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Upstream independents continue modest growth trend


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6 February 2013: Australia’s top 25 upstream independents enjoyed a modest 1% increase in combined market capitalisation during the fourth quarter of 2012, according to Deloitte’s latest Upstream Independents League Table.

Mike Lynn, Deloitte’s National Oil & Gas Leader, said the result was in line with the generally stable oil prices and exchange rates experienced throughout 2012.

“The combined value of the top four upstream independents rose by almost 3% over the year with Woodside seeing its market capitalisation recover by 13.2% off the back of LNG production starting at Pluto approximately five years after development approval was initially given.”

“Origin Energy also managed to claw back value over the December 2012 quarter. However, by the end of December 2012, it was still trading 12% below its market capitalisation in December 2011,” Mr Lynn said.

Notable December 2012 quarterly movements included the following:

  • Coal seam gas junior, Sino Gas & Energy Holdings Limited, increased its market capitalisation by 84% (AU$ 77 million) during the quarter following the release of a number of positive announcements about its projects in China's Shanxi province. The company has been mobilising its development program since mid-2012 after MIE Holdings Corporation, a significant independent oil producer in China, signed on as a strategic partner to help develop the Sanjiaobei and Linxing CSG tenements in Shanxi province.
  • Dart Energy Limited’s market capitalisation expanded by almost AU$ 10 million after completing its acquisition of the unconventional gas assets of Greenpark Energy Limited. The acquisition, which was announced in December 2011, comprised the acquisition of 22 onshore licences in the United Kingdom.
  • Molopo Energy Limited lost almost AU$ 80 million in market capitalisation during the quarter, falling from AU$ 148.7 million to AU$ 68.8 million, following disappointing 2012 exit rate production results. Molopo also experienced lower than anticipated initial production rates from drilling at the 24,600 acre Fiesta project located in the Permian basin of Texas.
  • The market capitalisation of New Standard Energy Limited dropped by AU$61 million during the quarter following a sharp fall in its share price amidst early drill results from its highly speculative Nicolay #1 well in the Canning Basin.

Moving into the top 25:

  • Sino Gas & Energy Holdings Limited – in at 24 up from 44
  • Dart Energy Limited – in at 25 up from 29

Falling out of the top 25:

  • Molopo Energy Limited – down to 45 from 24
  • New Standard Energy Limited – down to 35 from 25

Biggest movers (on absolute terms):

  • Sino Gas & Energy Holdings Limited up 20 places
  • Molopo Energy Limited down 21 places

NB: See our media releases and research at www.deloitte.com.au

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Last Updated: 

Contacts

Name:
Mike Lynn
Company:
Deloitte Australia
Job Title:
Partner, National Oil & Gas Leader
Phone:
Tel: +61 8 9365 7125
Email
mlynn@deloitte.com.au
Name:
Eileen Kerrigan
Company:
Deloitte
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 3 9671 6910, Mobile: 0412 499 683
Email
ekerrigan@deloitte.com.au

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