WTI (July)* $62.02 -21c, Brent (July) $65.38 -16c, Diff -$3.36 +51c.

USNG (June) $3.42 +31c, UKNG (June) 89.50p +5.11p, TTF (June) €37.24 +€1.555.

*Denotes expiry of WTI June contract.

Oil price

Oil is quiet as international pressure builds up on Israel yet it continues to consider an attack on Iranian nuclear facilities. 

Europa Oil & Gas

Europa has announced that it has entered into a Revenue Swap Agreement with a Canadian investment company, whereby Europa will pay an amount equating to 4.5% of the gross revenues resulting from the oil production of the Wressle 1 well to the Investor in consideration for US$500,000, which is paid upfront. The RSA is unsecured and the payments are payable with effect from 1 May 2025. A further announcement will be made upon receipt of the consideration. 

William Holland, Chief Executive Officer of Europa, said:

“I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a small part of our cashflows from the Wressle 1 well and is a financing method that is non-dilutive to our shareholders and will not impact our ability to secure project financing for the Wressle development, which will help unlock the substantial undeveloped resources and upside at Wressle.”

This is a very smart deal and can only be good news for shareholders of EOG who are aware that Will Holland and team have some potentially very exciting ‘substantial undeveloped resources to unlock’ and can do this with the cashflow from Wressle. 

 

And finally…

The Boropa Cup final tonight in Bilbao, Spurs take on the Red Devils.