:

“Texas has done exactly what we needed it to do, and it is now stable and self-funding. That gives us the platform to pursue new opportunities. The European opportunity is real, well-timed, and with the expertise of our exploration team, we believe we can move quickly and build a business of materially greater scale. We look forward to updating shareholders as this progresses.”

This looks to me like part interview, part update but is a good opportunity for CEO Paul Welch to update on trading and also to put some flesh on the bones of the new European gas strategy. Building a business of ‘materially greater scale’ is certainly what I think they need. 

That strategy has yet to deliver any actual deals but in their announcing the move the company stated that they have whittled a long list of potential acquisitions down to a manageable short list so I guess we can expect something on that front soon. 

And finally…

It is a huge weekend for sports fans around the world.

Last night in the Champions League the Red Devils saw off the Azerbaijan champions Sabah FK 4-0 at Old Trafford, the rest of the round may not be so easy…

Indeed Sunday will be harder as the Noisy Neighbours visit in the Prem. Tomorrow Villa host Forest, the Bees visit the Cherries, Chelsea host the Tigers, The Tractor Boys are at the Eagles, Liverpool entertain the Cottagers, the Toffees visit Spurs and the Black Cats host the Gooners. The other Sunday fixture is the Seagulls at the Sky Blues.

The test match has been somewhat one sided despite England handicapping themselves with a slipper who can’t catch, Donald dropped another sitter yesterday, fine leg or short leg surely beckons…Today Pakistan resume at 55-2 having been 0-2 and still 265 runs behind.

Tomorrow sees the final match of four tests between the Springboks and the All Blacks, it is on at 22:00 as it’s in Baltimore…yup. The series is 2-1 to the Boks with this the last in the series.

The Spanish GP is at the Madring Circuit in Madrid for the first time this year, it replaces Barcelona as countries can only have one race as the national event. But as only F1 can Barca stays on the circuit as the ‘Barcelona-Catalunya GP’ and will happen every other even year and share with Spa in Belgium, easy huh? And as for Jerez that has gone west too…

The NFL season is underway and last night the Seahawks came back from losing the QB early to beat the Patriots 10-13. The other game was in Melbourne, yup, I said that this was an international bulletin and the 49ers shocked the Rams winning ‘away’ 7-27 as the Rams were deemed to be the hosts, yup I can’t either…This weekend everybody is back playing, too many to mention here!

Golf sees President Trump visiting his own club, the Trump International at Doonberg and the Solheim Cup has just started at Bernardus in the Netherlands.

And the final Classic of the flat season, the St Leger is at Doncaster tomorrow as part of a four day festival up there but I note that all the leading jocks are at Leopardstown for the Irish Champion Stakes. It hasn’t stopped the O’Brian’s from packing the Donny fields though…