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Australian stocks have extended yesterday’s losses with banks pulling the ASX200 down 23.7 points or 0.4% to 5259 after new curbs on lending were flagged.
While energy stocks provided some relief after the West Texas Intermediate gained 1.2% to US$63.82 a barrel this oil play surged forward on the strength of its oil assets in Texas.
Shares in () rose 25% to $.0005 with 10 million shares traded.
In November the company executed a revised Letter of Intent and amends joint operating agreement with Ursa Resources II LLC that reduced Sun’s working interest in the Badger Oil Project from 50% to 10%.
This reduces cash exposure for Sun for the initial well cost to zero while retaining development upside.
It also finalised the design of the multi-stage hydraulic fracturing program for its Jack Howe-1H horizontal well that intersected 250 feet of vertical net oil pay.
Fast track development of the Normangee Oil Project (Sun:50%) is expected once the Jack Howe well is fracked and flowing back oil.
() rose 9.7% to $0.51 after it was invited to participate in a funded program to deliver an improved Flame Resistant Army Combat Uniform (FRACU) to the U.S. Department of Defense (DoD).
The company has been granted an immediate $50000 to provide fabrics for this effort and is working with relevant parties for contracting these funds.
The FRACU program is part of DoD’ effort to develop an ecologically-friendly flame-retardant 50% Nylon/50% cotton (NyCo) durable combat uniform.
Based on historical yardage volumes it has annual revenue potential for Alexium of US$10 million to US$16 million per year.
Shares in () were up 4% to $0.26.
The company agreed to pay $1.6 million to for the full settlement of its remaining obligations as this will reduce commitments in respect of a $1 million Deferred Payment due by 30 June 2015 as well as a 0.5% gross revenue royalty over the Keysbrook Mineral Sands Project.
MZI has embarked on the road to production commencing engineering and purchase of equipment in November after drawing down on funding.
First production could start in the December 2015 quarter.
() rose 0.8% to $2.50. It is seeking authorisation from the U.S. Department of Energy to export 503 billion standard cubic feet of gas per day by pipeline to Canada.
This will ensure gas supply to its Bear Head LNG project.
() is up 9.8% to $0.225 () rose 19.05% to $0.125 () up 20% to $0.24 and () gained 28.57% to $0.009.
And now for the Blue Chips
Big 4 banks
ANZ Bank (ASX:ANZ) down 1.2% to $31.49
() up 0.4% to $82.35
() down 0.9% to $32.30
() down 1.6% to $32.52
Other banks financials and industrials
() down 2.5% to $5.41
() up 0.4% to $12.03
Bendigo and Adelaide Bank () down 0.5% to $12.62
() down 1.6% to $59.69
Suncorp () down 1.1% to $13.86
() down 0.4% to $5.62
Major miners
() up 2.1% to $29.50
() up 0.4% to $2.56
Newcrest () up 2.3% to $10.52
(ASX:RIO) up 1.9% to $56.57
Oil and Gas
Oil Search () down 0.5% to $7.25
() down 0.9% to $7.63
() up 1.5% to $34.90
Retailers
JB Hi-FI () up 0.8% to $15.44
() down 2.1% to $41.73
Woolworths () down 1.4% to $29.88
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