Oil Bulletin

Thursday, August 27, 2026

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Interesting Company News Today

Horizon Oil Delivers Record FY26 Production as Expanded Portfolio Sets up Growth

(ASX:HZN) Horizon Oil delivered record production and sales in FY26, producing 2.15 million barrels of oil equivalent (MMboe) and selling 1.98MMboe as its newly acquired Thailand assets lifted group output. Underlying revenue rose 2% to US$107.2 million, while earnings before interest, tax, depreciation, amortisation, and exploration expenditure increased 3% to US$56.4m despite deferred oil liftings that left substantial crude inventory unsold at year-end. Operating cash flow climbed 32% to US$47.2m and statutory profit after tax was US$11.1m, with cash operating costs maintained at about US$21 per barrel of oil equivalent across the portfolio. Horizon finished FY26 with US$37.4m of cash and US$11.3m of net debt after paying US$33.1m in dividends, repaying US$10.6m of debt and investing in both existing assets and the Thailand and Cue transactions. The board declared a final unfranked dividend of AUD 1.0 cent per share, taking FY26 dividends to AUD 2.5 cents per share. The Sinphuhorm and Nam Phong gas fields contributed 654,328 barrels of oil equivalent during their 11 months in Horizon’s portfolio and generated US$23.0m of production revenue at cash operating costs of about US$7 per barrel of oil equivalent. Horizon’s acquisition of a 57.03% controlling interest in Cue Energy Resources (ASX: CUE) expanded the group to nine producing assets across Thailand, Indonesia, Australia, New Zealand, and China, with current production of about 7,300 barrels of oil equivalent per day.

Enbridge and KKR Announce New Joint Venture to Support Investment in the Westcoast Pipeline System in BC

(TSX:ENB) (NYSE:ENB) Enbridge Inc. announced that it has entered into a definitive agreement with KKR to form a new joint venture, subject to the satisfaction of customary closing conditions, led by capital accounts advised by KKR, in collaboration with funds and affiliates managed by Apollo. Under the agreement, KKR and Apollo will invest approximately C$2.7 billion to fund the Aspen Point and Sunrise Expansion Programs of the Westcoast natural gas pipeline system, including C$0.7 billion of cash to Enbridge at closing, in exchange for an indirect, cumulative 29% interest in the aggregate Westcoast system upon Sunrise entering service. The Aspen Point Expansion Program is expected to enter service in 2026, followed by the Sunrise Expansion Program in late 2028. Enbridge will retain majority ownership and operational control over the Westcoast system, including responsibility for executing the Expansions. Enbridge also has the option to repurchase the investors' interest in the joint venture at any time between the seventh and fourteenth year following close. The Westcoast natural gas pipeline system is capable of transporting up to 3.6 billion cubic feet of natural gas per day (bcf/d) and that capacity is expected to increase to 3.9 bcf/d after the Sunrise Expansion Program enters service. Enbridge's capital recycling program has generated C$19 billion in proceeds since 2014.

Coelacanth Announces Q2 2026 Financial and Operating Results

(TSXV:CEI) Coelacanth Energy Inc. increased oil and natural gas production 531% to 7,632 boe/d in Q2 2026 from 1,210 boe/d in Q2 2025. Adjusted funds flow increased 1,889% to $10.7 million in Q2 2026 from adjusted funds used of $0.6 million in Q2 2025. The company amended and restated its credit facility, extending and increasing it from $80.0 million to $90.0 million. Coelacanth closed a bought-deal public financing, issuing 97.6 million common shares at a price of $0.82 per share for gross proceeds of $80.0 million. Oil and natural gas sales for the three months ended June 30, 2026, were $23,200,000, and net income for the same period was $3,960,000. Capital expenditures for the three months ended June 30, 2026, were $4,468,000. The company estimates total capital expenditures of $50 million for 2027, targeting average production of approximately 8,500 boe/d while maintaining debt at less than $45 million compared to a $90 million credit facility.

Pulsar Helium: Financial and Operating Results Q3 2026

(AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) Pulsar Helium Inc. announced its financial and operating results for the nine months ended June 30, 2026. Between October 2025 to March 2026, the Company drilled five core-hole appraisal wells at its Topaz Project in Minnesota, all encountering gas under high pressure. In May 2026, Pulsar completed the acquisition of certain surface land in Lake County, Minnesota, within the Topaz Project for a purchase price of $2,480,000 cash. During the period, the Company recorded exploration and evaluation expenditures of $8.0 million related to drilling at the Topaz project. The Company completed a private placement through the issuance of 9,191,175 common shares for gross proceeds of $9.9 million, issued 20,029,492 common shares on the exercise of warrants for gross proceeds of $5.3 million, and issued 6,200,000 common shares on the exercise of options for gross proceeds of $2.2 million. Subsequent to the period, the Company completed a private placement through the issuance of 25,393,329 common shares at a price of £0.75 per share for total gross proceeds of $25.5 million (£19,044,997), and paid a cash finder's fee of $1.2 million. For the nine months ended June 30, 2026, Pulsar reported a net loss of $19,370,965 and total assets of $9,171,202.

Arrow Exploration: Q2 2026 Interim Results

(AIM:AXL) (TSXV:AXL) Arrow Exploration Corp. recorded $34.2 million of total oil and natural gas revenue, net of royalties, for Q2 2026, representing a 116% increase compared to Q2 2025. The company achieved average corporate production of 4,902 boe/d in Q2 2026, a 30% increase from Q2 2025. Adjusted EBITDA for Q2 2026 was $25.1 million, a 300% increase from Q2 2025. Arrow reported a cash position of $28.5 million at the end of Q2 2026 and no debt. Net income for Q2 2026 was $10.4 million, compared to a loss of $0.9 million in Q2 2025. The company drilled one successful exploration well and two additional development wells in the Icaco field and one horizontal development well in the Mateguafa Attic field in the Tapir block. Arrow completed the acquisition of the Thorsby field in Alberta, Canada, adding production, proved reserves, and additional upside opportunities for development drilling.

Jadestone Energy: 2026 Half Year Results

(AIM:JSE) Jadestone Energy plc reported its unaudited condensed consolidated interim financial statements for the six-month period ended 30 June 2026. The company completed a US$200.0 million senior secured bond issue in March 2026 with maturity in 2031 and a coupon of 12%. Revenue before hedging increased 13% to US$261.1 million, and revenue after hedging was US$234.0 million, an increase of 3%. H1 2026 production was 15,282 boepd, compared to 20,368 boepd in H1 2025. Adjusted EBITDAX for H1 2026 was US$101.6 million. Net cash generated from operating activities in H1 2026 was US$97.2 million. Net debt at 30 June 2026 was US$25.7 million, reflecting cash balances of US$174.3 million and debt of US$200.0 million. The Vietnam Government approved the Field Development Plan for the Nam Du/U Minh gas discoveries offshore Vietnam in March 2026, with signing of the Gas Sales and Purchase Agreement in April 2026.

Ovintiv Announces Permian and Montney Inventory Additions

(NYSE: OVV) (TSX: OVV) Ovintiv Inc. today provided an update on its 2026 ground game acquisition program, stating that on a year-to-date basis, the Company has entered into over 60 transactions, which will result in the addition of approximately 41,000 net acres of land across its Montney and Permian assets for a total acquisition cost of approximately $460 million. The transactions will add 240 net 10,000-foot equivalent well locations to Ovintiv's drilling inventory (190 base locations and 50 upside locations). The assets are being acquired at an attractive valuation of approximately $11,000 per net acre, and approximately $1.3 million to $1.7 million per well location, when adjusted for minimal production volumes from the assets. In the Permian, Ovintiv is acquiring approximately 21,000 net acres of land and 120 total well locations (80 base locations and 40 upside locations) in the Midland basin for approximately $230 million. In the Montney, Ovintiv is acquiring approximately 20,000 net acres of land and 120 total well locations (110 base locations and 10 upside locations) in the liquids-rich Alberta oil window for approximately $230 million. Following these transactions, the Company will have added approximately 500 net 10,000-foot equivalent well locations year-to-date, with the inclusion of 260 locations from organic inventory enhancement. Ovintiv expects the remaining transactions to close before the end of the year.

Bradda Head Lithium: Audited Final Results for Year Ended 28 Feb 2026

(AIM:BHL) Bradda Head Lithium Ltd announced its audited financial results for the year ending 28 February 2026, recording a net loss of US$ 2,917,215 and cash and cash deposit balances at year end of US$ 870,221. The company executed a binding and definitive Option to Joint Venture Agreement with Kennecott Exploration Inc. for the Whistlejacket lithium project in Arizona, USA, giving Bradda Head the right to earn up to a 60% legal and beneficial interest in the project through phased exploration expenditures and development commitments. Bradda Head completed preliminary ore-sorting studies on high-grade spodumene composite material from the Jumbo target at the San Domingo Project in Arizona, demonstrating strong potential for the application of XRF and XRT mineral sorting technologies. The company received BLM approval for two Notices of Intent at San Domingo, Dragon and San Domingo North, and identified high-priority drill targets at Dragon, Ruby Soho and Midnight Owl. Post yearend, the company completed a fundraise, which included certain director options being exercised, for total gross proceeds of £2.41 million. The Basin East Project has a Measured Mineral Resource of 20 Mt at an average grade of 929 ppm Li, containing 99 kt LCE, an Indicated Mineral Resource of 122 Mt at an average grade of 860 ppm Li, and an Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li, together containing 2.81 Mt LCE. Kennecott's previous exploration at Whistlejacket included 19 diamond drill holes totalling 4,188 m, with reported results including 51.0 m at 1.11% Li₂O in hole WSTL0009 and 19.47 m at 1.66% Li₂O in hole WSTL0008.

DevEx Resources Builds Nabarlek Uranium Pipeline as KP Alteration Strengthens Target

(ASX:DEV) DevEx Resources has completed the first full month of its 2026 dry-season exploration campaign at the 100%-owned Nabarlek uranium project in the Northern Territory, with drilling, target generation, and regional surveying progressing across a multi-year discovery pipeline. The strongest early geological indications have come from the KP prospect, where drilling passed through about 100 metres of sandstone cover into strongly altered basement rocks. A diamond hole at KP intersected a 10m-wide altered fault breccia above the unconformity, with follow-up drilling now targeting the projected structure where it passes below the unconformity. At Big Radon, seven reverse circulation and diamond holes tested the northern portion of a 3km-long radiometric and radon anomaly, identifying an approximately 20m-wide fault zone. One hole at Big Radon intersected 1.6m at 680 parts per million uranium equivalent (eU3O8) from 26m down-hole, including 0.4m at 1,041ppm eU3O8. RC drilling has also started at the Sandfire Prospect to test the projected continuation of the Angularli Fault Zone, with the program expected to run for two to three weeks before drilling relocates to Nabarlek North. A detailed airborne hyperspectral survey flown across granted Nabarlek tenements in August is expected to deliver first-pass results in September.

Imagine Lithium Outlines Exploration Program for Jackpot Project and Closing of Convertible Note Financing

(TSXV:ILI) (OTCQB:ARXRF) Imagine Lithium Inc. has provided an exploration update on their 27,597 ha Jackpot Project. Total resources on the land package include 3.1 Mt indicated at 0.85% Li2O for 26.2 kt of Li2O and 5.3 Mt inferred at 0.91% Li2O for 49.5 kt of Li2O. The Fall 2026 exploration program will focus on expanding resources at the Casino Royale deposit and conducting exploration drilling at the Ruth Pegmatite. Imagine Lithium Inc. has closed a private placement offering of 7.0% secured convertible notes for gross proceeds of $3,000,000. Convertible Notes will bear interest at 7.0% per annum and will mature 5 years from their issuance. The principal amount owing under each Convertible Note will be convertible into common shares, in multiples of $500,000 of the principal amount, at a conversion price of $0.05 per share in the first year, and for each year thereafter at a conversion price of $0.10 per share. The Company paid finders' fees of $180,000 through the issuance of 3,600,000 common shares to an eligible arms-length finder.

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