Cape Town blog
WTI (Nov) $65.72 +74c, Brent (Nov) $70.13 +71c, Diff -$4.41 -3c.
USNG (Nov)* $3.15 +25c, UKNG (Oct) 80.6p -0.19p, TTF (Oct) €32.25 -€0.35.
*Denotes expiry of Nymex Natural Gas contract for October
Oil price
Welcome to the annual Cape Town blog where I’m attending Africa Energy Week and the town is heaving with oil movers and shakers, and me…
Oil has fallen sharply today after rumours that Opec are planning to hike production again in November, given what the market has been saying recently there is some doubt that they actually can up the rate but the market will dictate.
Union Jack Oil
Union Jack has announced its unaudited results for the six months ended
30 June 2025.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
· Oil and gas revenues £1,286,742 (2024: £2,338,710)
· Gross profit £454,401 (2024: £1,338,776)
· Reported net loss £489,674 (2024: profit £788,996)
· Net assets £21,381,077 (2024: £22,281,627)
· Mineral Royalties portfolio delivers 18% return on investment
· Zero debt
· Moccasin well was successfully drilled and brought onto production in Oklahoma
Post Balance Sheet Events:
· Institutional share placing raised gross proceeds of £2,000,000
· Keddington Oilfield, onshore UK, back online after extensive site upgrades
· Significant upgrades underway at flagship Wressle production site onshore UK
· Three well 2025 H2 drilling programme commenced in Oklahoma with the Sark well currently undergoing production testing
David Bramhill, Executive Chairman, commented:
“The Half Yearly results are operationally positive with the Company remaining in a strong position, free of debt, retaining a robust balance sheet and holding a balanced portfolio of production assets on both sides of the Atlantic, complemented with numerous drilling and development projects that are either currently active or are planned for the near future.
“Union Jack’s asset strategy and geographical diversification delivers durability across its key projects, encompassing both the UK and the USA.
“In the six month period under review, although the Company recorded a gross profit of £454,401, an operating loss of £489,674 was reported. These figures reflect a sharp decline in the oil price and a continuing downward trend in the value of the US dollar against Sterling.
“Progress has been seen throughout the period under review, both in the UK and in Oklahoma USA, our additional area of focus where we have experienced material success with the Moccasin1-13 oil discovery, now in production, producing at a restricted gross 60+ barrels of oil per day.
“Net barrels of oil equivalent production per day (“boepd”) across the production portfolio in the six months under review averaged 149 boepd (2024: 198 boepd) and is currently producing at circa 164 boepd.
“Cash flows from our exceptional flagship development, Wressle (Union Jack 40%) and the Keddington Oilfield (Union Jack 55%), where production has recently been reinstated following site upgrades, continue to bolster the Company’s Balance Sheet and are contributing significantly to its financial well-being.
“At Wressle, the development programme is progressing, with preparation for new wells and gas monetisation which will enhance production and eliminate routine flaring. In parallel, the site’s surface facilities are being upgraded to optimise current and future production efficiencies.
“West Newton, another key project within Union Jack’s portfolio, retains the potential to surprise positively. Reabold Resources plc, the indirect majority holder of PED183, is working closely with the Company to extract the material value that we feel is present within the licence area.
“To date, our discovery success rate in the USA has been 100%. There will likely be some highs and lows in our quest for growth, however, I remain confident that our increased activity will accelerate progress and continue to support our growth ambitions going forward.
“During July 2025, the Company raised £2,000,000 before expenses via a placing, bringing some welcomed quality institutional investors to our shareholder register. The net proceeds are being used to conduct a three well drilling programme in Oklahoma with our drilling partners, Reach Oil & Gas Inc. (“Reach”). During the remainder of 2025, Union Jack will be involved in testing and completion of Sark, followed by drilling of the Crossroads and Wolverine wells in Oklahoma.
“The Company has a clear focus and the funding in place to complete its Oklahoma drilling programme.
“Meanwhile, in the UK, we are beginning to see some distinct signs of life in the suppressed oil and gas sector and are keeping a watchful eye on wider industry developments as major international oil companies including BP return their focus to their “grass roots” E&P businesses. We are encouraged by this and will continue to pursue our own goals of production expansion and development at our key projects.
“I take this opportunity to thank our shareholders both old and new for their continued support, as well as my co-directors and advisers, both in the UK and USA, all of whom continue to contribute towards the development and growth of the Company.
“The future of Union Jack remains bright.”
As with all of the figures this week, being released at the end of the quarter to comply with market rules, there is nothing that we dont already know. UJO is in a very strong position and its decision to use cash flow from production in the UK to buy high quality assets in the US has already paid off, giving the company balance and strength all on a ‘robust’ balance sheet.
Going forward those US projects will continue to produce and in the UK both Wressle and West Newton have a new sense of positivity with more wells in the former and a renewed vigour at the latter where I am convinced there is substantial upside.
As I wrote only last week I consider Union Jack to be significantly undervalued and as we see a more pragmatic approach to drilling for onshore hydrocarbons in the UK, it is financially strong and with dynamic opportunities in the portfolio the positive nature of UJO stands out in the sector.
Touchstone Exploration
Touchstone has provided an operational update on its Ortoire block activities, including drilling results from the Cascadura-4 development well (“Cas-4ST2X”).
Cas-4ST2X Well Results
Operations at Cascadura-4ST2 resumed on August 16, 2025, utilizing Star Valley Drilling Rig #205, and the well reached a total depth of 5,896 feet on September 22, 2025. The well, now designated Cascadura-4ST2X, was originally programmed to evaluate the Herrera Gr7bc sands to a depth of approximately 6,100 feet. However, after encountering gas-charged sands in the lower portion of the well, circulation was lost, leading the Company to conclude drilling operations earlier than planned.
During the pull-out, the drill string became stuck and, despite extensive recovery efforts, could not be freed. The Company has elected to complete the well for production using a combination of casing and the drill string, enabling access to the gas-charged intervals identified while drilling. Although open-hole logs could not be acquired, offset well data and real-time drilling information confirm that the well intersected Herrera Gr7bc sands consistent with the Company’s geological model.
The primary objective of the well was the Herrera Gr7bc sands, which are widespread across the Cascadura structure. Cascadura-4ST2X represents the third well drilled into the “A” block of Cascadura to encounter sands within the targeted reservoir.
Cascadura Development
Completion operations on the Cascadura-5 well will immediately commence. All tie-in equipment is on location and the well will be tested directly through the Cascadura natural gas facility following completion. Cas-4ST2X will undergo final completion and tie-in once equipment and a service rig are on site.
Following completion of Pad B operations, the drilling rig will move to the Central block location identified as Carapal Ridge-3 (“CR-3”), where site construction is approximately 60 percent complete. The location is expected to be drill-ready by the end of October.
In parallel, the Company has secured a compressor for the Cascadura facility to further enhance natural gas processing. The project is currently expected to be completed in the second quarter of 2025.
Paul R. Baay, President and Chief Executive Officer, commented:
“With drilling complete on Pad B at Cascadura, we are moving rapidly into the completion and tie-in phase.
While Cas-4ST2X presented challenges due to re-entering a previous wellbore, the systems implemented on the Cas-5 well have proven effective. We remain confident in our ability to drive repeatable cost and efficiency gains at Cascadura and across our Central block program.“
With Cascadura-4 well ending up producing, albeit in a slightly different fashion to that was expected and the Cascadura-5 well now having completion operations underway, the company is expecting further production going forward.
That will mean that both wells will be tested, completed and ultimately tied-in and will produce from the Cascadura gas facility once the correct kit is on site. With plenty of opportunities coming up and the Central Block programme offering ‘repeatable cost and efficiency gains’ Touchstone is looking seriously undervalued.
Production update
Production volumes averaged 5,152 boe/d in August 2025, compared with 5,300 boe/d in July and 5,088 boe/d in June. August volumes comprised 21.7 MMcf/d of net natural gas production (3,623 boe/d) and 1,529 bbls/d of net crude oil and liquids production.
Strategic Divestiture
Touchstone has entered into a sale and purchase agreement to dispose of its non-core Fyzabad oil property to a third-party Trinidad-based company. Fyzabad averaged 37 bbls/d of net production in August 2025 and had limited scalability within the Company’s portfolio.
Transaction consideration consists of three turnkey drilling wells to be drilled across Touchstone’s WD-8 and WD-4 blocks. Under the agreement, the purchaser will drill the wells while Touchstone supplies certain ancillary drilling and completion equipment.
Two wells are currently scheduled for drilling before year-end 2025, with the third well planned for the first quarter of 2026. Closing of the Fyzabad disposition is expected in the fourth quarter of 2025, subject to customary regulatory approvals.
Seascape Energy Asia
Seascape Energy, an E&P company focused on Southeast Asia, is pleased to announce its unaudited interim results for the six-month period to 30 June 2025.
Operational & Financial Highlights
• Completion of the Block 2A farm-out to INPEX CORPORATION with uncapped carry through the exploration phase of one firm and one contingent well (10% participating interest)
• Award of the Temaris Cluster PSC as operator (100% participating interest)
• Post-period end, publication of an independent Competent Persons Report by Sproule ERCE
o Total net 2C Contingent Resources of 63 mmboe (97% gas)
o Total net unrisked mean Prospective Resources of 281 mmboe (95% gas)
• Cash reserves of £8.6 million (1H 2024: £1.3 million), including £2.0 million of restricted cash related to guarantees provided as security for future work programmes in Malaysia
• Adjusted administrative costs of £1.9 million (1H 2024: £2.5 million) excluding £0.9 million of non-recurring costs
Outlook
• Seascape remains focused on maximising value in its existing, high-quality portfolio while selectively adding accretive growth opportunities. Near term activities include:
• Block 2A: formal joint venture commitment to drill the giant Kertang well, expected imminently;
• Temaris: progressing seismic reprocessing, detailed development studies and development team build-out;
• DEWA: submission of formal resource assessment to regulator, finalising draft field development plan and commencement of commercial negotiations; and
• Pursuing growth opportunities in Malaysia and the wider region, including participating in licensing rounds.
Investor Meet Company
The Company will host an online presentation: A Subsurface ‘Deep Dive’ into Seascape’s Malaysian Portfolio via Investor Meet Company on 13 Oct 2025, 09:30 BST.
The presentation will provide investors with further insight into the subsurface aspects of its exploration and development portfolio following the publication of its Competent Persons Report on 19 August 2025.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 12 Oct 2025, 09:00 BST, or at any time during the 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 ASIA PLC on the Investor Meet Company platform will automatically be invited.
Nick Ingrassia, CEO of Seascape, commented:
“The first half of 2025 has been a period of significant transformation for Seascape as it has diversified and increased the scope and scale of its portfolio with both non-operated exploration and development projects offshore Sarawak and a new, material operated gas field cluster development offshore Peninsular Malaysia with significant exploration upside.
Seascape’s focussed strategy of building a portfolio of gas assets in Malaysia has begun to gain momentum and the Company looks forward to using its strong financial position, competitive advantage and strong stakeholder relationships to continue to develop and expand its portfolio.”
Readers know just how excited I am about Seascape and its opportunities under this exceptional leadership. Again nothing new here but I will be tuning into the subsurface deep dive on 13th October. Remains big winner in the Bucket List and still with plenty of upside…
Petro Matad
Petro Matad has provided the following update on its Heron-1 production operations and the 2025 well testing programme.
Heron-1 production operations
The Heron-1 well continues to produce with artificial lift at a rate of c. 150 barrels per day (bopd) with water cut stable at c. 3%. The well performance to date when compared to data the Company has for other wells in the basin indicates a pressure profile similar to some of the better producing wells in Block XIX. To date, data from Heron-1 does not show that any faults or reservoir boundaries have been encountered that limit reservoir volume. Trucking, offloading and transfer operations at the Block XIX TA-1 facilities continue to run smoothly.
Following interaction with the Customs authorities, they have determined that supporting export paperwork specific to Block XX crude is not required as the crude is mixed with Block XIX crude and exported to the buyer as a single product. This decision by Customs streamlines the bureaucracy considerably as it avoids the need to provide a certificate of origin and to do laboratory tests at the provincial testing facilities for each export shipment.
Oil sales payments
In late September, the Company received payment for July’s production. PetroChina continued to withhold 30% so the amount received was $110k net to Petro Matad. The realised oil price for July was $66.4 per barrel. The invoice for August production is already overdue for payment but since PetroChina has advised that the teething problems of its new payment system have been overcome, we are hopeful of smoother payment processing from this point forward. It remains to be seen if PetroChina can meet the payment timetable that it incorporated in the oil sales agreement. We are encouraging them to do so.
Petro Matad met with senior representatives of PetroChina Mongolia to discuss the withholding of revenue. The feedback received from the Mongolian Tax Authorities was presented and Petro Matad provided further comfort that VAT and Customs Duties are not payable on Block XX oil sales as per the Production Sharing Contract, Petroleum Law and the well defined precedents set in the country. PetroChina has responded to say that once the oil sales agreement has been re-worded to incorporate the pertinent details, they will then start paying the invoices in full and will clear the withheld backlog. We are working on the amended wording as a matter of urgency.
2025 work programme
With the final permit having been approved by the provincial governor, the construction contractor has mobilised to install the transmission line extension that will connect Heron-1 to the national electricity grid. This involves the construction of 1.2km of overhead 10kV transmission line and a substation at Heron-1 to connect to the existing electrical distribution system. The work is expected to be completed by mid-October. A 15% saving in operating expenditure is targeted from this work.
Further to the recent update provided on Heron-2, the beam pump provided by PetroChina is being refurbished and it and related equipment are being prepared for installation.
The workover rig has moved to the Gazelle-1 location and is rigging up and once completed, the production casing will be perforated across the oil bearing zone and a well test string run in hole. Well test operations are expected to commence in early October and complete within the month. Preparations are in hand for the installation of production facilities in the event of a successful test result.
Mike Buck, CEO of Petro Matad, said:
“It is a very busy period for the Company at the moment. The focus in head office is on removing PetroChina’s withholding of revenue. We are encouraged by the recent progress on this and we are pushing to resolve the issue and to get paid in full. Meanwhile the team in the field continues to execute the 2025 work programme at multiple sites. I look forward to updating shareholders further as these matters progress.”
With results, below, Petro Matad are indeed very busy right now, mainly trying to get paid by PetroChina, as if finding the … stuff wasn’t difficult enough…
Petro Matad has also announced its unaudited interim results for the six months ended 30 June 2025 (“1H 2025”).
Financial Highlights
· Petro Matad’s cash balance at 30 June 2025 was USD 2.37 million (USD 1.7 million in cash and USD 0.67 million in Financial Assets), comparing to USD 1.93 million (USD 0.77 million in cash and USD 1.16 million in Financial Assets) on 30 June 2024.
· The Group posted a loss of USD 1.7 million for the 6-month period ended 30 June 2025, which compares to a loss of USD 2.56 million for the comparable period in 2024.
Operational Highlights
· Production began from Heron-1 well in October 2024, with Petro Matad receiving the first oil revenues in its history, with average production for 1H 2025 of 165 barrels of oil per day (bopd) and a 3% water cut.
· An oil sales agreement was negotiated with Block XIX operator, PetroChina, and signed in late April 2025 after which sales revenue payments began in mid-June 2025. After delays and continued pressure from Petro Matad, PetroChina has now advised that they will begin payment of 100% of the invoiced payments once the oil sales agreement has been amended. This amendment is now being prepared.
· During 1H 2025, Petro Matad re-vitalised farm-in partner discussions for Block XX and the Company has now reached the stage of detailed technical and commercial negotiations with one party.
· The Company also signed a new Exploration and Production Sharing Contract (PSC) for Block VII and expanded its renewable energy initiative, signing an exclusive agreement to develop a 200MW hybrid wind and solar project.
Financial Summary 1H 2025
Petro Matad began production from the Heron-1 well in Block XX, eastern Mongolia, in October 2024. During the first half of 2025 production averaged 165bopd and the Company received the first oil revenues in its history. Net revenue that Petro Matad received during the reporting period for production from start up to the end of April 2025 was USD 0.81MM with an average realised oil price of USD 62.9 per barrel (bbl). As announced previously, 30% of total sales revenue was withheld by PetroChina pending confirmation that there would be no tax impact on them resulting from the oil sales agreement signed between Petro Matad and PetroChina. Post the reporting period, payment for 70% of the invoiced amounts was received in August for production in the months of May and June, and in September for July’s production totaling USD 0.33MM net to Petro Matad. The realised oil price for May was USD 60.7/bbl, USD 65.2/bbl for June and USD 64.4/bbl for July.
The Group posted a loss of USD 1.70 million for 1H 2025, which compares to a loss of USD 2.56 million for the comparable period in 2024. The Company’s cash balance at 30 June 2025 was USD 2.37 million (USD 1.70 million in cash and USD 0.67 million in Financial Assets), which compares to a cash balance of USD 1.93 million (USD 0.77 million in cash and USD 1.16 million in Financial Assets) on 30 June 2024.
As previously announced, the Company raised gross proceeds of GBP 3 million (c. USD 4.2 million) through the Placing of 323,250,000 new Ordinary Shares, Subscriptions for 32,169,117 new Ordinary Shares by each of a director and shareholder of the Company, and completion of a Retail Offer totaling 19,497,678 Ordinary Shares. All shares were issued at a price of 0.8 pence. The net proceeds of the capital raising will primarily be used to reduce oil production operating expenditure at Heron-1 through a switch from diesel fired power to lower cost grid electricity, to investigate the potential to increase Block XX production in 2025 by re-testing the Heron-2 well, testing of the Gazelle-1 oil discovery and of the Gobi-Bear 1 exploration well, the development of renewable energy projects, and to work-up exploration opportunities in Block VII.
Operational Summary 1H 2025 and look ahead
Having resolved the longstanding land issue that had delayed production start up on the Heron oil discovery in Block XX in eastern Mongolia, production start up was finally achieved in October 2024 with oil being transported to the neighbouring TA-1 facilities in Block XIX for processing, storage and export to China. After an initial period of natural flow from Heron-1 of in excess of 200 bopd, the well was put on artificial lift and the pumped production stabilised in the range of 150 to 160 bopd.
An oil sales agreement was negotiated with Block XIX operator, PetroChina, and finally signed in late April 2025 after which sales revenue payments began in mid June 2025 with the receipt of proceeds for production from the start up to the end of April 2025. Payments were subject to PetroChina’s 30% withholding.
Post the reporting period, payments were received for the months of May, June and July with the withholding still applied. In September Petro Matad provided PetroChina with feedback received from the Mongolian tax authorities and further comfort that there were no tax implications from the oil sales agreement. PetroChina has now advised that they will begin payment of 100% of the invoiced amounts once the oil sales agreement has been amended to incorporate wording on the comfort the Company has provided. This amendment is now being prepared.
During 1H 2025 the Company announced a re-vitalised initiative to find a farm-in partner for Block XX and has been in discussion with several potential counterparties. The interaction with one of these companies has reached the stage of detailed technical and commercial negotiations.
In January 2025 the Company announced the signing of a new Exploration and Production Sharing Contract (PSC) for Block VII in the southern central part of Mongolia. This large block is adjacent to producing fields across the border in China and was signed for a very low initial financial commitment to ensure that the exploration dollars spent here will be based on the results of technical evaluation rather than being an upfront financial obligation. The Company is actively engaged in a farmout process for Block VII seeking a technically and financially competent partner to share the risk and reward on this exciting new area.
The Company’s renewable energy initiative conducted by its Sunsteppe Renewable Energy Joint Venture continued to expand its portfolio and signed an exclusive agreement to develop a 200MW hybrid wind and solar project to supply the Mongolian national grid.
Looking ahead to the second half of 2025, after the successful equity raise in July, the Company has embarked on a low cost well testing programme in Block XX seeking to add production in the near term. A re-test of the Heron-2 well following acidisation of the reservoir to improve near well bore permeability is ongoing. The small workover rig has now moved to perform a well test on the oil zones interpreted from logs to be present in the Gazelle-1 well and this will be followed by a test of the Gobi Bear-1 exploration well which has a zone of interest identified on logs and supported by extraction of migrated oil from drill cuttings. In addition, the Heron-1 well site is being connected to the national electricity grid. The provincial power station has recently been upgraded and, by means of a short transmission line extension, can now supply Block XX with lower cost electricity to replace the more expensive diesel fired power currently in use. A 15% reduction in operating expense is targeted from this project.
Some of the proceeds of the mid-year equity raise are directed at development of Sunsteppe’s new 200MW Hybrid project as, with a power purchase agreement already in place and only in need of amendment, this project could be brought to ready-to-build status rapidly. Work is also planned to start on land acquisition and data gathering for Sunsteppe’s 1.5GW firm (plus 1.5GW contingent) project in cooperation with the large Chinese utility company SPIC. Sunsteppe is also engaged in discussions with other companies looking at entering and investing in the renewable energy sector in Mongolia.
Mike Buck, CEO of Petro Matad, said:
“The start up of production in Block XX in 2024 took far too long but we are delighted to have finally achieved it and now to be receiving oil sales revenue for the first time in the Company’s history. Over the last few months we have prioritised our efforts to remove PetroChina’s withholding of 30% of our sales revenue and after the recent meeting with PetroChina we are hopeful that this matter will soon be resolved.
In the field we are working hard to complete our 2025 well test programme and at the same time, our renewables joint venture is growing into a potentially very valuable part of our business.
I would like to thank the entire Petro Matad and Sunsteppe teams for their continued efforts. We are particularly pleased to see our oil production crew working so well at Heron-1. All members of the team are Mongolian and most were hired from the communities in the area of our operations.”
Rockhopper Exploration
Rockhopper has announced its unaudited results for the six months ended 30 June 2025 (“H1 2025”).
YEAR TO DATE HIGHLIGHTS
Capital Raise
· Firm and Conditional two tranche placing to raise up to US$140 million
· Company to undertake Open Offer for up to an additional €8 million
Firm placing US$115 million
· 53p per share plus one underwriting warrant for every four shares, at a price of 80p per share
· Expected to fund Rockhopper capex requirements for Phase 1 development plan for Sea Lion
· Funds held in escrow pending Final Investment Decision (“FID”) for Sea Lion Phase 1 development
Conditional placing US$25 million
· 53p per share plus one underwriting warrant for every four shares, a price of 80p per share
· Approved by shareholders at a General Meeting on 16 September 2025
· Provides additional funding flexibility for subsequent phase planning, first phase contingencies and early project decommissioning
· Funds held in escrow pending occurrence of FID
Open Offer up to €8 million
· To be held at FID, 53p per share
· Provides shareholders the opportunity to participate at the same price as those in the placings
· No underwriting warrants as investors will not be required to subscribe funds to the escrow account
· Capped at €8 million under the Prospectus Regulations
Independent Resource Evaluation
· Carried out by Netherland Sewell and Associates (“NSAI”)
· Sea Lion oil only numbers
· Unrisked gross contingent resources 2C 917 mmbbls
o 321 mmbbls net to Rockhopper
· Unrisked gross contingent resources development pending 2C 727 mmbbls
o 255 mmbbls net to Rockhopper
· Valuation of the Rockhopper net 2C 255mmbbls 35% working interest in Sea Lion
o $1.3bn at US$60 brent oil
o $1.8bn at US$70 brent oil
o $2.3bn at US$80 brent oil
o Net of all royalties and taxes
Ombrina Mare Arbitration Award (the “Award”)
· Award fully annulled
· Insurance monies of €31 million now received (the “Insurance Proceeds”)
· New funder and Rockhopper have submitted a new request for arbitration
· To the extent that Rockhopper makes a financial recovery from any new arbitration, after deductions for any reasonable costs and expenses incurred, that recovery will be utilised to reimburse the insurers in respect of the Insurance Proceeds
Italian disposal
· Amended SPA signed. Transaction completion subject to required regulatory consents.
· Allows Company to re-focus entirely on the Falklands
Outlook
· Funded for FID based on current financing plan
· Independent NSAI report confirms scale of opportunity
· Balance sheet strongest for over 5 years, with US$54m cash resources (unaudited) as at 31 August 2025
· Operator continues to target FID by year end 2025
Samuel Moody, CEO of Rockhopper, commented:
“This has been a transformative period for Rockhopper and the last few months have seen an acceleration of progress towards FID. A financing plan is in place for which we have secured our base equity requirement and the potential value to all stakeholders is independently confirmed.
“We are very grateful for the support of shareholders, both existing and new, at the recent fundraise. Having passed all of resolutions at the recent General Meeting, US$140 million is now in escrow pending FID, which we are more hopeful than ever of reaching by the end of this year.”
Again nothing to add here, the H1 results are historic, but the raise has Rockhopper soundly financed ahead of the Sea Lion FID which should happen in 4Q of this year.
United Oil & Gas
United Oil & Gas has announced its unaudited results for the period ending 30 June 2025.
Brian Larkin, United Chief Executive Officer commented:
The first half of 2025 has been about strengthening the foundations for value creation at Walton Morant. In March, the early two-year licence extension to January 2028 was a critical milestone, giving us the certainty and running room needed to drive farm-out discussions forward. For shareholders, it provides a clear pathway for value to be unlocked across one of the few billion-barrel frontier opportunities still available globally.
The Walton Morant licence is exceptional in scale and quality and spans 22,400 km² with over 40 identified leads and prospects and unrisked potential of c. 7 billion¹ barrels. Eleven prospects already independently certified hold 2.4 billion barrels. Combined with highly competitive fiscal terms, strong government support, and breakeven metrics around $25/bbl² in a success case, these attributes make Walton Morant a standout frontier opportunity. This is reflected in renewed sentiment across the sector and, importantly, in the engagement of potential farmin partners, who continue to review and evaluate the licence under NDA, a clear sign of momentum in the farmout process.
Alongside this, we have made tangible progress on permitting. Post period end, during Q3, we received both the Environmental Permit and the Beach Licence which were approved by the National Environmental and Planning Agency (“NEPA”) marking key steps in operational readiness. On the corporate side, during January we completed the equity placing announced in December 2024, receiving the final tranche of £315,000 and issued 350,000,000 warrants at £0.0015 expiring 31 December 2025. In May we raised further funds totalling £140,000 at market with an existing shareholder and subsequent to this between May and June, shareholders exercised a total of 48 million warrants raising £55,500. We also extended the £0.0028 warrants due to expire on 30 June 2025 until 31 December 2025. Post period end, a further 5 million £0.0015 warrants were exercised, and we successfully raised gross funds of £800,000 at £0.0018, which was approved at the AGM on 25 July. This placing was oversubscribed and shows the strength of support from our shareholders which we greatly appreciate.
Post-period end, the recent findings of the independent risking study were highly encouraging, confirming that a positive survey result in the Walton and Morant Basins could significantly derisk the offshore petroleum system already proven onshore. Importantly, the study highlighted substantial uplifts in drilling success probabilities:
• Colibri: Improved from 1-in-5 (19% GCA) to 1-in-3 (32%)
• Oriole: Improved from 1-in-8 (13% GCA) to 1-in-5 (21%)
These positive results reflect the broader potential across the Walton Morant licence if piston coring confirms a mature source rock and the presence of migrated hydrocarbons.
Overall, the first half of 2025 has been highly progressive, with notable momentum clearly building on the Jamaican licence. The Walton Morant Risking Report will add significant value to our farmout efforts while permitting milestones demonstrate operational readiness. As we move into the latter part of the year, our focus remains on advancing work programmes across Jamaica and continuing to make steady progress on farmout discussions.
Again nothing new here in historic results and I have commented recently on everything going on at Walton Morant, life at UOG is most exciting right now…
Outlook
“We enter the second half of the year with real momentum. Our priority is to secure a farm-out partner for Jamaica while continuing to advance planning and permitting so the licence is ready for operations. The new Risking Report underlines the scale of the opportunity and shows how further technical work can materially de-risk the basin. With potential partners reviewing the licence data under NDA and discussions ongoing, we are confident that Walton Morant is positioned to deliver transformational value for our shareholders.”
Gulf Keystone Petroleum
Gulf Keystone is pleased to confirm that crude exports from the Shaikan Field via the Iraq-Türkiye Pipeline commenced on Saturday 27 September 2025. Export volumes are expected to reach full capacity in the next few days based on the continued ramp up of pipeline availability. Gross production has averaged c.40,900 bopd in 2025 year to date (as at 27 September 2025) and the Company’s 2025 gross average production guidance remains 40,000 – 42,000 bopd.
Nothing to add to this especially after all the discussion in the last week.
And finally…
Last night Europe finally won the Ryder Cup outright after a final day in which the USA came back with the heavy guns but just failed to get over the line.
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
