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Near panic selling in many stocks across the board late last week doesn't bode well for this week's opening when there could well be more of the same. With the All Ords down by 160 at Friday's lunchtime break, the fall accelerated in the last hour of trade to lose 222.5 points on the day. This should alert bargain hunters to stocks that have been unjustifiably over-sold, but punters should keep in mind they could get cheaper yet with the emergence of this volatile market.9

Through the entreaties of a public firm trying to set up one-on-one interviews, we learn that two directors of Red Sky Energy (ASX code: ROG) will be in Sydney on August 23-24 to "brief analysts, investors and the media on the outlook for their company". Red Sky listed on May 23, having raised $6 million through a public issue of 30 million 20c shares.


A prospective oil producer with the biggest onshore exploration tenements in Australia resisted the market correction.

Our punt on Central Petroleum a week ago was a winner for followers of the Speculator, for it was one of the few stocks to rise in the subsequent mid-week sell-off sparked by falls on Wall Street.

Those who got set will be pleased to learn that the story keeps getting better. We bought into this early stage oil and gas explorer ahead of managing-director John Heugh's arrival in Sydney to do the rounds of investors and brokers. I suggested the company might need to raise about $10m in new capital to drill up to six wells on its vast tenement holdings in central Australia.


An enthusiastic backer of Central Petroleum is stockbroker Barry Dawes, principal of Martin Place Securities. A shell company born out of that IMGP8435investment house (and no doubt a future float) is HE Nuclear, which has agreed to acquire a 25% interest in two exploration permits by funding 50% of pre-drilling seismic plus 50% of an initial well in each block.

Central Petroleum has a total of 18 exploration permits (EPs) or EP applications. Heugh claims another three impending farm-ins to fund up to 80% of three wells plus $3m in seismic in each of the 18 permit areas to earn up to 40%.

Despite the lukewarm reception by analysts to the LNG announcement, Santos has since hit a record high of $14.82 against a 52-week low of $8.85. This might be more due to the impending cap decision, but the proposed LNG project, the first in eastern Australia, is a factor. It would move Santos into a bigger league.

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Many traders and investors use forums to share ideas, learn from the more experienced, or simply to stave off boredom during long hours at the computer. Here we list the known universe of forums, complete with costs, member numbers, extra benefits and popular forum topics. Please post a message on Your 2 Cents if your favourite forum isn't listed here, or if you feel that there's more to add about the day-to-day goings on in your online community.Forum
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