Shell's continued retreat from low-carbon power dominated the sector's news flow, as the supermajor confirmed the sale of its European onshore renewables business to TotalEnergies. Elsewhere, small-cap explorers pressed ahead with funding and structural moves, Georgina Energy topped up its equity raise, Wildcat Gold set a timetable for its exchange switch, and Kosmos Energy posted stronger production alongside a shrinking debt pile.
Shell offloads European renewables arm to TotalEnergies
Shell (LSE:SHEL) has signed an agreement to sell its European onshore renewables portfolio to French rival TotalEnergies, continuing the redirection of capital toward higher-return businesses under chief executive Wael Sawan. The portfolio comprises 0.5 gigawatts of operating and in-development renewable capacity, plus a pipeline of future projects spanning Italy, the Netherlands, Spain and the UK. Shares in Shell traded at 3394.0p, up 0.31% on the day.
Neither party disclosed the sale price, though earlier press reports had suggested Shell was preparing to auction the business with an asset value in the region of €1 billion to €1.5 billion. The deal requires regulatory approvals and is expected to close by the end of 2026. It follows through on a pledge made at Shell's 2025 Capital Markets Day to reallocate capital toward its strongest businesses, and comes as TotalEnergies simultaneously offloads a 50% stake in a separate 1.2GW solar and wind portfolio across Germany, Spain, France and Poland to KKR, in a deal valuing those assets at €1.8 billion including debt.
"We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solution," said Machteld de Haan, president of downstream, renewables and energy solutions at Shell.
The disposal cements the shift Sawan has driven since taking the helm three years ago, steering Shell away from renewables and back toward oil and gas. That pivot has coincided with a doubling of second-quarter profit to near-record levels, aided by stronger LNG trading, while the renewables and energy solutions segment itself swung to adjusted earnings of $79 million from a $9 million loss a year earlier. The sale signals that even a profitable renewables quarter isn't enough to keep assets outside Shell's core priorities, reinforcing that capital discipline, not segment performance, now dictates what stays in the portfolio.
Georgina Energy tops up equity raise by £500,000
Georgina Energy (LSE:GEX) has raised a further £500,000 through 5.56 million new shares, adding to the £1.5 million equity raise announced on 31 July. Shares jumped 31.841% to 13.25p. The additional funding was subscribed by one institutional investor introduced by Fortified Securities and completed on the same terms as the July raise.
The investor will receive one warrant per placing share, exercisable at 10p over five years from admission, while Fortified Securities picks up 333,333 broker warrants exercisable at 9p over the same period. Net proceeds will support working capital and the company's work programmes, giving Georgina Energy scope to accelerate activity that had originally been expected to run on the July raise alone.
Following admission, the company's enlarged share capital will stand at 260.26 million shares, the figure shareholders must use in calculating notifiable interests under the FCA's Disclosure Guidance and Transparency Rules. The top-up raise, arriving so soon after the initial placing, suggests demand from the introduced investor outstripped what the first tranche could absorb, giving management more runway than originally planned.
Wildcat Gold sets timetable for Aquis market switch
Wildcat Gold (LSE:WCAT) has laid out a provisional timetable to move its shares from the main market to the Aquis Stock Exchange Growth Market, with shares down 11.765% at 0.075p. The company intends to announce cancellation of its main market listing on 3 August, targeting a fast-track admission to Aquis by 31 August, with the admission announcement itself due on 17 August alongside Aquis's corresponding application notice.
Cancellation of the main listing and admission to Aquis is scheduled for 1 September, marking the first day of dealings on the new exchange. Wildcat said new board appointments will be announced during this window, alongside a fundraise intended to satisfy Aquis admission requirements, though it cautioned the dates remain provisional and subject to change.
"The above timetable finally gives shareholders a roadmap as the Company transforms itself into a gold producer," said Mandhir Singh, chief executive and founder. The move to a lighter-touch exchange, paired with a fresh raise and incoming board changes, signals Wildcat is restructuring around its gold ambitions rather than its legacy petroleum positioning, with the September deadline now the clearest marker of that transition's progress.
Kosmos Energy grows output, cuts net debt sharply
Kosmos Energy (LSE:KOS), the Dallas-based producer with assets in Ghana, Mauritania, Senegal and the Gulf of America, reported net income of $185 million, or $0.31 per diluted share, for the second quarter of 2026. Adjusted net income came in at $68 million, or $0.11 per diluted share, while shares fell 5.882% to 192.0p. Revenue reached $607 million, equivalent to $86.68 per barrel of oil equivalent, on net production of around 71,400 barrels of oil equivalent per day, up around 12% year-on-year.
Production expense fell approximately 25% year-on-year to $179 million, or $25.61 per barrel, helping generate free cash flow of approximately $89 million. That cash flow supported a reduction in net debt of more than $400 million in the first half of the year, leaving net debt at approximately $2.56 billion against liquidity of over $500 million. Two new Jubilee wells came online late in the quarter and into the third quarter, with the field's final producer due imminently.
The combination of rising production, falling unit costs and a shrinking debt load marks a meaningful deleveraging step for a company whose balance sheet has long weighed on its equity story. With the Jubilee field's last well still to come online, the third quarter should show whether this quarter's cost and output trends are sustainable or simply a favourable one-off.
Prospex gas revenue jumps on higher European prices
Prospex Energy (LSE:PXEN) generated £1.2 million in gas sales at its Selva Malvezzi asset during the second quarter, with shares slipping 4.13% to 2.7803p. Higher electricity output at its Spanish asset added to the improved quarter, while two new Polish licences continue to reshape the company's portfolio.
The revenue uplift reflects stronger European gas pricing feeding through to Selva Malvezzi's output, giving Prospex a firmer near-term cash position as it builds out its Polish licence interests alongside its established Spanish and Italian assets.
Oracle Power clears surveys at Northern Zone Gold Project
Oracle Power (LSE:ORCP) has completed additional heritage and flora and fauna clearance surveys at its Northern Zone Gold Project, with shares at 0.0425p. The surveys keep the site on track for a mine development filing targeted for September.
Clearing these environmental and heritage checks removes a procedural hurdle ahead of the planned filing, giving Oracle Power a clearer runway toward advancing the project's development approval process in the coming weeks.
