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Australian stocks bounced back 1.3% from yesterday’s 2% drop that was caused by the fall in oil prices.
While the All Ords rose 68.5 points to 5260 this oil company’s shares gushed up today.
The move to increase oil production through the acquisition of ’s interests in the Desiree and Dugas & Leblanc projects sent shares in () up 28.57% to $0.009.
With the transaction Grand Gulf has increased its interest in Desiree by 3.99% to 39.6% and in Dugas & Leblanc #3 by 15.3% to 55.3%.
This increases Desiree production to 3600 barrels per month and revenue US$260000 per month and Dugas & Leblanc output to 1150 barrels per month and revenue of US$ 65000 per month.
Grand Gulf paid US$575000 for the interests.
() rose 11.77% to $0.19 after drilling delineated a zone of high grade uranium mineralisation at the Bennet Well East area.
The greater than 500ppm eU3O8 contour covers an area 500 metres by 175 metres.
This is likely to be economic to extract and has advanced the project substantially.
It could also result in potential production being at the lower end of the estimated US$8 to US$22 per pound mine gate in-situ recovery uranium unit cost.
Cauldron is mobilising a core rig to facilitate and fast-track field leach trials.
() is up 14.71% to $0.39 () rose 22.22% to $0.011 and () gained 12.5% to $0.009.
Now for the blue chips
Major miners
() up 3.9% to $30.40
() down 1.9% to $2.57
Newcrest () up 7.7% to $9.89
(ASX:RIO) up 2.2% to $57.93
Oil and Gas
Oil Search () up 5.6% to $7.70
() up 0.8% to $9.19
() up 1.9% to $34.86
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.2% to $31.72
() up 1.2% to $80.74
() up 0.7% to $32.39
() up 1.5% to $32.73
Other banks financials and industrials
() up 2.7% to $5.67
() up 1.2% to $12.29
Bendigo and Adelaide Bank () up 1.9% to $12.77
() up 0.7% to $58.37
Suncorp () up 0.9% to $14.38
() up 0.9% to $5.67
Retailers
JB Hi-FI () up 0.8% to $15.59
() down 0.0% to $41.00
Woolworths () down 0.8% to $30.24
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