With more than 600k average monthly users on the HotCopper forums, each and every discussion can move markets. That’s why getting in front of those red-hot trends is key for every trader worth their salt. In this daily HotCopper Trends column, we break down the top Oz stocks through each trading day.
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Buru Energy (ASX: BRU) attracted interest in its maiden independent assessment of Proved and Probable reserves for the Rafael gas-condensate field in Western Australia’s north.
The 2P reserves are estimated at 15.25 million barrels of oil equivalent, including 69.4 petajoules of sales gas and 2.9 million standard barrels of condensate.
Executive chair, David Maxwel, said with two planned wells looming, the assessment is a major advance in the commercialisation of Rafael and an important foundation for project funding.
“The Rafael reserves result is a landmark for Buru and a major step for the Rafael gas project.”
BRU was steady at 1.4¢
Invictus Energy (ASX: IVZ) was up on its awarding of a key drilling and well services contract to leading oilfield company SLB for the Musuma-1 exploration well in Zimbabwe.
“Securing SLB completes another critical component of the Musuma-1 campaign and significantly advances operational readiness ahead of drilling,” MD, Scott Macmillan, said.
“Execution activity is now accelerating across the project, with construction of the Musuma-1 wellpad and associated civil works underway, Exalo having commenced the Rig 202 maintenance and preparation program, and our well services equipment entering the preparation and mobilisation phase.”
IVZ was up 6.78% to 6.3¢.
BPM Minerals (ASX: BPM) was closely followed on HotCopper after it revealed it had received approval for a maiden 10,000m RC drilling program at the Bonnie & Clyde prospect in WA.
The program will target several, previously untested, gold-in-soil anomalies with drilling expected to commence within the coming five to 10 days.
CEO, Oliver Judd, said Bonnie & Clyde was one the few areas Anglo Gold Ashanti was unable to access during its major exploration campaign through the belt 15 years ago.
He said Bonnie & Clyde is one of Australia’s most compelling, untested gold exploration targets.
BPM climbed 9.09% to 24.0¢.
Looking wider, theS&P/ASX 200 opened lower today, dropping 108.80 points or 1.23% to 8,710.60 and setting a new 20-day low. The bottom performing stocks in this index are Develop Global and Capstone Copper, down 9.96% and 8.59% respectively. The index has lost 3.28% for the last five days but is virtually unchanged year to date.
Elsewhere, Australia’s largest accounting body, CPA Australia, says the state and territory duty treatment of the proposed discretionary trust election should be resolved before the new rules commence.
The exposure draft released on 3 September would allow discretionary trusts in existence on 1 July 2028 to elect into a regime under which they make fixed distributions to nominated beneficiaries, avoiding both the proposed minimum tax on distributions and the costs associated with restructuring.
That’s Friday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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