Oil & Gas

Shares in oil junior Jupiter Energy halved today after the company blamed day traders and social media activity for a 100-fold lift in its share price in late April, during which its chairman sold all his stock.

Woodside Petroleum’s balance sheet will be in good shape to weather the COVID-19 crisis, chairman Richard Goyder said today, while continuing his calls for the economy to be reopened.

Jupiter Energy chief executive Geoff Gander sold all of his stock in the West Perth-based, Kazakhstan-focussed oil junior last week after a surprise 70-fold surge in the company’s share price.

Iron ore exports nearly hit $100 billion in 2019 according to the latest state government data, while sales of gold and LNG reached new highs.

A historic overnight collapse in oil markets has not significantly shaken bigger ASX-listed energy producers today, but it does foreshadow continuing uncertainty for one of Western Australia’s largest export industries.

National LNG export revenue could fall by as much as 40 per cent in 2021 because of a collapse in the oil price, and the industry is unlikely to emerge as Australia’s saving grace as it did during the Global Financial Crisis.

Australis Oil & Gas is taking action to preserve cash reserves through a number of cost-reduction measures as it deals with the current low oil price and impacts of COVID-19.

Triangle Energy Global has contracted GR Engineering Services for maintenance work at its Perth Basin operations, while at the same time introducing cost-savings measures to limit the impact of COVID-19.

Buru Energy said today it has maintained production at its Ungani oil project in the Kimberley but has joined other resources companies, including Australian Vanadium, in cutting salaries, directors fees and other spending to preserve cash during the COVID-19 pandemic.