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Highlights
- Oil prices made a sharp rebound on Monday as investors sought out bargains after a plunge on Friday.
- The OPEC+ group postponed its technical meetings to later this week to assess the Omicron variant’s impact.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has reportedly delayed their scheduled technical meetings of today to later this week to Wednesday/Thursday, to take more time to assess the new Omicron variant’s impact on prices and demand, according to media reports referring to OPEC+ sources.
Oil prices rebounded today after it crashed sharply on 26 November, dropping by over 10 per cent as investors feared the Omicron variant’s impact would add to concerns over supply surplus, and global economic recovery. The drop on Friday was the biggest fall in a single day since April last year.
Brent crude oil February 2022 futures were trading at US$ 74.41 per barrel, higher by 3.94 per cent on 29 November at 06:39 hrs BST. The rebound in oil prices was driven by investors seeking bargains following its sharp fall, however, they still maintained a somewhat cautious outlook over Omicron fears, Iran’s nuclear discussions and other factors.
Given this context, let us take a look at 2 FTSE AIM All-Share index listed stocks in the oil and gas sector with a one-year return of over 55 per cent:
- 88 Energy Ltd (LON: 88E)
88 Energy is a London listed and Australia based oil exploration company.
The energy firm recently said that it had selected the Merlin-2 well location from its three initially permitted locations. Drilling at the selected location is expected to commence in February 2022.
Image source: Refinitiv
88 Energy’s shares had ended at GBX 1.425, down by 3.39 per cent on 26 November, and its market cap stood at £187.34 million on 26 November.
The company has given shareholders a one-year return of 249.26 per cent as of Friday.
- Advance Energy PLC (LON:ADV)
Advance Energy is a UK based international upstream oil and gas business.
The company has an upcoming AGM/EGM on 30 November. Earlier it reported its FY 2021 loss before tax at US$ 2.854 million, compared to US$ 1.231 million in FY 2020.
Image source: Refinitiv
Advance Energy’s shares had ended at GBX 4.05, down by 5.26 on 26 November, whereas the FTSE AIM All-Share index closed at 1,181.62, lower by 1.86 per cent.
ADV’s market cap stood at £41.62 million on 26 November. The company has given shareholders a one-year return of 55.77 per cent as of Friday.
