S&P/ASX 200 Energy Rose 58.9 Points; Energy Stocks On Rise – BPT, VEA, NWE

  • Oct 28, 2019 AEDT
  • Team Kalkine
S&P/ASX 200 Energy Rose 58.9 Points; Energy Stocks On Rise – BPT, VEA, NWE

The S&P/ASX 200 Energy index has risen from 10,766.026 points on 18 October 2019 to 11,063.5 on 28 October 2019, an improvement of around 297 points in last ten days. Today (28 October 2019), the index is up by 58.9 points. Many energy players were on the rise today, particularly Norwest Energy NL (ASX: NWE), Beach Energy Limited (ASX: BPT) and Viva Energy Group Limited (ASX: VEA). These companies have come up with significant updates today.

Norwest Energy NL (ASX: NWE)

Norwest Energy’s stock Up by 66.667% - Small-cap oil and gas exploration company Norwest Energy NL (ASX: NWE) witnessed an improvement of 66.667% in its share price during today’s trading session.

Today, Norwest Energy provided an update regarding its revision of prospective resources for the Lockyer Deep and North Erregulla Deep gas prospects in light of Strike Energy's exploration success at the nearby West Erregulla-2 gas discovery.

Norwest Energy has incorporated the new data into its subsurface model for the Lockyer Deep and North Erregulla Deep prospects, resulting in a significant upgrade to Norwest Energy’s estimate of prospective resources within the Kingia/High Cliff reservoirs, and an upgrade of North Erregulla Deep to drillable status

Major Highlights of the announcement include:

  • High case prospective resource of 1,122 Bcf gas
  • Seismic data amplitude "brightening" suggests the presence of gas-charged reservoirs
  • Joint Venture decision pending on well location for drilling in H1 2020

At market close on 28 October 2019, NWE stock was trading at a price of $0.005 with a market cap of around $10.15 million.

Beach Energy Limited (ASX: BPT)

Australia’s leading mid-cap oil and gas company, Beach Energy Limited (ASX: BPT) supply around 15 per cent of east-cost gas demand. Founded in 1961, Beach Energy has successfully established itself as Australia’s second largest oil producer.

Conventional gas field discovery at Beharra Springs Deep-1

On 28 October 2019, the company announced a conventional gas field discovery at exploration well Beharra Springs Deep-1 (Beach 50% and operator) in licence L11, located in the Perth Basin, Western Australia. This validates Basin’s conventional gas potential within the Kingia formation.

The company is continuing with the Wireline activities. These activities are expected to be completed for production testing over the coming weeks.

The company’s near-term plans include the expansion of Waitsia Stage 1, reaching final investment decision on Waitsia Stage 2 and acquisition of the Trieste 3D seismic survey over the coming months to high grade a number of prospects and leads as future drilling candidates.

For the first quarter of FY20 (September 2019 Quarter), Beach Energy reported a production of 6.55 MMboe, down by 6% on prior quarter. However, on a pro forma basis quarterly production is 1% higher than prior quarter. During the quarter, Beach Energy earned sales revenue of $438 million with realised Oil Price of $103.2/ barrel.

In the past few days, the company has had very positive results at Bauer Northwest-2 and Bauer North-2 appraisal wells, which intersected the McKinlay formation six metres and eight metres high to prognosis respectively.

BPT Sustainability Report

BPT has also released its Sustainability report today wherein it has highlighted that FY19 was its safest year on record, its best process safety year on record and its safest environmental year on record.

FY19 was also a year in which the company took important steps towards its approach to address climate change. During the year, the company refined its governance structure so that climate change and environmental matters fall under the direct responsibility of the Board, conducted a scenario analysis of Beach’s future within a carbon constrained environment, and released a new Beach Energy Climate Change Policy.

As per the Sustainability report, the company’s FY20 targets include:

  • Implement the Diversity and Inclusion Strategy and Plan by 30 December 2019
  • Implement the FY20 Employee Engagement and Enablement Survey
  • Launch and Implement Beach’s Career Development and Pathways Offering, (Graduate and Vacation Student program, apprentice and trainees)
  • Launch and implement Phase 2 of Beach’s Onboarding and Induction Offering.

As at 25 October 2019, on a year to date basis, BPT stock provided a return of 82.17%. At market close on 28 October 2019, BPT stock was trading at a price of $2.400, up by 2.128% intraday, with a market cap of around ~$5.36 billion.

Viva Energy Group Limited (ASX: VEA)

Viva Energy’s Geelong Refining Margin for 3Q 2019

Viva Energy has reported actual GRM of USD 8.8/Barrel (BBL) for Q3 FY19. This includes the effect of higher crude premiums and the planned maintenance of the Platformer in August 2019, which was completed on schedule.

Refining Segment (Source: Company’s Report)

The company has also provided Alliance strategy update in which it has advised that within the Retail segment, the Alliance channel has achieved average sales volumes of 64.9 million litres per week through 3Q2019, up 9.1% on the average weekly sales volumes during 1H2019 and up 1.4% on the same period last year.

The improvement in the sales volume is in-line with strategy to initially stabilise volumes and then restore growth. The improvement is a result of improved retail fuel pricing, loyalty program redemptions, and joint marketing campaigns with Coles.

Recently on 10 October 2019, Australian competition watchdog ACCC announced that it won’t oppose the proposed acquisition of the remaining 50% interest in Liberty Oil Holdings Pty Ltd’s wholesale business by Viva Energy Australia Pty Ltd, as ACCC has found that the proposed acquisition is unlikely to substantially lessen competition in the wholesale supply of fuel products.

Stock Performance: At market close on 28 October 2019, VEA stock was trading at a price of $2.040, up by 3.553% intraday, with a market cap of ~$3.83 billion. In the last six months, VEA stock declined by 16.53% as on 25 October 2019.


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