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https://unauthorised investment advice/energy/at-60-per-barrel-asx-investors-are-getting-excited-about-oil-and-gas-again/

At $60 per barrel, ASX investors are getting excited about oil (and gas) again

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 territorybut have been on the recovery ever since and overnighttopped $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.

*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.

88E	88 Energy Ltd	0.011	22	120	0	-50	$ 117,277,494.74
ABL	Abilene Oil & Gas	0.001	0	0	0	-50	$ 397,614.35
ADX	ADX Energy Ltd	0.007	17	0	0	-13	$ 17,208,105.60
AJQ	Armour Energy Ltd	0.04	-29	90	-25	-24	$ 52,306,284.64
ANA	Ansila Energy	0.029	-19	38	-19	123	$ 49,916,847.40
ATS	Australis Oil & Gas	0.06	0	114	5	-19	$ 61,129,748.04
BAS	Bass Oil Ltd	0.0015	0	0	0	-25	$ 3,342,140.10
BPT	Beach Energy Limited	1.87	-2	30	11	-22	$ 4,163,433,922.20
BRK	Brookside Energy Ltd	0.009	0	80	13	29	$ 10,800,000.00
BRU	Buru Energy	0.155	29	65	3	-3	$ 66,971,507.36
BUY	Bounty Oil & Gas NL	0.03	88	114	-21	650	$ 32,892,029.46
BYE	Byron Energy Ltd	0.16	0	-14	0	-47	$ 166,447,216.32
CE1	Calima Energy	0.009	29	80	29	50	$ 19,864,117.01
COE	Cooper Energy Ltd	0.31	-22	-18	-9	-45	$ 497,462,962.03
COI	Comet Ridge Limited	0.076	-6	-4	1	-49	$ 60,923,302.36
CTP	Central Petroleum	0.14	8	56	8	4	$ 101,281,934.46
CUE	CUE Energy Resource	0.078	3	-40	1	-42	$ 53,755,218.44
CVN	Carnarvon Petroleum	0.28	-10	51	6	-15	$ 430,479,477.18
DOR	Doriemus PLC	0.046	-23	48	-10	10	$ 2,667,223.75
E2E	Eon Nrg Ltd	0.001	0	0	0	-67	$ 769,888.93
EEG	Empire Energy Ltd	0.34	-4	10	-3	-13	$ 113,379,694.40
ENX	Enegex Limited	0.056	-7	198	0	837	$ 7,950,936.95
EXR	Elixir Energy Ltd	0.165	-6	101	-3	259	$ 133,649,681.55
FAR	FAR Ltd	0.011	0	-8	0	-71	$ 109,767,132.17
FDM	Freedom Oil Gas	0.011	0	0	0	0	$ 11,847,248.07
FPL	Fremont Petroleum	0.0035	-13	17	17	-30	$ 16,374,793.82
GAS	State GAS Limited	0.595	7	32	3	-1	$ 102,954,221.48
GGE	Grand Gulf Energy	0.015	36	200	7	150	$ 5,756,242.17
GGX	Gas2Grid Limited	0.008	220	300	100	167	$ 8,015,981.91
GLL	Galilee Energy Ltd	0.63	-2	9	-1	9	$ 186,014,150.28
GLV	Global Oil & Gas	0.021	75	127	31	108	$ 15,826,120.93
HCD	Hydrocarbon Dynamic	0.024	-20	-11	4	-44	$ 10,566,962.54
HPR	High Peak Royalties	0.079	0	20	4	-12	$ 14,927,555.52
HZN	Horizon Oil Limited	0.086	34	51	23	-28	$ 109,366,426.26
ICN	Icon Energy Limited	0.018	6	80	0	260	$ 10,756,924.88
IPB	IPB Petroleum Ltd	0.039	-5	255	8	44	$ 10,326,775.25
IVZ	Invictus Energy Ltd	0.079	46	163	7	204	$ 37,477,586.33
JPR	Jupiter Energy	0.05	4	127	2	400	$ 7,668,884.65
KAR	Karoon Energy Ltd	1.11	-1	49	5	0	$ 600,706,368.96
KEY	KEY Petroleum	0.004	-33	0	0	-20	$ 7,871,712.50
KKO	Kinetiko Energy Ltd	0.14	-3	100	-7	600	$ 82,343,898.70
KPE	Kina Petroleum Corp	0.115	-30	-89	-30	-91	$ 1,460,156.73
LIO	Lion Energy Limited	0.033	-18	136	14	74	$ 6,844,259.07
LKO	Lakes Oil NL	0.0015	0	0	0	0	$ 50,515,629.72
MAY	Melbana Energy Ltd	0.014	17	75	0	40	$ 32,435,919.77
MEL	Metgasco Ltd	0.031	19	37	-3	-12	$ 17,037,641.79
MPO	Molopo Energy Ltd	0.14	0	0	0	0	$ 34,865,690.72
NGY	Nuenergy Gas Ltd	0.05	317	400	163	178	$ 88,857,329.82
NSE	New Standard Energy	0.004	0	0	0	0	$ 3,554,995.46
NWE	Norwest Energy NL	0.006	-25	100	0	20	$ 30,440,660.46
NZO	New Zealand Oil&Gas	0.46	-5	2	-7	2	$ 75,638,130.28
ODY	Odyssey Gold Ltd	0.078	81	81	4	81	$ 34,844,845.04
OEL	Otto Energy Limited	0.01	0	43	11	-56	$ 47,950,097.73
OEX	Oilex Ltd	0.0015	-25	-25	-25	-50	$ 6,243,195.00
OSH	Oil Search Ltd	4.21	-1	38	6	-32	$ 8,581,523,242.32
OXX	Octanex Ltd	0.025	56	92	14	257	$ 6,070,596.00
PCL	Pancontinental Oil	0.0015	0	50	0	-25	$ 10,813,430.97
PGY	Pilot Energy Ltd	0.078	123	333	66	333	$ 15,503,777.12
PKO	Peako Limited	0.029	7	83	0	107	$ 5,185,462.78
PRM	Prominence Energy NL	0.012	71	157	9	-23	$ 7,258,293.43
PSA	Petsec Energy	0.021	0	0	0	-63	$ 8,580,346.40
PVE	Po Valley Energy Ltd	0.034	13	-11	0	-43	$ 22,007,727.50
RLE	Real Energy Corp	0.094	203	370	29	236	$ 37,485,388.98
RMP	Red Emperor Resource	0.017	-15	42	0	70	$ 8,929,977.19
ROG	Red Sky Energy.	0.003	50	140	20	80	$ 13,804,266.59
SAN	Sagalio Energy Ltd	0.026	100	1200	4	1200	$ 5,321,163.38
SGC	Sacgasco Ltd	0.115	60	297	49	238	$ 37,744,617.11
STO	Santos Ltd	7.02	1	23	4	-15	$ 14,623,123,607.82
STX	Strike Energy Ltd	0.3	-8	35	-2	70	$ 516,451,105.20
SXA	Strata-X Energy Ltd	0.225	162	275	18	302	$ 26,428,269.14
SXY	Senex Energy Limited	0.355	8	31	3	13	$ 519,782,216.24
TDO	3D Oil Limited	0.054	-5	-10	-2	-33	$ 14,320,172.09
TEG	Triangle Energy Ltd	0.037	37	28	23	-18	$ 21,726,721.84
TMK	Tamaska Oil Gas Ltd	0.013	44	160	18	44	$ 11,635,000.00
TNP	Triple Energy Ltd	0.025	0	317	0	178	$ 1,799,901.35
TOU	Tlou Energy Ltd	0.06	9	62	-10	-16	$ 32,562,340.42
TPD	Talon Petroleum Ltd	0.005	25	67	11	67	$ 21,758,947.63
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
WEL	Winchester Energy	0.026	13	4	8	-46	$ 15,177,790.06
WGO	Warrego Energy Ltd	0.225	-4	29	0	13	$ 217,167,191.56
WPL	Woodside Petroleum	25.53	3	25	2	-25	$ 24,440,535,675.60
XST	Xstate Resources	0.0205	156	583	105	583	$ 39,142,573.04

But now, ASX oil and gas investors are responding to positive company news.

One company with news was California focusedSacgasco (ASX:SGC)which rose 20 per cent today along with its joint venture partnerXstate Resources (ASX:XST).

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.

‘The best ASX-listed company leveraged to a very big gas play’

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.

Sacgasco (ASX:SGC) and XState Resources (ASX:XST) share price chart

Other oil and gas winners

Another ASX oil and gas stock with news today wasBrookside 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 focusedAnsila 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.

Brookside Energy (ASX:BRK) and Ansila Energy (ASX:ANA) share price chart

At *, we tell it like it is. While Ansila Energy is a * advertiser, it did not sponsor this article.