Stocks to watch on the Australian stock exchange on Wednesday, June 18:

BRU – BURU ENERGY – up 1.5 cents, or 1.3 per cent, at $1.155

The West Australian government has decided to allow Buru Energy to frack for gas in the Kimberley region without an Environmental Protection Authority (EPA) assessment.

DLS – DRILLSEARCH – up 2.5 cents, or 1.7 per cent, at $1.535

AQO – AMBASSADOR OIL AND GAS – up four cents, or 12.1 per cent, at 37 cents

The takeover battle for energy junior Ambassador Oil and Gas is heating up, with Magnum Hunter lifting its offer.

OSP – OSPREY MEDICAL – up seven cents, or 15.6 per cent, at 52 cents

Shares in Osprey Medical have soared after a new version of its main product received regulatory approval for use in the United States.

VAH – VIRGIN AUSTRALIA – steady at 43 cents

Air New Zealand has increased its cornerstone shareholding in Virgin Australia to the maximum allowed under Australia’s foreign investment rules.

WPL – WOODSIDE PETROLEUM – in a trading halt at $42.85

Woodside Petroleum’s largest shareholder Royal Dutch Shell will sell the majority of its 23.1 per cent stake in the company.