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MENAFN - ProactiveInvestors - Australia - 20/11/2012

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The All Ords spiked early today on news of constructive negotiations between U.S. President Barack Obama and U.S. congressional leaders on addressing the fiscal cliff. While the All Ords moderated later in the day, it still closed up 0.52% to 4,382.6 points.
(MENAFN - ProactiveInvestors - Australia) Energy stocks led the way on the Australian market which rose today on the back of positive leads out of the U.S. over the weekend.

President Barack Obama and congressional leaders had carried out constructive negotiations aimed at addressing the fiscal cliff " the tax hikes and spending cuts that will automatically come into force on January 1 if no agreement is made on a long-term deficit reduction plan.

The All Ords was up 22.5 points, or 0.52% to 4,382.6 points while the benchmark S&P/ASX 200 was up 24.6 points, or 0.57%, to 4,361.4 points.

Amid this, the S&P/ASX 200 Energy index closed up 2.3% to 11,998.6 points, outpacing all other indices.

Aquila Resources (ASX: AQA) was up 0.23, or 10.7%, to 2.38 while Aurora Oil & Gas (ASX: AUT) closed 0.03 higher to 3.59.

AWE Limited (ASX: AWE) closed at 1.35, up 2.27%.

Beach Petroleum (ASX: BPT) gained 0.04 to 1.40 after its Bauer-9 well confirmed a north western extension to the Bauer oil field in the Cooper Basin.

The well is also another step towards confirming that the Bauer and Bauer North oil fields are part of a common larger oil pool.

Confirmation of this will likely result in a large upgrade to oil reserves in the field, which partner Drillsearch Energy (ASX: DLS) had last week upgraded by 22% to 8.2 million barrels of proved and probable oil.

Buru Energy (ASX: BRU) continues to gain on the discovery of oil shows at its Ungani North-1 well in the Canning Basin. Shares in the company were up 0.18, or 6.12%, to 3.12.

Karoon Gas (ASX: KAR) closed at 4.95, up 1.85%, while Origin Energy (ASX: ORG) put on 0.41 to close at 10.25 after confirming that all conditions for its US8.5 billion project finance facility had been satisfied.

This provides funding for the downstream parts of the Australia Pacific liquefied natural gas project.

Santos (ASX: STO) gained 0.42 to 11.30 after finding gas at its Crown-1 exploration well in the Browse Basin off Western Australia.

Wireline logging to date has confirmed 61 metres of net gas pay in the Montara, Plover and Malita reservoirs between 4,873 and 4,998 metres. No gas-water contact was intersected.

Crown-1 is located about 500 kilometrs north of Broome, about 60 kilometres west of Inpex/Total's Ichthys field and 20 kilometres east of the Poseidon field.


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