Oil price, Reabold, Beacon, Chariot, Buccaneer, RKH, Seascape, EOG. And finally…

WTI (Nov) $89.38 -$3.22, Brent (Nov) $102.59 -$2.69, Diff -$13.21 +53c.

USNG (Nov) $3.01 -10c, UKNG (Nov)* 175.07p -5.69p, TTF (Nov) €69.125 -€3.175.

*Denotes expiry of October contract.

Oil price

Oil is up around a dollar today after yesterdays fall ahead of Brent expiry tonight.  That was because the market heard from various sources that a lot more crude is being exported through the east west pipeline and that meant that Yanbu was restarting in addition to the ship-to-ship transfers. 

Today it’s up as the USA has rejected the Iranian offers of nuclear talks and the sanctions remain, nothing succeeds like even more poverty and FOMO from the negotiating table.

The API stats showed a build in crude of 1.019m barrels against a whisper of a 1.9m draw, what a bunch of divs they are…EIA stats later today, lets see if they can get them right…

Interim season ends

So as you can tell it’s the last day of the quarter and you can tell that because…no not the calendar but that dozens of companies who have left it until the last permitted day to release their results. I blame the advisors. But for continuity sake I have noted the figures for all the companies below but for most of them the interims are for historical accuracy only…

Reabold Resources

Reabold has announced its unaudited interim results for the six months ended 30 June 2026. The results are included below and are also available at www.reabold.com.

Highlights

Corporate

LNEnergy – Colle Santo gas field, Italy

• In March 2026, Reabold completed the first stage of its disposal of LNEnergy Limited (“LNEnergy”) to Beacon Energy plc (“Beacon”), disposing of 49% of Reabold’s 47.6% interest in LNEnergy. As part of the first completion Reabold received 9,086,917 shares in Beacon. Reabold also invested £750,000 into Beacon by participating in a placing, taking Reabold’s interest in listed shares in Beacon to 22.7% as at 30 June 2026.  At completion of the second stage, expected in Q4 2026, Reabold will have disposed of its entire shareholding in LNEnergy in exchange for a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. At second stage completion, Reabold will receive further shares in Beacon taking Reabold’s holding in Beacon to approximately 28.1%.
• As a result of the transaction with Beacon, Reabold recognised a £0.6 million gain on sale in the income statement and a £5.0 million contingent consideration receivable. The £5.0 million contingent consideration receivable is reported within Other Investments on the balance sheet. See Note 9 for further details.

Rathlin Energy (UK) Limited (“Rathlin”) and West Newton – PEDL 183 

• In February 2026, England’s environmental regulator, the Environment Agency (“EA”), issued Rathlin, a subsidiary of Reabold and operator of the Licence, the variation to the permit for the West Newton ‘A’ Well Site allowing for the recompletion works to be carried out at the West Newton A-2 well subject to certain pre-operational conditions.  See Review of Operations on page 4 for further information.

Sachin Oza and Stephen Williams, Co-CEOs of Reabold, commented:

“We are pleased to report on a period of strong progress for Reabold, during which we raised significant funds to progress the West Newton project, and successfully realised value from the Colle Santo gas project.

In Q4 2026, we expect to commence recompletion works at the West Newton A-2 well, a pivotal step towards unlocking the full value of our flagship UK project. The support shown by new and existing investors, including from a group of US strategic investors, enabled us to raise a total of £4.3 million during the period, positioning the Company to fund Reabold and Rathlin’s share of the recompletion.

In Italy, the transaction with Beacon provides Reabold shareholders with continued exposure to the Colle Santo project through the €16 million earn out mechanism, allowing shareholders to benefit from the project’s cash flow potential once on production, while removing further funding exposure.

We look forward to building on this momentum in the second half of the year, as we progress West Newton and continue to execute on our strategy across the portfolio.”

Once again nothing to add to today’s numbers but it is worth reiterating that there is much happening at Reabold now at both West Newton and Colle Santo.

I have commentated recently that at West Newton Reabold are preparing for imminent activity at the project and that the potential of co-locating data centre infrastructure is very real and with significant for potential benefit to the project economics. 

This will in itself create a reasonable opportunity to open up access to capital for the company in addition to the strong backing it has received recently from significant international investors, something I noted that the market may have overlooked. 

Obviously the progress at colle Santo, also commented on elsewhere here today where Beacon state that the process there is well advanced and of course I remain positive on the European gas sector where long term returns are now significantly better than for many years with positive Government support.

I remain convinced that with these two important assets that Reabold is very well placed and that a re-rating of the equity should happen once the market gets it. With my target price of 500p I see substantial upside and the shares remain a fixture in the Bucket List.

Beacon Energy

Beacon has announced its half-yearly report for the six months ended 30 June 2026.

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

“Following significant efforts through 2025 and early 2026, on 6 March 2026, the Company was pleased to complete the acquisition of a strategic investment in LNEnergy Limited (“LNEnergy”), alongside a £3.79 million fundraise and simultaneous readmission to AIM following a period of suspension associated with the reverse take-over.

“The acquisition represents a significant milestone for shareholders, which is fully aligned with Beacon Energy’s growth strategy to focus on assets with proven resources, a clear path to production and therefore tangible value.

“In relation to the Production Concession award process, material submissions were made by LNEnergy Italy to the MASE in both June 2026 and July 2026 and the process is considered to be well advanced although the precise timing for award remains unclear.

“The Company and LNEnergy remain focused on a near-term work programme with the objective of securing the Production Concession and reaching Final Investment Decision (“FID”) by the end of 2026.”

Another European gas play and another set of interims of small interest but with Beacon its all about all the upcoming activity in Italy and what I see as a very high see through valuation of their stake and with so much activity underway the next few months should be worth waiting for.

Chariot

Chariot has announced its unaudited interim results for the six-month period ended 30 June 2026. 

Adonis Pouroulis, CEO of Chariot commented:

“We are delighted to have announced two transformative deals this year, securing strategic and material exposure to cashflows from one of the most exciting offshore oil and gas producing regions in the world. Importantly, in doing these deals we have forged key, long-term partnerships with Angola’s leading private E&P company, Etu Energias, and BW Energy, one of the fastest growing players in the industry, and secured financial backing from one of the world’s largest energy traders in Shell Trading. With these transactions we have set out a new platform for value creation and growth and we look forward to increasing our exposure to further barrels and future revenues as we continue to build a cash generative upstream business.”

Well it’s only September and already it’s been quite a year for Chariot with extraordinary progress in Angola where they have done two exceptional deals which have transformed the company. These deals have SPA’s and I would expect the first one to complete quite soon and the second early in the new year.

Also, in my view their are a number of opportunities both in Angola and elsewhere on the sub-continent where they can roll out their new strategy and of course lever on the relationships established with the likes of Shell Trading, Etu and BW.

These relationships are crucial and Chariot deserve huge credit for impressing their new partners with their commitment to not only sharing in the deals and I understand that they have been lauded for pursuing these existing deals both swiftly and efficiently. 

There are two things to remember about what I’m calling the ‘New Chariot’, one is that they are very well advanced in the process of selling the renewables business and are now almost at the key stage of preferred status bidders which I take to read optimistically. 

Perhaps more important, this will mean that Chariot will soon be an oil production company and with a sizeable and fast growing portfolio of assets in key postcodes in Africa. The deals have made the courageous decisions highly profitable as the timing of them, and of course the oil price this year has obviously been an important tail wind.

As I said it has been a great year for Chariot, a roller coaster you might say and the shares have performed very well, at long last you may say…At 3.22p they are up 40% over 6 months and have risen 113% on the year to date at last vindicating my long held belief in the management.

Highlights during and post period

Upstream Oil & Gas:

Angola:

• Secured substantial economic exposure to oil assets offshore Angola, having announced two transactions in March and September 2026
• First transaction: Part financed Etu Energias S.A’s (“Etu Energias”) acquisition of Azule Energy’s 20% and 10% respective interests in Blocks 14 and 14K alongside Shell Western Supply and Trading Ltd (“Shell Trading”)
  • Sale and purchase agreement signed by Etu Energias in March 2026
  • Base consideration was US$195 million, with an economic effective date of 1st January 2025
  • Completion expected in H2 2026
• Second transaction: supported Etu Energias’ acquisition of Chevron’s interest in Blocks 14 and 14K through signing a Framework Agreement with Etu Energias and BW Energy (“BWE”), alongside financing provided by Shell Trading
  • Sale and purchase agreement signed by Etu Energias in August 2026
  • Base consideration of US$260 million with an economic effective date of 1st January 2026
  • Completion expected early 2027

• On completion, which is subject to standard regulatory approvals, Chariot will be entitled to the economics associated with current production of circa 8,000 barrels of oil per day (“bopd”)
  • Base case indicative asset net NPV10 in excess of US$200 million at a US$60/bbl oil price as of the 1st January 2026

• Strategic economic footprint in prolific Angola hydrocarbon province sets out platform for future growth

Morocco:

New Ventures:

• Core focus on securing additional production and revenues
• Will continue to pursue select synergistic development and exploration opportunities

Renewable Power:

• Sales process underway to divest Chariot’s renewables business and realise value – multiple offers received with next step being to select a preferred bidder

Electricity Trading:

• Etana Energy continues to scale and deliver on its strategy of addressing the supply and demand for renewable energy in South Africa
• Over 500MW of wind and solar projects in construction, one hydroelectric project in operation and a large pipeline of shovel-ready grid connectable projects that are supported by guarantee finance facilities
• Substantial generation and trading Power Purchase Agreements (“PPAs”) signed with large developers and industrial customers
  • 10-year PPA signed with Sibanye-Stillwater Mining Group
  • Offtake secured and financial close reached on 150MW Orkney solar project

Renewable Generation Projects:

• Construction progressing well at the Zen and Bergriver wind projects in which Chariot holds a material stake (194MW combined capacity), led by Acciona Energia
• Continuing to progress the 235MWp Kipemba solar project for First Quantum Minerals in Zambia, the 40MW solar PV project for Tharisa in South Africa and 30MW solar PV project for Karo Mining in Zimbabwe

Green Hydrogen:

• Work on Project Nour ongoing alongside partner TEH2 in Mauritania
• Work also ongoing across a smaller green iron pellet project in country looking to utilise direct reduced iron (DRI) technology powered by green hydrogen – grant funding options being pursued

Corporate and Financial:

• Jeff Goodrich joins as Chief Operating Officer, bringing over 35 years’ industry experience across production and operations, having previously been COO at Perenco and CEO of OneLNG
• Placing and Open Offer successfully raised gross proceeds of US$24.3 million in March 2026
• Proposed share consolidation approved at the AGM with the aim of reducing the number of ordinary shares and rebasing the share price
• Cash position as at 30 June 2026 of US$4.7 million

• Material recovery of transaction costs and G & A on close of the Azule transaction expected in H2 2026
• Cashflow to Chariot from oil sales expected in 2027
• Further cash anticipated from sale of renewables business

Seascape Energy Asia

Seascape has announced its unaudited interim results for the six-month period to 30 June 2026. 

Operational Highlights 

·   Temaris Cluster (SEA 100%) on track for Field Development and Abandonment Plan submission (“FDAP”) in Q4 2026, only 18 months from award

o all Front-End Engineering and Design contracts awarded

o key subsurface and well-design studies complete

o third-party export route has been agreed

o significantly improved imaging from 3D seismic reprocessing has identified new, low-risk near-field prospectivity

·   Active negotiations underway with PETRONAS Malaysia Petroleum Management regarding the inclusion of additional acreage to the Temaris PSC which contains an extension of the high-quality, channelised Miocene sandstone system

·   Temaris farm-out process recently restarted with the benefit of the enlarged prospectivity, mature FDAP and a supportive macro environment, with strong interest received

o Ambition to introduce a high-quality partner prior to FDAP submission

·   DEWA Cluster (SEA 28%) export route planned via adjacent Shell-operated E8 field, operator EnQuest remains committed to the project sanction in the next few months

o EnQuest’s publicly quoted gross 2C resource figure in-line with Seascape’s previously announced, independently verified, resource estimates

·   Block 2A (SEA 10%) rig tender is moving into its final stages with award anticipated mid-Q4 2026

o Spud of the Kertang well remains on schedule for summer 2027

o Purchase orders for a significant amount of well equipment have been issued

o Debris survey at the well location planned for Q1 2027

Financial Highlights

·   Cash reserves of £7.1 million (1H 2025: £6.2 million), including £2.2 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia

o £1.3 million cash-backed guarantees released post period end

·   Administrative costs of £0.6 million (1H 2025: £2.8 million) reflecting tight cost controls and capitalisation of personnel and administrative expenses relating to the Temaris project

·   Macquarie Bank Limited exclusively mandated as sole Structuring and Technical & Modelling Bank for a debt facility to fund development expenditure

o Discussions progressed to the detailed term sheet stage

o Engagement with the wider lending market underway

Outlook 

Seascape has made material operational progress across its gas-weighted Malaysian portfolio during the period. In parallel, the Company has progressed partnering and financing initiatives, including workstreams directed toward securing a strategic partner and exploring multiple debt financing routes to support development funding.

Taken together, these achievements leave the Company well positioned to deliver significant gas production from its Malaysian portfolio by 2028 and deliver superior full-cycle value for shareholders. 

Board Changes

As announced separately today, Executive Chairman James Menzies has stepped down from the board to focus on his continuing recovery from a serious cycling accident.

Geraldine Murphy has been appointed Non-Executive Chair on a permanent basis and Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.

Investor Meet Company

Nick Ingrassia (CEO) and Pierre Eliet (Executive Director, Chairman Malaysia) will provide a live presentation via Investor Meet Company on 1 October 2026 at 10:00 BST. 

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 30 September 2026, 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Seascape Energy Asia plc via: https://www.investormeetcompany.com/seascape-energy-asia-plc/register-investor

Investors who already follow Seascape Energy on the Investor Meet Company platform have been invited automatically.

Board changes

Seascape has announced that its Executive Chairman, James Menzies, has stepped down from the board to focus on his continuing recovery from a serious cycling accident in the summer.

Geraldine Murphy, currently Interim Non-Executive Chair, has been appointed Non-Executive Chair on a permanent basis, continuing her strong support of the Company and its growth strategy since inception.

Geraldine has over 35 years of energy investment banking and M&A experience in senior roles at Standard Chartered Bank, Harrison Lovegrove, CIBC and Perella Weinberg Partners. Geraldine joined the Seascape board in June 2024 and has been instrumental in the transformational pivot of the Company to Southeast Asia and subsequent growth initiatives. Geraldine is also an Independent Non-Executive Director at Ithaca Energy plc, a FTSE 100 E&P business focused on the UK Continental Shelf. Geraldine holds a BSc (Hons) degree in Geology and a MSc in Petroleum Geology from University College Dublin.

Additionally, Haida Hazri, currently Non-Executive Director, has been appointed Senior Independent Director and Chair of the Audit Committee.

Haida has over 25 years of experience in E&P, LNG and technology within PETRONAS, Sapura Energy and various other energy entities across a wide range of legal and commercial roles including CEO of PETRONAS Technology Ventures and VP, Strategy and New Ventures at Sapura Energy. Haida joined the Seascape board in early 2025 and is Chair of Malaysian-listed Keyfield International Berhad and previously a board member of Malaysian-listed rig owner Velesto Energy Berhad.

Haida, a Malaysian national, holds a double degree in Accounting and Finance (BComm) and Law (LLB) from Melbourne University, a Masters in Law (LLM) from Universiti Malaya and a Certificate of Corporate Governance (IDP-C) from INSEAD. Haida is a recipient of the Oakleaf Award from Trinity College, Melbourne.

Geraldine Murphy, Non-Executive Chair, commented:

“Our thoughts remain with James as his recovery continues to progress with the help of his friends and family. We would like to express our deep appreciation for his significant contribution to establishing Seascape as a well- respected upstream player in Southeast Asia and look forward to his ongoing support as a shareholder.

I am excited to work closely with the Seascape executive team as the Company reaches an important inflection point on its path to becoming a full-cycle business with multiple value-creation catalysts in the months ahead.

I would also like to congratulate Haida on her appointed to Senior Independent Director and look forward to her continued contribution to the success of the business in the boardroom and on-the-ground in Malaysia.”

My first thought is for James Menzies, a good friend and a lovely bloke to whom I wish a full and speedy recovery. There can be no one better than Geraldine Murphy to take up the reins and the executive management team is amongst the best in the business. 

Another report where the interims are of no value at all for investors but Seascape is in very good nick going forward. The Tamaris Cluster is on track for FDP and the farm-out negotiations are ‘underway’ with ‘strong interest received’ and awaiting a high quality partner.

The DEWA cluster, where Seascape has 28% involves operator EnQuest who ‘remain committed to the project sanction in the next few months’.At the giant Kertang structure on Block 2A the company are still looking forward to spudding a well on schedule in summer of next year and of course any success here would be a game-changer for Seascape. 

I have been very positive on Seascape since day one when the company went straight into the Bucket List and it has never looked back with regular upgrades and a superb portfolio in South East Asia with fabulous potential.

At 98p the shares continue to perform with a rise of 29% on 6 months and up 45% in the year to date. My target price is 125p but should any of the above projects move ahead anytime soon that number will look conservative very quickly, I may sharpen my pencil after the crucial investor presentation tomorrow morning. 

Buccaneer Energy

Buccaneer has announced its unaudited results for the six-month period ended 30 June 2026. A copy of the Interim Results is available on the Company’s website, www.buccaneerenergy.co.uk

Highlights

• Revenues increased 15% to $1,027,000 (H1 2025: $889,000)
• Gross Profit of $108,000 from a $373,000 gross loss in H1 2025
• Production expenses decreased by 35% to $674,000 (H1 2025: $1,046,000)
• Loss before tax reduced to $655,000 (H1 2025: $945,000)
• Cash at 20 September 2026 of $150,000
• Expansion into European onshore gas

Chairman’s Statement

It is worth recalling where this Company stood not long ago. The fields Buccaneer inherited were in decline, costs were high, and the business was loss-making at the field level.

2026 actually began poorly. Low oil prices in the first quarter forced us to shut in a number of high-volume, low-return wells while we transitioned them from Electric Submersible Pumps to lower-cost rod pumps. It was not an easy decision at the time.

As the period progressed, both production and oil prices improved, and the first half of 2026 marks a genuine turning point: for the first time, our core production operations generated a profit. This was not by accident or simply due to oil prices. It resulted from sustained cost discipline and the acquisition of the Carlisle-1 well, which has paid back rapidly and continues to perform strongly.

In June 2026, our lender, WAFD Bank, completed an independent borrowing base review. Total net proved reserves increased by 18% and forecast cash flow by 27%, with an NPV9 of US$11.8 million under WAFD’s own conservative pricing. For proved undeveloped assets specifically, largely reflecting the increased equity position secured through the Carlisle-1 acquisition, the increase was a substantial 68%.

This is independent confirmation, from a lender with every incentive to be cautious, of the progress this Board believes it has delivered. Overall, the first half of 2026 saw a combination of improved asset performance, attractive acquisitions, and much higher oil prices, which put the Company in a much stronger financial position.

Pine Mills is not, on its own, the most glamorous asset in this sector. It is not meant to be. It is a mature field with a low decline rate and low operating costs, and it does exactly what we need it to do: generate cash. The Organic Oil Recovery programme has already delivered encouraging early results, and the Fouke waterflood, once online later this year, is expected to add further volumes. Even modest incremental barrels at current oil prices represent meaningful additional upside for shareholders.

It is, however, what has happened since the period end that this Board regards as the most significant news for shareholders. Following an equity fundraising of £350,000 in March, in August 2026 we completed a further equity fundraise of £460,000, at no discount to the prevailing mid-market price, alongside the announcement of Buccaneer’s expansion into European onshore gas.

This marks a fundamental shift in what this Company is. Buccaneer began as a single-asset Texas operator working to stabilise a declining field. It is now building toward something materially different: a business with a self-funding US production base and a genuine second growth engine in European gas, targeting a scale of opportunity that dwarfs anything achievable through the US asset alone.

That is where this Company is now focused. It is funding the technical and permitting work required to convert our screened opportunities into a producing European gas portfolio. This was not a step taken lightly, nor was it taken without considerable groundwork beforehand. It is the most significant strategic development in the Company’s history; the Board’s focus is now entirely forward-looking.  I encourage every shareholder to read the details of it in the Chief Executive’s report that follows.

I’d like to thank the Buccaneer team and our contractors for their ongoing work, and most importantly, our shareholders for their continued support. 

Chief Executive Officer’s report

Production in the first half was 11,587 barrels of oil net, including the Carlisle-1 well, which has paid back rapidly and continues to perform ahead of expectations. Revenue rose 15% to $1,027,000, while a 35% reduction in production costs, aided by our transition from Electric Submersible Pumps to lower-cost rod pumps, drove the field to gross-level profitability for the first time. As previously reported, positive monthly net cash flow was generated from the Pine Mills and Fouke assets in May and June 2026 and is expected to continue, enabling the Company to comfortably service interest on its legacy obligations while reducing outstanding debt and strengthening its financial position. Cash at 20 September 2026 stood at $150,000, and costs remain tightly controlled. Looking ahead, we expect the Fouke waterflood and our expanding Organic Oil Recovery programme to be the key drivers of the next material increase in production and reserves in the US.

Beyond Texas: Building a Second Pillar of Growth

Since the period end, Buccaneer has taken perhaps the most significant strategic step in the Company’s history: a decisive move to establish a materially larger, second pillar of growth in European onshore gas, funded by the cash-generative Texas base we have spent the past two years building.

The backdrop could scarcely be more compelling. The huge reduction of Russian pipeline gas volumes and disruption to Middle Eastern LNG supply have left large parts of Europe structurally short of gas, with prices trading at a significant multiple of US levels. At the end of 2027, all gas imports from Russia will be banned in much of Europe. For much of the past decade, restrictive policy effectively closed the door to new onshore development across many European jurisdictions, leaving genuine subsurface opportunities stranded and unexploited. That door is now reopening, as energy security has moved from a peripheral concern to a first-order policy priority for host governments across the continent. Combined with a decade of advances in seismic reprocessing and drilling technology, the result is a set of opportunities that simply did not exist, commercially or technically, even five years ago.

Buccaneer’s ability to capitalise on this rests on the calibre of the team we have assembled. Roberto Bencini, working alongside Chairman Dr Stephen Staley, brings over 40 years of international exploration experience and a personal track record that includes some of the industry’s most significant discoveries. Roberto and his team bring a rare combination: decades of hands-on exploration success across multiple basins, and the geological memory that comes with it, knowledge of what has worked, what hasn’t, and why, that a newly assembled team simply could not replicate.

That team has already screened close to 300 European gas opportunities against a disciplined set of criteria: high-quality subsurface assets, proximity to existing high-pressure infrastructure, shallow and cost-effective depths, and a genuine, unobstructed path to development. From that process, we have identified a focused shortlist and are targeting an initial portfolio of up to three low-cost entry projects, with combined P50 potential of c.250 bcf and an estimated NPV10 of approximately $500 million. Permitting applications are in progress across the Company’s shortlisted projects, and the Board will provide updates on discrete steps as appropriate.

To put that figure in context: against a Company whose current market capitalisation stands at a small fraction of that target NPV10, the scale of the opportunity, if delivered, would represent a transformational re-rating for Buccaneer shareholders. The Board intends to fund this development through a disciplined, capital-light strategy: securing acreage, advancing technical work, and bringing in partner capital as projects mature.

We believe this represents a genuine step-change in scale for Buccaneer, and one the market has, so far, only begun to price in. Watch this space.

There is plenty of chat here from both Chairman and CEO, obviously the interims are not important in themselves as the Buccaneer story is one for the future about which I have written recently. But to recap, the company are adding a ‘growth leg’ to the story which up until now offered little or no scale which I had commented on. 

The move is one of pursuing onshore gas opportunities in Europe and whilst we now know the plan what we don’t know is actually what they are going to buy, quite crucial you would agree. But what I do know is that the company has screened many opportunities and on the basis of chance there must be a deal in there somewhere. 

With gas prices in Europe nearly ten times that in the US it is a no-brainer and I expect Buccaneer to, over the years transport itself to being a European continental play. As I heard recently,  Governments on the continent have traded NIMBYism for a pragmatic approach to energy security, something that I have joined with big time in recent years and a shame on our own lot. Nothing quite like a sinner who repents as they say and more joy in heaven against the 99 righteous persons who don’t need it…

Let’s wait and see what Buccaneer buy and then make a call, I expect something in the not too distant future.

Rockhopper Exploration

Rockhopper has announced its unaudited results for the six months ended 30 June 2026.

YEAR TO DATE HIGHLIGHTS

Northern Development Area phase 1 project  (“NDA 1”)

• NDA 1 sanctioned in late 2025 and fully funded
• Operator targeting first oil in Q1 2028
• Manufacturing process for long-lead items and on islands work progressing
• FPSO arrived in Southeast Asia, following initial pre-acceptance survey in UK shipyard
• Drilling expected to commence early 2027

Second FPSO purchased by Navitas for Central Development Area (“CDA”)

• OSX-1 FPSO purchased by Navitas
• Potential to increase total production to c.180,000bbls/d when combined with NDA production
• Operator target is to take FID for CDA in H1 2028 with first oil possible in 2030

Updated Sea Lion Independent Reserves and Resources Report

• Netherland, Sewell & Associates, Inc (“NSAI”) prepared new Sea Lion Independent reserve and resource report dated end July 2026, (the “New NSAI Report”)
• 2P reserves : 110mmbbls
• 2C resources : 219mmbbls
• Increase in post-tax Rockhopper NPV 10 of US$0.79bn at the 2P + 2C level from US$2.16bn to US$2.95bn*

Exploration to recommence in the NFB

• Operator has announced its intention to drill several exploration wells during/at end of the development campaign
• Significant exploration upside highlighted in New NSAI Report

Capital Raise

• Placing raised US$180 million
• Open Offer raised US$20 million
• Provides funding through to mid-2028 including spend on NDA 1, OSX-1 purchase and associated upgrade work, exploration spend, and Falkland Islands Government (“FIG”) requirement for Early Project Failure funding

Italian Disposal

• Previously announced disposal has received all required FIG approvals, Italian approvals remain outstanding

Board Changes

Board strengthened by addition of William Perry (CFO) and Barak Mashraki (Non-Executive Director)

Outlook

• NDA 1 work progressing towards first oil target of Q1 2028
• Funded to mid-2028 based on Operator estimates and current plan
• FPSO purchased for CDA with FID readiness targeted mid 2028

Samuel Moody, CEO of Rockhopper, commented:

“This has been a landmark period for Rockhopper. First oil on NDA 1 remains targeted for Q1 2028, and Navitas’ acquisition of the OSX-1 FPSO to accelerate the Central Development Area has driven a significant increase in the independent valuation of our interest in Sea Lion. Together with our recent capital raise, which leaves us fully funded to first oil, and the continued strong support of the UK and Falkland Islands Governments, we enter the second half of the year well positioned to deliver significant value to all stakeholders.”

* – Using Brent Crude oil price of US$75.95 per barrel (flat real from 2028)

Again nothing to add here to what has already been announced and that I have reported on recently, my view on Rockhopper is unchanged from what it has been for many years and certainly before it became fashionable. I remain convinced that Sea Lion is a world class asset and the partnership with Navitas is a massive plus for the company.

Europa Oil & Gas

Europa has provided an update regarding the binding Farm-out Agreement signed by its associated company, Antler Global Limited and Fuhai (Beijing) Energy Limited a wholly owned subsidiary company of the privately owned Fuhai Group New Energy Holding Co., Ltd  to farm-out a 40% interest in the EG-08 production sharing contract in offshore Equatorial Guinea.

Further to the announcement regarding the FOA to Fuhai on 1 September 2026, the Company reports that the Longstop Date for completion of the transaction has, by mutual agreement, been extended to 30 October 2026.

The FOA has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea (“MMHD”), as announced on 29 May 2026, and remains subject to Outbound Direct Investment (“ODI”) approval from the Beijing Municipal Development and Reform Commission (“MDRC”). Europa continues to understand that the various Chinese government approvers remain satisfied with the Fuhai ODI application and that Fuhai expects to receive this approval in due course. The new Chinese regulations on outbound investment, that came into force on 1st July 2026, have impacted the speed of the approvals and ODI applications are taking longer than expected. However, the MDRC have indicated that the Fuhai application continues to be processed and is expected to be approved in the near future.

Europa has a 42.9% equity interest in Antler which, on completion of the FOA, will hold a 40% working interest in the EG-08 PSC, and remain as operator. Fuhai will hold 40%, with the remaining 20% held by GEPetrol (Guinea Equatorial de Petróleos), the national oil company of Equatorial Guinea, representing the State’s interest.

Despite the delay in ODI approval the Company still expects to drill the Barracuda-1 well at the earliest opportunity, which is expected to be during the first half of 2027.

William Holland, Chief Executive Officer of Europa, said:

“While ODI approval is taking longer than anticipated, the direction of travel is clear. Fuhai’s application continues to be processed, and we remain encouraged that the approval is close. We have used this time to ensure that we are fully prepared to commence the drilling process for Barracuda-1 as soon as ODI approval is secured, and we look forward to testing what we believe is a very exciting prospect.”

Nothing much to add here, we all know that these decisions are taking longer to process and at present there is nothing to suggest that it won’t actually happen. Accordingly, we go with Will Holland’s optimism and that they are still all systems go for a spud at Barracuda-1 in H1 2027…

And finally…

Last night England beat the Czech Republic 0-2 and Scotland lost 0-3 to Switzerland in the Nations League.