2 Resource Sector Stocks that dropped on ASX – NMT, COE

Neometals Ltd

Update on nickel Mineral Resource Estimate: Neometals Ltd.’s (ASX: NMT) stock fell 4.55% on June 25, 2018 despite the fact that the maiden Nickel Mineral Resource for the Mt Edwards Project increased to 7.4 million tonnes at 1.7% Ni for 123,340t of contained nickel. Mineral Resources have been significantly increased due to the inclusion of four additional deposits: Mt Edwards, Widgie Townsite, Widgie 3 and Gillett, after the settlement of the Mt Edwards acquisition. There has been approximately 155% rise in contained nickel. Meanwhile, NMT stock has fallen 4.35% in three months as on June 24, 2018. asx

Mt Edwards Nickel Mineral Resources Table (Source: Company Reports)

Cooper Energy Ltd

Delay of Sole-3 gas: Cooper Energy Ltd (ASX: COE) has informed that the clean-up and flow back of the Sole-3 gas well is delayed due to pending re-installation of the upper completion. This section is identified to have anomalies after testing, which prevented verification of the pressure integrity of the annulus above the production packer. As a result, the company has been deciding over the re-run of the upper completion with a new packer. It is anticipated that the operation to pull and re-run the upper completion will take approximately 7 days, after which preparations for the flow back will resume. However, the operation to re-run the upper completion has no significance for the reservoir completion, that has been tested and its integrity is confirmed. This made the stock price slip by over 1% though the group announced for a new executive director appointment.


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