Smallcapnews Oil & Gas weekly round-up with a sprinkling of Miners! Updated all today!

Urals Energy;

The independent exploration and production company with operations in Russia, today announced that Well #51 on the Petrosakh field has been successfully spudded. As part of the Company’s updated drilling strategy to capture the full potential of the Petrosakh field, Well #51 is a large diameter vertical well designed to maximise flow rates. The Directors expect production to begin before the end of May and further announcements will be made at the appropriate time.

Xcite Energy;

The week saw punters’ favourite Xcite energy release results for the year ended 2010 then further news re’ an equity drawdown. Richard Smith, Chief Executive of Xcite Energy, commented: “These results speak for themselves. This has been an outstanding year for the Xcite team, the investors who have supported us and for the Company’s development and prospects. We look forward to 2011, as we move ahead with plans to bring the Bentley field into production.” The Company’s full Financial Results for the Year Ended December 31, 2010 can be found at the following link: http://www.rns-pdf.londonstockexchange.com/rns/6099D_-2011-3-24.pdf

Wessex Exploration;

Following on from the tiddlers’ admission to A.I.M in March 2011 the half yearly reports were issued. £1.875 million raised before expenses via open offer and placing in October 2010,£3.0 million raised before expenses via institutional placing in March 2011, Zaedyus prospect in French Guyane currently being drilled, Competent Person’s Report indicates Wessex Exploration net P50 volumetric potential in Southern England to be approximately 52 million barrels of oil, in 8 exploration leads

Sterling Energy;

Announced an operational update and their annual results for 2010. The side-tracked wellbore of Sangaw North #1 well has been drilled to a depth of 3,360 metres, into the top of the Jurassic formations and at a depth above where the influx of gas was recorded in the previous wellbore. A liner has been run and cemented across the open hole interval with the liner shoe at approximately 3,340 metres. The Company now plans to drill ahead and evaluate the Jurassic formations to a well depth of 3,660 metres and estimates this will take approximately one month. The annual results reveal that Sterling had Received $15.6 million of net cash flow from Chinguetti field operations during 2010 (2009: $13.3 million) while Cash resources as at 31 December 2010 were $111.7 million including partner funds (2009: $113.9 million).The Company remains debt free.

Sound Oil;

The upstream oil and gas company with assets in Indonesia and Italy, announces that it has acquired a further 552,381 ordinary shares in its subsidiary Consul Oil & Gas Limited (“Consul”) which Sound Oil did not already own and consequently Consul is now 98% owned by the Company. Consideration for the Transaction has been satisfied by the issue of 5,555,555 new ordinary shares of 0.1p each in Sound Oil (“Ordinary Shares” and specifically, the “Consideration Shares”) and the payment of a cash sum of US$46,666.66, being the same terms and conditions under which Consul shares had previously been acquired (as announced on 15 December 2010). Application has been made for the admission to trading on AIM of the Consideration Shares.

San Leon Energy;

The AIM listed company focused on oil and gas exploration in Europe and North Africa, provided the following operational update on its portfolio of assets. Poland – Exploration programme continues as planned..The acquisition of 60 sqkm of 3D seismic data over Szczecinek Block 106 (San Leon 50%) was completed by the end of January 2011.  Data processing was concluded on 15 March 2011 and interpretation is now expected to be completed by early June 2011; with an exploration well planned for Q3 2011..The seismic company, Geofizyka Krakow, is currently acquiring 480 km of 2D seismic data over San Leon’s Gdansk W Concession in the Baltic Basin. The programme is expected to be finalized by mid April 2011. Geofizyka Krakow will deploy a second seismic crew for the Braniewo and Szczawno Concessions at the end of March 2011.  The entire seismic programme is expected to be completed by June 2011.  Seismic processing is being carried out in real-time to select final drilling locations for the upcoming three well drilling programme. The full 480 km 2D seismic programme is 50% complete and a drilling rig has been booked for 1 August 2011, which will be used to drill three back-to-back wells..Geofizyka Krakow has also been contracted to acquire 100 km of 2D seismic over the Company’s 100% owned Nida Concession, which is on trend with some of Poland’s largest oil fields. The acquisition of this seismic is planned to commence at the end of March before drilling locations are finalised for an upcoming drilling programme. Up to three wells will be drilled, with an expected start date by end of June 2011. San Leon has awarded Hungarian company, Acoustic Geophysical, with the contract to acquire 165 sqkm of 3D seismic data over the Company’s Nowa Sol Concession.  The 3D seismic programme, which is expected to commence in May 2011, is targeting numerous prospects and leads along the southern Fore Sudetic Monocline of the Permian Basin.  This survey is designed to support an upcoming drilling campaign in the Nowa Sol Concession which is currently planned to start in Q4 2011..Work is continuing in the Carboniferous shale play across the Wschowa, Gora, Winsko and Rawicz Concessions, which cover 880,000 acres.  Core analysis and interpretation of historical seismic data is being carried out. The seismic programme across this acreage is scheduled to commence in Q3 2011..Lars Huberthas been appointed as Exploration Manager for San Leon Poland in Warsaw. Lars has 16 years of experience in the oil and gas industry.  He joined San Leon Energy from Houston, where he used leading high-end geophysical technology (inversion, AVO, and neural network analysis), combined with structural interpretation and sequence stratigraphic analysis to explore for large, high yield prospects in Texas and Louisiana.  Lars also has European, North African and Middle Eastern experience.  He has previously held technical positions within Exxon, Halliburton and Schlumberger..Morocco ,The Tarfaya Oil Shale pilot project is well advanced. The drilling of two wells (one injector and one producer) began last week and first results are expected towards the end of next month.San Leon is also preparing for its upcoming 1,000 km 2D seismic programme in the Tarfaya and ZagLicences, onshore Morocco. The seismic programme is scheduled to commence in late Q2 2011. Full re-interpretation of the seismic data on the offshore Foum Draa and Sidi Moussalicencesis near completion. Once this is successful, the Company is likely to seek farm-in partners for drilling..Ireland Following the Company’s acquisition of Island Oil & Gas plc, San Leon continues to appraise its high impact Atlantic Margin assets and is seeking farm-in partners.  To date, seven parties have signed Confidentiality Agreements to review the data. North Porcupine (FEL 1/04)- The company is planning a new 3D seismic programme in the licence for Q3 2011. Slyne Licence (FEL 4/06) – Initial interpretation of some fast track seismic lines from our Q3 2010 300 sqkm 3D seismic programme has begun. Final processing of the 3D is expected by the end of March 2011 with full interpretation expected by early June 2011. Rockall Licence (FEL 3/05)- OMV has assigned its 50% interest to San Leon Energy and paid San Leon £3 million.  San Leon now has a 100% working interest in the licence and is seeking farm-in partners. The company is also seeking a farm-in partner for the South Porcupine Licence (FEL 3/08). Polarcus has been contracted to acquire a 3D programme over the Barryroe Licensing Option (08/01) in June this year.  The survey is being acquired to further delineate the Barryroe oil discovery which was last drilled in 1990 and flowed at over 1,600 barrels of oil per day..Albania, San Leon received Council of Ministers’ approval for the offshore Durresi Block Complimentary Petroleum Agreement on January 28 2011. San Leon and its partner, Beach Energy Limited, have now commenced an 840 sqkm 3D seismic survey.  The survey is being carried out by PGS and is expected to be completed by the end of April 2011. The 3D seismic programme will evaluate a number of highly prospective structures in the Block, including the A4-1X discovery, in preparation for a planned 2012 exploration and appraisal drilling programme..Iraq, San Leon, and its Joint Venture Partner in Iraq Al Meinaa Oil Services Company, have also signed a Joint Participation Agreement, last week, with the Governorate Council of Karbala in Central Iraq. Under this Agreement the consortium (San Leon, Al-Meinaa and the Governorate Council of Karbala) will submit a joint proposal to the Ministry of Oil in Iraq for the development of the fields of Kifil, West Kifil and Merjan..Netherlands, The Amstel Field, offshore Netherlands, in which San Leon has a 2.5% royalty, is currently being drilled by new 50% owner GDF SUEZ E&P Nederland B.V..SeisQuest ,San Leon is establishing a seismic acquisition company using wireless technology from OyoGeospace (USA) and vibrators from Sercel (France). This crew has already been engaged to conduct the Tarfaya and Zag seismic programmes in Morocco. The Company intends to train Polish nationals on this new technology and employ the new crew on San Leon’s future seismic programmes, which will further accelerate the Company’s exploration programmes. Currently two seismic companies operate in Poland and both are owned by Poland’s PGNiG group. ..Oisin Fanning Chairman of San Leon Energy commented: “San Leon has made significant progress over the last few months and is now entering one of the most active and important periods in the Company’s history.  Ten  wells are being drilled before the end of this year, some of which have the potential to be company makers, including the first wells on our Baltic basin acreage with our partner Talisman.  Combined with this we have also recently acquired or are about to acquire approximately 3,000 kms of seismic, which will enable us to firm up a number of prospects and potential drilling sites. We have built an incredibly exciting portfolio of assets.  We also have an exceptional team of individuals who know these assets and regions and, following our fundraising last year, the funds in place to be able to carry out this extensive work programme.  I look forward to providing further updates as our programme progresses.”

Rockhopper Exploration:

(See Desire Petroleum update)

Range Resources;

Released more good news from the North Chapman Ranch field.The International oil and gas exploration, development and production company,
announced that whilst fracture stimulation operations continue at the North Chapman Ranch Field, Range reported that combined test rates (on a 100% basis) from the Smith #1 and Russell-Bevly #1 wells reached 9.2 MMcf of gas and approximately 769 bbls of oil per day this week, compared to the earlier peak combined rate of 3.3 MMcf of gas and 247 bbls of oil per day achieved inSeptember of last year. Pete Landau, Executive Director, commented“Results of the frac program are encouraging, but we have yet to see the full potential of these wells. At least one zone in the Russell-Bevly remains to be frac’d, and we are still unloading frac fluid from the recently stimulated zones. We are pleased with the results thus far and look forward to further long term stabilized data and additional development drilling later in the year.”

Premier and Nautical released news as per Encore Oil see Encore update

Providence Resources;

Sold its US oil and gas portfolio in the Gulf of Mexico to Dynamic Offshore Resources for a consideration of up to $22 million. The agreement comprises of an initial cash payment of $15 million, with potential for an additional $7 million deferred cash payment dependent on production levels.

Polo Resources;

The mining and exploration investment company with interests in coal and iron ore, today announces results for the six months ended 31 December 2010. Financial and Operational HighlightS INCLUDED; As at 25 March 2011, the Company’s cash balance was US$29.90 million (31.12.2009: US$10 million). Net profit for the six months ended 31 December 2010 was US$63.45 million (2009: profit US$6.83 million). During the period Polo disposed of its entire interest of 22,550,849 shares in Extract Resources Limited for US$142.44 million and realised a gain on disposal of US$62.92 million. The Board utilised proceeds of the Extract Shares to fund a special dividend to shareholders of 3 pence per share for a total of US$114.23 million.During the period US$5.46 million was devoted to the share buy-back programme and a total of 97.8 million shares were cancelled from the Company’s share capital.

Pantheon Resources;

Released their Unaudited Interim Results for the six months ended 31 December2010, the AIM-quoted oil and gas exploration companys’, active in Louisiana and Texas,  key points were thus;  Pantheon is currently preparing for the drilling of the Kara Farms #1H (“KF#1H”) well, the second well at its Tyler County venture. Progress continues, with the operator recently invoicing the JV partners for funds to complete both the site works for KF#1H and for the cost of the drilling pipe. Negotiations to contract a suitable drilling rig are currently in progress, while site works should commence shortly. Loss for the six month period ended 31 December 2010 was £379,218 (2009:£702,559 loss).

Oilex;

Parted company with Mr Jay Laurie. The Company Secretary for Oilex will be leaving the Company.

Northern Petroleum;

Brings in new partner for Southern Adriatic Permits. N orthern Announces that it has signed an agreement involving Italian permits F.R39.NP and F.R40.NP which contain the Rovesti and Giove oil discoveries and ten mapped prospects. The objective of the agreement is to work with AzimuthLimited (“Azimuth”) a specialist global E&P business, to define and delineate suitable appraisal and exploration drilling targets. Azimuth will become a 15%interest partner in both permits by funding a promoted share of future workprogrammes prior to the drilling phase.

Nighthawk Energy;

The cupboard’s looking bare at Nighthawk Energy as they released their interims. The US focused hydrocarbon development and production company reported Revenue of US$1.30 million  against a Loss on disposal of US$40.4 million on Revere plus impairment of US$1.95 million on Cliffs and US$21.26 million on Cisco Springs. Deriving value from the Jolly Ranch project continues to be the key focus for Nighthawk. The embattled CEO Tim Heeley, CAME OUT FIGHTING STATING ; “Following our strategic review we took the decision to focus activity on our core Jolly Ranch project in order to accelerate progress and maximise returns from what we believe is an as yet unrecognised asset.  As a result we exited and wrote down the value of projects that did not offer value and scalable upside for investors.  Recent developments including an uplift in the oil in place estimates and, more importantly, initial  results from our workover programme, have reinforced the conclusions we reached following the strategic review.

Max Petroleum;

Announced today an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan. Preliminary Drilling Results at Asanketken.The ASK-1 exploration well on the Asanketken prospect in Block E has reached an intermediate depth of 2,000 metres with electric logs indicating 24 metres of net oil pay at depths from 1,230 to 1,302 metres in the Jurassic Formation. Reservoir quality is excellent with porosities ranging from 17% to 33%.  A fluid sample taken from a depth of 1,278 meters yielded 45 degree API oil.  Current mapping and pressure data suggest that reserves in this accumulation are limited by the proximity of a trapping fault, but the Jurassic reservoirs, a secondary objective in the well, are expected to be commercially viable. The Company will run casing over this portion of the well as planned and continue to drill ahead to a total depth of approximately 3,300 metres to evaluate the primary exploration targets in the lower Triassic section. The Company has entered into a two-year contract with PM Lucas Enterprises Limited for an IDECO 8055 Rambler rig capable of drilling to 3,200 metres (the “IDECO Rig”). Due to recent weather conditions limiting access to the Uytas Field, the IDECO rig is currently mobilising to drill the NARS-1 exploration well on the Narmundanak South prospect in Block E, which is expected to spud on or around 20 April 2011. The Company intends to drill three confirmation wells at Uytas with the IDECO Rig subsequent to drilling the NARS-1 well. The Company has also awarded a tender to Saipem, a subsidiary of Eni, S.p.A, for a rig to drill its deep pre-salt exploration programme and expects to execute a drilling contract shortly. The Company plans to commence drilling the first pre-salt well, NUR-1, in Block E during August 2011, targeting unrisked mean resource potential of 467 million barrels of oil equivalent (“mmboe”) distributed over a probable range (P90 to P10) of 170 million to 817 million mmboe with a 29% geological chance of success . The Central Committee for Exploration and Development (“CCED”) has recommended the trial production project for the Borkyldakty Field to the Committee of Geology for final approval.  This final approval and the issuance of required gas flaring and emissions permits are expected in the next 30-45 days. The Company intends to drill at least one appraisal well at Borkyldakty during the first half of 2011 using the ZJ-30 rig that is currently drilling the first of two Triassic appraisal wells in the Zhana Makat Field. Robert Holland, Executive Co-Chairman, commented: “We are encouraged to see high quality oil pay in the Jurassic section in Asanketken, which lowers the risk of charge for the well’s primary objectives in the lower Triassic. Adding additional rigs, including the deep rig for our pre-salt exploration programme, is a key step in our plans to significantly ramp up our exploration, appraisal and development activity in 2011. We also expect a substantial increase in production and revenues in the near-term as we bring on additional appraisal and development wells in Zhana Makat, Borkyldakty and Uytas.”

Matra Petroleum;

The independent oil and gas exploration and production company with operations in Russia, released its results for the 12 month period ending 31 December 2010. Highlights included; Granting of a 20 year Production Licence for the Sokolovskoe Field, Completed drilling of well A-13, the first appraisal well on the Sokolovskoe Field, Well A-12 successfully side-tracked and now being prepared for production, Independent field assessment showed unrisked upside potential of the Sokolovskoe field to be in excess of 50 mmbbl.Year-end cash and cash equivalents totalling €2.2 million.Peter Hind, Managing Director commented: “Significant progress was made in 2010 with the issue of the 20-year Production Licence and a Competent Person’s Report on the field.  We expect to move onto the next stage of development and further drilling later this year once production testing of existing wells is complete.”

Mariana Resources;

The AIM quoted exploration and development company focussed on Argentina and Chile, released the Audited Annual Financial Statements for the period ending 31 December 2010.  They may be viewed on the Company’s web site at the following address.
http://www.marianaresources.com/pdf/financials/Mariana_Financials_Dec_2010.pdf The published annual report will be printed and distributed to shareholders in the near future.

Leed Petroleum;

Bad news for Leed Petroleum as the Board announces that it has not been able to reach a satisfactory conclusion in its discussions with UniCredit Bank AG, in conjunction with potential investors and asset acquirers, with a view to restructuring its facilities.  As a consequence, the Company’s financial position has become uncertain and the Board has therefore requested that trading in the Company’s shares be suspended pending further clarification of the Company’s financial position.Accordingly, the Company’s ordinary shares have been suspended with effect from 07:30 a.m. on Wednesday 30 March 2011 pending further clarification of the Company’s financial position. A further announcement will be made in due course.

Lansdowne Oil & Gas;

Announced it has signed a contract with Polarcus Limited for the acquisition of 3D seismic surveys over the Rosscarbery, Amergin and Midleton Prospects in the North Celtic Sea, offshore Ireland, covering an aggregate area of approximately, 300 square km. The Lansdowne survey is expected to commence in early July and will follow on from the 3D seismic survey acquisition by Polarcus over the Barryroe oilfield in which Lansdowne has a 20% interest.

Falkland Oil and Gas;

Announced that BHP Billiton is to withdraw from its Northern Licences in the Falkland Islands, giving FOGL a 100% interest. As part of the withdrawal, BHP Billiton will contribute towards the costs of drilling the Loligo well. In the event that the Loligo well encounters hydrocarbons, BHP Billiton will have the option to back in to the Loligo development area only, for a maximum 40% non-operating interest in the discovery, in return for making a cash contribution to FOGL’s future exploration and appraisal costs.

Gulf Keystone Petroleum;

Released an announcement that the Bekhme-1 Exploration Well has spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on Monday, 21^st March 2011. Bekhme-1 is the second exploration well to be drilled on the Akri-Bijeel block, 20 km to the north-east from the Bijell‑1 discovery well (Operator’s P50 estimate of 2.4 billion barrels of oil in place). Bekhme-1 will target prospective intervals in the Jurassic and the Triassic with a planned depth of approximately 3000 meters. GKP has a 20 percent working interest in the Akri-Bijeel block operated by Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 percent working interest in the block. John Gerstenlauer, Gulf Keystone’s Chief Operating Officer commented:“Bekhme-1 is the first well to be drilled on the large surface feature that dominates the north of the Akri-Bijeel block, which is adjacent to the Shaikan block with proven oil and gas reservoirs. The discoveries at Bijell-1 and Shaikan have considerably de-risked this new drilling target making Bekhme an attractive prospect.”

Exillon Energy;

Has raised £93.8 million in a placing of new shares at £4 per share. Exillon intends to use the funds raised on infrastructure projects in its TP  & Exillon WS fields.

Europa Oil & Gas;

The Directors of Europa Oil & Gas provided an update on several active projects. UK Production tested oil from two zones in the new onshore West Firsby well WF-9 Installation of jet pump is key to maximising ratesWell stimulation  work being planned for Crosby Warren. Romania Barchiz-1 sidetrack to deepen the well to the primary target. France 3D reprocessing complete at Berenx, new 3D and engineering work planned..West Firsby, Two zonal pumping tests have been conducted on the new WF-9 well. As previously reported, the well encountered oil in two reservoir zones.The lower of these, Zone 2, produced oil at rates of around 80bopd with strong associated gas but very little water. Heavy wax build-up in the well and the high gas rates are thought to have impaired flow through the beam pump. Zone 1 produces much higher volumes of fluid, but with a high water cut. Net oil production from this zone under a beam pump regime is 40bopd. The beam pump, however, is only able to drawdown the well some 300psi, indicating that there is significant production upside with a properly configured pump. Itshould be possible with a jet pump to produce drawdown in the region of 1,500psi or more and the main constraint will be fluid handling capacity. The recent successful re-completion of WF-3 as a water disposal well is a key tool in managing this issue long term. Paul Barrett, Managing Director, said `There has been significant progress in a number of value-enhancing projects and we look forward to a sustained newsflow from seismic, drilling and new venture activity through the coming 12 months. Production growth over the coming months is expected to support this activity’.

EnCore Oil;

announce that the Burgman side-track well 28/9-4z located on UKCS Central North Sea Block 28/9 has successfully encountered hydrocarbons in the targeted Lower Tay sandstone interval. Initial analysis indicates net oil pay of 135 feet over a gross reservoir interval of 135 feet (M.D.), equivalent to 64 feet of net vertical oil pay over gross vertical interval of 64 feet True Vertical Thickness. Preliminary log analysis indicates an average porosity of 38%, significantly better than in the original Burgman well. Initial estimates suggest a likely STOOIP in the range of 80 – 120 mmbbls. This result now concludes the current drilling programme on Block 28/9 and following completion of this well, the Transocean Galaxy II heavy duty jack-up rig will be demobilised. The Galaxy II has drilled three successful wells during this drilling campaign, resulting in two substantial discoveries at Varadero and Burgman, and an appraisal of Catcher North. Commenting on the result, Alan Booth, EnCore’s Chief Executive Officer, said: “This is an excellent result and supports the partnership’s geophysical model for the identification of Tay sands over the Burgman structure. The sand thickness and quality was very much at the upper end of our pre side-track expectations. The confirmation of another important discovery in the licence is a fitting end to this phase of drilling. On behalf of EnCore I would like to thank our co-venturers for their help and support and look forward to continuing to work with them as we progress further appraisal and development work on the Block. We would also like to thank ADTI, Transocean and all the offshore crew and service providers that helped deliver a safe and successful drilling programme. EnCore is now looking forward to the results of drilling at Cladhan, which we hope will be within the next 10 days or so. The equity in the Block 28/9 joint venture partnership is as follows: EnCore Oil plc (15 per cent., Operator), Premier Oil (35 per cent.), Wintershall (UK North Sea) Limited (20 per cent.), Nautical Petroleum (15 per cent.) and Agora Oil & Gas (15 per c

Empyrean Energy;

Announced that Thomas Kelly, currently commercial director of the Company, will become Chief Executive Officer. For clarity, Mr Thomas Kelly will remain on the board of directors in an executive capacity. In addition, the Company announces that at a board meeting held on 23 March 2011 share options over a total of 12,100,000 ordinary shares of 0.2p each in the Company were granted to directors:

Desire Petroleum;

The oil and gas company wholly focussed on the North Falkland Basin informed share-holders that the 14/15-3 exploration well on the Ninky prospect was spudded at 02.45 BST on 29 March 2011. The prospect is a combined structural dip and stratigraphic pinch-out trap with multiple reservoir targets within the Barremian source rock interval.  The well has a planned total depth of circa 2,620 metres and drilling operations are expected to take approximately 30 days. A further announcement will be made once logging is complete. They have also has promoted exploration manager, Ken Black, to Exploration Director.

Chariot Oil & Gas;

The Africa focused oil and gas exploration company,  provided an update on the farm-out process and progress with regard to drilling plans and further exploration work achieved across its licence acreage offshore Namibia. Chariot has been very encouraged with the offers that have been received to date and is pleased to report that it is at the advanced negotiation stage on several blocks in the farm-out process. Discussions continue and the Company looks forward to updating the market with further information shortly.

Caza Oil & Gas, Inc.

Following on from the disappointment of the Marian Baker well duster Caza announced the Company’s final results for the year ended 31 December 2010.  Caza has hydrocarbon exploration, development and production assets in Texas, New Mexico and Louisiana, USA. Highlights from the results reveal that Caza  Proven reserves  increased 113% to 10,396 MMcfe and Proven plus Probable reserves increased by 8.9% from 31 December 2009, as estimated by the NSAI Report (as defined below under Reserve Data) dated as of 31 December 2010;  Net present value of future net revenue attributable to proved reserves increased to US$28million and proved plus probable reserves of US$84.3 million (discounted 10%) as estimated by the NSAI Report; Production volumes increased 47% for the three month period ended 31 December 2010 and  Revenues increased 88% to $742,409 for the three month period ended 31 December 2010.  Cash and cash equivalents at 31 December 2010 of US$33,885,980 (US$9,268,547 in 2009); and Net Working Capital of US$29,370,087 (2009-US$8,376,463) at 31 December 2010.

Berkley Mineral Resources;

Finally  delighted share-holders with the signing of a definitive agreement for the acquisition of the remaining stockpiles of lead and zinc tailings at the Kabwe Mine, Zambia. The Acquisition is being effected by the acquisition by BMR from NLL Minerals Limited of Enviro Mining Limited (“EML”), a private company which, at completion, will own, either by itself or through its subsidiary companies:

Bahamas Petroleum;

The oil and gas exploration company with licences in The Bahamas, announced that it had signed a Letter of Award with CGGVeritas to carry out a minimum of 1500 km² 3D seismic survey across its Southern licence area.  The details of the contract are to be finalised in April 2011 with commencement of operations in May 2011.  It’s been a busy week for BPC this week with the release of their prelim’s, Director dealings and a further TR1 Notification. Alan Burns, Non-Executive Chairman of Bahamas Petroleum, commented on the company Preliminaries; “We made good progress during 2010 and this has continued into 2011 with our successful equity placing firmly raising £20.6 million and conditionally raising £25 million before expenses in March.  The Company is now well funded with a strong balance sheet and a clear strategy to develop its assets in the Bahamas.  We are in negotiations with CGGVeritas to undertake a 3D seismic survey, which we hope to finalise after the EGM, and we look forward to reviewing the results in due course 2011 looks to be another strong year for Bahamas Petroleum and the Board continues to look to the future with confidence.”

Aminex;

Released their preliminary results copies of which can be found on their web site. www.aminex-plc.com Aminex chairman Brian Hall commented: “We are looking forward to a busy period of exploration drilling on both our main licences in Tanzania, together with commercialisation of the Kiliwani North gas discovery in Tanzania and development drilling in Louisiana.  With an active programme supported by a strong balance sheet, shareholders can expect news from several different areas of our portfolio. “

Antrim Energy;

Is expecting to use the rig WilPhoenix, for the drilling of two wells within the Greater Fyne Area, in the UK Central North Sea. Both wells are scheduled to be drilled mid year 2011. The first well will target the Jurassic Fulmar Formation on the West Teal Prospect, Block 21/24b (Antrim 100%). The second well is expected to target the Eocene Tay Formation on the Carra Prospect, Block 21/28b (Antrim 100%).