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Fox-Davies Capital Newsflash including Amerisur, Victoria Oil & Gas, Empyrean, Aminex, Minera IRL, Titanium Resources and Mariana

16th Nov 2009, 8:07 am Fox-Davies Capital Newsflash including Amerisur, Victoria Oil & Gas, Empyrean, Aminex, Minera IRL, Titanium Resources and Mariana

Victoria Oil & Gas (VOG)  announced an update on drilling of well La-105 at its Logbaba gas and condensate project in Douala, Cameroon. During drilling of the 12¼” hole section, around 90ft of gross sandstone pay at approximately 4,000psi pressure were intersected at depths between 6,030-6,120ft measured depth. Following this discovery and penetration of the first gas-bearing horizon, VOG now intends to apply for the 35-year exploitation and production licence.
 
Amerisur  (AMER)  provided an update on the drilling of the Iguasa-1 well in its 100% owned Fenix block in Colombia. Iguasa-1 has reached its final planned depth at 6,220ft measured depth, 5,834ft true vertical depth. Throughout the drilling of this section, strong manifestations of oil and gas were observed and these have now been correlated in the main with potential reservoir sands identified in the logs. The resistivity data suggest that those zones may also have sufficient oil saturations to produce hydrocarbons.  The Company therefore decided to run and cement a 7" liner in order to allow preliminary testing of up to 5 horizons identified from logs. That liner is now in place and rig up for testing operations is ongoing.
 
Empyrean Energy  (EME)  announced that it  has been advised by Krescent Energy Company,  the  operator of the Riverbend Project in Texas, that drilling at the Quinn 3H well had progressed  to  a measured depth of  16,641ft. The well plan had allowed for up to 5,000ft of horizontal to be drilled. The operator and JV partners have agreed to cease drilling and prepare for completion as multiple significant fractures and numerous smaller fractures have been encountered since entering the target zone.  Empyrean has a 10% interest in the project.
 
Aminex (AEX)  announced that it has farmed out a 12.5% interest in the Likonde-1 well in Tanzania to Solo Oil. Likonde-1 is the first well scheduled to be drilled on Aminex's Ruvuma Production Agreement (PSA) in southern Tanzania with spudding likely to occur in about two months, the precise date depending on rig move logistics. A rig contract has been signed. Under the terms of the farm-out agreement Solo will reimburse Aminex for 12.5% of pre-drilling costs amounting to US$1.25m and pay 18.75% of the drilling cost of Likonde-1 amounting to US$3.4m. After the drilling of Likonde-1, Solo will have earned the right to participate in any further drilling on the licences covered by the Ruvuma PSA through contributing 12.5% of ongoing costs.
 
Mining Corporate News
 
Minera IRL  (MIRL)  announced positive results from the Scoping Study on the Ollachea Gold Project, located in southern Peru, prepared by independent consultants Coffey Mining. The Scoping Study relates only to the Minapampa Zone and has an Inferred Resource, NI43-101 compliant, occurring within seven steeply dipping lenses totalling 8.9M tonnes, grading 4.5g/t gold and containing 1.3M ounces. There is a mining inventory of 8.2M tonnes grading 4.0g/t gold containing 1.1 million ounces.
 
Fox-Davies capital is acting as the sole financial adviser to Minera on an all-share offer for Hidefield Gold (AIM: HIF).
 
Mariana Resources  (MARL)  announced it has closed the placement of shares to institutional and other investors to raise a total of £2,951,000 at a price of 13 pence per share.UK brokers have placed the first tranche of 12,200,000 shares subject to admission to trading on AIM, which is expected to occur on 17 November 2009. A second tranche of 10,500,000 shares has been allocated to Australian-based investment groups to be settled shortly. Following completion of the two tranches the Company's issued capital will be 127,194,235 shares.
 
Titanium Resources  (TXR)  announced that it has conditionally placed 151,200,000 new ordinary shares at a price of 10 pence per share to raise approximately US$25.0M (£15.1M).It is intended that the net proceeds of the Placing will be used to fund Projects intended to increase production and processing capacity at the Company’s Sierra Rutile Mine.

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