WTI (Apr) $95.73 +$8.48, Brent (May) $101.46 +$8.48, Diff -$5.73 -$1.00.
USNG (Apr) $3.23 +2c, UKNG (Apr) 128.5p -6.0p, TTF (Apr) €51.395 -€0.605.
Oil price
Oil is a couple of dollars off this morning, not much changes but Russia seem to have the put and the call, on the one hand the US has eased sanctions to allow more crude into the market and on the other is apparently supplying intel to Iran for attacks in the Gulf.
Jadestone Energy
With my apologies, due to technical reasons or possibly operator error some editions of the blog were published without some of this report yesterday.
Jadestone yesterday announced that, in light of recent oil price volatility, it has published an updated corporate presentation on its website which includes unlevered free cash flow projections at a range of Brent oil prices. The presentation also includes a preliminary unaudited full-year 2025 adjusted EBITDAX estimate of US$146 million and can be accessed at:
https://www.jadestone-energy.com/presentations/
A sensible move this as Jadestone updates their corporate presentation to include ‘unlevered free cash flow projections at a range of Brent oil prices’. It also includes a preliminary unaudited full-year 2025 adjusted EBITDAX estimate of US$146 million.
I would imagine that other companies will follow this lead as it is smart to keep shareholders abreast of the effects of recent oil and gas price turbulence and their sensitivity across the Jadestone portfolio.
The key disclosure in the presentation appears to be that between $65-75 Brent Jadestone could generate $260-400m of unlevered FCF over the 2026-2030 period, at $85 oil in the same period it would be closer to c.%530m.
Jadestone has done a good job here of getting the message across to the market that the company is a cash generative base business and also that it has significant upside potential in Vietnam and with M&A opportunities across the region.
Jadestone reappeared in the Bucket List this year and has already justified my confidence and the updated 75p target price. The shares are up 7% today but 17% on 1 month, +51% over 6 and +22% the year. After the visit to Akatara last autumn I renewed my very positive view on the company and I maintain that stance with so much upside.
Reabold Resources
Reabold has announced a conditional issue of equity to a group of US-based strategic investors.
The investor group, led by Rohan Oza, has committed to subscribe for a total of 1,900,000,000 new ordinary shares of 0.1 pence each in the Company, at a placing price of 0.1 pence per New Ordinary Share, representing the closing mid-market price on 12 March 2026, raising gross proceeds of £1.9 million. The Subscription is conditional on, amongst other things, the approval of Shareholders in a General Meeting and the Company raising a further £1.1 million in addition to the Subscription prior to 12 May 2026. It is therefore intended that the investment will form the cornerstone of a proposed, extended fundraising process, with additional funds to be raised on the same terms as the Subscription. The net proceeds of the Subscription and the Fundraising will be used primarily to progress the key West Newton project, including the funding of both Reabold and Rathlin’s shares of the recompletion of the A-2 well, expected to take place in the coming months.
In addition, participants in the Subscription and the Fundraising will receive 1.25 warrants for each New Ordinary Share, each with a right to convert to one new ordinary share at an exercise price of 0.11 pence per share. This mechanism is intended to provide the Company with access to additional capital, in the event of a successful A-2 recompletion, and to move into early production as soon as possible.
The investor group recognises the vast strategic value associated with high quality upstream natural gas projects in the UK and Europe and their importance for energy security, which recent geopolitical events have served to emphasise. Additionally, there is a recognition of the significant disconnect between fundamental asset value and market value, particularly for UK listed oil and gas companies, which is in stark contrast to North American markets.
Further information on the Subscription and the Fundraising will be announced in due course.
Sachin Oza, Co-CEO of Reabold, commented:
“We are delighted to receive the commitment from this group of high quality and high profile strategic investors into Reabold at what is an extremely exciting time for the company. We know that our European gas assets have significant value, and a critical role to play in providing reliable domestically sourced energy against the backdrop of tragic global events, which make it ever more obvious that European countries must reduce reliance on imports and promote their indigenous supply. Our asset portfolio, in particular, can also serve the emerging digital economy, which will be a significant driver of growing energy demand across Europe in the years ahead.”
“With the backing of our new investor group we have greatly enhanced our ability to progress our highly valuable portfolio and create substantial value for shareholders, whilst also contributing significantly to European energy security.
“Having recently received the required environmental permitting to conduct stimulation operations at the A-2 well, this funding will allow the JV to move ahead with operations in the coming months, which will be a key step in unlocking the inherent value in our flagship project at West Newton.”
Todays news from Reabold is exceptionally good for shareholders and by no means the end of what has been a frankly amazing few months for the company. To put it mildly the company is on quite a roll, the approval in Italy combined with the completion of the Beacon deal and the go-ahead for the West Newton recompletion A-2 well make for an exciting operational future.
Add to that the arrival of a new, ultra high net worth strategic investor, who it should be remembered actually have a choice in what they invest in and reflects what they perceive to be an outstanding value investment not just in Reabold but in the whole European natural gas story and you have the making of a massive investment case and despite the recent rise is still at a highly attractive entry point.
The mechanics are simple, the cornerstone investor is Rohan Oza whom I have written about a great deal in recent months and who has, I understand the bulk of the committed £1.9m commitment in this tranche. It is priced at 0.1p per share, no discount to last night’s close showing confidence and carries warrants of 1.25 for each share which convert at 0.11p per share.
Following this there will be an additional raise of a further £1.1m, obviously cornerstoned and to be done at the same price and after shareholder approval. The actual mechanics of the second part are as yet unclear, given how well this has gone down I imagine that demand will be very high, surely more than will be available and rather like an oversubscribed placing.
So I would expect demand to come from existing shareholders, other members of the Rohan Oza investor group, new interest clearly and of course directors who have been investing consistently over the years.
The proceeds of these raises are to be used primarily ‘to progress the key West Newton project’, in particular the recompletion of the A-2 well already mentioned above. Perhaps more importantly would be the need to fund any further developments should there be success in this well, normally shares stall as worries that more funds will be needed, here I think that these highly professional investors have indicated that more support is likely.
West Newton is a prize asset and with a now fully funded programme offers shareholders the opportunity to invest in a domestic, onshore UK hydrocarbon field that will offer serious upside even to the current share price. My target price remains at 0.5p so as I said the current price is still a good entry point.
See Co-CEO Sachin Oza Discuss Further: https://reabold.com/link/yMQmEy
Prospex Energy
Further to yesterday’s RNS, Prospex has confirmed that its unsecured Convertible Loan Note (“CLN”) offering is now oversubscribed.
Investors wishing to participate in the CLN offering can still do so, but must inform the Company by no later than 5 p.m. today, Friday, 13 March 2026, and can expect to receive a pro rata allocation.
Depending on the quantum of final subscriptions, the Board may elect to increase the total size of the offering.
Tom Reynolds, Prospex’s CEO, commented:
“I am pleased by the strong support shown by investors following yesterday’s announcement, with commitments received resulting in the CLN fundraise becoming oversubscribed. A limited opportunity remains for investors to participate, and interested parties should contact the Company before the close of business today. I would like to thank shareholders who have taken part in the fundraising for their continued support.”
In yesterday’s blog I advised any investors planning to invest in the still open convertible offer, therefore today’s news that it is now oversubscribed comes as no surprise nor should it, it was a minor piece of housekeeping for Tom Reynolds to clear up.
The most important point to make is equally clear, the issue has been ‘nailed’ and it is very positive news in that it signals support for Tom Reynolds and his team and the message that he put out in yesterdays letter to shareholders.
Also the fact that the issue is oversubscribed and there will be a scaling back process demonstrates that the company will only take the money that they need going forward, and obviously with reference to any dilution concerns I alluded to yesterday investors can now be reassured on that front.
Tom Reynolds has had a great start, his open and direct way of looking at the company and its portfolio is refreshing for shareholders and he has already addressed all of the key concerns they might have had. I have already made my position clear, however it happened this is good news for Prospex and I look forward to the coming year.
The shares are up 4% today, 16% on the week and 34% on the month, not a bad start for a new CEO, I look forward to the Investor Meet presentation on the 26th March and much improved access for investors in many ways…
And finally…
A really big weekend for sports fans, great top competition around the world in many areas.
It’s the F1 Grand Prix in Shanghai, China where the sprint starts at 0300 tomorrow morning, quali for the main race starts at 0700 and the race itself is at 0700 on Sunday.
The 6 Nations comes to a conclusion and anything could happen. Ireland host Scotland at 14:10 tomorrow followed by Italy in Cardiff at 16:40 and then at 20:10 England travel to Paris for a hiding if form follows true this season.
In the Prem tomorrow Burnley host the Cherries, the Seagulls are at the Black Cats, the Gooners host the Toffees, the Magpies go to Stamford Bridge and The Hammers host the Noisy Neighbours. On Sunday the Eagles host Leeds, Villa go to the Theatre of Dreams, Forest entertain the Cottagers and Spurs visit Anfield.
It’s Cheltenham Gold Cup day which concludes the meeting, tomorrow it’s the Midlands Grand National at Uttoxeter and Sandown.
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.
