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20 business days are up on Friday so financials to be released imminently

The April benefits were already 50% capped at US$78-92/bbl according to the Cavendish sector note:

"Afentra has a very attractive hedge book with, at the latest public document (16 February) around 25% of FY26 production with relatively high call options ranging from US$78-92/bbl.

These included 49% of the April lifting hedged with call options of between US$85-92/bbl, and 20% of each of the final three liftings hedged with a US$78/bbl call option.

This leaves 250,000bbls of the April lifting unhedged, and 1.08mmbbls unhedged for 2H. Note that with its hedging strategy described as being under active review, these numbers may be out of date."

A US attack on Iran looming, sending up the price of oil next week, so when is the next lifting by Afentra? Couldn't be better timing to sell a cargo?

You missed the bit about additional CAPEX for preparing to drill and accelerating activities .. "Additional investment associated with the preparation for the 2026 drilling campaign and accelerated revamping programme will increase the 2025 capital programme from $180 million gross to around $220 million gross (Net: $66 million)."

Https://www.telegraph.co.uk/business/2024/08/29/miliband-north-sea-oil-fields-greenpeace/

Reaction in share price today to Hezbollah bombing at the weekend.

David Latin of Serica will say at today's AGM

"Closing loopholes in UK oil and gas tax seems to mean different things to different people. Whatever is meant, I wish to be crystal clear that reducing tax relief for capital expenditure below the rate at which tax is payable would make investment in the vast majority of UK North Sea projects unprofitable, meaning that these projects, and the jobs and tax revenues they would generate, simply will not happen.

David Latin says "Closing loopholes in UK oil and gas tax seems to mean different things to different people. Whatever is meant, I wish to be crystal clear that reducing tax relief for capital expenditure below the rate at which tax is payable would make investment in the vast majority of UK North Sea projects unprofitable, meaning that these projects, and the jobs and tax revenues they would generate, simply will not happen.

“The value of the committed expenditure, which may potentially be material to the Company, will be established with the Operator following the formal withdrawal process, and it is expected that these costs may not become fully payable until H1 2025.”

Labour to submit its budget to the OBR before summer and have fiscal event after September to fund Labour’s flagship policies.

https://www.theguardian.com/politics/article/2024/may/28/labour-has-no-tax-surprises-in-election-campaign-rachel-reeves-says

Reeves ruled out a snap budget or fiscal statement should Labour win the election. Saying she was committed to receiving forecasts from the Office for Budget Responsibility before any such event. Saying “The OBR requires 10 weeks’ notice to provide an independent forecast ahead of a budget and I’ve been really clear that I would not deliver a fiscal event without an OBR forecast,” she said. That timeframe would mean no budget until mid-September. There is nothing in our plans that requires any further increases in taxes, I have confidence in that. Voters can have confidence,” she told Sky News. “We put out the limited tax increases that a Labour government will introduce and people could be confident that we will not be going further than that … There are no further increases in tax that we are planning or that we need to fill any black holes.” Labour has already said it will fund its pledges with measures including a windfall tax on oil and gas firms, adding VAT to private school fees, taxing private equity bonuses, and a further tightening of the non-domicile tax system.

My very reluctant conclusion is that the extra tax revenue from extending the EPL is already baked in to the calculations that Labour will submit to the OBR soon after being elected. Some expected figures for Labour spending and extra tax revenue which might be submitted to the OBR are on page 7

https://public.conservatives.com/publicweb/Labour-tax-rises.pdf

The expected extra tax revenue from extending the EPL is on page 19.

I think it is looking certain that Labour must go ahead with raising extra tax from the EPL in order to fund decarbonising the power grid by 2030 which is a flagship Labour policy and would be unfunded without increasing the EPL.

I can't see anything persuading Rachel Reeves to do otherwise as she appears not to listen to sensible arguments for having an energy transition from oil and gas to renewables which preserves energy security.

Https://www.agcc.co.uk/news-article/first-minister-says-windfall-tax-has-gone-too-far

JOG is not directly affected by a Labour government extending the EPL by just removing the investment allowance. It is not making any investment as it is fully carried to first oil with all capital costs being paid by Neo and Serica.

The lemminginvestor report. What date was the article published? Is it just out this weekend?

Les Thomas JOG Chairman says "“Last year the UK spent more on importing hydrocarbons than it spent on the entire defence budget, a direct consequence of short-term fiscal policy damaging long-term investment into homegrown energy."

Such a simple solution to fund the increase in the defence spending (that Labour won't commit to) is to produce more oil and gas from the UKCS.

Jeremy Hunt considering extending the windfall tax

hTTps://www.bloomberg.com/news/articles/2024-02-29/jeremy-hunt-may-extend-uk-windfall-tax-on-oil-gas-at-budget?srnd=undefined&leadSource=uverify%20wall

Jeremy Hunt considering extending the windfall tax

hTTps://www.bloomberg.com/news/articles/2024-02-29/jeremy-hunt-may-extend-uk-windfall-tax-on-oil-gas-at-budget?srnd=undefined&leadSource=uverify%20wall

I've nothing new to say on Invinity. That's the problem.

Every day I look for some news of another VS3 sale. It's all gone quiet.

But staff are on the move. I've seen the job of Manufacturing Manager in Vancouver was posted on Linkedin 2 days ago

hTTps://www.linkedin.com/company/invinity-energy-systems/

and on Smartrecruiters

hTTps://jobs.smartrecruiters.com/InvinityEnergySystems/743999943800713-manufacturing-manager

Lack of VS3 sales in recent months is now starting to create uncertainty about the future.

I thought it was ominous when Everdura's deal was allowed to be switched from sales of VS3 to future sales of Mistral about which there is no sales information.

Anticipating strong growth ahead at Siemens Gamesa Energy. It referred to "preliminary talks" with different stakeholders, including banking partners and the Berlin government "to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth.”

The state-owned utility company Horizon is the equivalent of the combined National Grid and Centrica to Western Australians providing gas and electricity. Subsidiary Horizon Energy has been working for a long time with UK-listed Falcon Energy to build a fracking business in Western Australia. This could be the start of a long and strong relationship between Horizon Power and Invinity.

After Invinity warrant holder approval there will be 12.5m short term warrants at 50p and 12.5m long term warrants at 100p.

With 191m Invinity shares currently in issue 191m, there will be 216m shares after exercise of the warrants, which will provide Invinity with £19m funding.

If the share price could be somewhat higher than 100p early next year, then Invinity will have all the required funds needed until Mistral revenues arrive after a launch later in 2024.

No discounted placing.