Vulcan Energy's Lionheart Programme Gains a Second Rig as Two Banking Giants Trim Voting Stakes
Published on 11/11/2026 at 14:11 | Editorial boerse-global.de
Vulcan Energy has begun moving a second heavy-duty drilling rig to its Trappelberg site in Germany, adding momentum to a 28-hole campaign that the company still expects to culminate in first production during the second half of 2028. The V10 unit will join the V20 rig already on location, with Trappelberg standing as the fourth drill site of the Lionheart project.
The rig relocation was confirmed a day before the broader market took note of the stock, which climbed 8.2% in the latest session. No link between that share-price move and the separate stake disclosures filed by two major banks has been established.
Two Banks Lighten Their Positions
Morgan Stanley notified the market on 5 November that its total voting rights in Vulcan Energy had fallen from 5.12% to 3.96%, with the threshold being crossed on 30 October. Only 0.28 percentage points of that total rest on actual shares; the remaining 3.68% are held through instruments. The reduced aggregate figure therefore should not be read as an equivalent direct equity holding.
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Citigroup disclosed a comparable reduction roughly a week earlier, with its total voting position slipping from 7.71% to 6.38%. Shares account for 6.15% of that total, while the balance sits in instruments. VanEck Associates Corporation, for its part, stated that it is no longer listed as a major shareholder of Vulcan Energy; its filing references share transactions but names no same-day purchase or sale that would account for the price movement.
Injection Test Beats the Field Development Assumption
Operationally, the third-quarter 2026 report contained a result that outstripped the company's own planning basis. Vulcan put the injection capacity of LSC-3a at roughly 64 standard litres per second, well above the approximately 40 standard litres per second the field development plan had assumed for matrix injectors.
Drilling and construction work at Lionheart advanced within both schedule and budget during the quarter, according to the company. Vulcan has invested around EUR 51 million in the two rigs combined, and the pair is meant to run the 28-well programme in parallel rather than in sequence.
Funding Drawdowns in the Frame
The quarterly update, published on 30 October and covering the three months to 30 September, also set out project execution and the drawdown of financing facilities — disclosures that formed part of the reporting on the period's activities. The 2028 production target remains an intended start date rather than a milestone already achieved.
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