The September quarter percentage rose even higher to 56% if energy and resource related companies were included, such as solar cell developer Dyesol, Viridis Clean Energy Group and Babcock and Brown Environmental Investments, according to Deloitte partner Tom Henderson.

"High oil prices have have provided incentive for more explorers to find oil and gas, as well as creating very strong interest in fossil fuel alternatives such as uranium and solar energy," Henderson said.

"The sum effect has been to dramatically lift the profile of energy assets. We have already seen the launch of two portfolio investors in ‘clean’ alternatives to fossil fuels and we expect to see more activity in this area over coming months."

Energy and resource IPOs in the September 2005 quarter raised a total of $154.1 million or 7.9% of all funds raised through IPOs.

Henderson said high oil prices began to stimulate an increase in oil and gas exploration in the year to June 2005.

"Oil and gas exploration raised more funds from IPO investors than any other energy and natural resource (ENR) sector in the year to June 2005, with 18 IPOs raising $227.4 million or almost half of all funds raised.

"This represents a dramatic change from the previous year, when just four IPOs raised less than $20 million. This was typical of activity levels in the previous few years.

"The momentum in fund raising by new oil and gas explorers has carried through to the September 2005 quarter, and is now one of several products of increased investor interest in energy and natural resources," Henderson said.