In April, diesel prices across the UK averaged 159.4p per litre, compared to 146.5p for petrol. However, at the end of the month, diesel’s wholesale prices were 104.9p per litre, significantly lower than petrol’s 111.2p.
The RAC’s research indicates that fuel retailers in the UK may be exploiting consumers’ expectations of diesel prices remaining higher than petrol, even though they have now aligned with other refined fuels.
The RAC found that retailers’ average margin on diesel had surged to 22p per litre, more than triple the long-term average. Simon Williams of the RAC stated that this was difficult to justify and equally hard for diesel drivers to accept.
Union Jack Oil PLC (AIM: UJO) announced the sale of a non-core asset, a 2.5% interest in the Claymore Area Royalty Agreement, for an undisclosed amount.
Executive Chair David Bramhill briefly commented that the company is satisfied with the sale price and conditions.
#Wressle licences PEDL180 & PEDL182 in North Lincolnshire, Humber Basin. Executive Chairman of @UnionJackOilplc David Bramhill, commented: "Revenues from Wressle continue to bolster the Company's Balance Sheet" #UJO JV partners #EDR #EOG pic.twitter.com/2wO8zebPyk https://t.co/mQYlF3HM17
— Share_Talk ™ (@Share_Talk) May 6, 2023
Shell PLC (LSE: SHEL, NYSE: SHEL) and BP PLC (LSE: BP.) were among the oil and gas giants that profited billions of dollars from commodity market trading last year, according to Bernstein Research estimates.
Shell’s pre-tax earnings comprised 20% of the US$16.6 billion generated from the purchase and sale of oil, gas, and power in 2022.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) informed investors that it has commenced drilling the Carrizales Norte-1 (CN-1) well at the Tapir Block in the Llanos Basin, Colombia.
Drilling will continue until the target depth of 9,205 feet is reached, expected by mid-May, followed by well testing—each test (per zone) is estimated to take around five days to complete.
TomCo Energy PLC (AIM: TOM, OTC: TMCGF) requested an extension to the deadline for its subsidiary, Greenfield Energy, to acquire the remaining Tar Sands Holdings II membership interests.
Greenfield holds a 10% membership interest in TSHII and has the option to acquire the remaining 90% for US$16.25 million, originally set to expire on 30 April 2023.
Empyrean Energy PLC (AIM: EME) announced it may divest its 8.5% stake in Mako, the largest unexploited and fully evaluated gas field in the West Natuna Basin, located at Indonesia’s northernmost point, provided that the field’s operator, Conrad Asia Energy Ltd, organizes a farm-down process.
In its most recent quarterly report, Empyrean mentioned that Conrad offered an update on the Mako gas field’s progress within the Duyung Production Sharing Contract (PSC). The report emphasized that the finalization of crucial terms for a Mako gas sales agreement (GSA) between a Singaporean buyer and the Indonesian regulator (SKKMigas) is anticipated to occur in the second quarter.
Shares in Longboat Energy PLC (AIM: LBE) surged 126% to 21.5p after the Norwegian North Sea explorer established a joint venture with Japan Petroleum Exploration Co (Japex).
Tokyo-listed Japex will invest up to US$50 million for a 49.9% stake in Longboat Energy’s Norwegian subsidiary, Longboat Energy Norge. The subsidiary will be renamed Longboat JAPEX Norge and aims to become a leading independent company focused on Norway.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) CEO Marshall Abbott celebrated 2022 as “a fantastic year all around” for the company, with growth in production, revenue, and income. FY 2022 results demonstrated a net total oil and natural gas revenue of US$25 million, in contrast to US$6.5 million in 2021.
Chariot Ltd (AIM: CHAR, OTC: OIGLF) entered into a partnership in Morocco to form a midstream joint venture overseeing the distribution of natural gas to industrial clients in Morocco, bolstering the commercial viability of its Anchois project. The partnership is with Vivo Energy, a pan-African retailer and distributor of high-quality fuels and lubricants.
BP PLC (LSE: BP.) announced plans for additional share buybacks after reporting an increase in first-quarter profit, supported by strong oil and gas trading. However, the profit was lower than in the first quarter of 2022.
