WTI (Nov) $92.16 -$1.64, Brent (Nov) $103.08 +$3.83, Diff -$10.92 +2.19.

USNG (Oct) $3.02 +5c, UKNG (Oct) 184.44p +2.33p, TTF (Nov)* €73.815 +€0.615.

*Denotes expiry of October contract.

Oil price

Oil prices are up again this morning, WTI has risen by $2.04 to $91.20 and Brent is up $2.55 at $105.63 and have -unsurprisingly- not been taken in by all the peace speak at the UN over the last few days. Also interesting to note that the differential between WTI and Brent has widened sharply and swiftly, only last week it was as low as $2.91, now there is clear blue water at over 10 bucks.

This may be due to the latest idea from the Donald in which he suggests that the USA could ban diesel exports as a number of other countries have done recently. I’m no expert, for this read the excellent work by Ashley Kelty, but it doesn’t look like a runner to me, or indeed Energy Secretary Chris Wright either…

Also the Presidents have traded words, after the Trump ‘annihilation’ speak in his speech at the UN, which I reported yesterday, the Iranian President replied by saying that ‘we never surrender’. It’s annihilation then….The comment that unofficial talks were taking place around the assembly were treated with the disdain they deserved…

The inventory stats this week are going to recent pattern, after the API numbers yesterday the EIA weighed in with a similar read, crude built by 2.969m barrels vs the kids guess of a draw (!). But products drew again and was particularly notable with gasoline was down by 1.686m b’s and with refinery runs at last falling, this week off by 2.8% to 94%, takes a little pressure off refiners. 

Capricorn Energy

Randy Neely, Chief Executive, Capricorn Energy PLC said:

“Capricorn had a robust first half as production remained resilient, development activity progressed in line with budget and pricing supported healthy margins during the period.

The ratification of the consolidated concession agreement in Egypt creates an improved framework for long-term investment, extends the life of key producing assets and supports our resource conversion funnel. Working closely with our partner and operator, Cheiron, we have progressed development plans designed to grow production and unlock value.

Regular collections have allowed continued disciplined reinvestment in the asset base, delivering strong drilling results and boosting monthly production. 

Operational execution remains strong, with our teams and partner continuing to deliver safely and efficiently. We have also made progress in evaluating exploration and appraisal opportunities that have the potential to add reserves over time.

Shareholders will also be aware that, after the period end, Genel Energy plc and DNO ASA announced firm offers to acquire the Company, both of which remain ongoing.”

I don’t cover Capricorn formally but given that they have had a number of bids that the market know about, and definitely some that they don’t, it is worth just popping in the results if only for the CEO comment that both the outstanding bids for the company ‘remain ongoing’. 

H1 2026 Financial and Operational Highlights

        Revenue in Egypt of $100m with a realised oil price of $89.5/bbl and gas price of $3.4/mscf

        Merged concession agreement became effective following formal parliamentary ratification on 30 March and ministerial signature on 19 May, with a 1 July 2025 operational start date

        Cash collections of $98m in Egypt

        Egypt receivables of $92m at 30 June 2026

        Operating costs of $5.0 per boe on a working interest (WI) basis

        Balance sheet: Group cash of $114m at 30 June 2026, after early repayment of the remaining debt in April

        Development and production capex of $52m; exploration capex of $1m

        18 development wells and two near-field exploration wells were drilled during the period, establishing new areas of thick Abu Roash Gharadig (ARG) reservoir, unlocking significant follow-on drilling opportunities and delivering production above expectations

        WI production averaged 19,337 boepd, tracking slightly above the mid-point of 2026 guidance of 18,000-22,000 boepd comprising 46% liquids

        Final payment of $4m from Waldorf Production UK Plc (“Waldorf”), including costs, received in July.

H2 2026 Outlook  

        Production performance through July and August has remained strong with excellent contributions from new wells. Continued development activity through the remainder of the year will be focused in the liquids rich Abu Roash G reservoir. Consequently, FY26 production is expected to be above the mid-point of the guidance range of 18,000-22,000 boepd

        Full-year forecast net capital expenditure towards the upper end of the range of $85-95m, reflecting an increase in drilling efficiency and the number of wells brought on production in the year to date

        Operating costs remain within guidance forecast of $5-7 per boe

        Drilling activity in the second half of 2026 will continue to target two key development focus areas, guided by the successful results from earlier in the year. Activity will also resume in the Obaiyed field area, for the first time since 2023, with two new wells planned and a re-entry opportunity.

Sunda Energy

Sunda has confirmed, further to the announcement made at 7.01 a.m. on 22 September 2026, the result of its Retail Offer at the Issue Price of 1.5 pence per share.

The Company announces that it has conditionally raised aggregate gross proceeds of £525,000 pursuant to the Retail Offer. Accordingly, the Company will issue a total of 35,000,000 Retail Offer Shares at the Issue Price pursuant to the terms of the Retail Offer. The Retail Offer was oversubscribed demonstrating the strong support from Sunda’s retail shareholder base.

In total, the Placing, Subscription and the Retail Offer have raised gross proceeds of £5.775 million for the Company, via the Placing and Subscription of 350,000,000 Placing and Subscription Shares and the 35,000,000 Retail Offer Shares. 

The Retail Offer is conditional upon, inter alia, the passing of certain resolutions to be put to shareholders of the Company at a General Meeting to be held on 8 October 2026, and the Retail Offer Shares being admitted to trading on AIM. A circular containing the Notice of General Meeting was despatched to Shareholders on 22 September 2026. The Circular is available on the Company’s website at https://sundaenergy.com/.

It is anticipated that Admission will become effective and that dealings in the Retail Offer Shares will commence at 8.00 a.m. on 12 October 2026. A further announcement will be issued following the General Meeting.

The Retail Offer Shares will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the New Ordinary Shares to be issued pursuant to the Fundraising.

No surprise here, the retail shareholders knew that this was a no-brainer and under the circumstances weren’t going to throw good money after bad. The total raise is now £5.775m and will be used for the consideration for the acquisition in New Zealand.

The Kiwi deal is smart and just what Sunda needs given the problems it has had elsewhere in the portfolio so that, and for Andy Butler, the shareholders have good reason to be grateful. 

And finally…

This weekend sees the Azerbaijan GP in Baku, a track that I have been driven around. Remember that owing to the Country’s Remembrance Day on Sunday this race is on Saturday. So, with practice today, quali is at 13:00 hours tomorrow, Friday and the race proper is at 12:00 on Saturday.

The ODI series between England and Sri Lanka continues today with the second match starting at Headingly at 12:30 this afternoon. England won the first game convincingly again and so go into this game at 1-0 up in the series.