Oil and Gas Upstream Independents back on trackDOWNLOAD
14 May 2012: Australia’s Top 25 Oil and Gas Upstream Independents have experienced a welcome reversal of fortune during the first quarter of 2012, with nine of the top ten enjoying double or triple digit increases in their market capitalisation, according to the Upstream Independents League Table released today by professional services firm Deloitte.
Deloitte’s National Oil and Gas Leader, Stephen Reid, said a 13% increase in the Tapis oil benchmark during the first quarter had contributed to the strong performance of a number of operators.
“A number of pressures conspired to increase project costs and extend timelines on some major projects during 2011, all of which contributed to a 14% drop in the combined market capitalisation of the top 25 Australian Upstream Independents last year.”
“This quarter, the Upstream Independents average increase in market capitalisation was approximately 20% compared to approximately 6% for the ASX Top 25 in the last quarter,” Mr Reid said. “That’s a solid performance, but if we’re going to see the strength of these results continue, the industry will need to remain an attractive option for the foreign investment critical to sustain it going forward and, in the current environment.”
Significant moves in the Top 25 Upstream Independents include:
Departures from the Top 25 Upstream Independents included Cue Energy (26), Molopo Energy (31), Texon Petroleum (33) and Neon Energy (28).