5 Top Weekly TSX Performers: Entree and Turquoise Hill Up After Oyu Tolgoi News

1. Forza Petroleum

Forza Petroleum is an international oil exploration, development and production company. It has a 65 percent participating interest in and operates the Hawler license area in the Kurdistan region of Iraq.

The company has not released any news since November 2021. Last week, shares of Forza Petroleum increased 31.58 percent to trade at C$0.25 by the end of the week.

2. Entree Resources

Entree Resources owns a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects: the Oyu Tolgoi project in Mongolia. Entree has a 20 percent or 30 percent carried participating interest in the Oyu Tolgoi joint venture, depending on the depth of mineralization.

Sandstorm Gold (TSX:SSL,NYSE:SAND), Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) and Turquoise Hill Resources are major Entree shareholders, holding about 23 percent, 9 percent and 8 percent of the company, respectively.

Last Monday (January 24), Turquoise Hill announced the start of the underground mine at Oyu Tolgoi, plus a renewed partnership with the Mongolian government and a comprehensive funding arrangement for Oyu Tolgoi. Entree shares increased 17.33 percent last week to end at C$0.88.

3. Turquoise Hill Resources

Turquoise Hill Resources is focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the company's principal and only material mineral resource property.

Over the five day period, shares of Turquoise Hill increased 23.45 percent to end the week at C$10.15, following the above-mentioned update on the Oyu Tolgoi mine.

4. Obsidian Energy

Obsidian Energy is an intermediate-sized oil and gas producer with a portfolio of high-quality assets producing over 25,000 barrels of oil equivalent per day.

Last Monday, the company published its 2022 guidance and drilling plans. Obsidian Energy rose 9.39 percent to trade at C$8.62 by the end of last week.

5. Gear Energy 

Calgary-headquartered Gear Energy is an oil company focused on operations in three core areas: Lloydminster heavy oil, Central Alberta light-medium oil and Southeast Saskatchewan light oil.

Last week, Gear Energy saw its share price increase 6.48 percent to C$1.15.