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Berkeley Resources, Gemfields, Noventa, Red Rock Resources, Norseman Gold, Aminex and others feature in Fox-Davies Capital Newsflash


Mining News   

Berkeley Resources (ASX:BKY, A$0.35, ▼ 0.1%) have announced they consider Enusa to be in default after it did not form Newco on the agreed date yesterday, despite Berkeley believing they have addressed all of Enusa’s concerns regarding the Mining Domain Feasibility Study. Discussions will continue between the two companies.
Gemfields plc (LON:GEM LN, 24.6p, ▼ 1.0%) has released an operational update for the 3 months ending 31 Dec 2011 for its 75% owned Kagen emerald mine. Ore mining rates reduced in the period because the company focussed on a waste moving programme to facilitate targeting new areas for future production. Gemstone production therefore came in at 3.9M carats compared to 4.9M carats in the prior quarter and production costs per carat increased to US$0.87 versus US$0.79.

Noventa Limited (LON:NVTA LN, 14.75p, ▼ 4.8%) has announced its application for voluntary delisting of its ordinary shares from the Toronto Stock Exchange ("TSX"). It is expected that the ordinary shares will be delisted from the TSX at the close of trading on or about Thursday, 8 March 2012.

Red Rock Resources PLC (LON:RRR LN, 2.85p ▲ 0.2%) has announced that it has placed 39,269,231 new ordinary shares of 0.1p each (the "Ordinary Shares") at a price of 2.6 pence per share to raise £1,021,000 before expenses the ("Placing").  The net proceeds of the Placing will be applied towards assuring funding is in place to meet commitments for the upcoming exploration season in Greenland and for pursuit of investment opportunities that may arise that match the Company's investment criteria.

Norseman Gold PLC (LON:NGL LN, 4.6p, ▼ 0.1%) announced an update with regards to its restructuring process, following the Company's agreement with Australian resource specialist Tulla Resources Group Pty Ltd ('Tulla') announced on 16 February 2012.  Tulla and Norseman Gold have commenced the site re-organisation and are moving rapidly to establish the profitable mine strategy with Tulla assuming management and operational control of the Norseman Gold Project's entire site.  The restructuring process is aimed at lowering operating costs, ensuring Norseman Gold develops into a consistent 100,000 ounce producer within two years and increasing the Company's current resource inventory of 3.4 million ounces of gold at an average grade of 4.7 g/t through mine and regional exploration.  As part of this restructuring process, Norseman Gold has executed a formal management agreement with a company associated with Tulla and Tulla has entered into an agreement to subscribe for A$10,000,000 of convertible loan notes ('Notes') in Norseman Gold.

Oil and Gas News

Aminex PLC (LON:AEX LN, 5.65p, ▼ 1.3%) Going Going Gone. The Company today announced the sale of the Somerset Field in Texas. The field, purchased in 1994, has been steadily declining in value over the last few years, and with potential abandonment liabilities and a high operating cost per barrel, Aminex deemed it sensible to divest. The Company completed agreements to sell leases and other assets comprising the Somerset Field for a total consideration of $701,600. The sale was comprised of two separate transactions; A portion of the field and related assets were sold to Cheap Oil Inc for $375,000. Cheap Oil assumes responsibility for plugging and abandoning old wells and other facilities where required, estimated by Aminex to cost approximately $2 million. Cheap Oil Inc. will also take over liability for equipment leases; the remainder of the field was sold for $326,600 to Sun Edison which will construct solar farms on the property. Considering the location and current value of the asset, the sale is a very smart move especially as it creates time and resource for the Company to focus on its Tanzanian interest.

Matra Petroleum (LON:MTA LN, 0.89p, ▼ 6.8%) Appointment of adviser. The Company today confirmed the appointment of Fox-Davies Capital Limited as nominated adviser to the Company with immediate effect. This role is in addition to FoxDavies' existing role as broker to the Company.

Enegi Oil PLC
(LON:ENEG LN, 17.9p, ▼ 0.7%). Successful Workover. The Company believes they will be able to bring well PaP#1-ST#3 at the Garden Hill South (GHS) project back online after consultants, McCaffrey, confirmed positive preliminary analysis results following the bullhead acid squeeze. Pressure data for the well following the acid injection suggests the connectivity to the reservoir has been improved significantly with the effective production length of the well more than doubling and the fluid mobility increasing by approximately nine times. The well will now be flowed with the intention of bringing it back online at controlled rates within over the following days. The Company will continue providing the market with updates on the well workover as they look to prove the commerciality of the GHS discovery. This is very good news for the Company and its shareholders, however it should be noted that the update is based on preliminary analysis. We feel like the exciting part of this update is yet to come – when the programme is executed.

JKX Oil & Gas (LON:JKX LN, 132.5p, ▼ 1.3%) Gas Sale Contract in place. The Company’s wholly owned Russian subsidiary, Yuzhgazenergy (YGE) has signed a sales agreement with Kubangazifikatziya for the sale of 100% of the gas produced in 2012 from its Koshekhablskoye field in southern Russia. Kubangazifikatziya is a large Krasnodar-based gas trading company which has been active in the wholesale supply of gas and LPG products since 2008. Kubangazifikatziya will take delivery of gas from the Koshekhablskoye field at the export flange and will be responsible for transport through the Gazprom pipeline network to end users. JKX will commence deliveries shortly after receiving its Permit to Operate from the Russian authorities in Moscow. This news bodes very well for the share and solidifies the Company’s status in Russia as it would be working with an established supplier in the market.

Oilfield Services News 

Technip (TEC, EUR80.5, ▼ 0.8%)  Technip announced the award of a contract by Exxon Mobil for subsea equipment on the Hadrian South natural gas project in the Gulf of Mexico in approximately 7,500 feet of water. The project consists of a subsea tie-back to the planned Anadarko operated spar platform, Lucius. The contract covers: project management, procurement and installation of two 7-mile long flowlines and associated jumpers, the installation of a 9-mile umbilical, associated foundation and flying leads and pre-commissioning.  The Deep Blue, a deepwater pipelay, vessel from the Technip fleet will install the subsea equipment in 2013.

Quick facts: Archer Daniels Midland

Price: 39.56 USD

Market: NYSE
Market Cap: $21.98 billion

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