WTI (Nov) $92.41 -$2.20, Brent (Nov) $-$2.28, Diff -$11.91 -8c.

USNG (Oct) $3.20 -10c, UKNG (Oct) 184.75p +2.45p, TTF (Nov) €74.25 +€1.265.

Oil price

Oil is up today after President Trump rejected Iran’s offer of talks although third party discussions will apparently take place later this week. Last week’s optimism is muted today although prices are off the early highs, WTI is up $1.48 and Brent +$2.08. Last week WTI fell $7.89 whilst Brent actually rose by 45 cents.

But as I have been saying for a few days the differential is widening, today it is $12.51 as the worries about refineries having to cut back on refining runs which would cut their demand…

And the Houthis are still very much on the front foot as the Saudis and their allies defend against missiles and appear to be in reverse with little chance of things changing anytime soon.

And the Baker Hughes rig count continued to rise, overall units in the USA rose by 4 to 599 whilst in oil it was +3 to 455. Year on year that makes +50 and +31 respectively.

Genel Energy

Genel announced on Friday that it had completed the tap issue already announced, for $65m at 104% which appeared to be very well supported with ‘very strong interest from a wide set of new and existing investors’.

I am also noting the statement from DNO this morning with regard to Capricorn in which it announces that it will not be increasing its offer for the company. Accordingly Genel, with its c.39% of irrevocable acceptances for its offer would look to be favourite to take over Capricorn, I wiish them ‘every bit of luck’……

Genel remains a favourite in the Bucket List and my target price of 100p remains strongly in place. Assuming successful acquisition of Capricorn the company will have a better, more diversified portfolio adding to the world class asset at Tawke.

Genel Energy Finance 4 plc has successfully placed USD 65 million of additional bonds through a tap issue under the outstanding senior unsecured bonds framework (ISIN NO 0013512384). The additional bonds were placed at price of 104.0% of nominal amount and received very strong interest from a wide set of new and existing investors. The purpose of the tap issue is for general corporate purposes.

The tap bonds were issued with a temporary ISIN (NO 0013771527) since Genel can elect to redeem the additional bonds within 1st February 2027 at 104.5% of nominal value plus accrued interest. If Genel elects to draw the tap issue’s net proceeds from the escrow account pledged in favour of the bond trustee, then the additional bonds will merge with the existing bond’s ISIN to form one series with a total outstanding amount of USD 200 million.

DNO/Capricorn

Further to the announcement made by the boards of DNO ASA (“DNO“) and DNO Bidco AS (“Bidco”) and Capricorn on 17 September 2026 (the “Revised Offer Announcement”) setting out the terms of a recommended revised cash offer (the “Revised All-Cash Offer”) for the entire issued and to be issued share capital of Capricorn, DNO and Bidco today provide an update on the terms of the Revised All-Cash Offer.

The board of directors of DNO and Bidco note the announcement made by Genel Energy plc (“Genel“) on 25 September 2026 (the “Increased Genel Offer Announcement“) regarding an increased recommended cash offer by Genel Energy No.9 Limited (“Genel Bidco“), a private limited company indirectly owned by Genel, for the entire issued and to be issued ordinary share capital of Capricorn (the “Increased Genel Offer“). DNO and Bidco also note that the Increased Genel Offer Announcement included a statement that Genel Bidco has received irrevocable undertakings in respect of Capricorn Shares representing approximately 39.1 per cent. of Capricorn’s issued share capital.

DNO retains a highly disciplined approach to M&A and accordingly confirms that the financial terms of the Revised All-Cash Offer as set out in the Revised Offer Announcement, being a total value of US$5.214 in cash per Capricorn Share, are final and will not be increased. DNO also confirms that it will not elect to implement its offer by means of a contractual offer.

DNO continues to rigorously evaluate a pipeline of opportunities, both across the North Sea and the Kurdistan Region of Iraq (“KRI“) and other areas in which DNO can successfully deliver its strategy.  DNO has had positive interactions with the Egyptian authorities in respect of its offer for Capricorn and continues to evaluate Egypt for investment opportunities.

DNO values its ongoing relationship with Genel, its partner in the Tawke licence in the KRI, and wishes it every bit of luck.

Capitalised terms in this announcement have the meaning given to them in the Scheme Document published on 21 September 2026, unless the context requires otherwise.

Serica Energy

Serica, as per its previously stated aim of transferring from AIM to the Main Market, is now formally announcing its intention to apply for the Company’s ordinary shares to be admitted to the Equity Shares (Commercial Companies) (‘ESCC’) segment of the Official List maintained by the Financial Conduct Authority (‘FCA’) (‘Official List’) and to trading on London Stock Exchange plc’s (‘London Stock Exchange’) main market for listed securities (‘Main Market’) (together, ‘Admission’).

Serica is a British independent upstream oil and gas exploration and production company with a portfolio of UK Continental Shelf assets. Serica is set to end the year as the sixth largest producer on the UKCS, with a balance of gas and oil production. The Company is generating material free cash flow from its producing assets, with the potential for significant organic growth in coming years, and a focus on creating shareholder value from its current portfolio and through M&A.

Serica will not be raising any funds or offering any new securities in connection with Admission or the publication of the related prospectus. The Admission will be effected through an introduction of the Company’s existing Ordinary Shares.

Admission is subject to the approval by the FCA of a prospectus and the Ordinary Shares being admitted by the FCA to the ESCC segment of the Official List and by the London Stock Exchange to trading on the Main Market. Subject to the satisfaction of these conditions, Admission is expected to occur before the end of October 2026. Accordingly, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on AIM in accordance with Rule 41 of the AIM Rules for Companies. The Company’s listing on AIM is expected to be to be cancelled concurrently with Admission.

Admission is not conditional upon shareholder approval. Serica shareholders should note that the Company’s Ordinary Shares will cease to be traded on AIM with effect from Admission and should consult their own professional advisors regarding the consequences of Admission.

Serica will make a further announcement on the status of the proposed applications for Admission, together with the timeline for Admission, in due course.

David Latin, Chair of Serica, stated:

“This is a notable milestone for Serica. The Company has come a long way since listing on AIM over 20 years ago. Serica has progressed to become one of the leading independent producers in the UK North Sea, with material and growing production, strong cash generation, and the opportunity to deliver value for shareholders through both exciting organic growth opportunities and disciplined acquisitions. We have been proud to be part of AIM, and the move to the Main Market reflects the scale and maturity of the business today, supporting our ambition to deliver long-term value for shareholders through providing the platform to take our investment case to the widest possible audience.”

This is very good news for Serica and it shows just what a great job management has done in recent years to build such a substantial and diverse energy company. The move to the Main market is therefore a natural part of its evolution and it bodes well for the future.

The key thing for Serica here is that the big positive, once they have a main market listing, is that they will be eligible for consideration for the FTSE 250 index entry, a significant move indeed. With automatic entry normally gauged by market cap, Serica are comfortably above the current level of around £550m at c.£1bn+ and therefore I expect them to be included in the December quarterly review.

I remain convinced that Serica has significant upside with its exceptional portfolio of assets and a robust financial position enabling strong growth at both the organic and inorganic level. A key long-term member of the Bucket List and with a target price of 400p that is by no means a stretch despite the shares at 271p being up around 60% year on year I remain confident. 

Zephyr Energy

Zephyr has reported its unaudited interim results for the six months ended 30 June 2026.

Colin Harrington, Chief Executive Officer of Zephyr, said:

“The first half of 2026 was a period of forward momentum, consolidation and progress across both our operated and non-operated asset portfolios.

“At the Company’s operated Paradox project in Utah, highlights included a step-change increase in Zephyr’s operated land position, key advancements on the operational and regulatory processes required for first gas export, and continued progress on the project farm-out and gas off-take processes.

“On the non-operated asset portfolio, production exceeded management’s forecasts and the Company continued to actively manage its portfolio, completing further divestments of non-core acreage and contributing additional drilling opportunities to its US$100 million strategic partnership.

“I am both excited and optimistic about the period ahead and believe that there will be many positive developments, with corresponding news flow, over the coming months.”

Great progress from Zephyr, with sales up 44%, revenues up 71% and gross profit doubling versus 1H last year.   There’s plenty more to look forward to in the months ahead, as the considerable potential from the Paradox grows and support from the non-op portfolio increases.   

As I wrote last Wednesday, Zephyr is looking very well poised ahead of a busy few months at the Paradox, as a member of the Bucket List I am very confident that value will out and my target price of 20p will be justified.

Prospex Energy

Prospex has announced its unaudited Interim Results for the six months ended 30 June 2026.

Corporate and Operational Overview:

The period under review has been one of significant operational and strategic progress. Prospex has continued to strengthen its producing asset base, increase cash flow, advance its development pipeline and expand its European portfolio.

In March the Company completed the Convertible Loan Note (“CLN”) issuance which was launched in late 2025. In total, the Company raised c. £2 million, well above the original £1.6 million target.

On 1 February, Tom Reynolds was appointed Chief Executive Officer, replacing Mark Routh who left the Company at the end of April. In May, Simon Ashby-Rudd was appointed as Non-Executive Director. 

Management commenced a programme of increased communications with stakeholders, and a series of meetings with local regulators, partners and potential investors.

A detailed review of the Company’s asset portfolio and corporate strategy was launched by the new CEO and the initial results presented at the Company’s AGM in June. As a result, each asset has a clear value development pathway which is being implemented by the management team.

The Company and its investments had no reportable Health and Safety incidents or environmental issues across any of its operations in the reporting period.

Selva Malvezzi, Po Valley, Italy

Stable natural gas production from the Podere Maiar-1 well (PM-1) continued, with gross production of 14.28 MMscm (5.28 MMscm net to Prospex 37% interest) which was sold at an average realised price of €0.46/scm, generating €2.41 million revenue net to Prospex’s investments. Development costs of £300k primarily related to the acquisition cost of new 3D seismic data. This data is being processed by Schlumberger Italy to create a high-resolution subsurface model supporting future development plans, which, as at the date of this report, is nearing completion.

In June, the licence Operator Po Valley Energy filed an Environmental Impact Assessment (“EIA”) with Italy’s Ministry of Environment and Energy Security (“MASE”). The EIA covers the project to drill, develop and commission four new wells within the Selva Malvezzi Production Concession in the Po Valley Basin in Northern Italy. The four proposed wells are relatively close to the existing Podere Maiar-1 well and offer the prospect to deliver significant additional production and increase reserves on the concession.

Post-period end the EIA was declared admissible by Italy’s Ministry of Environment and Energy Security (“MASE”), triggering a 60-day public observation period.

A new 12-month agreement was also signed post-period end with Hera Trading S.r.l. (“Hera”) to supply gas from the Selva Malvezzi production concession, starting 1 October 2026, supporting ongoing gas sales from the field, which due to high gas prices delivered record gas sales revenue in August.

El Romeral, Tarba Energia, Andalucia, Spain

The El Romeral gas and power plant resumed electricity generation and sales in January following the installation of a rental transformer while a new permanent transformer was manufactured. Good well management has extended generation activity from around four hours per day up to 16 hours per day since installation. Higher production, combined with a backdrop of favourable electricity prices, has delivered consistently increasing revenue over the reporting period.

Post-period end, a new transformer was successfully installed providing a permanent solution and reducing operating costs following the return of the rental unit. Consistent production and high wholesale electricity prices have enabled Tarba to operate without funding from Prospex to support operations since July.

The Company has agreed a strategic collaboration with IMMAGE (Investigating Miocene Mediterranean-Atlantic Gateway Exchange) Land-2-Sea drilling project at El Romeral. IMMAGE will contribute up to US$1.5 million towards coring and logging operations in a subset of the planned wells, meaning Prospex will gain access to geological data and international research visibility at no additional cost.

PXEN Tatra Sp. z o.o., Poland

The Company’s wholly owned subsidiary, PXEN Tatra Sp. z o.o. was awarded the San and Dunajec licences.

The San licence holds attractive exploration potential in the shallow Miocene gas play.

The Dunajec licence includes Jurassic age prospectivity as well as the Miocene shallow gas play and contains an undeveloped oil discovery – Mniszow. 

The company has collated and processed a significant volume of historical licence data focusing on Mniszow, and is progressing options to develop the field as an oil producer.

Post-period end, a detailed presentation on the Mniszow development, which provided a base case development plan as well as economics, was released in September 2026 and can be viewed and listened to via the company’s website.

Financial Overview

  • The Company reports a profit of £131,941 (H1 2025: loss of £180,101) after taxation from continuing operations for the six-months ended 30 June 2026.
  • Administrative expenses in the reporting period increased by £250,352 to £881,156 compared to the same period in the previous year (H1 2025: £630,804). Of the increase, £195,686 is of a non-recurring nature, attributable to management change transitional costs (£89,052), debt-raise costs (£69,155), foreign exchange losses and timing differences (together £37,479). The management change and debt raise were both completed in the current reporting period.
  • The reported profit includes a £628,789 unrealised gain (H1 2025: unrealised loss: £32,715) on financial assets at fair value.
  • Underlying assets held by all the Company’s investment vehicles were revalued on a basis consistent with prior reporting dates. Forward prices for European natural gas and exchange rates as at 30 June 2026 were taken into account, as well as the reduction of reserves produced during the 6-months.
  • The Company’s Net Asset value (Shareholder Equity) increased by £363,519 in the six-months ended 30 June 2026, from £22,939,921 at 31 December 2025 to £23,303,440 at the reporting date.
  • The Company received £1.37m during the reporting period (H1 2025: £nil) from the completion of the Convertible Loan Note issuance, which commenced in December 2025.
  • At 30 June 2026, the Company held cash and cash equivalents of £524,643 (Year-end 2025: £38,935).  Additional cash and cash equivalents held in the Company’s wholly owned non-consolidated investment companies amounted to £327,368 (Year-end 2025: £3,065).
  • Trade and other receivables increased by £576,332 to £11,277,601 (31 December 2025: £10,701,269). The increase includes additional loans to the Company’s investment companies and interest accrued, net of debt repayments.
  • The Company and its investment vehicles are expected to have sufficient funds to continue in operation and meet future operating and known capital costs.

Tom Reynolds, CEO of Prospex Energy, commented:

“The first half of 2026 has been a pivotal period for Prospex, with our producing assets generating increasing cash flow while we have continued to advance our development and exploration portfolio.  Since period end, this progress has accelerated – with record monthly revenues, Tarba achieving cash self-sufficiency, and Selva’s EIA progress.

“Our focus for the remainder of the year is to build on the success of the first half by maximising the net cash flow from our producing assets whilst advancing development plans with our partners on each asset. A primary objective is to engage with partnership investment to support this activity. I am particularly excited about our Polish licences, which provide investors with blue sky potential in a supportive-oil and gas jurisdiction, and I look forward to updating shareholders on our progress.”

 Much has been going on at Prospex in recent months, operationally and with significant help from international energy prices clear progress has been made. Operationally I can see excellent and highly consistent management in all areas of the portfolio in particular the Romeral generation growth.

At Mniszow, where Prospex have gone from licence award to concept select in 6 months is for an oil development as outlined in the excellent deep dive for shareholders presented last week very impressive. 

This all leaves Prospex well prepared to engage with potential partners and investors on each of the assets in the portfolio, a process which is now underway. This was one of the first things that Tom Reynolds said when he started in the job back in February and shareholders will be delighted that it is happening so swiftly.

Prospex shares have performed very well, this year they are up the best part of 100% showing the market confidence in the management. My target price is 20p and they are in the Bucket List which has been highly rewarding but for me the best is yet to come. 

Tower Resources

Tower announces its Interim Results for the six months ended 30 June 2026.

Key financial metrics

  • Cash and cash equivalents on hand of $66,583 (2024: $394,025).
  • Operating loss of $844,141 (2024: $1,177,149)

Key Highlights and Post-Reporting Period events

28 September 2026: Cameroon and Namibia license updates

  • Namibian PEL96 farm-out deed of assignment now with Minister of Industries, Mines and Energy (“MIME”) for signature
  • Cameroon Presidential letter of authorisation and instruction now transmitted via Prime Minister’s office to the Minister of Mines, Industry and Technological Development (“MINMIDT”) and the Societé Nationale des Hydrocarbures (“SNH”)

24 August 2026 – Namibia and Cameroon Updates and Subscription to raise £325,000

  • Namibia — All parties except the MIME have executed the PEL96 assignment deeds, which are currently being checked by the Upstream Petroleum Unit (UPU) before returning to MIME for signature and stamping.
  • Cameroon — The Thali license extension and farm‑out file, already understood to have Presidential approval while abroad, is now at the Office of the Presidency awaiting execution following the President’s return to Yaounde.
  • A subscription for 2,363,636,363 new ordinary shares at 0.01375p per share to raise £325,000 for additional working capital.

29 June 2026: Grant of Restricted Shares under Long Term Incentive Plan

  • Annual LTIP award — The Company granted 1,540,000,000 Restricted Shares to directors, employees and consultants under its LTIP, with all shares vesting on 26 June 2029.

25 June 2026: Namibia Update – Letter of Approval for PEL96 Farm-out

  • Namibia farm‑out update — MIME issued the formal approval letter for the PEL96 farm‑out to Prime, satisfying the final condition precedent.

24 June 2026: License and Farmout Approval Update and Subscription to raise £400,000

  • Namibia — MIME is in receipt of all requested documents and has committed to respond no later than 1 July 2026. This Ministerial letter is the final condition precedent, after which the Company will issue a completion notice and close the farm‑out.
  • Cameroon — Following the Prime Minister’s intervention, the Thali license extension and farm‑out moved to the Office of the Presidency for required assent.
  • A subscription for 2,500,000,000 new ordinary shares at 0.016p per share to raise £400,000 for additional working capital.

16 March 2026: Cameroon and Namibia Update and Subscription to raise £1,499,999

  • Cameroon — SNH informed the Company of plans to recommend extending the Thali license for a year and approving the 42.5% farm-out to Prime, with the Prime Minister’s office coordinating a final meeting to conclude documentation.
  • Namibia — Government units have agreed to expedite approval of the 25% PEL96 farm-out to Prime, with NAMCOR completing due diligence and awaiting final partner documentation.
  • Subscription – A subscription for 6,315,785,262 new ordinary shares at 0.02375p per share to raise £1,499,999 to repay the £1m convertible Bridge Loan (plus interest), due 25 March 2026 unless converted at 0.056p per share.

28 January 2026: Equity subscription to raise £375,000

  • A subscription for 1,704,545,454 new ordinary shares at 0.022p per share to raise £375,000 for working capital purposes.

CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026

Dear Shareholder,

I’m pleased to share our interim results for the period to 30 June, 2026, and also to share an update regarding our farm-out approvals and our operating plans over the months ahead.

In summary, as previously announced, in Namibia we already received the letter from the Minister of Industries, Mines and Energy (“MIME”) approving the farm-out of a 25% interest in PEL 96 to Prime Global Energies Limited (“Prime”) at the end of June 2026, and although it took a while to get the wet signatures of all parties on the deed of assignment, this is now only awaiting the Minister’s signature which is expected any day.

In Cameroon, the President’s authorisation for the further extension of the initial exploration period of our Thali license, and for the farm-out to Prime, has been granted and has been making its way down through the usual channels from the Office of the President and the Prime Minister’s Office to the Minister of Mines, Industry and Technological Development (“MINMIDT”) and to the Societé Nationale des Hydrocarbures (“SNH”). We have now seen a copy of the letter from the President’s office to the Prime Minister’s office and to MINMIDT and SNH confirming the President’s authorisation and instructions. MINMIDT has advised us that they are now preparing the formal “arrêté” confirming the extension and the formal letter of approval for the farm-out to Prime, which we expect to receive shortly.

Cameroon

We have continued to maintain drilling readiness, and since the beginning of the year we took delivery of the mud-line suspension system which allows us to suspend the NJOM-3 well after testing so that we are able to re-enter it as a production well in due course. This equipment is now at our storage facility in Douala along with the other long lead items for the NJOM-3 well.

We also continue to monitor the rigs available for drilling the NJOM-3 well, and we currently expect to be spudding the well early in the second quarter of 2027. While it may still be possible to spud in the first quarter, we think it is best to set expectations for second quarter at this stage. We do not intend to discuss rig selection or timing any further until we have made a final rig selection that is contractually confirmed, in order to preserve the confidentiality of those commercial discussions.

Draft service agreements are already in place for all services, but we will review and finalise these (and will have time to do so) when the rig selection and timing are known.

We have also continued discussions on the financing of the next phase of work on the Njonji structure, conditional on the NJOM-3 well results, in order to minimise the elapsed time between the NJOM-3 well and the drilling of the subsequent production wells.

Namibia

In Namibia, we have already scheduled the next PEL96 Operating Committee meeting together with Prime as well as NAMCOR and our local partners for early October, to discuss the next stage of our work programme.

As shareholders may recall, we completed an extensive basin modelling exercise as part of our initial work programme on PEL96. We have subsequently reviewed all of our existing 2D seismic data over our acreage, which has led us to identify a number of interesting stratigraphic leads of similar architecture to the major discoveries which have made to the South in the Orange Basin. Significantly, these are located along the expected oil migration paths we have also identified. These stratigraphic leads are in addition to the four-way dip closures that we had already identified in the license area, and these are also consistent with the oil seep data that we have studied. Our next step is therefore to acquire additional seismic data in order to narrow down further the most interesting leads and the area within the license where we would like to acquire new 3D seismic data.

There is a possibility to acquire additional seismic data directly in the first half of 2027, when the weather window is suitable, but the economics of doing this will depend critically, among other things, on whether our neighbours are also ready to acquire data. However, we are also exploring other alternative sources of data in case this is not a viable option.

South Africa

In South Africa, as we disclosed in our annual report in June 2026, we made the decision to impair the carrying value of our 50% interest in the Algoa-Gamtoos license due to the continuing uncertainty in the legislative environment which is still limiting seismic data acquisition and other activity in the offshore basins. At the same time, the discussions that the Operator of the license had been conducting with a potential farm-in partner appear to have stalled. As we explained in June, we intend to continue working in South Africa, albeit at a modest pace, while we wait to see if things begin to move forward again.

Corporate

We have been forced to raise a significant amount of equity financing during the first eight months of this year, part of which was to repay loans taken in lieu of equity financing in 2025, and this has been an unfortunate consequence of the delay in receiving government approvals, which I discussed at length in our annual report a few months ago. However, we do believe that with our approvals in hand, we will not be needing further equity financing this year for existing commitments.

One can never say never: we are a public company precisely so that we can raise funds, not merely to meet immediate cash needs but also to finance further opportunities, and this is a good environment for opportunities. We are looking at a range of open licenses in West Africa and Southern Africa, and we are struck by the enthusiasm and realism governments are now showing in seeking to bring new independent oil company investment into both exploration and also the development of existing discoveries. But we are also very aware that shareholders have had to fund the delays of the last eighteen months, and I can only say that I believe this investment will be rewarded in the months and years ahead.

With such a detailed comment from Chairman Jeremy Asher, what else could I possibly add of any value….?

United Oil & Gas

United has announced its unaudited results for the period ending 30 June 2026.

Brian Larkin, United Chief Executive Officer commented:

Following the outbreak of conflict earlier in the year, the first half of 2026 has been shaped by continued and severe disruption to the Strait of Hormuz. This disruption continues to affect a substantial proportion of global seaborne oil and LNG supply, keeping energy markets tight and reinforcing, more than ever, the importance of security of supply and geographical diversification of future energy resources. Against this backdrop, companies are increasingly looking beyond the Gulf region for resource opportunities, with a growing focus on stable jurisdictions offering clear regulatory frameworks and direct access to major markets – of which Jamaica is a compelling example.

Against this backdrop, United has continued to build both the technical foundation and the operational capability required to advance the Walton-Morant Licence toward a successful farm-out.

The Seabed Geochemical Exploration (“SGE”) survey, including the piston coring, commenced in January 2026 and was successfully completed in February 2026, with no environmental incidents. Subsequent analysis of the samples provided important results, enhancing our understanding of the licence and providing a valuable input as we progress our subsurface evaluation. These results are supporting our ongoing farm-out process as we work to advance this world class licence which contains approximately 7 billion¹ barrels of prospective resources. 

By the expiry date of 24 April 2026, approximately 95% of the outstanding £0.0015 warrants carried into 2026 had been exercised, generating proceeds of approximately £474,000. The £0.0028 warrants with 24 April 2026 expiry generated proceeds of approximately £11,667 giving total proceeds raised of £485,667.

Nothing to add here, as with all the above, the numbers are history and largely irrelevant, in the meantime the only story in town is the farm-out of Walton Morant and despite many X’s it appears no closer as the company continues to lots of surveys. Watch this space…

Post period events

United has continued to strengthen both its balance sheet and its operational readiness since the period end.

In early July 2026, £500k raised from two institutional investors took our cash position to over $1.1m and strengthens our balance sheet.

In September 2026, Donal Meehan was appointed Chief Operating Officer, further strengthening the management team at an important time as United drives to conclude the Jamaican farm-out. Donal’s understanding of the Walton-Morant opportunity, together with his experience across deepwater exploration and commercial negotiations, will be important as we position the Company for the next phase of growth.

Also in September 2026, United appointed NRG Well Management (“NRG”) to undertake a drilling rig and long-lead availability study, advancing operational planning for a potential future exploration drilling programme on the Company’s Walton-Morant Licence, offshore Jamaica, which contains over 7 billion¹ barrels of prospective resource potential.

The study will support our farm-out process, advance our drill readiness and is focused primarily on the Colibri prospect, which has mean prospective resources of 406 million barrels of oil, together with the Thunderball lead, which has mean prospective resources of 603 million barrels of oil. Combined, Colibri and Thunderball contain over 1 billion barrels2 of gross unrisked mean prospective resources.

Any future drilling programme would be subject to, amongst other matters, the receipt of all necessary approvals and consents from the Government of Jamaica and execution of commercial agreements. The Company expects the study to be completed in the coming weeks and will update the market on its findings in due course.

Taken together, these appointments strengthen both the operational and commercial capability required to conclude the farm-out on the Walton-Morant Licence.

Outlook

“We enter the second half of the year with real momentum, having strengthened our management team with the appointment of a Chief Operating Officer and advanced our operational readiness through the NRG rig study.

Our immediate priority remains the Jamaica farm-out. We continue to engage with several parties and are focused on concluding a transaction capable of advancing the Walton-Morant Licence towards its next stage of development. A successful farm-out will be a transformational outcome for United and its shareholders.

Alongside this process, our appointment of NRG Well Management to assess rig availability and long lead items is an important step in our forward planning for Jamaica, strengthening our ability to make informed decisions for the potential of a future drilling programme. It will provide a current, market-based view of rig availability, commercial conditions and the long-lead items required to drill Colibri and potentially Thunderball.

With over 7 billion¹ barrels of prospective resource potential identified across the Walton-Morant Licence, of which over 1 billion barrels2 of gross unrisked mean prospective resources is identified at Colibri and Thunderball, we remain firmly focused on concluding the farm-out.”

For some reason there is another comment here, it’s not headed so we can’t tell who said it but I’m assuming it’s more from the CEO.

And finally…

Firstly apologies, I forgot to mention the start of the Gallagher Prem at the weekend…Wins for Bath, the Cherry and Whites, the Bears and the Tigers who beat the Sarries 38-40…

England lost their opening fixture in the Nations League footy as Harry Kane missed a pen which would have drawn the game. Northern Ireland beat Georgia 0-1 and host Hungary tonight. Scotland drew 0-0 under Belgian management and Wales lost again.

No comment on the Noisy Neighbours, there is so much yet to happen in this story with a potential appeal and punishment which could be anything….

England got back into cruise control in the 2nd ODI against Sri Lanka with Tom Banton scoring a classy 126. Warwickshire won the County Championship pennant.