High Peak Royalties Ltd (ASX:HPR) is now in a trading halt pending news on the completion of a capital raising effort.
The halt will remain in place until the start of normal ASX trading on Monday, September 27, 2021, or when an announcement is released to the market.
High Peak has an energy resource royalty portfolio, specialising in exploration, pre-production and production phases. Its portfolio spans producing royalties, potential development royalties and exploration royalties for more than 20 oil & gas projects within Australia.
Revenue reflects recovering oil price
HPR recorded a 28% hike in its June quarterly reviews with revenue at $119,367, up $24,282 from the previous quarter.
This was in large part due to sustained rising oil prices, following the lows of April 2020. Prices have now returned to April 2019 highs from before the pandemic downturn.
Subsequent to the June quarter, HPR settled payment on two royalties - $100,000 for the Admiral Bay royalty and the newly acquired Green Hyrdogen Royalty, cumulatively bringing funds spent on new royalty acquisitions before the June quarter to $400,000.
Read: High Peak Royalties sees June quarter revenue jump 28% on back of sustained rise in oil prices
Current assets
High Peak has a number of lucrative royalty assets in hand, bolstered by rising energy demands and the recovery of oil and gas prices this year.
Main holdings:
Surat Basin CSH Project – 2.5% Overriding Royalty Interest, operated by Shell Australia.
Tintaburra Oil Field – 3.6%/4.0% Net Profit Revenue Interest, operated by Santos.
Peat Gas Field – 2.125% Overriding Royalty Interest, operated by Origin Energy.
Surprise Oil Field – 1.0% Overriding Royalty Interest, operated by Central Petroleum.
Longtom Gas Fields – 0.3% Overriding Royalty Interest, operated by Nexus Energy.
Poseidon LNG – 0.103% Overriding Royalty Interest, operated by ConocoPhillips (NYSE:COP).
Amadeus Basin – 1.0%, 1.0% and 3.0% Overriding Royalty Interest, operated by Santos, Centrol Petrole and Mosman Oil and Gas.
Western Flank-Cooper Basin – 1.3% Overriding Royalty Interest, operated by Discovery Energy.
North Carnarvon Basin – 0.2% Overriding Royalty Interest, operated by Santos WA Northwest Ltd.
Geothermal Permits – High Peak hols five geothermal licences covering 21,681km2 in South Australia, with one geothermal tenement area under application in the Northern Territory.