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Fox-Davies Capital Newsflash including Heritage Oil, Falkland Oil & Gas, Horizonte Minerals, Kopane and Oilex

26th Nov 2009, 8:04 am Fox-Davies Capital Newsflash including Heritage Oil, Falkland Oil & Gas, Horizonte Minerals, Kopane and Oilex

Borders & Southern Petroleum  (BOR)  announced that it has conditionally raised £113.1M net of expenses through a placing by with institutional investors of 234,234,234 new Ordinary Shares in the Company at 50p per share. The proceeds will be used for the company’s intended drill programme of up to three wells on its licences in the South Falkland Basin. The first prioritised prospects are Darwin and Stebbing, and the placing allows the company to drill three wells on a 100% basis. The possibility of securing a low interest partner may be considered at a future date to provide further cost mitigation.
 
Falkland Oil & Gas  (FOGL)  announced its intention to conditionally place 43,478,261 new ordinary shares at a price of 115 pence per share to raise £50 million before expenses. The net proceeds will be used to fully fund Falkland's share of the costs of the planned drilling programme. Falkland also announced that the joint venture between BHP Billiton and the company is in advanced discussions with  Desire  Petroleum plc to  contract the Ocean Guardian rig  to drill the first ever exploration well in the East Falklands Basin. Whilst discussions have reached an advanced stage, there can be no certainty that the Joint Venture will contract the Ocean Guardian. The Joint Venture intends to contract a deepwater rig for late 2010.
 
Heritage Oil  (HOIL)  announced that it has commenced drilling the Miran West-2 appraisal well in the Kurdistan Region of Iraq. The well is planned to appraise the reservoir sections encountered in the Miran West-1 discovery well, whilst minimising the risk of formation damage. The Miran West-2 well is scheduled to take approximately four months to drill.
 
Oilex  (OEX)  announced that theLoré-1 well, the first of a 2 well program in the Timor Sea contract area JPDA 06-103, is drilling ahead in 17 ½" hole at 2,189m after the setting of the 30" surface casing at 428m. The well spudded on 20 November 2009 and is drilling the Loré prospect, targeting mean prospective oil resources of 195MMbbl. The planned total depth is approximately 3,670m and is anticipated to be completed by late December 2009.
 
Mining Corporate News
 
Horizonte Minerals  (HZM)  announced positive metallurgical results from the laterite nickel discovery at its Lontra Project in the Carajas Mineral Province of Northern Brazil. Bottle role leach results at Lontra indicate suitability for low cost heap leach process and significant nickel and cobalt recoveries with low acid consumption in the limonite zone were obtained. Nickel recovery averaged 92% and cobalt 82% in the transition and silicate zones. Soil geochemical sampling has been completed to define additional targets

 
Kopane Diamonds (KDD)  announced that following discussions regarding potential investment in the Liqhobong Project, an Exclusivity Agreement, valid for a period of 60 days, had been signed with an established mining company to allow them to review the project in more detail. The Company is pleased to report that the mining company wishes to progress to terms and that, consequently, the period of exclusivity has been extended to 15 December 2009 to allow time for both companies to advance discussions. As noted previously, the Board of Kopane wishes to state that this may or may not lead to completion.

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