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PROACTIVE NEWS SUMMARY: Gulf Keystone, Stratex International, Medusa Mining, Synchronica, GGG Resources, Auzex, Berkeley Mineral Resources, Jupiter Energy, Petro Matad, Atlantic Coal

30th Aug 2011, 4:32 pm PROACTIVE NEWS SUMMARY: Gulf Keystone, Stratex International, Medusa Mining, Synchronica, GGG Resources, Auzex, Berkeley Mineral Resources, Jupiter Energy, Petro Matad, Atlantic Coal

 

Gulf Keystone (LON:GKP)  was in sharp focus today after the Sunday Times claimed chief executive Todd Kozel was planning to launch a ‘beauty parade’ for advisers to help assess the group’s strategic options.

According to the Sunday Times a potential deal to sell the company would be worth up to £1.4 billion – at the moment Gulf Keystone’s current market capitalisation is just over £1 billion.

Today however the Gulf Keystone assured investors that it is not discussing a potential sale of the company, adding the true value of the group is “significantly above any figures quoted in recent press articles."

Gulf Keystone shares were up 4.7 per cent to 136.63 pence by late afternoon.

Stratex International (LON:STI) attracted buyers today after it reported major gold intersections from its 4,600 metre drill programme at the Oksut high sulphidation gold project in central Turkey. The drill programme is funded by Centerra Exploration BV as part of its US$3 million option/joint venture agreement.

Late afternoon Stratex shares were up 7.6 per cent to 8.75 pence.

Low-cost gold producer Medusa Mining (LON:MML, ASX:MLL, TSE:MLL) made a healthy advance, putting on 5 per cent to 499.88 pence, after it unveiled impressive full year earnings of US$120 million, up 64 per cent from last year.

Next-generation mobile messaging firm Synchronica (LON:SYNC, TSE:SYN) rose 0.8 per cent to 14.88 pence after it revealed increased revenue and reduced  losses for its first half. Overall revenue during the six months to the end of June increased by 16 per cent to US$5.8 million, with US$3.9 million of that coming in the second quarter.

GGG Resources (LON:GGG, ASX: GGB) put on a hefty 7.18 per cent to 22.38 pence after the group and its joint venture partner Auzex Resources (ASX:AZX) gave investors more insight into plans to consolidate the ownership of the Bullabulling gold project.

Bullabulling Gold will have a new independent board of directors and a unified management team, with a sole focus on the development of Bullabulling. The company will be listed on the Australian securities exchange and the London AIM market.

Shares in Edenville Energy (LON:EDL) gained 8.8  per cent at 0.37 pence each after the Africa-focused coal explorer released results from its first drill hole at the Rukwa Coal Project in Tanzania.

Since drilling began in late July in the Mkomolo Basin of the Rukwa coalfield, 15 drill holes have been completed with coal identified in all but one drill hole at the southern end of the basin. A coal-bearing strata has been identified over a lateral strike distance of 4,500 metres and to a depth in excess of 90 metres.

Shares in Berkeley Mineral Resources (LON:BMR) gained 2.4 per cent to 3 pence on news of director sharedealing. Chairman and executive director Masoud Alikhan bought 1 million shares in the firm at 2.90 pence each on Friday, the company said this morning.

Following the transaction Alikhani holds 1.91 percent of the firm's capital.

Jupiter Energy (ASX:JPR), the Australia-listed oil group, fell 2.44 per cent to A$0.60 despite saying it is pushing forward at its Block 31 in Kazakhstan as it announced it has begun shooting 3D seismic over its new extension there. Acquisition of the data is expected to take four weeks and it will then need six months to be interpreted, the company said today.

Mongolia-focused Petro Matad Ltd (LON:MATD) disappointed this morning with a double-dose of bad news from its exploration efforts on the Block XX oil field.

In separate statements, the Petro Matad announced that the Davsan Tolgoi-1 well test was unsuccessful and that the oil shows from DT-9, which prompted an upbeat statement last week, stemmed only from a small, isolated reservoir that did not merit testing.

Petro Matad shares fell 29.3 per cent to 55.5 pence.

Pennsylvania-focused coal miner Atlantic Coal (LON:ATC) saw its shares put on 8.82 per cent to 0.37 pence after it announced this morning that its shares are to be admitted to trading on the OTCQX ‘Pink Sheets’ platform in New York.


 

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