At $60 per barrel, ASX investors are getting excited about oil (and gas) again
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Oil prices are on the rise again and that’s good news for ASX oil and gas stocks as well as some icing on the cake for a handful this morning.
For a brief period last April prices fell into negative territory but have been on the recovery ever since and overnight topped $60 per barrel.
While this is still off the highs seen in the middle of the 2010s, it is the highest price since COVID-19 broke out.
For several months now, most noteworthy gains among oil and gas stocks have been mysteriously off the back of no news.
Stockhead analysis has found that the average ASX oil and gas stock is up 81 per cent in the last 12 months – although it goes without saying there’s an enormous gap between the top winners and losers.
|SAN||Sagalio Energy Ltd||0.026||100||1200||4||1200||$ 5,321,163.38|
|ENX||Enegex Limited||0.056||-7||198||0||837||$ 7,950,936.95|
|BUY||Bounty Oil & Gas NL||0.03||88||114||-21||650||$ 32,892,029.46|
|KKO||Kinetiko Energy Ltd||0.14||-3||100||-7||600||$ 82,343,898.70|
|XST||Xstate Resources||0.0205||156||583||105||583||$ 39,142,573.04|
|JPR||Jupiter Energy||0.05||4||127||2||400||$ 7,668,884.65|
|PGY||Pilot Energy Ltd||0.078||123||333||66||333||$ 15,503,777.12|
|SXA||Strata-X Energy Ltd||0.225||162||275||18||302||$ 26,428,269.14|
|ICN||Icon Energy Limited||0.018||6||80||0||260||$ 10,756,924.88|
|EXR||Elixir Energy Ltd||0.165||-6||101||-3||259||$ 133,649,681.55|
|OXX||Octanex Ltd||0.025||56||92||14||257||$ 6,070,596.00|
|SGC||Sacgasco Ltd||0.115||60||297||49||238||$ 37,744,617.11|
|RLE||Real Energy Corp||0.094||203||370||29||236||$ 37,485,388.98|
|IVZ||Invictus Energy Ltd||0.079||46||163||7||204||$ 37,477,586.33|
|TNP||Triple Energy Ltd||0.025||0||317||0||178||$ 1,799,901.35|
|NGY||Nuenergy Gas Ltd||0.05||317||400||163||178||$ 88,857,329.82|
|GGX||Gas2Grid Limited||0.008||220||300||100||167||$ 8,015,981.91|
|GGE||Grand Gulf Energy||0.015||36||200||7||150||$ 5,756,242.17|
|ANA||Ansila Energy||0.029||-19||38||-19||123||$ 49,916,847.40|
|GLV||Global Oil & Gas||0.021||75||127||31||108||$ 15,826,120.93|
|PKO||Peako Limited||0.029||7||83||0||107||$ 5,185,462.78|
|ODY||Odyssey Gold Ltd||0.078||81||81||4||81||$ 34,844,845.04|
|ROG||Red Sky Energy.||0.003||50||140||20||80||$ 13,804,266.59|
|LIO||Lion Energy Limited||0.033||-18||136||14||74||$ 6,844,259.07|
|STX||Strike Energy Ltd||0.3||-8||35||-2||70||$ 516,451,105.20|
|RMP||Red Emperor Resource||0.017||-15||42||0||70||$ 8,929,977.19|
|TPD||Talon Petroleum Ltd||0.005||25||67||11||67||$ 21,758,947.63|
|CE1||Calima Energy||0.009||29||80||29||50||$ 19,864,117.01|
|TMK||Tamaska Oil Gas Ltd||0.013||44||160||18||44||$ 11,635,000.00|
|IPB||IPB Petroleum Ltd||0.039||-5||255||8||44||$ 10,326,775.25|
|MAY||Melbana Energy Ltd||0.014||17||75||0||40||$ 32,435,919.77|
|BRK||Brookside Energy Ltd||0.009||0||80||13||29||$ 10,800,000.00|
|NWE||Norwest Energy NL||0.006||-25||100||0||20||$ 30,440,660.46|
|SXY||Senex Energy Limited||0.355||8||31||3||13||$ 519,782,216.24|
|WGO||Warrego Energy Ltd||0.225||-4||29||0||13||$ 217,167,191.56|
|DOR||Doriemus PLC||0.046||-23||48||-10||10||$ 2,667,223.75|
|GLL||Galilee Energy Ltd||0.63||-2||9||-1||9||$ 186,014,150.28|
|CTP||Central Petroleum||0.14||8||56||8||4||$ 101,281,934.46|
|NZO||New Zealand Oil&Gas||0.46||-5||2||-7||2||$ 75,638,130.28|
|KAR||Karoon Energy Ltd||1.11||-1||49||5||0||$ 600,706,368.96|
|NSE||New Standard Energy||0.004||0||0||0||0||$ 3,554,995.46|
|MPO||Molopo Energy Ltd||0.14||0||0||0||0||$ 34,865,690.72|
|LKO||Lakes Oil NL||0.0015||0||0||0||0||$ 50,515,629.72|
|FDM||Freedom Oil Gas||0.011||0||0||0||0||$ 11,847,248.07|
|GAS||State GAS Limited||0.595||7||32||3||-1||$ 102,954,221.48|
|BRU||Buru Energy||0.155||29||65||3||-3||$ 66,971,507.36|
|MEL||Metgasco Ltd||0.031||19||37||-3||-12||$ 17,037,641.79|
|HPR||High Peak Royalties||0.079||0||20||4||-12||$ 14,927,555.52|
|ADX||ADX Energy Ltd||0.007||17||0||0||-13||$ 17,208,105.60|
|EEG||Empire Energy Ltd||0.34||-4||10||-3||-13||$ 113,379,694.40|
|STO||Santos Ltd||7.02||1||23||4||-15||$ 14,623,123,607.82|
|CVN||Carnarvon Petroleum||0.28||-10||51||6||-15||$ 430,479,477.18|
|TOU||Tlou Energy Ltd||0.06||9||62||-10||-16||$ 32,562,340.42|
|TEG||Triangle Energy Ltd||0.037||37||28||23||-18||$ 21,726,721.84|
|ATS||Australis Oil & Gas||0.06||0||114||5||-19||$ 61,129,748.04|
|KEY||KEY Petroleum||0.004||-33||0||0||-20||$ 7,871,712.50|
|BPT||Beach Energy Limited||1.87||-2||30||11||-22||$ 4,163,433,922.20|
|PRM||Prominence Energy NL||0.012||71||157||9||-23||$ 7,258,293.43|
|AJQ||Armour Energy Ltd||0.04||-29||90||-25||-24||$ 52,306,284.64|
|WPL||Woodside Petroleum||25.53||3||25||2||-25||$ 24,440,535,675.60|
|PCL||Pancontinental Oil||0.0015||0||50||0||-25||$ 10,813,430.97|
|BAS||Bass Oil Ltd||0.0015||0||0||0||-25||$ 3,342,140.10|
|HZN||Horizon Oil Limited||0.086||34||51||23||-28||$ 109,366,426.26|
|FPL||Fremont Petroleum||0.0035||-13||17||17||-30||$ 16,374,793.82|
|OSH||Oil Search Ltd||4.21||-1||38||6||-32||$ 8,581,523,242.32|
|TDO||3D Oil Limited||0.054||-5||-10||-2||-33||$ 14,320,172.09|
|CUE||CUE Energy Resource||0.078||3||-40||1||-42||$ 53,755,218.44|
|PVE||Po Valley Energy Ltd||0.034||13||-11||0||-43||$ 22,007,727.50|
|HCD||Hydrocarbon Dynamic||0.024||-20||-11||4||-44||$ 10,566,962.54|
|COE||Cooper Energy Ltd||0.31||-22||-18||-9||-45||$ 497,462,962.03|
|WEL||Winchester Energy||0.026||13||4||8||-46||$ 15,177,790.06|
|BYE||Byron Energy Ltd||0.16||0||-14||0||-47||$ 166,447,216.32|
|COI||Comet Ridge Limited||0.076||-6||-4||1||-49||$ 60,923,302.36|
|OEX||Oilex Ltd||0.0015||-25||-25||-25||-50||$ 6,243,195.00|
|ABL||Abilene Oil & Gas||0.001||0||0||0||-50||$ 397,614.35|
|88E||88 Energy Ltd||0.011||22||120||0||-50||$ 117,277,494.74|
|OEL||Otto Energy Limited||0.01||0||43||11||-56||$ 47,950,097.73|
|VEN||Vintage Energy||0.064||0||-23||-12||-57||$ 38,633,238.21|
|WBE||Whitebark Energy||0.0035||0||17||-13||-59||$ 14,220,939.43|
|PSA||Petsec Energy||0.021||0||0||0||-63||$ 8,580,346.40|
|E2E||Eon Nrg Ltd||0.001||0||0||0||-67||$ 769,888.93|
|FAR||FAR Ltd||0.011||0||-8||0||-71||$ 109,767,132.17|
|KPE||Kina Petroleum Corp||0.115||-30||-89||-30||-91||$ 1,460,156.73|
But now, ASX oil and gas investors are responding to positive company news.
Today it told shareholders a drilling contract had been signed to drill its Borba gas well in the Northern Sacramento Basin.
The rig is now mobilising to the site and drilling will get underway in the next week.
Sacgasco managing director Gary Jeffery admitted it had taken a while to get to this point but the wait for shareholders would be worth it.
The Golden State imports over 90 per cent of its natural gas from Canada and other US states but Sacgasco said finding it locally will be more cost-effective.
“My view is that Sacgasco is without doubt the best ASX-listed company leveraged to a very big gas play,” he said.
“Borba is a most technically compelling, low risk, onshore prospect, located in the massively under-supplied and premium priced natural gas market that is California.”
Xstate also welcomed the news, noting that global oil and gas markets were bullish once more.
“The timing of the drilling of Borba coincides with a sustained increase in the price of oil and gas and complements the recent corporate strategy of the company of increasing its asset base through a growing portfolio interest in attractive production assets,” said Xstate boss David McArthur.
Sacgasco shares rose by over 20 per cent while XState shares rose by 11 per cent.
Another ASX oil and gas stock with news today was Brookside Energy (ASX:BRK) which is also US-focused.
It completed an $8.25 million capital raising to help it fund its Jewell Well. The company said it welcomed “several new high net worth investors looking for exposure to the oil and gas sector” and the Jewell Well was the first well in a potential five-year, 20-plus well development drilling program.
“This is a very exciting time for the company and the team at Black Mesa Energy and we are looking forward to breaking ground on the Jewell Well location very shortly,” declared managing director David Prentice.
Rounding out the list of ASX oil and gas stocks with news was European focused Ansila Energy (ASX:ANA).
Last week Ansila snapped up British explorer Hartshead Resources and today it told shareholders it had begun activities on a number of workstreams to deliver a field development plan for Phase I assets and the subsurface analysis of Phase II assets.
Both shares saw gains as well.
At Stockhead, we tell it like it is. While Ansila Energy is a Stockhead advertiser, it did not sponsor this article.