Optimism returns to oil and gas, RIU Good Oil Conference ‘extremely well attended’
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Special Report: Nearly 800 delegates attended last week’s RIU Good Oil Conference and it was clear the enthusiasm is returning to the sector on the back of a number of game changing discoveries.
Jaxon Crabb, business development manager – resources for event organiser Vertical Events, told Stockhead the sentiment at the conference was the best it had been in the past five years.
“The sentiment at this conference was as good as it’s been since back in 2014, when the oil price was north of $US100,” he said.
“That’s the great thing about junior and mid-cap events, it generally only takes one or two companies to have had some exploration or development success and the optimism and excitement just spreads through all of the other participants.”
Big discoveries have been in the Perth Basin by Strike Energy (ASX:STX) and Warrego Energy (ASX:WGO)and in the Carnarvon Basin by Carnarvon Petroleum (ASX:CVN).
“The most pleasing aspect from our point of view was the stickiness of the crowd and the delegates’ commitment to see the full days through,” Crabb said.
“When Carnarvon, Strike and Warrego Energy presented, those sessions were extremely well attended, but the excitement around those companies also seemed to open up a lot of optimism from the investors and the delegates with all the other oil and gas companies that were presenting during the two days.”
Other presenters included Central Petroleum (ASX:CTP), Norwest Energy (ASX:NWE), Vintage Energy (ASX:VEN), Hazer Group (ASX:HZR), Red Sky Energy (ASX: ROG) and XCD Energy (ASX:XCD).
Crabb said the auditorium was packed for several sessions and there was good engagement in the exhibition area over the two days.
After a bit of a hiatus, money is starting to flow back into the industry.
Triangle Energy (ASX:TEG) just raised $3.6m to advance its projects in the Perth Basin. The capital raising attracted new institutional and sophisticated investors to the company’s register.
Michael Eidne, who is director of research for Argonaut, which was lead broker for the capital raising, told Stockheadthe raising had been pretty easy.
“We got everything we wanted, we didn’t even have to struggle, which shows that people are actually looking at the space again,” said Eidne, who was also a keynote speaker at the RIU Good Oil Conference.
Having just wrapped up a successful oil and gas conference, Vertical Events is now hopeful that the same excitement will be replicated in the resources industry at this week’s RIU Resources Investor Roadshows in Sydney and Melbourne.
The events, which are free for investors, are being held in Sydney on Wednesday September 18 and Melbourne on Friday September 20.