- The benchmark of the ASX energy sector, S&P/ASX 200 Energy, is down by about 2.29% this quarter.
- Recently, State Gas Limited reached the vertical target depth at its Rougemont-3 horizontal well.
- Hartshead Resources recently completed an oversubscribed placement to raise AU$11 million.
Australia's oil and gas sector delivers huge benefits in the form of domestic economics, export earnings, employment, and investment. According to a report from the Australian Government Department of Climate Change, Energy, the Environment and Water, energy productivity (GDP per unit of energy consumed) grew by 28% in the period 2010-11, but in 2020-21, energy consumption was down due to COVID-19.
The benchmark of the ASX energy sector, S&P/ASX 200 Energy, is down by about 2.29% this quarter. The index is a standard for tracking the performance of the energy sector.
With this backdrop, we at Kalkine Media® will talk about few of the ASX-listed oil and gas stocks that have delivered more than 30% price returns this quarter (27 Sep 2022, 3:55 PM, AEST).
State Gas Limited (ASX:GAS)
State Gas Limited, a gas exploration and development company based in Queensland, has reached the target vertical depth at its Rougemont-3 horizontal well, detecting good net coal and associated robust gas shows. It is preparing to start drilling the well laterally through the primary coal seam.
GAS is also carrying out a carbon management initiative with Rockminsolutions Pty Ltd, a minerals explorer, for EPM 27596 on the western border of ATP 2062.
The stock price of GAS has appreciated by about 123.5% this qtd.
Hartshead Resources NL (ASX:HHR)
Hartshead has stroked a deal with Shell to carry out an engineering study for its phase I field development. The company aims to build its European energy market share while being financially and environmentally responsible.
The share price of HHR has escalated by about 56.0% this quarter.
Nuenergy Gas Ltd (ASX:NGY)
Nuenergy, a company with operations based in Indonesia, deals with activities related to coal bed methane (CBM).
NGY delivered a net loss of AU$1.9 million for the financial year 2022 compared with a net profit of AU$6.6 million for the previous financial year. The company has 2,278 km2 of CBM assets.
This quarter, shares of NGY are up by around 35.7%.
TMK Energy Ltd (ASX:TMK)
TMK Energy is an ASX-listed company and holds interest in the following projects:
- Gurvantes XXXV Coal Seam Gas Project – The project is situated in the South Gobi Basin of Mongolia. TMK owns 100% interest in this project.
- Talisman Deep Project – Situated in the Barrow-Dampier sub-basin, TMK owns 20% interest in the project.
Recently, the company provided updates on the Gurvantes XXXV Coal Seam Gas Project.
Snow Leopard-03R - Intersected a net coal thickness of about 80 m between the depths of 455 m and 535 m.
Snow Leopard-05 - Intersected a net coal thickness of around 37 m in the upper seam from a depth of nearly 155 m.
The share price of TMK Energy has escalated by about 55.6% this quarter.