Category: Top Story

UK Oil & Gas PLC (LSE:UKOG) has submitted a retrospective planning application to Surrey County Council for its Horse Hill oil field, seeking to reinstate the full production consent originally granted in 2019.

The move follows a 2024 ruling by the UK Supreme Court, which determined that the earlier approval was unlawful due to the omission of downstream greenhouse gas emissions from the environmental assessment.

Revised Submission Addresses Environmental Requirements

After the court decision, UK Oil & Gas halted production at Horse Hill in October 2024. Since then, the company has worked with regulators and planning specialists to prepare a revised application.

The updated submission includes new ecological and environmental studies, technical documentation, and a detailed evaluation of emissions linked to the end use of extracted hydrocarbons—addressing the issues raised by the court.

Restart Could Support Energy Transition Strategy

If approved, the application would allow production at Horse Hill to resume on a stable basis, restoring a key revenue stream for the company. UK Oil & Gas has indicated that future income from the field would be reinvested into its transition strategy, including hydrogen storage and other low-carbon energy projects.

This approach reflects the group’s aim to balance ongoing oil and gas operations with participation in the UK’s broader energy transition.

More About UK Oil & Gas PLC

UK Oil & Gas PLC is an AIM-listed energy company focused on onshore oil and gas production in the United Kingdom.

The company holds a significant operated interest in the Horse Hill field in Surrey and is expanding into clean energy initiatives, including planned hydrogen storage developments and other low-carbon projects in regions such as Dorset and Yorkshire.

Altona Rare Earths Plc (LSE:REE) has released updated JORC-compliant mineral resource estimates for fluorspar and gallium at its Monte Muambe project in Mozambique, highlighting the project’s expanding scale and multi-commodity potential.

The company confirmed 3.48 million tonnes of fluorspar-bearing ore with an average grade of 20.6% CaF2. This supports an initial mine life of around 9.5 years based on annual production of 50,000 tonnes of acid-grade concentrate and paves the way for detailed scoping studies.

Gallium Resource Adds Strategic Upside

Alongside fluorspar, Altona reported an inferred gallium resource of 11.73 million tonnes grading 54.7 g/t Ga2O3. This is among the few code-compliant gallium resources globally and is believed to be the first defined within a carbonatite system.

The company sees significant upside potential, noting that only a fraction of identified gallium anomalies has been drilled. Further exploration could expand the resource beyond 40 million tonnes, potentially supporting a standalone gallium development in addition to fluorspar and rare earths operations.

Development Pathway Strengthens Multi-Commodity Case

The fluorspar resource, covering both measured and inferred categories across key zones, reinforces the economic case for mine development. Additional exploration targets such as Kudu and Jambire could further scale the project, potentially supporting production of up to 100,000 tonnes per year.

At the same time, Altona is progressing metallurgical testing programmes for fluorspar in South Africa and gallium in Canada and Poland, alongside ongoing studies into heavy rare earths. Management views Monte Muambe as a project with multiple parallel development pathways, offering several routes to value creation as technical work advances.

Outlook Impacted by Financial Constraints

Despite strong project momentum, Altona’s outlook remains constrained by its financial position, characterised by a lack of revenue, ongoing losses, cash burn, and increasing leverage.

Positive technical indicators, including a share price trading above key moving averages and supportive momentum signals, provide some offset. However, valuation remains limited by negative earnings and the absence of dividend support.

More About Altona Rare Earths

Altona Rare Earths Plc is an exploration and development company focused on critical minerals in Africa. Its flagship Monte Muambe project in Mozambique hosts rare earths, fluorspar, and now gallium within a carbonatite deposit.

Listed in London and on the OTCQB, the company targets materials essential for the energy transition, advanced technologies, and industrial processes, positioning itself within global supply chains for strategically important resources.

Shares in Diageo (LSE:DGE) rose almost 2% on Friday after Donald Trump announced plans to lift tariffs on whisky imports following a White House visit by King Charles III and Queen Camilla.

“In Honor of the King and Queen of the United Kingdom, who have just left the White House, soon headed back to their wonderful Country, I will be removing the Tariffs and Restrictions on Whiskey having to do with Scotland’s ability to work with the Commonwealth of Kentucky on Whiskey and Bourbon,” Trump wrote on Truth Social.

He added that the royal visit “got me to do something nobody else was able to do, without hardly even asking.”

Industry Relief After Prolonged Pressure

The whisky sector has faced sustained pressure from elevated tariffs and declining alcohol consumption. According to the Scotch Whisky Association, the levies have been costing the industry around £4 million per week.

Diageo, which owns major brands such as Johnnie Walker, Talisker, and Lagavulin, had previously announced plans to scale back production at certain distilleries to offset softer demand conditions.

Trade Context and Tariff Background

A trade agreement between the United States and the United Kingdom reached in 2025 maintained a baseline tariff of 10% on most British goods, including whisky. This was a reduction from the первоначально proposed 27.5% rate outlined by Trump earlier in negotiations.

AstraZeneca (LSE:AZN) shares moved lower on Friday after an independent advisory panel to the U.S. Food and Drug Administration voted against backing the risk-benefit profile of its experimental breast cancer therapy, camizestrant.

The stock declined 1.6% in London by 07:37 GMT.

Advisory Committee Vote Raises Regulatory Concerns

The FDA’s Oncologic Drugs Advisory Committee voted 6–3 against the oral treatment, which is being developed as a first-line option for a subtype of breast cancer linked to a specific genetic mutation. The panel determined that the drug did not demonstrate a “meaningful benefit” for patients whose disease had not progressed on existing therapies.

Although such advisory votes are not legally binding, regulators often align with the panel’s recommendations. A final ruling from the FDA is expected at a later date.

Analysts Flag Impact on Approval Prospects

The outcome introduces “regulatory overhang and a dent to investor sentiment,” according to analysts at Morgan Stanley led by Sarita Kapila.

“We see a decreased likelihood of approval in the SERENA-6 setting following the 6–3 negative ODAC vote, though approval remains possible,” they noted.

Company Response and Trial Data

AstraZeneca said it was “disappointed” with the panel’s decision but maintained confidence in both its clinical data and the drug’s potential to benefit patients.

Trial results showed that camizestrant extended the time before disease progression by more than six months. When used alongside other cancer treatments, patients experienced a median progression-free period of 16 months, compared with 9.2 months under the current standard of care.

NatWest Group (LSE:NWG) reported a strong start to 2026, with total income excluding notable items reaching £4.2 billion and operating profit rising to £2.0 billion, both ahead of the same period last year. Attributable profit came in at £1.4 billion, while earnings per share increased 15.5% to 17.9 pence. Return on Tangible Equity stood at 18.2%, reflecting robust capital generation and contributing to a higher tangible net asset value per share.

Balance Sheet Growth and Operational Improvements

The bank recorded broad-based expansion across its balance sheet, with net loans increasing by £7.2 billion and customer deposits rising by £3.1 billion. Growth was driven by mortgage lending and stronger commercial balances, partially offset by weaker market-driven valuations in asset management. Management highlighted over £100 million in additional cost savings and an improved cost-to-income ratio, alongside active management of risk-weighted assets. The CET1 capital ratio strengthened to 14.3%, and the bank upgraded its income guidance to the top end of its previous range, signalling confidence despite ongoing macroeconomic uncertainty.

Outlook and Market Considerations

NatWest’s outlook is supported by strong profitability, improved guidance, and ongoing capital returns, combined with an attractive valuation profile. However, these positives are partly offset by volatile cash flow trends, including in the most recent financial year, and softer short-term technical momentum.

More about NatWest Group

NatWest Group is one of the UK’s leading banking and financial services providers, serving around 20 million customers. Its operations span retail banking, private banking and wealth management, and commercial and institutional banking. The group offers a wide range of services including lending, deposits, and advisory solutions, with an increasing focus on digital banking and AI-driven capabilities within its core UK market.

MJ Gleeson (LSE:GLE) reported resilient performance at its Gleeson Homes division during the 11 weeks to 24 April 2026, with net reservation rates slightly ahead of the prior year and selling prices largely stable despite modest build cost inflation. The company continues to prioritise margin protection while progressing its efficiency programme, Project Transform, which includes regional restructuring aimed at focusing investment on higher-return land opportunities and improving operational efficiency.

Regional Restructuring and Cost Implications

From 1 July, MJ Gleeson will combine its Yorkshire East region with Yorkshire South and West, while reallocating certain sites to the Midlands. The changes are expected to generate around £0.9 million in annual overhead savings but will result in up to £3.1 million in exceptional restructuring and land impairment costs. Additionally, new management has identified legacy issues at previously completed sites, mainly in Yorkshire, leading to remedial cost provisions estimated between £5.2 million and £7.1 million over the next three to four years. These costs are expected to be excluded from adjusted earnings.

Land Sales Progress and Outlook

Gleeson Land is advancing the sale of five sites, including one significant development accounting for roughly half of the plots expected to be sold this year. A key technical solution for this site has been approved by the highways authority, with final consent set to determine the timing of completion. Assuming this major transaction proceeds and with improved visibility following the spring selling season, the board expects adjusted profit before tax for the year ending 30 June 2026 to align with market expectations. However, management has adopted a cautious tone, citing geopolitical uncertainty, planning constraints, and cost pressures.

Financial Performance and Market Signals

The company’s outlook is weighed down by weak technical indicators, with the share price trading below key moving averages and showing a bearish MACD alongside very low RSI levels. Financially, the picture is mixed: while the balance sheet remains strong and revenue growth is modest, margin pressure and negative recent operating and free cash flow reduce overall confidence. Valuation also appears demanding, with a relatively high price-to-earnings ratio.

More about MJ Gleeson PLC

MJ Gleeson plc is a UK-based housebuilder and land promoter operating through its Gleeson Homes and Gleeson Land divisions. Gleeson Homes focuses on delivering affordable housing, primarily in regions such as Yorkshire and the Midlands, while Gleeson Land specialises in promoting residential land with planning potential for sale to other developers.

Santander UK (LSE:BNC) has finalised its all-cash purchase of TSB Banking Group from Banco de Sabadell for £2.65 billion, alongside an estimated £213 million adjustment tied to tangible net asset value. The transaction was funded using internal cash resources, supplemented by backing from its parent, Banco Santander. With approvals now secured from the Prudential Regulation Authority and the European Central Bank, the acquisition significantly strengthens Santander UK’s position in the domestic retail banking market.

Integration Plans and Expected Financial Impact

The group intends to absorb TSB Bank through a Part VII transfer of banking operations, expected to take place in the first half of 2027, pending court approval and final regulatory clearance. Once completed, Santander UK is projected to become the UK’s third-largest bank in terms of personal current account balances and rank fourth in the mortgage market. Management anticipates at least £400 million in cost synergies, alongside a targeted return on tangible equity of 16% by 2028, while maintaining a CET1 ratio of 14%.

Financial Signals and Market Performance Concerns

Despite reporting solid profitability, Santander UK’s broader financial profile shows some strain. Several years of negative operating and free cash flow, combined with increasing leverage, weigh on overall financial quality. Market indicators also remain weak, with the stock trading below key moving averages and showing a negative MACD trend. While the dividend yield offers some appeal, assessing valuation remains difficult due to the lack of a usable price-to-earnings ratio.

More about Santander UK

Santander UK is a leading retail and commercial banking institution in Britain and part of the global Banco Santander network. The bank provides a wide range of services, including current accounts, mortgages, personal loans, and business banking solutions. Focused on serving mass-market consumers and small to medium-sized enterprises, it competes directly with the UK’s largest high-street banks across core lending and deposit segments.