WTI (Feb) $59.50 +38c, Brent (Mar) $63.87 +53c, Diff -$4.37 +15c.
USNG (Feb) $3.41 +24c, UKNG (Feb) 83.02 +8.02p, TTF (Feb) €31.32 +€1.95.
Oil price
Oil has rallied by nearly two dollars today and that after a turn round yesterday which led to a modest rise on the day. This was mainly due to the situation in Iran as Donald Trump announced potential action and at least 25% tariffs on any country supplying them.
But today the reason for the rise is mainly down to an oil tanker running aground in the Suez canal which has halted all shipping for the time being…
PetroTal
PetroTal has provided the following operational and financial updates. All amounts are in US dollars unless stated otherwise.
Key Highlights
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Group production averaged 15,258 barrels of oil per day (“bopd”) in Q4 2025, and 19,473 bopd in FY 2025; |
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Total cash of $139.1 million as of December 31, 2025, of which $112.4 million is unrestricted; |
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Appointment of Mr. Jorge Osorio as Chief Operating Officer, effective January 12, 2026. |
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
“As we discussed on our Q3 2025 earnings call in mid-November, the entire PetroTal team is working hard to restore shut-in production and cash flow as we manage a period of weakness in oil pricing. I am pleased to report that recent wells have responded positively to production tubing replacements, and our current corporate production is in line with the November 2025 forecast as we begin the new year.
I would also like to welcome Jorge Osorio as PetroTal’s new Chief Operating Officer. Jorge has a strong track record operating major heavy oil projects in Colombia, including several with significant associated water production. He will be a tremendous asset to the Company as we kick off the next phase of PetroTal’s development. We remain confident in our ability to deliver sustainable production growth and look forward to providing additional details on PetroTal’s development program when we release 2026 guidance later this month.”
The PetroTal production figures have stabilised, the last quarter averaged 15,258 b/d making annual production of 19,473 b/d whilst it is now at 15,600 b/d, in line with expectations. The company has cash of $139.1m of which $112.4m is unrestricted and the company has acted fast to remedy the problems announced in November.
After the disappointment of November the PetroTal management has moved swiftly to fix the leaks in the production tubing and have already replaced them in six wells. The Bretana field still has significant potential, at the end of 2024 1P reserves were 67m barrels and 2P reserves were 114m barrels.
PetroTal has recruited a new COO who started yesterday, this was clearly much needed and Jorge Osorio has an excellent background having recently been Vice President of upstream at Ecopetrol with a near perfect record. On his watch the company achieved its highest production since 2016 with significant EBITDA growth and industry-leading safety metrics, in addition he developed and led initiatives that accelerated field development and optimized reserves progression.
Such appointment of a seriously well qualified oil executive will, I suspect do wonders for PetroTal, as we have seen the company has excellent assets, particularly at the Bretana field and with an operationally seasoned man at the helm I am optimistic.
PetroTal has weathered the storm well, the shares have picked up and are significantly undervalued, with a record of rewarding shareholders, at this level I consider the shares worth further evaluation.
Q4 2025 Production and Operations Update
PetroTal’s group production averaged 15,258 bopd in Q4 2025, including 14,766 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 492 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). Cumulative annual production through December 31 amounted to just over 7.1 million barrels, an increase of approximately 9.2% compared to 2024. PetroTal’s annual average production was 19,473 bopd in 2025.
As disclosed previously, the Bretana field has been producing below capacity since mid-August 2025, due to leaks in production tubing which necessitated the shut-in of five producing wells. PetroTal mobilized a service rig to Bretana in the first week of October 2025, and as of January 7, 2026 has successfully replaced the production tubing in six wells. Group production during the first week of January 2026 has averaged approximately 15,600 bopd, essentially flat to November 2025 levels, and in line with the indicative 2026 production forecast published with PetroTal’s Q3 2025 financial results on November 13, 2025.
In mid-December, the Bretana field reached an important milestone when cumulative production passed 30 million barrels. At the time of PetroTal’s recapitalization in late 2017, the Bretana field was estimated to hold proven reserves of 16.9 million barrels, and 2P reserves of 37.5 million barrels; as of year-end 2024, PetroTal’s 1P reserves had increased to 67 million barrels, while its 2P reserves were estimated at 114 million barrels. PetroTal’s management team remains confident in the future potential of the field, as it prepares to ramp up the next phase of development over the 2026-28 timeframe.
Cash and Liquidity Update
PetroTal ended Q4 2025 with a total cash position of $139.1 million, of which approximately $112.4 million was unrestricted. This compares to unrestricted cash of $108.8 million at the end of Q3 2025 and $102.8 million at the end of 2024. Of the approximately $26.7 million that PetroTal carried as Restricted Cash on December 31 2025, approximately $19.2 million was related to the escrow account of the COFIDE/BanBif loan.
As of December 31, PetroTal’s unaudited trade and other payables and trade receivables were approximately $60.4 million and $62.1 million, respectively (versus comparable values of $59.0 million and $66.9 million as of September 30, 2025, respectively).
PetroTal did not initiate any new production hedges during Q4 2025. As of January 7, the Company maintains hedges on approximately 0.2 million barrels over the period from January 1, 2026, through March 30, 2026. Consistent with prior disclosure, the costless collars have a Brent floor price of $65.00/bbl and a ceiling of $80.50/bbl, with a cap of $100.50/bbl. As of January 7, PetroTal’s production hedges had a fair value of approximately $0.8 million.
Appointment of Chief Operating Officer
Effective January 12, 2026, Mr. Jorge Osorio joined PetroTal Corp as Chief Operating Officer. In this role, Mr. Osorio oversees all major aspects of the Company’s operations and strategic execution, with responsibility for field operations, engineering, production, and drilling.
Mr. Osorio brings 37 years of executive leadership experience in the upstream oil and gas industry, having held senior operational and project leadership roles at Ecopetrol and BP. As Vice President of Upstream at Ecopetrol, Mr. Osorio managed a portfolio delivering 730,000 bopd, overseeing approximately $4-5 billion in annual capex and $2-3 billion in opex. Under his leadership, Ecopetrol achieved its highest production since 2016, significant EBITDA growth, and industry-leading safety metrics. He developed and led initiatives that accelerated field development, optimized reserves progression, and reduced greenhouse gas emissions, earning UN Gold Standard OGMP 2.0 recognition. Previously, Mr. Osorio held key roles in BP’s Asia Pacific and Atlantic LNG operations, where he successfully implemented best practices in operational readiness, safety, and integrity.
Mr. Osorio is widely recognized for translating his deep technical expertise and strategic vision into measurable results. His strong operational discipline, and collaborative leadership approach have consistently driven performance, accelerated growth, and delivered superior returns across complex portfolios.
Savannah Energy
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, notes that, further to its 30 December 2025 announcement, regulatory consultation on the proposed relationship agreement between the Company and NIPCO Plc has completed. The relationship agreement has, therefore, been entered into with NIPCO Plc on the terms described in the 30 December 2025 announcement.
Completion of the relationship between Savannah and NIPCO, the company’s 26.41% strategic shareholder, is very welcome and will cement the deal by which NIPCO provides ‘a number of important protections and to ensure that the Company is at all times able to carry on its business independently of NIPCO’.
NIPCO will vote with the board but not be represented, it will not not pursue a hostile takeover of the company and have an orderly market in any attempt to dispose of its holding. I am writing a more detailed analysis of Savannah post its recent updates and remain positive on the recent progress.
Hunting
Hunting has announced its 2025 Full Year Trading Statement for the 12 months ended 31 December 2025, ahead of the Group’s audited full year results, which are due to be published on Thursday 5 March 2026.
2025 Summary Financials (unaudited)
· Group EBITDA of c.$135 million, up 7% year-on-year.
· Group EBITDA margin of c.13% recorded, up from 12% in prior year.
· c.$350 million sales order book at year-end, reflecting completion of large orders for KOC and Exxon.
· Short-term tender pipeline of OCTG, Subsea and AMG opportunities continues to well exceed $1 billion, which includes a strong subsea pipeline totalling c.$300 million, as noted below.
· Total cash and bank / (borrowings) of c.$59 – $61 million at year-end, reflecting strong cash collection in final quarter, and after net acquisition, dividend, treasury share and share buyback outflows totalling c.$138 million.
· Revised capital allocation priorities announced in the year – with annual dividend growth to be 13% per annum to the end of the decade, in addition to commencing a share buyback programme, in support of strong shareholder returns.
· $33.5 million of $60 million share buyback completed at year-end, with balance of programme to be continued during Q1 2026.
2026 Guidance
· 2026 EBITDA expected to be approximately $145 million – $155 million, representing an additional year of good organic growth, despite wider market volatility.
· Capital Expenditure in the year ahead expected to be c.$40 – $50 million.
· Free Cash Flow expected to be c.50% of EBITDA.
· Dividend distributions in the year ahead are planned to be in line with the revised capital allocation guidance issued in July 2025.
Hunting 2030 Strategic Ambition
· Increasing contribution from Subsea Technologies operating segment to 2030 revenue ambition.
· Target for Subsea Technologies sales raised from $250 million to $470 million, which includes earnings accretive acquisitions, which will increase the proportion of higher margin products and system solutions.
· By 2028, the current Subsea Technologies operating segment is targeted to generate revenue of c.$230 million and EBITDA of c.$50 million. This is targeted to contribute to c.26% of Group EBITDA by 2028.
Jim Johnson, Chief Executive of Hunting, commented:
“2025 has seen further delivery of our Hunting 2030 strategy and we are well placed to deliver another year of growth as we enter 2026, despite wider market headwinds.
“During the year, we successfully acquired and integrated the Flexible Engineered Solutions (“FES”) and the Organic Oil Recovery (“OOR”) businesses while completing the divestment of our interest in Rival Downhole Tools, allowing us to recycle capital into faster growth and higher return businesses.”
“With our revised capital allocation priorities announced in July 2025, our shareholder returns increased during the year whilst retaining our financial flexibility to pursue earnings enhancing acquisitions. This is due to our strong focus on balance sheet efficiency and strength.
“Our Subsea Technologies operating segment is poised for growth in the medium-term, a testament to our strategy to pivot our earnings to this sub-sector of the energy industry back in 2019. The Spring and FES businesses are seeing strong opportunities within the SURF sub-sector of the industry, while the OOR business is seeing tremendous levels of interest in South America, the Middle East and Asia Pacific.
“Our integrated and enlarged subsea offering means that we can now offer customers a more comprehensive range of products. As a result of this, we are today raising our guidance for Subsea Technologies revenue, as part of our Hunting 2030 growth plan, from c.$250 million p.a. to c.$470 million p.a. by the end of the decade, a figure we expect to deliver through further M&A activity in addition to a strong contribution from the OOR business.”
This trading update from Hunting shows a very resilient operational performance and with strong guidance for the future, management are clearly confident that investments, particularly in subsea are reaping rewards.
There will be more to comment on after the Subsea Technologies event later today and also after the updated presentation is available. Add to that I am interviewing CEO Jim Johnson tomorrow which I know will show that Hunting is in very good hands.
I like that the EBITDA margin is c.13%, up by a point y/y and that the order book remains robust at c.$350m despite the flow through of the huge contributions from the KOC and Exxon orders. Add to that the news of a short term pipeline ‘well exceeds’ $1bn and which unsurprisingly the Subsea business contributes strongly at around $300m.
Cash is c.$59-61m and the company states that the number reflects ‘strong cash collection in final quarter, and after net acquisition, dividend, treasury share and share buyback outflows totalling c.$138 million’ which will give significant comfort to shareholders.
The company reiterate the policy on dividend growth announced last year and that payouts will increase by some 13% through the end of the decade and that buy backs have so far totalled $33.5m out of a planned total of $60m. Guidance for EBITDA is $145-155m($135m) and which represents good organic growth.
Perhaps the key to the confidence in future earnings are the highly bullish new targets for the Subsea Technologies sales, they are raising those targets from $250m to $470m which will include ‘earnings accretive acquisitions’ and will also increase the proportion of higher margin products and system solutions.
In addition the company has issued targets for the Subsea Technologies operating segment whereby by 2028 they will aim to generate revenue of c.$230 million and EBITDA of c.$50 million. This is targeted to contribute to c.26% of Group EBITDA by 2028 in an area which I am very comfortable with particularly following my visit to the FES acquisition last year. More on this post the capital markets event later today.
Hunting shares have performed well, up by 23% on six months and 28% year on year, but I strongly believe that there is much more to come. This is predicated by the flexibility afforded by the high quality, high margin areas in which they are operating and indeed investing in. My TP is still 500p but I think that this should be upped when looking at the strong growth exhibited by the company going forward.
Subsea Technologies Analyst Event
· Hunting is hosting a Subsea Technologies event for sell-side analysts today at 4:30p.m. GMT.
· Playbacks of this briefing will be available shortly after the conclusion of the session, with the presentation slides available at www.huntingplc.com later today.
· The following information is to be included in the presentation materials:
2030 Subsea Technologies operating segment financial targets
o As part of a larger revenue pivot and stronger contribution from the Subsea Technologies operating segment, the 2030 Subsea Technologies revenue targets have been raised from c.$250 million (announced at the 2023 Capital Markets Day) to c.$470 million per annum.
o This comprises $320 million per annum from Hunting’s core platform and targets a strong upside contribution from the OOR business unit, in addition to $150 million of revenue from acquisition-related growth by the end of the decade.
o These revised targets reflect both the strong outlook for the offshore/subsea sub-sector of the oil and gas industry and the organic growth expectations from the five business units comprising the operating segment.
2026-2028 Subsea Technologies operating segment financial targets
o Short-term tender pipeline opportunities for 2026 of c.$300 million.
o By 2028, the current Subsea Technologies operating segment is targeted to generate revenue of c.$230 million and EBITDA of c.$50 million.
o Target EBITDA margins for the operating segment are planned to be in the range of 18% to 22% reflecting the stronger margin profile of subsea products. This margin profile forms part of the wider Group’s EBITDA margin ambition of greater than 15% by the end of the decade.
o Based on delivering this EBITDA result for the Subsea Technologies operating segment, the Directors project this result will make up c.26% of Group EBITDA by 2028. This projection is based on the Directors’ current view of performance of each operating segment and given the prevailing macro-economic environment.
The Directors also confirm that the Hunting 2030 financial ambitions of revenue of c.$2 billion, at an EBITDA margin of 15% or greater remain unchanged. This ambition includes acquisition-related revenue of c.$380 million, which also remains unchanged.
2025 Full Year Trading Update
The Hunting Titan operating segment expects to report a year of improving profitability as a result of the restructuring activities undertaken during 2023-2024, with Titan’s new management team focusing on both sales efforts in more profitable US shale basins, while improving manufacturing efficiencies. This profit growth has been delivered despite US onshore market conditions, which remains over supplied. Hunting Titan’s international markets have delivered sales opportunities in the year, supporting the segment’s wider recovery with good business generated from Argentina and the Middle East in particular. This international growth is expected to further accelerate in the year ahead.
The North America operating segment expects to report a robust year of profits, with market share gains in the US OCTG business and strong workflows to South America from the US Manufacturing business offsetting a weaker Advanced Manufacturing performance, which reflects lower oil and gas MWD/LWD equipment sales. Dearborn’s pivot to non-oil and gas sales continues to gain traction with a closing non-oil and gas order book of c.$100 million.
The Subsea Technologies operating segment expects to report profitability slightly lower than 2024 due to project timings and some slowing in the couplings and valves business unit in the early part of the year. The Spring business unit continues to complete its titanium stress joint projects for South America, Gulf of America and the Turkish Black Sea. The FES business is now fully integrated into Hunting’s subsea platform with bundling and joint sales initiatives seeing good traction with the segment’s combined client base. FES continues to trade in-line with management expectations.
The EMEA operating segment expects to report narrowing losses in the year and recorded a break-even result in December 2025. The restructuring of the operating segment will continue into 2026 and, as noted in previous announcements, the Fordoun, Aberdeen operating site will be closed in June 2026 with some OCTG threading and repair capabilities being transferred back to the Group’s Badentoy, Aberdeen, operating site.
The Asia Pacific operating segment expects to report another strong year of profits, supported by the orders for Kuwait Oil Company. New facility investment is underway to support the international OCTG tender pipeline.
The Group’s tender pipeline remains in excess of c.$1 billion as new Middle East and Africa opportunities continue to be pursued and includes Subsea opportunities of c.$300 million.
Afentra
Afentra has announced the completion of an independent audit by Sproule ERCE of its contingent resource base across Blocks 3/05 and 3/05A discoveries and the completion of the Company’s initial assessment of contingent resources within Block 3/24. The Company’s annual reserves assessment is currently underway and will be released upon completion later this quarter.
Contingent Resource Upgrades
Afentra has completed an independent resource assessment of the undeveloped oil and gas discoveries across Blocks 3/05 and 3/05A, including Bufalo Norte, Punja, Gazela1&2 and Caco. As a result of this assessment 2C working interest (WI) contingent resources of 36.6 mmboe (gross 164.2 mmboe) has been certified across these discoveries, inclusive of associated gas.
The Company has also undertaken an initial internal review of the discoveries within the recently awarded Block 3/24, and management estimates that this represents additional WI contingent resource of 37.0 mmboe (gross 92.4 mmboe).
In addition, the Company is in the process of assessing the significant upside resource potential within the Block 3/05 producing fields and these will be quantified as the planned infill drilling and heavy workover programme is progressed. To date only 13.8 mmbo (gross 46 mmbo) of 2C WI contingent resource has been booked, however, the initial infill and workover programme has significant potential beyond this initial booked value.
Accordingly, the Company’s total 2C WI contingent resources across Blocks 3/05, 5A and 24 now amount to 87.3 mmboe (gross 302.6 mmboe) representing an increase of over 400% versus the previously disclosed 2C resources WI of 20.9 mmboe.
A summary of the updated working interest contingent resources is set out below:
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Working Interest Contingent Resource |
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Oil (mmbo) |
Gas (bcf) |
Total (mmboe) |
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1C |
2C |
3C |
1C |
2C |
3C |
1C |
2C |
3C |
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Block 3/05 & 5A discoveries1 |
10.8 |
24.5 |
53.4 |
36.5 |
72.6 |
138.4 |
16.9 |
36.6 |
76.4 |
|
Block 3/24 discoveries2 |
8.2 |
21.0 |
43.1 |
54.2 |
96.0 |
149.6 |
17.3 |
37.0 |
68.0 |
|
Block 3/05 producing fields3 |
6.7 |
13.8 |
22.7 |
– |
– |
– |
6.7 |
13.8 |
22.7 |
|
Total |
|
|
40.9 |
87.3 |
167.1 |
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1 Contingent resources are the result of water injection and natural depletion and comprise a combination of development pending, development on hold and other contingent classifications in accordance with applicable resource definitions.
2 Block 3/24 contingent resource values exclude previously produced fields.
3 Contingent resource estimates are in the process of being updated.
Growth Opportunities
The Company’s Chief Operating Officer, Ian Cloke, will be presenting an overview of Afentra’s near and medium-term growth potential from both offshore and onshore Angola at the Pareto Conference. This will include a discussion of the Company’s planned infill drilling and workover campaign within the producing Block 3/05 fields, currently targeted for execution during 2026-2027, which will target significant near-term production and reserves upside.
In addition, the presentation will outline the Company’s ongoing work to mature and progress undeveloped and near-field discoveries across Blocks 3/05, 3/05A and 3/24 over the medium term, providing further significant production upside and conversion of the contingent resources into reserves. Additional growth opportunities associated with Afentra’s onshore Kwanza Basin acreage including both redevelopment of existing assets and exploration potential will also be covered. A copy of the Pareto Conference presentation will be released on the morning of the conference on Thursday 22 January 2026.
Paul McDade, Chief Executive Officer, Afentra plc commented:
“We’re delighted to disclose the outcome of this independent resource update which contributes to a fourfold increase in Afentra’s Working Interest 2C resources vs the previously disclosed figures in the market. This demonstrates some of the enormous upside potential that resides across the diverse portfolio that we have strategically assembled in Angola. We look forward to elaborating on the outstanding organic growth potential of our asset base at the Pareto conference in London next week.”
Afentra has added a significant increase 2C resources by some margin with updates from 3/05. and 3/05A discoveries as well as the bulk of 37m boe coming from 3/24. The company say that the annual assessment is underway and will be released later this quarter.
The shares have bounced by 10% today which is thoroughly deserved but recent underperformance is not, my TP remains at 100p and I will be astonished if the shares don’t make significant progress this year, a Bucket List place is 100% assured.
Seascape
Seascape has announce$ the appointment of Michael (Mike) J Buck as an Independent Non-executive Director, supporting the Company’s next phase of growth and increasing operational focus.
Mike has over 40 years’ experience in the oil & gas industry having spent 20 years with UK Independent LASMO plc and being involved in the discovery & development of several commercial oil & gas fields in the UK, Indonesia, Colombia and Libya. Subsequently with ENI, Mike was appointed Managing Director of the Major’s operations in Pakistan and then Iran, working on major oil and gas developments in both countries.
Mike joined Southeast Asian-focused Salamander Energy plc as Chief Operating Officer overseeing the operational side of the business and helping it grow to over 14,000 boepd of production through the development of several onshore and offshore oil & gas fields in Indonesia and Thailand. Since 2017, Mike has been the Chief Executive Officer at Petro Matad which has successfully drilled eight wells in Mongolia and recently brought into production two discoveries in Block XX despite challenging operating conditions.
Mike holds a BSc in Geophysics from Liverpool University and an MSc (with Distinction) in Petroleum Geology from Imperial College, London.
To ensure Seascape’s board remains commensurate with its current size, Graham Stewart has notified Seascape of his intention to not seek re-election to the Board of Directors at the Company’s AGM in June 2026. Graham has served on the Board of Seascape and its predecessor company, Longboat Energy, since its IPO in November 2019 originally acting as Non-Executive Chairman until mid-2024 coinciding with the Company’s successful pivot to Southeast Asia.
James Menzies, Executive Chairman of Seascape Energy Asia plc commented:
“Having successfully put together a small but high-quality portfolio of assets in Malaysia, Seascape is quickly evolving into an operational Company.
I have known Mike for over 20 years and believe his skill set will significantly contribute to the Company’s success and I look forward to working with him again to build an exciting business in the Southeast Asian E&P space.
I also want to thank Graham for his wise counsel in the boardroom and the instrumental role he played bringing about a successful pivot to Southeast Asia and subsequent board continuity. He will be missed and we wish him continued success with his other business interests.”
The addition of Mike Buck as Senior Independent Director is a wise one and a worthy replacement for Graham Stewart who has served at Seascape and was a founder of Longboat and has a fantastic record in the industry.
Readers know that I have been a fan of Seascape since its inception and I look forward to seeing this high quality Malaysian play deliver for shareholders this year and going forward. With persistent share price outperformance I remain confident that my 100p TP will be upgraded before long and it is a certainty for the Bucket List.
Eco (Atlantic) Oil & Gas
Eco yesterday announced that Navitas Petroleum LP, with whom Eco signed a Framework Agreement related to several assets, has signed a non-binding Memorandum of Agreement with JHI Associates Inc, in which Eco currently has a 6.6% interest, for a farm-in to acquire a 65% Working Interest in the PL001 North Falklands Basin Licence. PL001 is adjacent to the Navitas operated Sea Lion Development.
PL001 covers 1,126km2 in circa 500m water depth and contains significant exploration potential, with JHI’s Best Estimate of 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the neighbouring Sea Lion field.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI. As part of our Strategic Partnership with Navitas, technical and commercial discussions in relation to our projects in both Guyana and South Africa are continuing and we look forward to keeping the market updated.”
The tie-up that Eco has with Navitas is already reaping rewards as this announcement shows, this I understand is just the start of a bigger plan between the two companies. The holding that Eco has in JHI was important in getting Navitas and them together and as a result all three should benefit.
And this may not be as far off as has been mentioned, with its inimitable ‘can do’ attitude Navitas is already looking to move fast in this block which has ‘significant exploration potential’ and will be good for Eco as well as obviously benefiting partners in the nearby Sea Lion field with its own massive potential.
Readers know that I have been very positive about Eco and the valuable portfolio that it has built up in a number of world class basins and with discussions continuing with the Government in Guyana I hope that it will not be long before news comes from there. Eco remains a key member of the Bucket List and I imagine that it will remain there in the forthcoming update.
Link to Navitas announcement: https://maya.tase.co.il/he/reports/1716562
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. The writer may or may not hold investments in the companies under discussion
