Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces the annual rolling grants of long-term incentive compensation to officers, directors and employees under Alvopetro's Omnibus Incentive Plan. A total of 251,000 stock options, 213,000 restricted share units ("RSUs") and 68,000 deferred share units ("DSUs") were granted on November 15, 2024 . Of the total grants, 163,000 RSUs and 68,000 DSUs were granted to directors and officers, with no stock options granted to any director or officer. Each stock option, RSU and DSU entitles the holder to purchase one common share. Each stock option granted has an exercise price of C$4.89 being the volume weighted average trading price of Alvopetro's shares on the TSX Venture Exchange for the five (5) consecutive trading days up to and including November 15, 2024 . All stock options, RSUs and DSUs granted expire on November 15, 2029 .
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New Seismic Studies Upgrade Raya Prospect
Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to advise that Quantitative Interpretation (QI) and AVO studies on the legacy 3,800km2 of 3D seismic data covering most of the Company’s Tumbes Technical Evaluation Agreement (TEA or Block) have potentially identified a highly porous sandstone fairway spanning the Raya Prospect, significantly enhancing the probability of success.
Highlights
- Leading Quantitative Interpretation (QI) company, e-Seis Inc, completes LithSeis and amplitude versus offset (AVO) volumes on legacy 3D seismic data covering the Company’s Peruvian Tumbes TEA.
- New seismic inversion and AVO studies have produced indications of high-quality reservoirs and hydrocarbon fill at the Raya Prospect, significantly upgrading its prospectivity.
- A robust fairway of highly porous sandstone has been delineated coincident with the location of the Raya Prospect.
- This is complemented by recently completed field work which mapped sediment input points leading into the Tumbes TEA during deposition of the Zorritos Formation.
- Reprocessing of the 3D seismic data is nearing completion. Once delivered, these data will be interpreted to allow for the estimation of resources in the Tumbes TEA.
Figure 1 – Peru TEA with Prospects and areas selected for 3D seismic reprocessing.
The Raya Prospect is defined as a structural high against an east-west fault within the Zorritos Formation, the primary reservoir in the basin, with a combined 46km2 structural and stratigraphic trap with shales overlying the Zorritos Unconformity providing a regional seal1 (Figure 2).
Figure 2 – Raya structure map and illustrative seismic sections.
The Company notes that results from the adjacent Delphin and Barracuda wells confirm the presence of oil charge in the area and, in order to determine resevoir quality, has conducted Quantitative Interpretation (QI) studies of the seismic data covering the Raya prospect.
eSeis Inc., a leading Houston-based QI company, has provided LithSeis and Amplitude Versus Offset (AVO) volumes over the entire 3D data set.
The LithSeis cube, although uncalibrated by well data, is a pre-stack seismic-based petrophysical analysis that yields lithology, porosity, and possible hydrocarbon fill. In the LithSeis section (Figure 3b), yellow colours are interpreted to represent porous sandstones, with red reflectors interpreted to represent very high porosity and/or where hydrocarbons are present. In this case, several layers of high porosity at the top of potential reservoir zones (such as layer SC 1) are evident.
The AVO sections illustrate the responses of seismic reflections to increasing angles of offset and uses a colour bar to differentiate between the five commonly recognised classes of AVO responses; in this area, Class 2 or Class 3 responses are of particular interest as they may be indicative of a hydrocarbon- filled reservoir (either gas or oil).
The highly encouraging culmination of these analyses are the mapped responses of LithSeis and AVO across the SC 1 layer (Figure 4). The strong and consistent LithSeis response suggests the presence of a highly porous sandstone fairway running NE-SW across the Raya prospect, potentially derived from one of the feeder systems identified during field mapping.
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This article includes content from Condor Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Condor Energy
Overview
Condor Energy (ASX:CND) is an Australia-based oil and gas exploration company focused on developing its recently acquired Tea LXXXVI oil and gas block in Peru, located in the Tumbes basin and near the prolific Talara basin. The project’s hydrocarbon exploration potential leverages Peru’s long history as an oil and gas producer dating back to the late 19th century when the country drilled its first well more than 150 years ago.
Hydrocarbon fields in the Tumbes and Talara basins have contributed over 1.4 billion barrels of domestic oil production and 1.7 trillion cubic feet (TCF) of natural gas production. The Talara basin itself has cumulatively produced more than 1.6 billion barrels of oil and is surrounded by multiple historic and currently producing oil and gas fields.
Condor Energy’s Tea LXXXVI project is the result of a technical evaluation agreement (TEA) with the Peruvian National Agency of Hydrocarbons (Perupetro), which provides Condor Energy and its partner, US-based oil and gas exploration company Jaguar Exploration, the exclusive right for greenfield exploration activities over the TEA area. Condor Energy holds an 80-percent interest in the asset with the remaining 20 percent held by Jaguar.
The project comprises a 4,858-square-kilometer oil and gas block in proven offshore hydrocarbon-bearing basins in Peru, including the prolific Talara basin. Offshore, Peru remains dramatically underexplored and has immense potential for hydrocarbon plays.
Considering the block's potential, Condor Energy has appointed a world-class technical team with more than 200 years of collective experience to develop the TEA LXXXVI asset. Several of the newly appointed team members have previously worked on the area covered by Condor Energy, which should help in fast-tracking the development of the block. The team comprises proven oil finders with collective discoveries of more than 480 million barrels of oil equivalent of 2P reserves and more than 400 million barrels of oil equivalent in contingent resources in Peru and Colombia.
The experience of working in the TEA LXXXVI property and surrounding fields will be vital for Condor Energy to expedite the understanding and evaluation of the asset.
Company Highlights
- Condor Energy is an Australia-based oil and gas exploration company focused on developing its recently acquired oil and gas block in Peru, TEA LXXXVI
- The TEA LXXXVI project comprises a 4,858 square-kilometer oil and gas block in the proven Tumbes hydrocarbon-bearing basin offshore Peru. Condor Energy holds an 80 percent interest in the asset with the remaining 20 percent held by US-based oil and gas exploration company, Jaguar Exploration.
- The block is in proximity to multiple historic and current producing oil and gas fields. This includes the Corvina oil field, which has produced at rates of up to 4,000 barrels of oil per day, and the Alto-Pena Negra oil field which is currently producing around 3,000 barrels of oil per day, along with a total historical production of more than 143 million barrels of oil. This increases confidence regarding the hydrocarbon exploration potential of TEA LXXXVI.
- The company completed targeted reprocessing of legacy 3D seismic data on its 4,585 sq. km. Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.
- A world-class technical team with more than 200 years of collective experience was appointed by Condor Energy to develop and advance the TEA LXXXVI offshore block.
- The company's other projects include the Georgina Basin project (EP-127) and the Sasanof Prospect (WA-519-P).
Key Project
TEA LXXXVI Project
This oil and gas block is located on the northwest coast of Peru in the Tumbes basin, in water depths that range from 100 meters to 1,500 meters. The project spans 4,858 square kilometers and is surrounded by historical and current producing oil and gas fields. The block includes the Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day. In the south is the Talara basin, which is one of the most productive basins in Peru having produced more than 1.6 billion barrels of oil. To the southeast is the Alto-Pena Negra oil field, one of Peru’s most productive fields, currently producing around 3,000 barrels of oil per day and with a total historical production of more than 143 million barrels of oil.
The project benefits from excellent infrastructure, including a refinery only 70 kilometers away.
Project Highlights:
- Undrilled Area in a Proven Hydrocarbon Basin System: Exploration in the early 1970s showed the presence of oil. Historical data from 2D seismic surveys and more than 3,800 square kilometers of 3D seismic surveys are available for processing.
- Seismic Reprocessing Targeting Completed: Seismic reprocessing targeting has been completed which targeted reprocessing of legacy 3D seismic data on its 4,585 sq. km. Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru. A total of 1,000 sq. km. of legacy 3D seismic data across three leading prospects has been completed significantly enhancing oil and gas prospectivity. Resource estimation of main prospects underway.
- Piedra Redonda Contains ‘Best Estimate’ Contingent and Prospective Resources: Covered by the company’s license area is the Piedra Redonda that contains ‘best estimate’ contingent resources of 404 billion cubic feet plus best estimate prospective resources of 2.2 trillion cubic feet of gas audited by Netherland, Sewell & Associates.
- High Potential Bonito, Volador and Raya Prospects:
- Exploration activities showed additional deeper stacked targets identified in the proven oil-bearing Zorritos Formation at Bonito.
- The company also identified the large-scale stratigraphic and structural trap potential (up to 59 square kilometers of the Raya prospect and selected an area of 400 square kilometers as the second reprocessing area.
- The 40 square-kilometer Volador prospect was identified by anomalously bright amplitudes within the Cardalitos Formation, which unconformably overlies the Zorritos Formation.
Management Team
Matt Ireland - Non-executive Chairman
Matt Ireland, a partner at Steinepreis Paganin, is a highly experienced corporate and commercial lawyer with extensive experience in corporate governance and compliance matters as well as in mining and oil & gas transactions including joint venture agreements, M&A transactions, capital raisings and asset acquisitions/disposals. Ireland graduated from Murdoch University with a Bachelor of Laws and a Bachelor of Commerce in 2002 and was admitted to the Supreme Court of New South Wales in 2003 and the Supreme Court of Western Australia in 2004.
Serge Hayon - Managing Director
Serge Hayon is an experienced reservoir engineer and petroleum geologist with broad exposure to working with and managing multi-disciplinary teams primarily focused on South East Asia, the Americas and Australia. Hayon has a Bachelor of Science in Geology (Honours) and an MEngSc in Petroleum Engineering from Curtin University.
Hayon worked for Murphy Oil Corporation for 20 years including most recently as general director / country manager Vietnam during which time he was in charge of the overall management of the Asia business including establishing Murphy’s entry into and securing Final Investment Decision on the Lac Da Vang oilfield, Vietnam. Hayon has delivered projects encompassing the complete lifecycle from exploration, discovery, appraisal to first oil and production of large oil and gas assets.
Scott Macmillan - Non-executive Director
Scott Macmillan is the managing director and founder of Invictus Energy Limited (ASX:IVZ) which, since listing on the ASX in 2018, has seen Invictus grow substantially in value from a microcap frontier explorer to an emerging oil and gas developer. Invictus Energy is an oil and gas company opening one of the last untested large fronter rift basins in onshore Africa. Macmillan is a reservoir engineer with more than 15 years of experience in oil and gas exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development. Before founding Invictus, Macmillan worked as a senior reservoir engineer at Woodside Energy and AWE, during which time he participated in large offshore oil and gas field operations and the development of the Waitsia Gas Field.
Lloyd Flint – Company Secretary
Lloyd Flint, BAcc, FINSIA and MBA is a chartered accountant with over 25 years’ experience in the corporate and financial services arena. He has held a number of management and senior administrative positions as well as providing corporate advisory services as a consultant to corporate clients.
Exclusive Interview with Alvopetro Energy CEO Corey Ruttan
In a recent interview with Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan, he expressed confidence that his company is set to become a key player in Brazil’s open gas market.
Alvopetro's natural gas sales increased to 187 percent in October of this year, according to the company. With higher overall sales volumes, revenue rose to $12.9 million, an increase of $0.6 million from Q3 2023 and $2.2 million from Q2 2024.
To date, Alvopetro’s production accounts for roughly 13 percent of the natural gas produced in Bahia, and with investments already made in its gas production infrastructure and pipelines, any new natural gas discoveries moving forward can be quickly converted into production and cashflow.
Watch the full interview with Alvopetro Energy President and CEO Corey Ruttan.
Alvopetro Announces Annual Long-term Incentive Grants
News Provided by Canada Newswire via QuoteMedia
Completion of Gas Pipeline Integraton and the Commencement of the Sale of Gas
Jupiter Energy Limited (ASX: “JPR”) is pleased to provide this update regarding its strategic gas utilisation infrastructure project.
- Newly installed gas pipelines enable the Akkar East and Akkar North (EB) oilfields to integrate into neighbouring gas utilisation facilities, providing a long term solution to the important issue of 100% gas utilisation.
The Company has been regularly updating shareholders on the significance of building the requisite topside infrastructure that will enable all the wells on the Akkar North (EB) and Akkar East oilfields to be tied into a neighbouring producer’s gas utilisation infrastructure (“the Project”).
The Project is now completed, the pipeline has been commissioned and the first sale of associated gas to neighbour MangistauMunaiGas (“MMG”) has taken place.
The integration of the West Zhetybai oilfield into this same gas utilisation infrastructure is scheduled to be completed during 2025.
The Company now has surety that all associated gas that is produced whilst completing its full field drilling program(s) over its proven oil reserve base, can be utilised in a approved manner. This is a critical milestone for any oil producer in Kazakhstan that has expectations of achieving long term production under its full commercial licences, with sales into both the Kazakh domestic and international export markets.
As a result of the Project, the Company has also been able to develop a much stronger working relationship with its significant oil producing neighbour MMG and the Kazakh Ministry of Energy. Both these relationships are important to the Company, now and into the future.
Of underlying importance, the Project has been identified as a key example of how associated gas, produced during oil production, can be better processed and utilised for the benefit of producers, the local community as well as assisting Kazakhstan in meeting the country’s long term “carbon free” objectives.
Click here for the full ASX Release
This article includes content from Jupiter Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Jupiter Energy's Innovative Gas Utilisation Solution in Kazakhstan: A Model for Gas Flaring Compliance
With Kazakhstan’s continued focus on tight environmental regulations in the oil and gas sector, smaller and mid-tier players are often faced with needing to address the high price tag that comes with compliance, before being able to enter into full commercial production. One junior oil and gas company in the region, however, has demonstrated that multi stakeholder collaboration can provide the key to achieving not only compliance, but significant economic and social benefits.
Jupiter Energy (ASX:JPR), an ASX-listed junior oil exploration and production company, with fully licensed oil fields in the prolific Mangistau Basin of Kazakhstan, has successfully built the connections — literally and figuratively — that has paved the way for achieving successful commercial oil production, meeting all the tight Kazakh regulatory standards and also building relationships and infrastructure that will benefit a range of local communities in the Mangistau Oblast.
Investors evaluating Kazakhstan’s oil and gas opportunities would benefit from a deeper understanding of the country’s regulations as well as private sector success stories that demonstrate compelling investment cases.
Gas flaring in Kazakhstan
Burning natural gas associated with oil extraction — called gas flaring — has been practiced in the oil and gas industry over the last 160 years, according to the World Bank Group.
Despite this industry practice, however, gas flaring not only causes pollution, but is also a waste of valuable natural resources that can be used to power communities and generate economic benefits.
Kazakhstan began prohibiting gas flaring in the mid-2000s. In a 2022 report, the World Bank’s Global Gas Flaring Reduction Partnership cited Kazakhstan as having the largest overall flare reduction of all countries in the last 10 years, reducing absolute flaring from 4 billion cubic meters (bcm) in 2012 to 1.5 bcm in 2021.
Despite the positive improvements in gas flaring regulations in Kazakhstan, the effective and efficient utilisation of the associated petroleum gas released during oilfield development continues to be a big challenge for the development of the Kazakh oil sector.
The key is to strike a balance between economic necessity and the government’s carbon-free targets.
The 100 percent gas utilisation guidelines set by the Kazakh Ministry of Energy, whilst commendable, has impacted the development of small to mid-sized producers in the country. These producers have traditionally struggled to build their business beyond the exploration stage. Having found oil, the ability to pursue and monetise their discoveries has presented serious challenges — the biggest one being the upfront capital expenditure required to build the topside infrastructure needed to enable these smaller producers to move into full commercial development.
The infrastructure has an uncertain payback period as it is required before it is even clear what the long-term performance of the oil discoveries will be — and uncertain payback leads to difficulty in finding third parties that are prepared to assist in the funding process.
Jupiter Energy’s project in Kazakhstan
Jupiter Energy began life in Kazakhstan in 2008 after acquiring a exploration licence area of approximately 123 square kilometres in the Mangistau region. Having shot 3D seismic over the licence area and drilled nine successful exploration wells, the company discovered three separate oilfields, covering a total of 35 square kilometres, with independently audited 2P recoverable reserves of 36.5 million barrels of oil. The company currently produces approximately 640 barrels of oil per day from four production wells and sells all its oil into the Kazakh domestic market.
The challenge for Jupiter Energy, and any small oil producer in Kazakhstan, has traditionally been to monetise its discoveries. In order to move into full commercial production, companies has to have access to the financial resources that would enable them to build the requisite topside infrastructure to not only handle the associated gas produced from its initial production wells, but also the predicted associated gas that would flow as more wells were drilled on their licence area. The long term Field Development Plans agreed between the producer and the Kazakh Ministry of Energy outline the amount of wells that will be drilled and the associated gas that will likely result from it.
Despite being cashflow positive, Jupiter Energy would traditionally have required significant upfront capital investment to build the gas utilisation infrastructure it needed to meet its long-term peak production outlook of about 4,500 barrels of oil per day. And It is this step that many smaller producers, like Jupiter Energy, have had difficulty taking.
The Kazakh Ministry of Energy has recognised this dilemma. The Ministry, whilst absolutely committed to a green economy and a material reduction in carbon emissions over the coming decades, also wants to support smaller producers like Jupiter Energy who are recognised as being valuable contributors to the local economy. Jupiter Energy employs a 100 percent Kazakh workforce, engages local Kazakh contractors for almost all its on-field work requirements, sells all its oil to local Kazakh trading companies and pays its Kazakh taxes.
“Small organisations like Jupiter Energy have traditionally needed to invest heavily in building complex gas treatment plants, gas turbine units, compressor stations, gas pipelines — the list goes on,” said Jupiter Energy CEO Geoff Gander. “This investment needs to be done upfront — before any significant oil production has been achieved. No sales are permitted into the export oil markets until the infrastructure has been built and approved to operate.”
The Ministry of Energy, backed by the new carbon neutrality guidelines set by President Kassym-Jomart Tokayev, has developed an innovative solution that takes advantage of the strategic location of Jupiter Energy’s licence area, allowing the company the opportunity to comply with Kazakh regulations but also deliver economic and social benefits to the local community.
Jupiter Energy’s solution
One of Jupiter Energy’s oil fields is located next to an oilfield operated by MangistauMunaiGas (MMG), a major oil producer in the region, 50 percent owned by the largest Kazakh producer, KazMunaiGas, and 50 percent owned by Chinese oil major, CNPC. Its oilfields are well established and some are moving towards full maturity.
The Kazakh Ministry of Energy proposed that Jupiter construct the required pipelines on its fields to integrate all its wells into one system, ensuring that all associated gas produced from production could be captured and transported to the existing MMG gas utilisation infrastructure.
“This approach would be more cost effective for Jupiter, would address Jupiter’s current and future gas utilisation requirements and, at the same time, provide low cost associated gas to MMG, enabling them to replenish their declining gas reserves, as some of their larger fields reach maturation,” Gander explains.
Another critical aspect of this solution, he adds, is the ability for MMG to transport any portion of Jupiter’s associated gas that is not required by MMG to nearby local communities for their consumption.
Jupiter Energy was charged with building the gas pipelines on its oilfields to connect to the MMG pipeline at the nearest point to the border between the two companies. Jupiter Energy was also requested to install a gas metering unit to record the amount of gas sold to MMG.
In turn, MMG was responsible for processing the gas, thus providing Jupiter with a solution to its 100 percent gas utilisation commitments.
The project was scoped by an approved, independent institute and then approved by Jupiter Energy, MMG and the Kazakh Ministry of Energy. Contracts for the sale of gas were signed between Jupiter and MMG, and the Kazakh Ministry of Energy maintained an overseeing role in the development of the project and ultimately gave final approval for the construction of the pipeline.
The transportation and first sale of the gas commenced in early November 2024. The project has now become a potential blueprint for other smaller producers faced with finding a solution to the 100 percent gas utilisation requirement, which is a major impediment to their development impacting their ability to fully contribute to the long-term growth of the Kazakh oil industry.
Key takeaway
This collaborative solution is one of the first examples in Kazakhstan of how neighbouring producers of varying sizes, under the guidance of the Ministry of Energy, can work together to deliver a cost-effective solution to the critical issue of gas utilisation.
It is success stories such as this, built on providing benefits for both the private sector, the local community and Kazakhstan as a whole, that will build a stronger and cleaner oil and gas industry in Kazakhstan.
This INNSpired article is sponsored by Jupiter Energy (ASX:JPR). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Jupiter Energyin order to help investors learn more about the company. Jupiter Energy is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Jupiter Energy and seek advice from a qualified investment advisor.
Alvopetro Key Player in Brazil’s Emerging Open Gas Market, CEO Corey Ruttan Says
Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan has expressed confidence that his company is poised to become a key player in Brazil’s emerging open gas market.
“(Alvopetro) has been operating in Brazil’s state of Bahia before the Brazilian government implemented its new gas market reform program,” Ruttan told the Investing News Network. The company then became the first independent company in Brazil to deliver sales-specified natural gas into the local distribution network.
To date, Alvopetro’s production accounts for roughly 13 percent of the natural gas produced in Bahia, and with investments already made in its gas production infrastructure and pipelines, any new natural gas discoveries moving forward can be quickly converted into production and cashflow, the executive stressed.
“Our goal is basically to take the production level that we had in the third quarter and increase that by about another 50 percent. And that would take us up to the current capacity of our plant, or about 3,000 barrels of oil equivalent per day. And then our medium- to longer-term goal would be to double that again," Ruttan explained.
Alvopetro's natural gas sales increased to 187 percent in October of this year, according to the company. With higher overall sales volumes, revenue rose to $12.9 million, an increase of $0.6 million from Q3 2023 and $2.2 million from Q2 2024.
Watch the full interview with Alvopetro Energy President and CEO Corey Ruttan above.
Disclaimer: This interview is sponsored by Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Alvopetro Energy in order to help investors learn more about the company. Alvopetro Energy is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Alvopetro Energy and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
5 Best-performing Canadian Oil and Gas Stocks in 2024
Oil prices faced volatility through Q3 due to a mix of rising supply and weak global demand, with Brent and West Texas Intermediate (WTI) crude prices softening.
Weaker demand, particularly from China amid low manufacturing activity and a struggling real estate sector, combined with production increases from non-OPEC+ nations like the US prevented any lasting price growth.
After reaching a Q3 peak of US$87.39 for Brent and US$83.93 for WTI early in the quarter, both benchmarks declined, ending September down by roughly 15 percent.
On the other hand, natural gas prices remained stable, rising to US$2.92 per per metric million British thermal units by the end of September, up from US$2.47 in July. Geopolitical tensions and uncertainty continue to drive market fluctuations across both sectors.
Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on November 5, 2024, using TradingView’s stock screener, and the oil and gas companies listed all had market caps above C$10 million at that time.
1. Sintana Energy (TSXV:SEI)
Year-to-date gain: 206.06 percent
Market cap: C$376.58 million
Share price: C$1.01
Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.
The company saw tailwinds early in the year after releasing updates on exploration in Namibia’s Orange Basin. It made two significant light oil discoveries in January at petroleum exploration license 83.
February saw more share price growth when Sintana was listed on the TSX Venture 50 as the top energy performer.
In June, the company finalized its acquisition of a 49 percent interest in Giraffe Energy Investments as per an agreement dated April 24. Giraffe Energy holds a non-operating 33 percent stake in petroleum exploration license 79 in Namibia, and the remaining 67 percent of the license is owned by operator National Petroleum of Namibia.
In late August, the company released its financial results for Q2 2024, which saw an overall net loss of C$2.7 million primarily driven by general and administrative expenses.
Recently Sintana announced a new exploration and appraisal campaign in Namibia’s Orange Basin, targeting blocks 2813A and 2814B under petroleum exploration license 83.
2. Condor Energies (TSX:CDR)
Year-to-date gain: 76.06 percent
Market cap: C$142.97 million
Share price: C$2.50
Condor Energies concentrates on the exploration, development and production of natural gas in Turkey, Kazakhstan and Uzbekistan. The company is currently building Central Asia's inaugural liquefied natural gas (LNG) facility.
In late January, Condor secured a natural gas allocation from the Kazakhstan government for its maiden modular LNG production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 metric tons per day of LNG, equivalent to about 210,000 gallons per day, the company said.
In March, the energy company began a production-enhancement operation for eight natural gas condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. The company launched a multi-well workover program at the fields in June.
In July, Condor signed its first LNG framework agreement for producing and utilizing LNG to power rail locomotives in Kazakhstan.
In mid-August, Condor released its Q2 report, highlighting that Uzbekistan production averaged 10,052 barrels of oil equivalent per day (boe/d) for the period, consisting of 59.03 million cubic feet per day and 213 barrels of oil per day of condensate. Q2 sales of gas and condensate from Uzbekistan totaled C$18.95 million.
Condor recently secured a second natural gas allocation from Kazakhstan's state authority for its planned LNG facility near the Kuryk Port on the Caspian Sea. The allocation will fuel a low-carbon LNG production site capable of producing the energy equivalent of 565,000 liters of diesel per day, according to a September announcement.
The company’s Q3 results highlighted positive results for its gas field enhancement project in Uzbekistan, with production averaging 10,010 boe/d and sales reaching C$19 million. Results from the multi-well workover program have exceeded expectations, Condor reported, increasing gas flow rates by 100 percent to 300 percent.
3. Arrow Exploration (TSXV:AXL)
Year-to-date gain: 42.9 percent
Market cap: C$130.06 million
Share price: C$0.45
Arrow Exploration, through its wholly owned subsidiary Carrao Energy, operates in Colombia with a focus on developing its portfolio of oil assets in the country. The company's strategy is to target the expansion of oil production in key basins, including the Llanos Basin, Middle Magdalena Valley and Putumayo Basin.
Arrow Exploration holds high working interests in its assets, which are predominantly linked to Brent pricing.
In June, Arrow announced that it had successfully brought the first of four planned Ubaque horizontal wells into production, reporting that the Carrizales Norte B pad (CNB HZ-1) was producing 3,150 barrels of oil per day (bpd) gross, with 1,575 bpd net to Arrow, and has a water cut of less than 1 percent.
This news sent Arrow's share price significantly upward, and it has maintained that momentum since. The company released its Q2 results on August 29, reporting total oil and gas revenue of C$15.1 million for the period, up 47 percent year-on-year. Its current production is 5,000 barrels of oil equivalent per day.
In late September, after bringing another two wells online, Arrow announced that CNB HZ-5, its fourth horizontal well on the Carrizales Norte B pad in Colombia, is now producing over 2,700 barrels of oil per day gross. The company expects strong long-term performance.
4. Imperial Oil (TSX:IMO)
Year-to-date gain: 29.33 percent
Market cap: C$52.78 billion
Share price: C$98.50
Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.
On February 2, Imperial released its Q4 2023 results, highlighting upstream production of 452,000 barrels of oil equivalent per day, “marking its highest level in over three decades.”
Additionally, Imperial initiated steam injection at Cold Lake Grand Rapids, pioneering the industry's first deployment of solvent-assisted SAGD technology. Downstream operations performed strongly, with refinery capacity utilization reaching 94 percent following the successful completion of the largest planned turnaround at the Sarnia site.
In this year's Q2 results, Imperial reported quarterly net income of C$1.13 billion along with operating cashflow of C$1.63 billion, or C$1.51 billion when excluding working capital. According to the company, its upstream production reached 404,000 gross boe/d, its highest second quarter production in over 30 years. The Kearl project matched its highest-ever second quarter production at 255,000 gross boe/d, with Imperial's share being 181,000 barrels. Cold Lake also performed strongly, with production of 147,000 bpd.
During the period, the company achieved first oil at Grand Rapids and renewed its annual share repurchase program, aiming to buy back up to 5 percent of its outstanding common shares.
On November 1, Imperial announced a quarterly dividend of C$0.60 per share, payable on January 1, 2025, to shareholders of record as of December 3, 2024. This matches its previous quarterly dividend..
5. Athabasca Oil (TSX:ATH)
Year-to-date gain: 24.23 percent
Market cap: C$2.76 billion
Share price: C$6.90
Athabasca Oil is focused on developing thermal and light oil assets within Alberta's Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.
At the end of July, Athabasca released its Q2 results, reporting average Q2 production of 37,621 boe/d, resulting in an increase in its annual production guidance to 36,000 to 37,000 boe/d. The company also achieved record adjusted funds flow of C$166 million and cashflow from operating activities of C$135 million.
Athabasca Oil's Q3 results, released in late October, underscored a strong third quarter with average production of 38,909 boe/d, an 8 percent year-over-year increase. Adjusted funds flow reached C$164 million, marking a 25 percent increase per share.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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