Oil watchers could be treating their necks for whip lash after a wild oil price ride in November.

The benchmark Brent crude price fell to a low of $US60.91 ($89.92) per barrel before rocketing up to a high of $US64.27 per barrel with a slight trough in between. Prices have slipped since and last traded at $US62.43 per barrel.

November Oil Prices – Brent Crude in Orange, WTI in Blue

The latest data out of the US Energy Information Administration also revealed that in September, the world’s largest economy became a net oil exporter for the first time in 70 years.

In contrast, Organization of the Petroleum Exporting Countries (OPEC) production dropped by 110,000 barrels per day to 29.57 million barrels per day.

So who were some of the biggest oil and gas gainers in the small cap space in November?


#1 Global Petroleum (ASX:GBP) +58%

Topping the charts was Global Petroleum which shot past the next highest gainer after estimating that its PEL0094 permit offshore Namibia could host a resource of 964 million barrels of oil.

This resource is based on 2D seismic data and geological information that the company has access to currently.

Global Petroleum, which has an 85 per cent interest in the permit, added that more prospects and leads could be identified once it had licensed and interpreted the remainder of the existing 2D and 3D seismic data in the permit.

It added that further work may increase the geological chance of success for the prospective resource.


#3 Bass Oil (ASX:BAS) +50%

Proving that Australians are active elsewhere in Indonesia besides Bali, Bass Oil makes our top 10 list after telling the market that it was all set to start oil production from the Bunian-5 well at its Tangai-Sukananti KSO in southern Sumatra.

The well flowed over 860 barrels of oil per day (bopd) from the TRM 3 sandstone and a further 650bopd from the K sandstone during production testing.

Bass Oil said last month that the well will initially produce from the TRM 3 reservoir with production being ramped to the field’s oil facility export limits.

Work is underway to update the field and reservoir models to determine its future development potential.

And because someone will ask, southern Sumatra is more than 1,000km away from Bali.


#5 Whitebark Energy (ASX:WBE) +43%

The potential for more oil production buoyed Whitebark in November, with the company flagging mid-month that it could increase production at its Wizard Lake project in Canada after removing debris from the Rex-1 well.

The debris was blocking nearly two thirds of the Rex-1 horizontal section, which suggests that the well’s daily production of 340 barrels of oil equivalent was coming from the third of the wellbore that was not obstructed.

Whitebark recently completed the Rex-3 well, which appeared to have intersected a higher quality reservoir than at Rex-2.

Fracture stimulation operations will be carried out before the well is tested.

Here are the top 10 oil and gas small caps for the month of November.

Code Name Price 1 November Price (1pm Friday) 1 Month % Return Market Cap
ANA ANSILA ENERGY NL 0.023 0.037 61 $18.0M
XST XSTATE RESOURCES LTD 0.002 0.003 50 $3.4M
TMK TAMASKA OIL & GAS LTD 0.005 0.007 40 $5.5M
SGC SACGASCO LTD 0.027 0.036 33 $9.7M
CRM CARBON MINERALS LTD 0.13 0.17 31 $3.2M
IPB IPB PETROLEUM LTD 0.022 0.028 27 $6.4M
KEY KEY PETROLEUM LTD 0.006 0.0075 25 $12.6M
TSC TWENTY SEVEN CO LTD 0.004 0.005 25 $6.1M
TPD TALON PETROLEUM LTD 0.0025 0.003 20 $5.3M
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