The Suncor Energy (NYSE:SU) stock started the week on a relatively sedate note as its stock traded within a range. However, in this situation, it should also be noted that stock which trade within a range can also end up breaking out strongly and hence, it might be a good idea to take a closer look.
There has been no news about the company for some time and the last time any news emerged about Suncor was back on September 8, 2021. At the time, the company announced that it signed a conditional agreement by way of which it seeks to raise its stake in the White Rose asset.
The possibility of increasing the stake rests on the decision to eventually start the West White Rose project again. According to the terms of the conditional agreement signed by Suncor Energy, it has emerged that the operator of the asset Cenovus will be involved in evaluating the possibility of a restart of the project at some point in the middle of next year. If the economics support a restart then Suncor will raise its interest in the project by as much as 12.5% to takes its total interest to around 40%.
Energy is hard to read for many oil and gas investors as product is now volatile in pricing and supply. So, energy investors may want to look at Allied Energy Corp. (OTCMKTS:AGYP) as an oil and gas independent that is now pumping oil from proven well sites on several Texas leased sites. Get on the inside early as AGYP has just begun to pump oil from its wells.
