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Friday's most followed: African Barrick Gold, Avanti Communications, Sound Oil, Provexis

Published: 23:00 24 Jun 2011 AEST

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African Barrick Gold (LON:ABG) said this morning that the latest results from infill drilling on the Tusker resource area at its Nyanzaga gold project in Tanzania were positive, showing good continuity of gold mineralisation throughout the deposit. The results included several high grade intersections including 4 metres grading 74.7 grammes per tonne (g/t) gold and 45 metres grading 15.1 g/t gold.

Broadband satellite operator Avanti Communications (LON:AVN) announced that its director David Bestwick has acquired 10,000 shares in the company at a price of 359 pence, which represents a premium to Thursday’s closing price of 350 pence.

The share purchase increased Bestwick’s stake in the company to 1.51 percent.

Shares in the company surged 7.5 percent on the news this morning.

Mediterranean Oil & Gas (LON:MOG)
has farmed out a 75 percent working interest in Blocks 4, 5, 6 and 7 of the Area 4 oil and gas production sharing contract (PSC) offshore Malta to Dominion Petroleum (LON:DPL).

Under the terms of the agreement, Dominion will cover exploration costs of US$1.26 million and compensate MOG for US$0.9 million of previous expenses.

The first exploration period at Area 4 runs until January 2013. There is a minimum spend requirement of US$5 million. The partners will also have to acquire 1,000 square kilometres of 3D seismic data and drill an exploration well.

The 3D seismic survey is expected to cost between US$8 and US$10 million, which will satisfy the minimum spend requirement.

Dominion has also announced today that it will raise US$55 million (£34.4 million) by placing 8.6 million shares. The group’s cash position at the end of 2010 was US$15.8 million.

Sound Oil (LON:SOU)
expects to restart operations at its Marciano-1ST well in southern Italy on Saturday, 25 June, the company revealed today. The Marciano-1 well was originally drilled in 2007 by Sound’s Italian subsidiary Apennine Energy. Back then it found two thin gas-bearing sand intervals, and the well was cased ready for production. Since then the well has been sidetracked.

Earlier this month Sound Oil began well completion work on the sidetrack. Now the company said that its contractors, and their equipment, are currently being mobilised and testing will begin on the 25 of June. Testing is expected to take at least 4 days to complete.

Provexis (LON:PXS) said today that it has completed the acquisition of Science in Sport (SiS) for £8 million in cash and shares, which was announced last week. The company has also confirmed that the placing of over 160 million shares to raise £2.5 million to help it fund the SiS acquisition has also been completed.

Provexis will now  undertake an open offer to shareholders to raise another £2.2 million.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 26 minutes ago