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Northbridge Industrial Services Plc

Gas and Oil exploration renaissance finally underway

There are signs that Australian oil and gas exploration is starting to recover from the doldrums that have been the feature of recent years, a special background report by EnergyQuest Associated and exploration analyst David Upton has revealed.

Calendar 2019 has begun strongly with the success of offshore wells Corvus-2 and Dorado-2.

Offshore

• Offshore exploration and appraisal drilling is finally beginning to recover, with eight wells to be drilled in 2019, up from only five in 2018.
• Activity is still well down compared to levels before the collapse in oil prices five years ago (i.e. eight wells in 2019 versus 30 in 2014).
• Results for two of this year’s eight wells have been announced so far, with important successes at both (Corvus-2 and Dorado-2).

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.