Macquarie expects near-term oil rally to boost Australian energy firms

Tamboran Resources

28/06/2023 01:56

** Analysts at Macquarie see potential near-term upside for
Australia's energy shares  .AXEJ  on a supply deficit driven
rally in oil prices in the latter half of the year
    ** Brokerage says it prefers Aussie energy stocks with low
debt and reserve growth, as oil prices are expected to be
range-bound over the next 6-12 months 
    ** Karoon Energy  KAR.AX , Strike Energy  STX.AX  and
Tamboran Resources  TBN.AX  are preferred stocks, says all three
are poised for material resource growth 
    ** Macquarie, however, lowers TBN's price target by 14% to
A$0.30 to factor in the dilution from its recent capital raise  
    ** Says STX's Walyering gas field ops should be ready for
start-up soon, significant in providing first recurring revenues
    ** Says Q4 production looks solid for Beach Energy  BPT.AX 
with significant gas growth in their Cooper and Otway projects 
    ** KAR and STX advanced 1.6% and 2.3%, respectively in early
trade on Wednesday 
    ** Aussie energy sub-index is up as much as 0.6%, vs a 0.7%
increase in the broader the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))