Incremental Petroleum Limited

Yesterday the Australian shares closed slightly lower with the benchmark S&P/ASX200 index down 0.3%, or 9.3 points, at 3428.6, while the broader All Ordinaries index declined 0.3%, or 9.7 points, at 3372.6. The market opened higher after the positive lead from the US and UK, but could also be rocked by the earnings of NAB and News Corp.

On Friday the Australian stock market ended higher on the recovery in mining sector. The benchmark S&P/ASX200 index closed up 21.4 points, or 0.61%, at 3550.9, while the broader All Ordinaries gained 18.1 points, or 0.52%, to 3494.9. Analysts expect the market may keep its way of turbulence in the reporting season until some clarity of the economy could be seen. Tomorrow Barack Obama's inauguration will be the focus of the week to boost some confidence in the market.

Yesterday the Australia market closed lower dragged by resource sector although the central bank's aggressive rate cut of 100 basis points lifted some sentiment in late trading. The benchmark S&P/ASX200 index closed down 153 points, or 4.16 per cent, at 3,528.2, while the broader All Ordinaries index was 145.6 points, or 4.02 per cent, lower at 3,473.4. Analysts anticipate a rise today in local market with positive lead from the US and the RBA rate cut.

Overnight US stocks slumped more than 5% as investors worried about the global financial crisis and a US recession, wiping out the gains from the Election Day rally as the problems facing US President-elect Barack Obama dimmed optimism on Wall Street.

Yesterday, the Australian share market ended almost 4% higher in its best two-day gain since 1975, adding $42 billion to the value of stocks listed in the All Ordinaries index. As confidence was buoyed, investors rushed back to the big miners and banks and pushed the two-day rally to 9% in total. The benchmark S&P/ASX200 index was up 154.5 points, or 3.7%, at 4335.2, while the broader All Ordinaries index gained 169.6 points, or 4.09%, to 4311.5.

The Australian share market ended a horror week on Friday, down more than 8% in a session that wiped A$106 billion from the value of stocks on the bourse. Last Friday the S&P/ASX200 index fell 8.3% in mid-afternoon trading, losing 360.2 points to plunge to 3960.7, the biggest one-day loss for the ASX200 index. Its affiliate, the All Ordinaries index, had its worst day since the October 1987 crash, losing 8.2%, or 351.9 points, to 3939.4. The ASX200 lost almost 16% for the week, about three times the amount it lost in the week after the September 11 attacks in 2001.

The Australian market has received a mixed lead, with Wall Street up while oil, gold and silver were down again. Yesterday local banks finished mixed despite heavy losses on Wall Street as the US investment bank Lehman was thought facing difficulties. Analysts said the market was volatile, heavy and irrational.

Yesterday Australian shares soared the most in almost half a year after the US Government's bailout of mortgage giants to calm investor worries about global market turbulence.

Otto Energy (ASX: OEL)(PINK:OTTEF) and joint venture partner Incremental Petroleum (ASX:IPM) are pleased to announce excellent gas flow rates from the Arpaci-2A appraisal well at the Edirne licence in West Turkey.

Joint venture partners Otto Energy (ASX:OEL) and Incremental Petroleum (ASX:IPM) announce that the Arpaci 2A appraisal well has encountered three potential gas bearing intervals between 160 metres (m) and 350 m.