
TY  - JOUR
A1  - Cameron, P.J. 
A1  - Baird, J.G. 
T1  - MARKET STRATIGRAPHY&#x2014;THE 25-YEAR ODYSSEY OF THE AUSTRALIAN PUBLICLY-LISTED OIL AND GAS SECTOR (IS THE SMALLER E&P COMPANY THREATENED WITH EXTINCTION?)
JF  - The APPEA Journal
JO  - The APPEA Journal
Y1  - 2001
VL  - 41
IS  - 1
SP  - 803
EP  - 810
KW  - 
UR  - https://doi.org/10.1071/AJ00050 
N2  - A market view of the population of publicly listed oil and gas companies during the past 25 years provides insights to the survival of the smaller exploration and production company. Mapping the life span of companies, and company population against parameters such as oil price and market activity, demonstrates that oil price is not the crucial driver for the industry as one would expect. The number of exploration companies existing at any one time is independent of oil price and discovery levels, but is more closely related to market sentiment and external influences. The benefits of success are apparent, but the vulnerability of smaller companies to that success is also apparent. While the ASX Energy Index has significantly out-performed the market, and the resources sector in general over this period, it is still considered a high-risk investment area, which fails to attract substantial investment funds.At a time of an apparently sustainable higher oil price, and record market levels, why is the level of new corporate activity so limited? In stratigraphic terms, is the survival of this species threatened? Was Darwin right&#x2014;will the strong get stronger and will the small E&P company be driven to extinction? 
ER  -

