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Market: AIM
Sector: Equity Instruments
Epic: UKX
News: Latest news
Web Site: Fox-Davies Capital
Other Articles: 11-03-201010-03-201009-03-2010

Fox-Davies Capital

Fox-Davies Capital specialises in international resource companies and has a substantial background in emerging markets. FDC is dedicated to providing in depth sector, commodity, regional and company specific reports, driven by the aim of being specialist providers of high quality analysis on natural resource companies worldwide. Find out more at www.fox-davies.com
Friday, July 03, 2009

Fox-Davies Capital Friday Energy and Mining News Wrap

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Coastal Energy (CEO)  started drilling the Phu Kheng-1 exploration well in Block L27/43, Northern Thailand, on July 2, 2009. The well is planned to TD of 2,070m and should take 40 days to complete, excluding potential testing, and will be targeting gas in Jurassic and Triassic formations. Coastal has a 36.1% interest in the block.
 
Iraqi licencing rounds -The Iraqi oil ministry has announced it will move forward a second round of licensing bids for 11 oil and gas fields that was supposed to be held at the end of the year. This change is likely due to the disappointing results of the first round last week, with only one contract awarded and most companies citing unfavourable financial terms, despite the ministry declaring it a success. This time the fields open for auction are either undeveloped or only partially developed. It is unclear whether the five developed fields that did not receive successful bids in the first round will be included in this second round.

Rusina Mining NL (RMLA)  announced that DMCI Mining ('DMCI') has notified Rusina Mining that it will suspend its current operations at the Company's Acoje tenement on the island of Luzon in the Philippines due to low nickel prices. As noted in the last 3 Quarterly Reports, DSO shipments virtually stopped in June 2008. Since that time DMCI has sold a few sporadic shipments principally clearing stockpiles at port. The DSO market, under current nickel and iron prices has moved towards The supply of ore for the production of low nickel 'pig-iron' where prices paid for ore are virtually at cost with little to no profit. The continuation of mining the required high iron low nickel limonite ore is not economic to DMCI.
 
Centamin Egypt  (CEY)  announced that it has attained subscriptions for a private placement of 19 million ordinary shares at an offering price of C$1.56 per ordinary share, raising gross proceeds of C$29.6M. The shares are to be placed with three large North American resource focused funds. The Offering is subject to certain conditions, including but not limited to, regulatory approval and is expected to close on or around 16 July 2009. Centamin intends to use the net proceeds of the Offering for continued exploration activities and for general corporate purposes.
 

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