Ann: Erregulla Deep-1 Flowtest Commences, page-179

Here is the icing from the MSN Article today - oil might be very attractive by the end of the year. I personally don't actually care where our money comes - couldn't care less. Just supply a product - any product - and bill them for payment. Just don't as a company disparage or overlook anything which can make a profit - condensate might be seen to be beneath us - well so sorry but we need every repeat order and subsequent payment we can generate at this point. Simply supply and bill them.

The energy sector booked a rollicking 2.35 per cent gain with oil prices spiking on the prospect of a broader regional war in the Middle East.

Woodside Energy rallied 3.1 per cent to $25.91, Santos lifted 2.43 per cent to $7.17 and Beach Energy jumped 4.62 per cent to $1.24.

Brent Crude surged 2.6 per cent to US$73.56 a barrel on Tuesday and IG market analyst Tony Sycamore said a wider conflict could drive prices higher.

Aussie shares slip as Middle East mushrooms

“Speculation of an Israeli strike on Iranian oilfields seems unlikely as such a move would likely drive oil prices toward $80, displeasing Israel’s allies, who are making strides against inflation,” he said.

“Instead, strategic Israeli strikes on critical weapons factories and military objectives are more probable, similar to the events in April.

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“If the conflict surrounding Israel escalates into direct confrontation with Iran, aside from the severe humanitarian impact, there’s a risk that Iranian oil, currently 4 per cent of global supply, could be cut off due to embargoes or military actions.

“Any potential loss of Iranian supply might be offset by the return of Libyan oil and increased Saudi production, as voluntary supply cuts are set to expire on December 1.”

Santos also rallied on the news it will supply 20 LNG cargoes, or up to 500,000 tonnes per annum, over three years to TotalEnergies Gas and Power Asia Private Limited.

“There continues to be extremely strong demand in Asia for high heating value LNG from projects such as Barossa and PNG LNG as countries focus on reducing their carbon emissions,” Santos CEO Kevin Gallagher said.

The big miners lifted as Singapore iron ore futures rose 1.54 per cent in afternoon trade to hit $109.70 a tonne.

BHP added 0.94 per cent to $45.06, Rio Tinto edged up 0.17 per cent to $125.96 and Fortescue gained 0.9 per cent to $20.14.