Key macro instruments that drive energy prices: dollar, crude benchmarks, gas markets, energy stocks
Oil Bulletin Daily
Daily signals, E&P company news and macro energy analysis — free, every day.
Key macro instruments that drive energy prices: dollar, crude benchmarks, gas markets, energy stocks
Oil Prices Climb as Trump Warns of More Attacks on Iran
The recent surge in oil prices, driven by President Trump's warning of potential further military action against Iran, underscores the fragility of the current geopolitical landscape and its direct impact on energy markets. A more aggressive U.S. stance towards Iran raises the specter of supply disruptions in a region that is already pivotal for global oil production. With Iran's oil exports already under severe sanctions, any escalation could lead to heightened tensions that might disrupt the Strait of Hormuz, through which approximately 20% of the world's oil passes. This risk premium is reflected in the sharp increase in crude prices, as investors price in the potential for supply shocks. Furthermore, the market's reaction indicates a growing sensitivity to geopolitical developments, suggesting that oil prices may remain volatile as long as uncertainties linger. The dynamics of OPEC+ production decisions could also be influenced, as member countries assess the implications of higher prices on their own fiscal needs while balancing the risk of demand destruction from elevated prices. Additionally, the broader macroeconomic picture could be affected; sustained high oil prices may stoke inflationary pressures, prompting central banks to reconsider their monetary policies. As energy investors navigate this landscape, the interplay between geopolitical tensions and supply-demand fundamentals will be critical in shaping future price trajectories. In this context, the market's focus will likely shift towards any developments in U.S.-Iran relations, as well as OPEC's response to maintain stability amid rising prices. Overall, the current situation highlights the intricate connections between geopolitics and energy markets, reinforcing the need for investors to remain vigilant in monitoring these developments.
21m ago
EIA: Crude Oil Inventories in US See Rare Build
The unexpected build in U.S. crude oil inventories signals a potential shift in market dynamics that could pressure oil prices downward in the near term. With stockpiles rising by 3.0 million barrels, reaching 411.4 million barrels, the market is faced with a stark contrast to the prevailing sentiment of tightening supplies. This increase, particularly notable given that it occurs during a period typically characterized by high demand, suggests that either domestic consumption is waning or production levels are unexpectedly robust, both of which could dampen bullish sentiment among investors. The fact that inventories remain 6% below the five-year average indicates that while the current build is significant, the overall supply landscape is still relatively tight, which may temper the extent of any price declines. However, the juxtaposition of this build against API's reported draw of 399,000 barrels highlights the volatility and uncertainty in the market, as different data sets can lead to conflicting narratives. This divergence could lead to increased market speculation and volatility, particularly as traders reassess their positions in light of these contrasting signals. Furthermore, if this trend of rising inventories continues, it could prompt OPEC+ to reconsider its production strategies, especially if global demand does not rebound as anticipated. The broader macroeconomic implications, particularly in the context of potential recessionary pressures and geopolitical tensions, could further complicate the demand outlook. In summary, while the current inventory build may provide a short-term bearish signal for oil prices, the underlying fundamentals still suggest a complex interplay of supply and demand that warrants close monitoring.
24m ago
Stock Market Today: Dow Drops As Trump Says Iran Ceasefire Is 'Over'; These Airline Firms Slump (Live Coverage)
The announcement that the ceasefire in Iran is "over" has immediate and profound implications for oil prices, as geopolitical tensions in the Middle East typically lead to volatility in energy markets. With Iran's potential to disrupt oil supply routes, particularly through the Strait of Hormuz, any escalation in conflict could tighten global oil supplies, driving prices upward. Investors are likely to react swiftly, pricing in the risk of supply disruptions that could arise from renewed hostilities. Additionally, the broader market's response, as evidenced by the Dow's drop, reflects a growing concern over how geopolitical instability can ripple through various sectors, including energy. Airlines, heavily reliant on stable fuel prices, are particularly vulnerable to spikes in crude oil costs, which can erode profit margins and lead to increased ticket prices. The interplay between rising oil prices and a declining stock market could signal a challenging economic environment, where inflationary pressures mount due to higher energy costs. Furthermore, OPEC's response will be critical; should they choose to maintain production levels despite rising prices, it could lead to a further tightening of the market. Conversely, if they decide to increase output to stabilize prices, it may indicate a willingness to absorb some geopolitical risk. Overall, the unfolding situation in Iran underscores the delicate balance between geopolitical events and market stability, reinforcing the notion that energy investors must remain vigilant in monitoring developments that could disrupt supply chains and affect pricing dynamics.
36m ago
LNG Japan Bags Its First Contract to Supply Gas in Australia
LNG Japan's inaugural contract to supply natural gas in Australia marks a significant shift in the dynamics of the Asia-Pacific energy landscape, with profound implications for oil and gas markets. This agreement, which involves over 30 petajoules of gas destined for Alinta Energy, underscores Japan's strategic pivot towards securing energy resources closer to home, particularly in the wake of fluctuating global LNG prices and supply chain vulnerabilities exacerbated by geopolitical tensions. As Japan diversifies its energy supply sources, this move could intensify competition among LNG suppliers, particularly those in the U.S. and Qatar, potentially leading to price adjustments in the broader LNG market. Furthermore, this contract highlights the growing importance of regional partnerships in energy security, which may influence OPEC's oil production strategies as demand for natural gas continues to rise, potentially displacing oil in certain markets. The Scarborough field, with its significant reserves, is poised to play a crucial role in meeting Japan's energy needs, which could lead to increased investment in Australian energy infrastructure and exploration. As Australia solidifies its position as a key player in the global LNG market, oil prices may face downward pressure if natural gas continues to gain traction as a preferred energy source, particularly in power generation. This contract could also signal a broader trend of Asian countries seeking to enhance their energy independence, thereby reshaping the global energy supply chain. Ultimately, the implications of this agreement extend beyond immediate supply dynamics, as it reflects a strategic realignment in energy sourcing that could reverberate through oil markets, influencing both pricing and investment decisions in the years to come.
39m ago
Refinery Stocks Rise Near Buy Points After Trump Ceasefire Comment
The rise in U.S. refinery stocks, particularly Valero Energy, following President Trump's declaration regarding the Iran ceasefire, underscores a pivotal moment for oil prices and the broader energy market. This comment signals heightened geopolitical tensions, which typically lead to volatility in crude oil prices as concerns about supply disruptions in the Middle East resurface. As refineries benefit from lower crude prices during periods of heightened geopolitical risk, the market may see a temporary dip in crude oil prices, which can enhance refining margins. However, the potential for escalated conflict could also lead to a rapid tightening of supply, particularly if Iran retaliates by disrupting oil flows or ramping up its nuclear program, which would ultimately support higher oil prices. Investors should remain vigilant, as the dynamics of refinery operations are closely tied to crude supply and demand fluctuations. Furthermore, if the situation escalates, it could prompt OPEC to adjust its production strategy, potentially leading to coordinated cuts to stabilize prices. The interplay between refining capacity and crude oil availability will be critical in determining the profitability of these stocks in the coming months. As the market digests these developments, the refining sector may emerge as a strategic play for investors looking to capitalize on both the immediate and longer-term ramifications of geopolitical tensions on oil supply chains. Overall, while the rise in refinery stocks may seem promising, the underlying risks associated with geopolitical instability should temper expectations regarding sustained price increases in the crude market.
42m ago
This Analyst Believes OXY Stock Could Climb 25% From Current Levels – But Latest Price Target Fails To Surpass 2026 Highs
Occidental Petroleum's potential 25% stock increase signals a bullish outlook for oil prices, reflecting a broader expectation of tightening supply dynamics in the market. With Occidental's strategic debt reduction and enhanced free cash flow, the company is poised to capitalize on any upward momentum in crude prices, which are likely to be driven by ongoing geopolitical tensions and OPEC's disciplined production strategies. However, the analyst's price target, which does not exceed 2026 highs, suggests a cautious approach to long-term price forecasts, indicating that while immediate gains may be achievable, structural challenges in the oil market could limit sustained growth. This scenario underscores the importance of monitoring global demand recovery, particularly from major consumers like China, as well as the potential for U.S. shale production to respond to higher prices. Moreover, with refining margins under pressure from fluctuating crude prices, the overall health of the energy sector remains contingent on balancing upstream profitability with downstream operational efficiency. Investors should also consider the implications of potential regulatory changes and environmental policies that could impact production levels and investment in fossil fuels. As Occidental navigates these complexities, its ability to leverage higher oil prices while managing operational costs will be critical to achieving the projected stock growth. Thus, while there is optimism surrounding Occidental's near-term performance, the broader oil market remains fraught with uncertainties that could temper expectations for sustained price increases beyond 2026. This dynamic reinforces the need for investors to remain vigilant and adaptable in their strategies as the energy landscape continues to evolve.
45m ago
(ASX:AGE) Alligator Energy has reached a key milestone in its growth strategy. There are no dates, percentages, or other concrete metrics included in the source text. The company does not provide any forward-looking projections or targets in the excerpt. No additional facts or details are present beyond the statement of reaching a key milestone.
(CSE:EMPS) (OTCQB:EMPPF) EMP Metals Corp. announced a corporate update for the first half of 2026, highlighting the advancement of Project Aurora from construction into commissioning. During this period, EMP completed major site infrastructure, received all required project permits, initiated commissioning activities, introduced first raw brine into the demonstration facility, and secured key government support. Approximately 50% of the overall commissioning program is now complete, with the first raw brine introduced into the pre-conditioning process system on July 1, 2026. EMP successfully completed an oversubscribed financing and received significant non-dilutive government support through the BC Innovative Clean Energy (BCIN) Fund, the National Industry-Led Network of Centres of Excellence (NGen) program, and the Saskatchewan Critical Minerals Innovation Incentive (SCMII). Project Aurora is designed to process ten (10) m³/day of raw brine and aims to support future commercial-scale development. The demonstration facility is intended to validate process performance and generate engineering and economic data for a future modular commercial facility capable of producing more than 3,000 tonnes per year of lithium products. EMP currently holds over 205,000 net acres (83,000 hectares) of Subsurface Dispositions and strategic wellbores in Southern Saskatchewan.
(LSE: ALK) Alkemy Capital Investments plc announced that its wholly owned subsidiary, Tees Valley Lithium Ltd (TVL), has entered into a non-binding Heads of Terms with E3 Lithium Ltd. for a proposed long-term refining partnership. The agreement outlines that E3 would utilise TVL's UK lithium hydroxide conversion capacity to convert lithium carbonate from E3's Clearwater Project in Alberta, Canada into battery-grade lithium hydroxide, with up to 50,000t over an initial 10-year term. TVL is building a £185 million merchant lithium refinery in the Billingham chemical cluster Teesside, designed to refine 25,000 tonnes per year of battery-grade lithium using Veolia's process technology, supporting the production of 550,000 electrical vehicles. E3 Lithium has a total of 21.2 million tonnes (Mt) of lithium carbonate equivalent (LCE) Measured and Indicated, 0.3 Mt LCE Inferred mineral resources, and a 1.13 Mt LCE proven and probable mineral reserve in Alberta, Canada. The Clearwater Pre-Feasibility Study outlined a pre-tax NPV(8%) of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV(8%) of USD 3.7 Billion with a 24.6% IRR. The Heads of Terms builds on TVL's previously announced binding offtake agreement with a wholly owned subsidiary of Glencore plc for up to 10,000 tonnes per annum of battery-grade lithium hydroxide. The company projects that the partnership will provide E3 with access to a lithium hydroxide supply chain to diversify both the geographical reach and the lithium chemistries available to its customers.
(TSXV: GMG) Graphene Manufacturing Group Ltd. announced that its Board of Directors has approved AU$1.2 million in capital expenditure for the next stage of detailed design, engineering and long-lead procurement for its next-generation graphene manufacturing plant. The planned Fulcrum Facility will be located in GMG's newly leased warehouse in Richlands, near the existing GMG "Boundary" Facility (HQ) in Queensland, Australia. The Fulcrum Facility will include an area for assembling Graphene Modular Production Units (MPU's) and a separate operating area for up to 5 separate Graphene MPU's, each with an estimated capacity of up to 20 tonnes per annum. Once fully completed and optimised, the Fulcrum Facility is expected to have annual production capacity of up to 100 tonnes of graphene and to assemble and commission up to 12 additional MPU's per annum, equivalent to a further 240 tonnes of annual graphene production capacity. The facility is also expected to be largely self-powered through standalone energy generation using renewable sources, an energy storage system and hydrogen-enriched natural gas supplied by tail gas power generation. GMG is progressing site selection and government approvals studies for locating a graphene production facility in both USA and Canada. The company projects that optimisation of the Gen 2.0 Plant for graphene quality, production rate, graphene packing, and self-power generation will not be completed until the end of 2026.
(TSXV: CVV) (OTCQX: CVVUF) CanAlaska Uranium Ltd. announced changes to its senior management team, specifically the resignation of Nathan Bridge, current Vice-President Exploration, following the completion of the summer drill program. The company is currently executing its summer drill program, planning to complete 20 to 25 drill holes. CanAlaska owns numerous uranium properties totaling approximately 330,000 hectares in the Athabasca Basin, Canada. The company has recently concentrated on the West McArthur high-grade uranium expansion with targets in 2024 and 2025, leading to significant success at Pike Zone. CanAlaska is fully financed for the 2026 drill season and is focused on uranium deposit discovery and delineation. The company’s head office is in Saskatoon, Saskatchewan, Canada, with a satellite office in Vancouver, BC, Canada. Nathan Bridge has agreed to assist CanAlaska during the transition period as the company conducts a search for a new Vice-President Exploration.
(TSXV: NXH) Next Hydrogen Solutions Inc. announced that Raveel Afzaal, President and Chief Executive Officer, will transition out of the CEO role in Fall 2026. The Board of Directors has retained Massey Henry to lead the search for his successor, considering candidates with commercialization experience scaling clean technology manufacturing businesses. Over the past five years, the Company raised close to $90 million in capital, grew its team from a handful of people to nearly fifty, and advanced its patented high current density electrolyzer technology from early prototype to a full commercial-scale system. The flagship NH-150 has been operating at a customer site in the Greater Toronto Area since August 2025, which is Ontario's largest on-site hydrogen fueling station. Next Hydrogen has established relationships with leading industrial partners including Casale SA, Hyundai, and Pratt & Whitney, and secured repeat orders in the nuclear fusion sector. The company has a commercially deployed flagship system and a deepening base of industrial partners. The Board intends to appoint a leader with deep commercialization experience to build on this foundation and scale the business in the years ahead.
(LON: AST) Ascent Resources Plc announced that the Arbitral Tribunal constituted under the International Centre for Settlement of Investment Disputes (ICSID) has issued its unanimous Award dated 7 July 2026 in the arbitration between Ascent Resources Plc and Ascent Slovenia Ltd v. Republic of Slovenia (ICSID Case No. ARB/22/21). The Tribunal denied all of the Respondent's (Republic of Slovenia) jurisdictional objections and confirmed its jurisdiction over the totality of the Claimants' claims under the Energy Charter Treaty. All of the Claimants' claims under Articles 10 and 13 of the ECT, as well as their claim for compensation, were denied. The Claimants (Ascent Resources Plc and Ascent Slovenia Ltd) are required to pay the Respondent the sum of EUR 3,000,000 in respect of the Respondent's own costs, and the parties shall bear the costs of the arbitration in equal shares. The Award is final and binding on the Parties. The arbitration concerned regulatory measures affecting the Petišovci oil and gas field in Slovenia, including the 2022 amendments to the Slovenian Mining Act that introduced a ban on hydraulic stimulation. The Company is reviewing the full Award and its implications and will provide a further update to shareholders in due course and as appropriate.
(TSXV: NILI) (OTCQX: NILIF) Surge Battery Metals Inc. announced that Nevada North Lithium, LLC, the joint venture between Surge and Evolution Mining Limited, has received final analytical reruns for all 2022 and 2023 drill holes on the Nevada North Lithium Project. The results confirm geochemical continuity of Cesium (Cs) and Rubidium (Rb) across the entire deposit footprint, with average grades of 125 ppm Cs and 291 ppm Rb at a 2,000-ppm Li cut-off, and 120 ppm Cs and 277 ppm Rb at a 1,250-ppm Li cut-off. The project reported an after-tax NPV8% of US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and an OPEX of US $5,243/t LCE, as disclosed in the Preliminary Economic Assessment dated May 19, 2025. The pit-constrained Measured & Indicated Resource contains an estimated 10.51 Mt of Lithium Carbonate Equivalent (LCE) grading 3007 ppm Li at a 1,250-ppm cutoff. Surge has granted a total of 6,950,000 stock options, exercisable for five years at an exercise price of $0.70 a share. The company projects integrating Cesium and Rubidium results into the upcoming Pre-Feasibility Study (PFS) and is actively evaluating the potential to recover these as high-value co-products or by-products. The first three rounds of drilling identified a mineralized zone of lithium bearing clays with a strike length of more than 4,300 meters and a known width of greater than 1,500 meters.
(LSE/AIM:IGN) AB “Ignitis grupė” announced that its subsidiary UAB “Ignitis” has additionally secured 2 TWh of annual regasification capacity at the Klaipėda LNG terminal on the secondary market for the period of 2033–2044. On 10 June 2026, the Group announced that it had reserved 4 TWh of annual regasification capacity for the period 2033–2044 through the long-term capacity allocation procedure organised by KN Energies. The long-term access to the terminal is stated to provide greater flexibility in planning gas supplies. The announcement also claims that this enables the diversification of supply sources. It is further stated that this strengthens energy resilience in Lithuania and the Baltic region. The capacity allocation procedure was conducted by Klaipėda LNG terminal operator AB “KN Energies”. No financial figures, investment amounts, or counterparties beyond those named are disclosed.
(LSE: ZEN; OSE: ZENA) Zenith Energy Ltd. announced that Reveille Resources PLC was successfully admitted to trading on the Aquis Growth Market on 7 July 2026, with Zenith remaining the largest shareholder. Reveille completed its Initial Public Offering, raising gross proceeds of £2.0 million through the issue of 40,000,000 new ordinary shares at a price of 5 pence per share, and an additional £680,000 was raised through pre-IPO subscriptions. Upon admission, Reveille had an issued share capital of 79,900,000 ordinary shares and an initial market capitalisation of approximately £4.0 million. Zenith holds 20,180,000 ordinary shares, representing approximately 25.26% of Reveille's issued share capital, and also holds 18,052,500 warrants over ordinary shares in Reveille with exercise prices ranging from 5 pence to 10 pence per share. Zenith's entire shareholding is subject to a voluntary 12-month lock-in. The company projects that Reveille has the potential to become one of Europe's most important uranium exploration stories and looks forward to supporting its continued growth. Reveille's shares closed at a multiple of the IPO price following the first day of trading.
(TSXV: TLA) Titan Logix Corp., a technology company specializing in mobile liquid measurement solutions, announced its interim results for the three- and nine-month periods ended May 31, 2026. Q3 fiscal 2026 revenue increased by $38 or 3% to $1,527 from $1,489 in Q3 fiscal 2025, while revenue for the nine months ended May 31, 2026, decreased by $517 or 10% to $4,628 from $5,145 in fiscal 2025. Q3 cost of sales increased 8% to $720, representing 47% of revenues, up from $665 or 45% of revenues in Q3 fiscal 2025. Gross profit for Q3 decreased by $17 to $807 or 53% of revenues compared to $824 or 55% of revenues in the comparative period. The company completed its NCIB program during Q2 of fiscal 2026, repurchasing and cancelling 1,759,649 common shares at an average price of $0.66 per share, and entered a new NCIB on May 21, 2026, authorizing repurchase of up to 1,571,185 common shares. Net loss decreased by $293 to $128 in Q3 compared to a net loss of $421 in Q3 fiscal 2025, but for the nine-month period, net loss increased by $456 to $681 compared to a net loss of $225 in fiscal 2025. The company estimates new truck tank builds for the refined petroleum market to be between 1,200 and 1,400 units in calendar 2026, an increase of approximately 20% from last year's build numbers.
(TSX:ZEO) BMO Gestion mondiale d'actifs marked the 17e anniversaire de l'inscription du FINB BMO équipondéré pétrole et gaz (TSX : ZEO) à la cote de la TSX. The event was attended by Kevin Prins, chef des ventes externes et distribution numérique, BMO Gestion mondiale d'actifs, and Berk Sumen, directeur général, Services aux sociétés de la Bourse de Toronto (la TSX) et de la Bourse de croissance TSX (la TSXV). Le FINB BMO équipondéré pétrole et gaz a été conçu pour reproduire, dans la mesure du possible, le rendement de l'indice Solactive Equal Weight Canada Oil & Gas, déduction faite des frais. BMO a été l'un des premiers émetteurs de FNB en 2009, avant de devenir l'un des plus grands fournisseurs de FNB au Canada. Son actif sous gestion s'élève à plus de 174 milliards de dollars (source : rapport de la Banque Nationale, 28 mai 2026). The fund invests in the constituent securities of the index and holds these securities in the same proportion as they are represented in the index. BMO Gestion mondiale d'actifs cherche continuellement à aider ses clients à atteindre leurs objectifs financiers grâce à des solutions adaptées à leurs besoins.
(NYSE: ALB) Albemarle Corporation announced that it will release its second quarter 2026 earnings after the NYSE closes on Wednesday, August 5, 2026. The company will hold a conference call to discuss its second quarter 2026 results on Thursday, August 6, at 8 a.m. EDT. Access to the call is available via webcast or direct dial, with U.S. & Canada Toll-Free: 1 (800) 590-8290 and International: 1-240-690-8800. The Event Title is 'Albemarle Q2 2026 Earnings Call' and the Event Date is August 6, 2026, with a Start Time of 8 a.m. EDT. A webcast replay will be available following the conclusion of the event through the News and Events page on Albemarle's website. Albemarle Corporation describes itself as a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. The company states that it regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.
(NYSE: RES) RPC, Inc. announced that it will release its financial results for the second quarter ended June 30, 2026 on Thursday, July 30, 2026, before the market opens. The Company will host a conference call to review the Company's financial and operating results on Thursday, July 30, 2026, at 9:00 a.m. Eastern Time. Individuals wishing to participate in the conference call should dial toll-free (833) 461-5787, or +1 (585) 542-9983 for international callers, and use meeting ID number 300 114 924. The call also will be broadcast and archived for 90 days on the Company's investor website. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of America, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. The company's investor website can be found on the internet at RPC.net. No forward-looking projections or financial figures were disclosed in this announcement.
(AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) Pulsar Helium Inc. announces a conditional retail offer of new Common Shares via RetailBook at an issue price of 75 pence per new Ordinary Share. The Retail Offer is available to both existing shareholders and new investors, with a minimum subscription of £250 per investor and an aggregate value of shares available for subscription at the Issue Price not to exceed £1,100,000 unless further allocations are agreed by the Company. Admission of the new Common Shares to trading on AIM is expected to take place at 8:00 a.m. on 13 July 2026, and the Retail Offer is expected to close at 9 p.m. on 7 July 2026. The Retail Offer is conditional on the new Common Shares to be issued pursuant to the Retail Offer, the Placing and Subscription being admitted to trading on AIM, and will not be completed without the Placing also being completed. The Company will use the net proceeds of the Retail Offer towards the commissioning of additional production-ready wells at the Topaz Project. No commission will be charged by RetailBook on applications to the Retail Offer. The new Common Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after their date of issue.
(AIM: QED) Quadrise Plc announced its intention to conduct a placing and subscription of new ordinary shares at a price of 1.0 pence per share to raise gross proceeds of up to £1.2 million. The company will also provide existing eligible retail investors with the opportunity to participate in a retail offer to raise additional gross proceeds of up to £1.2 million at the same issue price. Quadrise is seeking to raise up to £2.4 million (before expenses) to accelerate delivery towards commercial supply and profitability. The company's commercial products, MSAR® and bioMSAR™, target the US$147 billion (360 million tonnes) per annum global fuel oil market, offering fuels that are typically 10% (c.US$40/tonne) lower in cost for producers and consumers. The issue price represents a discount of approximately 35% to the closing mid-market price of 1.55 pence per ordinary share on 6 July 2026. The net proceeds will be used for progression of commercial marine trials with MSC and Cargill, advancing projects with OCP in Morocco and Valkor, and strengthening the balance sheet. The company expects to be well positioned to pursue non-dilutive funding options to support further growth, including project-level financing, technology partnerships, and capital expenditure financing for additional Multifuel Manufacturing Units.