WTI (Aug) $64.92 +55c, Brent (Aug) $67.68 +54c, Diff -$2.76 -1c.
USNG (July) $3.41 -13c, UKNG (July) 82.07p +0.07p, TTF (July) €34.86 -€0.765.
Oil price
Oil is flat today, virtually unchanged as the war appears to have ended and the price will now reflect more accurately the supply and demand picture worldwide. So the inventory position is important again and this week this has been good, yesterday the EIA more than rubber-stamped the API data with a crude draw of 5.836m barrels and decent draws in both gasoline and distillates, interesting at this time of the year.
Pharos Energy
Pharos has announced the appointment of João Saraiva e Silva as Non-Executive Chair with immediate effect, succeeding John Martin who announced he would be stepping down from the Board at the Company’s recent AGM.
Based in London, João is an experienced energy professional with over 25 years of expertise in private equity and investment banking. He is currently a Partner with Pamplona Capital Management, overseeing business development and portfolio management initiatives across Europe. João began his career with Goldman Sachs in London, advising major energy clients on high-profile M&A and financing transactions. He later transitioned into principal investing, holding senior leadership roles including Head of Energy & Infrastructure Investments for EMEA and Asia-Pacific at Och-Ziff Capital Management, Managing Director at Carlyle’s $2.5bn International Energy Partners fund, Partner and Head of Investments at L1 Energy and Investment Director at Seatankers. João received his degree in Economics from the Nova University in Lisbon, Portugal in 1999.
He is currently a Non-Executive Director on the Board of BlueNord ASA. He is also a former Non-Executive Director of Flex LNG and Northern Ocean Limited.
João will serve as Chair of Pharos’ Nominations and ESG Committees upon his appointment. He holds 250,000 Pharos Energy plc shares at the time of appointment.
Katherine Roe, CEO, said:
“We are delighted to welcome João to the Board. His expertise complements the existing skills of the management team and will be of significant value as we continue to execute our growth strategy. I would also like to thank John for his significant contribution to the Company over many years.”
João Saraiva e Silva, Chair, commented:
“Pharos has a solid portfolio of valuable assets and a highly capable team and I am looking forward to working together to unlock the Company’s full potential.”
An important call this for Pharos, John Martin has been an excellent Chair in recent years as the company went through significant changes and I welcome the new boss.
Petro Matad
Petro Matad has announced its audited final results for the year ended 31 December 2024. All monetary values are expressed in United States dollars unless otherwise stated.
2024 Operational Highlights
· The Company successfully began oil production from its Heron-1 discovery well in October 2024, which was a significant milestone after continued negotiations with Ministry of Industry and Mineral Resources (MIMR) and Mineral Resources and Petroleum Authority of Mongolia (MRPAM)
· The Heron-2 well spudded on 8 September 2024 and although drilling results were encouraging, on test the productive potential was significantly lower than rates observed at Heron-1. The well was suspended pending further analysis. The Gobi Bear-1 exploration well was also drilled with ambiguous results and a zone of interest is the subject of further study.
· In 2024, Sunsteppe Renewable Energy (SRE) increased its portfolio with the addition of two new high-graded projects. The portfolio now includes the 24MW Oyu Tolgoi (OT) mine Green Hydrogen demonstration project; the Choir 50MW Battery Energy Storage System; a 1,500MW export to China project and a 200MW Hybrid project associated with an operating power plant, all of which offer double digit rates of return.
· The Company participated in Mongolia’s Exploration Licensing round and awards were still pending at year-end. Block VII, the Company’s top-ranked block, was awarded to Petro Matad on 16 January 2025.
Mid-2025 operational update
· Heron-1 has continued to produce through 2025 initially on natural flow and now using artificial lift and to date the well has produced over 45,000 barrels.
· An oil sales agreement was signed with neighbouring operator PetroChina and Petro Matad received the first payment for production in June 2025. A 30% revenue withholding pending confirmation on certain potential concerns raised by PetroChina is being addressed as a priority.
· Work on Block VII is underway with encouraging results so far. Data on the seismic and drilling operations by the previous operator are being incorporated into the Company’s first phase evaluation.
· The Company’s renewable energy joint venture, Sunsteppe, continues to work on its four high-graded projects and is in discussion with debt providers and potential equity partners.
· Recognising an improvement in the business environment in Mongolia, Petro Matad has stepped up efforts to find farm-in partners for its upstream oil projects in order to accelerate development and production with the goal of increasing shareholder value.
2024 Financial Highlights
· During 2024 the Company executed an oversubscribed equity raise for gross proceeds of $9.4 million to fund its 2024 work programme.
· As of 31 December 2024, the Group’s cash position was $3.65 million (inclusive of Financial Assets) (31 December 2023: $4.5 million).
· The Group’s net loss after tax for the twelve months ended 31 December 2024 was $10.92 million (31 December 2023: loss $5.9 million).
Mike Buck, CEO of Petro Matad, said:
“After many years, 2024 finally saw Petro Matad start oil production from the Heron-1 well so becoming only the third producer in the country. While the Heron-2 well did not meet our expectations, we are working on a programme to determine the potential of the well as an oil producer or alternatively as a water injector.
Our renewables joint venture, Sunsteppe, made good progress in 2024 and the portfolio includes projects ranging from 24MW to 1,500MW. The Mongolian government has prioritised energy independence and is focused on progressing renewable energy export to China. Sunsteppe is well placed to be a serious player in this sector.
We are aware and appreciative of our shareholders’ patience through the delays our projects have suffered and of their continuing support.”
These historical figures as always only show data from the past and I’m sure Mike Buck would tell you, don’t reflect every bump in the road that has got MATD here. Even when he found and then ‘sold’ the oil the invoices weren’t fully settled and even now some 30% remains outstanding.
I would like to commend Mike and his team for getting this far in incredibly difficult conditions and whilst I can’t imagine it’s going to get any easier I would like to think that most of the hard yards have been made…
NTOG/Buccaneer Energy
Nostra Terra has announced that it has changed its name to Buccaneer Energy plc. Companies House issued a change of name notice on 25 June 2025 and the name change has become effective immediately.
The change of name has been notified to the London Stock Exchange and trading in the Company’s shares under the new company name is expected to commence at 8.00 a.m. on 27 June 2025.
The Company’s TIDM will change to BUCE. Its LEI, ISIN and SEDOL remain unchanged.
The Company’s website address will be updated to https://buccaneerenergy.co.uk/ today.
Shareholders will be unaffected by the change of name, and any existing share certificates bearing the Company’s former name remain valid and should be retained for future use.
This is a red letter day and whilst Paul Welch couldn’t change the name on day one, this day couldn’t come soon enough and now dispatched into the oil equivalent of room 101…..
And finally…
England under 21’s beat the Netherlands 2-1 in the European Cup last night and now have a final appointment at 8pm on Saturday against, you’ve guessed it…Germany…
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