2 ASX All Ordinaries shares surging over 10% on Wednesday

Investors are sending these two ASX All Ords shares soaring today.

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Two ASX All Ordinaries shares are flying high today.

The All Ordinaries Index (ASX: XAO) is up a healthy 0.4%.

But these two ASX All Ordinaries shares are leaving those gains far behind.

ASX energy share rocketing 12%

First up we have Melbana Energy (ASX: MAY).

The All Ordinaries share is up 12% in intraday trading at the time of writing, having earlier posted gains of 20%.

The last price-sensitive news from Melbana came on 5 July. But, atop an overnight bump in oil prices, the oil and gas explorer could still be receiving some support from that announcement.

Melbana reported some promising results from its Alameda well with a "significant interval of oil rich fractured carbonate". The All Ordinaries share is up 28% since that announcement.

That brings the stock's year to date gains to a whopping 44%.

Which brings us to…

All Ordinaries share leaps on offtake update

The Neometals Ltd (ASX: NMT) share price was up 15% in earlier trade at 54 cents per share. After some likely profit-taking, shares in the battery metals resource explorer are up 8% at the time of writing at 51 cents per share.

Despite that boost, shares remain down 37% in 2023.

Investors are bidding up the Neometals share price after the miner announced it had inked an agreement for the guaranteed offtake for 100% of the vanadium products produced by the Vanadium Recovery Project.

The agreement was secured with commodities producer and marketer, Glencore International.

Commenting on the update that's boosting this All Ordinaries share today, Neometals managing director Chris Reed said:

Removing volume risk on offtake is seen as a key requirement for securing project finance and we have mitigated this risk with the take or pay nature of our Offtake Agreement with a Tier 1 counterparty in Glencore.

Reed also pointed to "significant expected demand from the vanadium redox flow battery sector and other potential high purity applications".

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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