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Australian stocks have stormed ahead to the third straight session of gains with resource stocks and banks pulling the ASX200 up 127.8 points or 2.5% to 5338.6.
While there were no shortage of gainers for investors to jump on this Texas-focused oil and gas company rocketed ahead of that pack.
Shares in () jumped 100% to $0.004 with more than 4.3 million shares traded.
Earlier this month the company added the Buda Formation as a second oil target across its Southern Woodbine leases in Texas.
This follows EOG Resources (NYSE:EOG) flowing 330 barrels of oil per day from a Buda Formation horizontal well.
Oil and gas shows were recorded while drilling through the Buda-Georgetown formations located immediately below the primary target Lower Woodbine in both Sun’s Jack Howe-1 and Seale-1 vertical pilot wells.
Sun is currently in the process of selecting a contractor to carry out fracture stimulation of its Jack Howe-1H well in the first quarter of 2015.
Development of the Normangee Oil Project (Sun:50%) will be fast-tracked once the well is fracked and flowing back oil.
() is up 13.3% to $0.017. Executive chairman Brian Johnson has increased his indirect interest in the company by 5 million shares through an on-market trade.
PanTerra is planning a number of measures to better advance the pre-development stage a project aimed at extending the life of its Las Lagunas project in the Dominican Republic.
These include a 10 to 1 share consolidation a capital raising of up to A$10 million and refinancing its loans.
The company has also been invited by a major Chinese gold mining company to put forward a formal proposal for them to acquire a controlling interest in the Las Lagunas project and any mine developments that will be necessary to extend the project life.
The Chinese group have expressed interest in the application of the Albion oxidation process to mid-sized refractory deposits they hold in China.
Here are some other juniors that recorded greater than 10% gains.
(ASX:ACB) is up 12.2% to $0.046 () up 10.4% to $0.032 and () gaining 25% to $0.005.
(ASX:MTA) rose 10.2% to $0.054 () gained 19.4% to $0.037 while () is up 12.5% to $0.009.
And now for the Blue Chips.
Major miners
() up 2.7% to $28.80
() up 1.2% to $2.53
Newcrest () down 0.4% to $10.71
(ASX:RIO) up 2.3% to $55.99
Oil and Gas
Oil Search () up 0.5% to $7.66
() down 0.3% to $7.94
() up 2.6% to $37.55
Big 4 banks
ANZ Bank (ASX:ANZ) up 1.8% to $31.54
() up 2.1% to $83.48
() up 2.6% to $32.57
() up 2.3% to $32.32
Other banks financials and industrials
() up 3.2% to $5.46
() up 1.4% to $11.99
Bendigo and Adelaide Bank () up 1.9% to $12.57
() up 2.9% to $57.58
Suncorp () up 2.4% to $13.85
() up 1.1% to $5.89
Retailers
JB Hi-FI () up 2.6% to $15.72
() up 1.8% to $41.34
Woolworths () up 1.6% to $29.87
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