Australian Market Report of January 31: Roc Oil, Horizon Oil, Petsec Energy: Joint Venture Achieved Milestone In China Oil Fields Development
31.01.2011 | ABN Newswire
13:30 AEST Jan 31, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - China National Offshore Oil Company Limited ('CNOOC') (HKG: 0883) (NYSE: CEO) has approved the Project Investment and the Overall Development Plan for the development of the three oil fields in Block 22/12, Beibu Gulf, China, a joint venture project among CNOOC (51.00%), Roc Oil (China) Company Limited (ASX: ROC) (19.60%), Horizon Oil (Beibu) Limited (ASX: HZN) (PINK: HZNFF) (14.70%), Petsec Energy Limited (ASX: PSA) and Oil Australia Pty Ltd (Majuko Corp) (2.45%). The project has an estimated gross 2P reserve of 24 MMbbl of oil and the first oil production is expected before year end 2012.
Copper Strike Limited (ASX: CSE) signed a Placement Agreement with Beijing Jintai Yuanchung Mining Co. Ltd and Taifeng Group Limited to raised A$5.822M through a share placement and further A$5.64M through an option placement. The funds will be used to advance the development of the Einasleigh Project in North Queensland, where Copper Strike has discovered two copper-gold-silver deposits and four zinc-lead-silver deposits.
Jupiter Mines Limited (ASX: JMS) has successfully placed 142.9 million New Ordinary Shares at 70 cents per share to raise approximately A$100 million. To further issue 71,428,571 New Ordinary Shares at 70 cents per share is also planned to raise additional A$50 million. The funds will be used to develop Jupiter's 49.9% owned Tshipi Borwa Manganese project located in South Africa, and to fast-track both the 100% owned Mt Ida Magnetite Project and Mt Mason DSO Iron Project in Western Australia.
Viralytics Limited (ASX: VLA) (PINK: VRACY) has received a notice from China for the grant of a patent involving of the use of CAVATAKTM RNA as an anti-cancer agent in human melanoma. Cavatak is the trade name of Coxsackievirus A21 (CVA21), a human virus that occurs naturally in the community and is associated with a common cold-like illness. Previous studies have indicated that Cavatak may have a future role in the treatment of melanoma and other cancers in humans. A Phase 1 study has commenced in 2005 with further human studies planned.
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