Key macro instruments that drive energy prices: dollar, crude benchmarks, gas markets, energy stocks
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Key macro instruments that drive energy prices: dollar, crude benchmarks, gas markets, energy stocks
Federal Reserve official says fighting inflation likely to be 'painful'
The Federal Reserve's acknowledgment that combating inflation may necessitate economic pain, including higher unemployment, casts a shadow over oil prices and the broader energy market. With WTI crude down around 4%, this sentiment underscores the fragility of demand in an environment where economic growth could be stifled by aggressive monetary policy. Persistent supply shocks, particularly those stemming from geopolitical tensions such as the Iran conflict, continue to exert upward pressure on oil prices, complicating the Fed's task. The potential for reduced consumer spending due to higher borrowing costs could lead to a decline in oil demand, exacerbating the current volatility in the market. Additionally, if the Fed's actions successfully curb inflation, it could signal a slowdown in economic activity, further dampening energy consumption. The interplay of these factors is critical as OPEC+ navigates its production strategies; any signs of weakening demand could prompt the cartel to reconsider its output levels to stabilize prices. Meanwhile, refining margins are likely to be squeezed as higher crude prices meet potential declines in product demand, creating a challenging environment for refiners. The current US rig count, which has shown signs of stabilization, may not be sufficient to offset the impact of reduced demand if economic conditions worsen. As the market grapples with these dynamics, the outlook for oil prices remains precarious, hinging on the balance between supply constraints and the evolving demand landscape shaped by monetary policy.
7m ago
The Secret Houthi-U.S. Deal That Could Push Saudi Arabia Back to Beijing
The secretive deal between the U.S. and the Houthis could have significant implications for oil markets, particularly as it may push Saudi Arabia to strengthen its ties with Beijing in response to perceived threats to its oil infrastructure. With WTI crude down around 4% today, the market is reacting to a complex geopolitical landscape where U.S. involvement in the region is being recalibrated. The potential for increased Houthi attacks on Saudi oil facilities poses a risk to supply stability, which could lead to heightened volatility in energy prices if tensions escalate. Furthermore, if Saudi Arabia feels compelled to pivot towards China for support, it could alter the dynamics of OPEC+ negotiations, especially as the group grapples with balancing production cuts against a backdrop of fluctuating global demand. This situation is compounded by the current state of EIA inventory data, which has shown mixed signals regarding U.S. crude stockpiles, hinting at a delicate balance between supply and demand. Additionally, the U.S. rig count remains a critical factor; any significant reduction in drilling activity could exacerbate supply constraints, further supporting prices. Refinery margins are also under pressure, as the market adjusts to changing crude availability and refining capacity. The interplay of these factors suggests that while prices may be down today, the underlying geopolitical tensions and structural market shifts could lead to upward pressure in the near future. Investors must remain vigilant, as the evolving relationship between the U.S., Saudi Arabia, and Iran could redefine energy security in the region and influence global oil flows.
9m ago
Oil prices edge down, but tight markets trump volatility, analysts say
Oil prices are down around 4%, reflecting a market grappling with short-term volatility while the underlying fundamentals remain robust. Despite recent declines, the physical oil market is characterized by tight supply dynamics that are likely to support prices in the medium term. The fading fears of a prolonged supply shock in the Middle East have contributed to this downward pressure, but analysts emphasize that the structural factors driving tightness—such as OPEC+ production cuts and constrained U.S. shale growth—are still very much in play. EIA inventory data continues to show draws in crude stockpiles, indicating that demand is outpacing supply despite the recent price retreat. Additionally, refining margins remain healthy, suggesting that demand for crude oil remains strong as refiners capitalize on favorable market conditions. The U.S. rig count has shown only modest increases, which limits the potential for a significant uptick in domestic production to alleviate tightness. Geopolitical risks, particularly in key producing regions, continue to loom large, adding an additional layer of complexity to the market outlook. As LNG export capacity expands, competition for feedstock could further tighten the crude market, particularly if global demand for energy remains resilient. In this context, while short-term price movements may reflect market sentiment, the structural catalysts indicate that oil prices could stabilize or even rebound as the market adjusts to the realities of supply and demand.
19m ago
Wholesale Gas Prices Are Reaching Consumers Faster, ECB Says
The acceleration of wholesale gas prices reaching consumers is poised to have significant implications for oil markets, particularly as energy prices remain under pressure, currently down around 4%. As natural gas prices rise and their effects ripple through to retail and electricity costs in the Eurozone, we can expect a corresponding impact on oil demand, especially in regions where gas and oil compete for market share. This dynamic could exacerbate existing supply-demand imbalances, particularly if consumers pivot towards oil products in response to soaring gas prices. The European Central Bank's observation that the pass-through of these costs is quicker than in previous cycles suggests that inflationary pressures could intensify, potentially leading to tighter monetary policies that may dampen economic growth and, in turn, oil demand. Furthermore, with OPEC+ maintaining its production cuts, any uptick in demand from the Eurozone could be met with a cautious supply response, keeping upward pressure on prices. However, the current downtrend in oil prices also reflects broader macroeconomic concerns, including geopolitical tensions and the ongoing adjustments in global refining margins. As European consumers face higher energy costs, the risk of demand destruction becomes more pronounced, especially in an environment where economic growth is already fragile. The interplay between rising gas prices and oil demand will be critical to monitor, as it could shape the trajectory of oil prices in the coming months. Overall, the energy market remains in a delicate balance, influenced by both immediate supply dynamics and the broader economic landscape.
39m ago
Stock Market Today: Dow Rallies As Nvidia Nears Entry; Oil Dips On Iran Hopes (Live Coverage)
The current dip in oil prices, down around 4%, is significantly influenced by renewed hopes surrounding Iran's potential return to the oil market, which could alter the supply dynamics in a landscape already grappling with geopolitical tensions and OPEC+ production strategies. As negotiations around Iran's nuclear program progress, the prospect of increased Iranian crude exports looms large, raising concerns among investors about oversupply in an already fragile market. This sentiment is compounded by the recent EIA inventory data, which indicated a build in U.S. crude stocks, further pressuring prices as market participants reassess demand forecasts amid a slowing global economy. Additionally, the U.S. rig count remains relatively stable, suggesting that domestic production is unlikely to significantly decline in the near term, which could exacerbate the supply-demand imbalance if Iranian oil floods the market. Refining margins, while currently healthy, may also face downward pressure if crude prices continue to slide, impacting the profitability of refiners and potentially leading to reduced throughput. The interplay between these factors underscores the delicate balance that OPEC+ must maintain to support prices, especially as they navigate the complexities of production cuts against a backdrop of fluctuating demand. Furthermore, with LNG export capacity expanding, the energy market's focus is shifting, as natural gas becomes a more competitive alternative amid rising global energy needs. Overall, the current market dynamics reflect a cautious sentiment, as investors weigh the implications of geopolitical developments against the backdrop of structural changes in energy supply and demand. As the situation evolves, the energy sector will need to remain vigilant, as any significant shift in Iranian oil exports could have far-reaching consequences for global oil prices and market stability.
54m ago
Stocks Pop in Early Trading as Oil Prices Slide on Reignited Iran Peace Hopes
The renewed optimism surrounding potential peace talks with Iran is exerting downward pressure on oil prices, currently down around 4%. This development suggests that investors are increasingly factoring in the possibility of a more stable geopolitical landscape, which could lead to a resurgence of Iranian oil exports. Should these negotiations yield positive results, the global oil supply could see a significant uptick, further exacerbating the existing supply-demand imbalance that has kept prices elevated. Additionally, the prospect of increased Iranian crude hitting the market could dampen the pricing power of OPEC+, especially if the cartel is unable to maintain its production cuts in the face of rising output from Iran. This scenario could lead to a recalibration of market expectations, particularly as the U.S. continues to grapple with high inventory levels and fluctuating rig counts. The latest EIA data has shown mixed signals, with some builds in crude stocks that could further support the bearish sentiment. Furthermore, refinery margins are under pressure as high crude prices have not translated into commensurate increases in refined product demand, complicating the outlook for refiners. As stocks react positively to these geopolitical developments, energy investors must remain vigilant, as any resolution could shift the dynamics of the oil market significantly. Overall, while the immediate impact is a decline in prices, the long-term implications of a potential Iranian oil influx could reshape the energy landscape, necessitating a careful reassessment of supply forecasts and pricing strategies.
1h ago
(LSE:TTE) (NYSE:TTE) TotalEnergies has entered into a partnership agreement with Global Infrastructure Partners (GIP), a part of BlackRock, regarding TotalEnergies’ interests in certain oil & gas infrastructure assets in Africa. Under the terms of the agreement, GIP will make a US$1.8 billion capital contribution. In exchange, TotalEnergies will pay GIP a throughput-based tariff over a period of up to 15 years. Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies, stated that the company is pleased to strengthen its relationship with GIP through this infrastructure agreement, which crystallizes the value of some of TotalEnergies' midstream infrastructure assets in Africa. TotalEnergies is described as a global integrated energy company that produces and markets oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. The company employs more than 100,000 people. TotalEnergies operates in about 120 countries. The company places sustainability at the heart of its strategy, projects, and operations. The agreement with GIP is focused on African energy infrastructure assets. The capital contribution from GIP is specified as US$1.8 billion. The throughput-based tariff arrangement will last for up to 15 years. The partnership is intended to strengthen the relationship between TotalEnergies and GIP. The transaction involves midstream infrastructure assets. The company is active in the oil & gas sector, with a focus on both traditional and renewable energy sources.
(LSE:CDI) Aminex plc has announced the appointments of Dr Salman Al Shidi and Dr Omar Al-Jaaidi as Non-Executive Directors, effective from 1 October 2026. Dr Salman Al Shidi is the CEO of ARA Petroleum LLC and brings 33 years' experience in the oil and gas industry, primarily in the upstream sector. His previous roles include positions at Petroleum Development Oman (PDO), Shell, Dubai Petroleum, Dove Energy, Oman Oil Company, and the Ministry of Energy and Minerals in Oman. Dr Omar Al-Jaaidi is the COO of ARA Petroleum LLC and has 30 years' experience in the upstream oil and gas industry, with expertise in exploration, field development, and well and reservoir management. Dr Al-Jaaidi has previously worked at PDO, Sultan Qaboos University, Shell Oman, Shell Malaysia, and Qatar Petroleum. Sultan Al-Ghaiti and Robert Ambrose will step down from the Board with effect from 30 September 2026. The appointments of Dr Al Shidi and Dr Al-Jaaidi are made as representative directors of Eclipse Investments LLC, which has the right to appoint two directors under the Shareholder and Relationship Agreement dated 8 July 2016. Aminex confirms that there are no matters requiring disclosure regarding these appointments under Listing Rule 6.4.8R. Charles Santos, Executive Chairman of Aminex, welcomed the new directors and expressed appreciation for the contributions of Sultan Al-Ghaiti and Robert Ambrose. The company notes that these changes come as Aminex enters an important next stage of the Ntorya development. The announcement reiterates the company's gratitude to the outgoing directors for their service. The appointments and resignations are effective as of the specified dates in September and October 2026.
(AIM:TRP) Tower Resources plc announced a change of registered address from 134 Buckingham Palace Road, London SW1W 9SA to Quadrant House, 4 Thomas More Square, Floor 6, E1W 1YW with immediate effect. The company is an AIM-listed oil and gas company focused on Africa. Tower Resources plc is currently advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long-term upside. The company is also de-risking attractive exploration licenses by acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made. Tower’s strategy is centred around stable jurisdictions that the company knows well and that offer excellent fiscal terms. Through its directors, staff, and strategic relationship with EPI Group, Tower Resources plc has access to decades of expertise and experience in Cameroon and Namibia. Its joint venture with New Age builds on years of experience in South Africa. Jeremy Asher is the Chairman & CEO of Tower Resources plc. Andrew Matharu is the VP Corporate Affairs. BlytheRay Financial PR is listed as a contact, with Megan Ray and Will Jones named. SP Angel Corporate Finance LLP is the nominated adviser and joint broker, with Stuart Gledhill and Caroline Rowe named. Axis Capital Markets Limited is a joint broker, with Richard Hutchison named. The announcement was made on 18 September 2026.
(LSE:0ABD) BW Energy Limited announces that Djupedalen AS, a company in which Hilde Drønen, a board director of BW Energy Limited, holds an 85% ownership interest, purchased 10,000 shares in BW Energy Limited on 17 September 2026 at a price of NOK 57.85 per share. The total transaction value for this purchase was NOK 578,500. Following this transaction, Djupedalen AS holds 10,000 shares in BW Energy Limited, which represent Hilde Drønen's entire shareholding in the company. The company states that further details are available in the attached form. For investor relations inquiries, Martin Seland Simensen is listed as VP Investor Relations. BW Energy Limited describes itself as a fast-growing independent oil and gas company focused on low-risk, phased developments of proven offshore reservoirs. The company leverages existing infrastructure and capital-efficient execution. BW Energy Limited owns and operates production, development, and exploration assets in Gabon, Brazil, and Namibia. The company reports total net 2P reserves exceeding 240 million barrels of oil equivalent. Additionally, BW Energy Limited has a further 390 million barrels classified as 2C resources. The company states that this resource base provides a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028. The information in this announcement is subject to the disclosure requirements in the Market Abuse Regulation article 19 and section 5-12 of the Norwegian Securities Trading Act.
(NASDAQ:DLXY) Delixy Holdings Limited announced that on September 15, 2026, it entered into a non-binding letter of intent (LOI) with Caog S.a.r.l, a Luxembourg registered company, regarding the potential acquisition or merger of up to 48% of shares in Tarbagatay Munay (TBM), a Kazakhstan registered company and the subsoil user and operator of the Sarybulak Oil Field in East Kazakhstan. The LOI contemplates two possible transaction structures: (i) acquisition of part or all of the equity of the Project operating company to obtain operating, profit, and development rights; or (ii) an asset merger and restructuring involving the Project's operational assets, pipeline facilities, mineral right reserves, and production and operation business for integrated cooperative operation. The Sarybulak Oil Field Project is located approximately 90 kilometers from the China-Kazakhstan border, providing strategic access to a key energy transportation corridor. The Project has supplied natural gas to China for more than thirteen years via a self-owned cross-border pipeline, delivering an aggregate of close to 4.0 billion cubic meters by the end of April 2026. Commercial crude oil sales from the Project began in the first quarter of 2026. TBM currently has approximately 100 million metric tons of approved original oil in place (OOIP) recognized by the Kazakhstan Geological Committee. Ongoing geological exploration and resource evaluation have identified additional oil-bearing formations expected to further enhance the Project's resource scale and asset value. The Project's crude production mainly consists of heavy naphthenic crude oil, a desirable feedstock for producing special naphthenic base oil used in lubricants, which typically commands higher value than conventional fuel products. Recent exploration has also indicated several light oil-bearing structures, anticipated to facilitate the development of lighter crude oil and support production diversification. The Project possesses full oil export rights, enabling access to international markets. Mr. Dongjian Xie, Executive Chairman and Chief Executive Officer of Delixy, stated that the proposed transaction is a significant step in Delixy's strategy to expand beyond oil trading and strengthen participation across the energy value chain. He highlighted the Project's ability to deliver produced crude oil to China, Delixy's main crude market, leveraging Delixy's strong network of commercial relationships and influence over end users. Mr. Xie emphasized the Project's combination of strong local government relationships, established natural gas production, cross-border infrastructure, newly commenced crude oil production, and substantial resource potential in a strategically important region adjacent to China. He believes the opportunity could enhance supply chain integration, diversify revenue streams, and create additional long-term value for shareholders. Completion of the transaction is subject to due diligence, negotiation of a definitive agreement, satisfaction of negotiated conditions, and approval by Delixy's board. Any definitive transaction will also require all necessary Kazakhstan governmental, regulatory, and subsoil-authority approvals, including any waiver of the State's statutory priority or pre-emptive right, and the consent or waiver of any pre-emptive, right-of-first-refusal, tag-along, or similar rights held by other TBM shareholders. TBM is currently owned by Caog S.a.r.l and a China public listed company in Shanghai Stock Exchange, has operated in the region for more than fifteen years, and has established relationships with the Kazakhstan government.
(NYSE:PED) PEDEVCO Corp. announced that it was the high bidder on multiple tracts in the Bureau of Land Management (BLM) competitive lease sale held September 9-10, 2026, acquiring approximately 5,678 net acres in Wyoming for approximately $5.9 million, or $1,045 per net acre, in the highly prospective Mowry formation in the Powder River Basin. The acquisition was funded through cash on hand. This acquisition nearly doubles PEDEVCO's Mowry position to approximately 12,000 net acres in this specific prospect area. The leases have ten-year terms and a 12.5% royalty rate, allowing the company to retain 87.5% Net Revenue Interest. The targeted Middle Mowry formation is described as organic-rich and silica-rich, extending from nearby producing areas into PEDEVCO's acreage. Nearby horizontal Mowry wells averaged approximately 1,400 Boe/d during their peak month of production. J. Douglas Schick, President and Chief Executive Officer of PEDEVCO, stated that the BLM lease sale presented an opportunity to secure acreage that can play a defining role in PEDEVCO's future. He noted that the tracts directly offset a portion of the company's existing Mowry position and represent a natural extension of its core operating area. Schick emphasized that the leases were acquired at an attractive cost basis and, with a 10-year primary term, provide significant flexibility for disciplined and value-accretive development. He believes PEDEVCO is well-positioned to build a scalable, high-return development program in the Mowry play. Schick also highlighted the potential for the Mowry to become a cornerstone of the company's portfolio, with successful development establishing a repeatable drilling program and a substantially larger production and cash flow base. He stated that securing this position gives PEDEVCO greater scope to build a meaningful development program and participate in the value created as the play advances. The geological characteristics of the new tracts are consistent with the company's existing acreage and reinforce confidence in the Mowry's long-term development potential. PEDEVCO looks forward to continuing to execute on its growth strategy and creating value for shareholders.
(LSE:ZEN, OSE:ZENA) Zenith Energy Ltd provided an operational and trading update on its electricity generation and natural gas production activities in Italy for the eight months ended 31 August 2026. Net operating contribution from electricity generation increased by approximately 22% to EUR 820,000 during this period. The company produced approximately 8,000 MWh of electricity, broadly unchanged from the corresponding period of 2025. The average selling price for electricity increased to approximately EUR 137 per MWh, resulting in net electricity revenues of approximately EUR 1.1 million. Production costs remained fixed at approximately EUR 35,000 per month. Italian electricity prices strengthened further in September, averaging approximately EUR 208 per MWh for the period 1-10 September 2026. At current production levels of approximately 1,000 MWh per month, electricity revenues at these price levels would be approximately EUR 200,000 per month, against fixed production costs of approximately EUR 35,000 per month. International energy prices have risen sharply, with the Dutch TTF gas price reaching approximately EUR 84 per MWh on 14 September 2026, and Italian day-ahead gas prices averaging approximately EUR 77 per MWh in September to date. Brent crude rose above USD 100 per barrel in September and reached approximately USD 109 per barrel on 15 September. Day-ahead power prices on 14 September exceeded EUR 200 per MWh in Germany, France, and the Netherlands. Luca Benedetto, Managing Director of Canoel Italia S.p.A., stated that production has remained stable, costs are largely fixed, and higher electricity prices are translating directly into increased cash generation. He also noted the intention to grow the Italian energy portfolio through potential acquisitions, productivity enhancements, and further development of the photovoltaic portfolio. The production and financial information in this announcement is unaudited and prepared from the company's operational records. Andrea Cattaneo is Chief Executive Officer of Zenith Energy Ltd.
(AIM:EPP) EnergyPathways plc announced that it has filed patent applications for key technology innovations developed in-house to enhance its modular Compressed Air Energy Storage (CAES) system. The patent applications cover technology for storing heat or thermal energy created during the compression phase of the CAES system, with thermal energy to be stored in sub-surface salt caverns and released later to improve round-trip efficiency. The MESH Long Duration Energy Storage (LDES) project, which is designated by the Government as being of national significance, is set to be the UK's largest LDES project at 300MW / 55GWh / 100+ hours duration. The technology is designed to lower the UK's energy costs and strengthen energy security by storing renewable energy at scale. The new technology is expected to improve round-trip efficiency of CAES energy storage to as much as 72%. Key advantages include reducing CAES natural gas fuel usage and associated carbon emissions, lowering the cost of thermal storage by reducing the need for expensive high pressure equipment, and enabling deployment in space-constrained locations such as offshore facilities, protected ecological areas, and densely populated or community sensitive areas. The company states that the technology provides a pathway to near-term recurring revenues through long-term licensing agreements and royalties. Ben Clube, CEO of EnergyPathways, commented that the patent filings build on the company's strategy to integrate innovation and develop storage solutions that lower energy costs and strengthen energy security. He noted that LDES is a major growth sector in energy transition and that the innovations further enhance MESH's integrated platform to provide system flexibility at scale and across any timescale. The company has identified further locations in the UK suited for MESH technology and highlighted that the UK is looking to install at least 20 GW of LDES and ultra-LDES.
(AIM:QED) Quadrise Plc provided an update on its project with Valkor Technologies LLC in Utah, USA. Valkor has commenced drilling at two new pilot wells, incorporating findings from a Core Laboratories study that confirmed the technical viability of its modified enhanced oil recovery project at the Asphalt Ridge site. An eight-well drilling programme is expected to commence later in 2026, targeting production of approximately 1,000 barrels per day in 2027. Site installation works for Valkor's 500 bpd oil sands pilot plant are underway, with production expected to commence in Q1 2027. Valkor has advised Quadrise that it expects to pay the outstanding US$0.95 million balance of the site licence fee by the end of October 2026, upon receipt of project funding due next month. Quadrise's 600 bpd Multifuel Manufacturing Unit and associated equipment will be shipped to Utah for mobilisation on site following receipt in full of the outstanding licence fee. A heavy sweet oil sample from Valkor's new pilot plant has been shipped to the Quadrise Research Facility for MSAR® and bioMSAR™ formulation work scheduled for Q4 2026. Joint marketing of MSAR® and bioMSAR™ is underway in Utah. Andy Morrison is Chairman of Quadrise Plc. Peter Borup is Chief Executive Officer of Quadrise Plc. Jason Miles is Chief Technology Officer of Quadrise Plc.
(AIM: HEX, OTCQB: HEXFF, LSE: HEX) Helix Exploration PLC announced that the Ollie #1 well at the Rudyard field was spudded on 14 September 2026. The company currently has three production wells at Rudyard Darwin #1, Linda #1, and Weil #1 which have all produced high grade, commercial helium and are connected to the gathering system supplying the PSA plant. Ollie #1 is intended to be the fourth production well in the Northern Dome of the Rudyard field, targeting the Souris River and Red River formations, and is located approximately one mile north of Weil #1. The Ollie #1 well has an estimated total depth of approximately 5,500 ft and is expected to take approximately 21 days to drill, after which wireline logging, extended flow testing, and gas analysis will be conducted. Subject to successful flow testing and gas analysis, Helix intends to tie the well into the existing gathering system at Weil #1 and connect it to the PSA Plant within the current membrane capacity. The company is surveying several additional helium well locations as candidates for the next well following completion of Ollie #1, as part of its planned production expansion programme. Bo Sears, Chief Executive Officer, stated that drilling Ollie #1 represents the next stage of the company's drilling campaign at Rudyard to increase production, and will be carried out in parallel with the planned purchase and installation of a new membrane, which is expected to increase the available throughput capacity of the facility and, subject to production volumes and sales arrangements, support increased sales volumes in due course. The Montana Board of Oil and Gas Conservation permitted the Ollie #1 well in a timely manner. Helix acquired its own drilling rig in summer 2026, giving it full operational control over its field expansion programme. Production at Rudyard commenced in February 2026 through an on-site PSA processing facility, with first commercial sales in July 2026 to an industrial gases group. Production is currently subject to a regulatory pause requested by the MBOGC, as announced on 3 September 2026. Helix recently acquired the Keyes Helium Complex in Oklahoma, one of only six operational helium liquefaction facilities in the United States, making Helix an independent US helium producer with both upstream production and liquefaction infrastructure. The acquisition enables Helix to process both its own and third-party helium and support the North American helium market with flexible, independent liquefaction capacity. Helix's assets feature low-cost production, established infrastructure, significant and fully funded expansion potential, and a strategy focused on building a fully integrated helium business for sustainable long-term growth.
(LSE:RBD) Reabold Resources plc issued a correction to its previous announcement regarding its all-share offer for Union Jack Oil plc, clarifying that the offer is no longer recommended following the publication of a rejection circular by Union Jack's New Board on 11 September 2026. The offer, originally announced on 1 July 2026, is being conducted under the UK Takeover Code and the full terms are set out in the Offer Document published on 29 July 2026. As of 1.00 p.m. (London time) on 14 September 2026, Reabold had received valid acceptances for 8,352,385 Union Jack Shares, representing approximately 5.70 per cent. of Union Jack's issued share capital. Of these, 3,132,144 Union Jack Shares, or approximately 2.14 per cent., were subject to irrevocable undertakings to accept the offer. The total number of Union Jack Shares in issue as at close of business on 28 July 2026 was 146,565,896. The Panel Executive has set 'Day 60' of the offer as 2 October 2026, which is now the latest date by which the offer conditions must be satisfied or waived, and the offer remains open for acceptances until 1.00 p.m. (London time) on that date. Shareholders are encouraged to read the Offer Document and accept the offer as soon as possible, with detailed procedures for acceptance provided for both certificated and uncertificated shares. The receiving agent for the offer is Neville Registrars Limited. Chris Connolly, Chief Financial Officer, is responsible for arranging the release of this information on behalf of Reabold. Cavendish Capital Markets Limited is acting as financial adviser and Hill Dickinson LLP as legal adviser to Reabold. The offer is subject to the full terms and conditions set out in the Offer Document and Form of Acceptance.