Fox Davies Capital Update featuring African Consolidated Resources Plc, Energybuild Group Plc, Oxus Gold, Stratex International, Aminex, Matra Petroleum, Tullow Oil Plc

Oil & Gas Corporate News

Aminex (LON:AEX) (AEX, 7.5p, ► (0.0%)) announced the placing of 17,200,000 new ordinary shares at a price of 7p per share, raising proceeds of c. £1.2m. The placing was completed to take advantage of an offered participation in an exploration project by a major regional operator in Louisiana, with leads and prospects identified by 3D seismic across 140,000 acres.

Tullow Oil Plc (LON:TLW) (TLW, 1104p, ▼ (1.16%)) announced results from the Mahogany-5 appraisal well immediately to the southeast of the Jubilee Field offshore Ghana. The results of drilling, wireline logs and reservoir fluid samples show that the well penetrated a total net oil pay of 23m in sandstone reservoirs over a gross interval of 51m. Reservoir fluid samples recovered 28-32o API oil and pressure data have confirmed reservoir communication with the previously drilled Mahogany-4 well.

Matra Petroleum (LON:MTA) (BUY, £0.07) (MTA, 1.5p, ▼ (7.69%)) announced that data acquisition for well-13 on the Arkhangelovskoe license in Russia is now complete and the production casing has been run and cemented. There will be a further period utilising the drilling rig to clean out cement inside the casing, pressure test and run a cement bond log. The drilling rig will then be released and demobilised. Demobilisation will take about three weeks after which a smaller rig will be utilised to complete, perforate and acidize the well. Production is expected to commence in August. In the meantime seismic remapping has already begun in order to verify the impact on volumetrics of finding oil deeper than expected in A-13. This is expected to take several weeks. Having complied with all the requirements for the issue of the Production Licence, the Company remains in constant contact with the authorities and is confident that the Production Licence will be issued shortly. On this basis, a work over of well-12 will be scheduled directly after the well-13 completion with production targeted for the middle of August.

Mining Corporate News

Oxus Gold (LON:OXS) (BUY, £0.30) (OXS, 7.5p, ▲ (13.12%)) announced that on 8 June 2010 an amendment to the Agreement was signed which has removed the signing of the FIA as a condition to the financing. Accordingly, upon receipt of the relevant approvals from the Chinese Government, the consortium will make the initial investment of approximately $85M by way of the issue of new Ordinary Shares and convertible loan notes in the Company. In addition to the issue of new Ordinary Shares and convertible loan notes in the Company, the consortium will be granted warrants to subscribe for further new Ordinary Shares in the Company for approximately $20M in return for an undertaking to arrange a further minimum of $80M in project finance. Upon finalising the FIA, the Company remains committed to finance and develop its 50% owned Amantaytau Goldfields joint venture in Uzbekistan. In this regard, a draft FIA has been submitted to the relevant Uzbekistan Government ministries and agencies and comments are being received and discussed as to its final form and content.

Stratex International (LON:STI) (BUY, £0.07) (STI, 3.45p, ► (0.0%)) announced it has expanded its activities into Djibouti, having been awarded six new licences covering 535 km2 in the highly prospective Afar Depression of the Main Ethiopian Rift. This brings the Company's total land package in the Afar Depression to 2,780 km², straddling the border of both Ethiopia and Djibouti, and gives Stratex a large number of Rift-related epithermal gold targets in this exciting new metallogenic province.

Western Canadian Coal Corp (LON:WTN) (288p, ▼ (6.8%)) announced the terms of a recommended proposal for the acquisition by Western of all the outstanding issued ordinary share capital of Energybuild Group Plc (LON:EBG) not already held by the Western. It is intended that the Proposal will be effected by way of a scheme of arrangement of Energybuild under section 899 of the UK Companies Act 2006.

African Consolidated Resources Plc (LON:AFCR) (AFCR, 9.5p, ▼ (2.56%)) announced that TWP Investments (PTY) Ltd has stated that following its acquisition by Basil Read Holdings Limited and a subsequent review of its group's policy on country risk regarding Zimbabwe it is no longer prepared to risk the substantial capital investment in building the plant for the Company's Sulphide Dump recovery at the Company's Pickstone Mine, at least in terms of the existing agreement. ACR is actively considering all its options including the possibility of signing a new contract with TWP Projects, which may involve either external or internal financing. TWP Projects has indicated a willingness to guarantee the same extraction percentages and production levels as previously agreed by ACR with TWPI if a new construction contract is entered into. ACR expects to make a further announcement as and when firm arrangements are in place including details of a proposed new timetable.