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Oilex, San Leon Energy, Stratic Energy, Great Eastern Energy, Bowleven, Shanta Gold Ltd, Sunkar Resources, African Minerals, Vatukuola Goldmines news briefs

By Fox-Davies Capital

Oilex announced that the log evaluation of the primary objective Elang/Plover Formation sandstones in the Lolotoe-1 well indicates that no commercial hydrocarbon zones are present. The zones where shows were recorded in the Flamingo Formation are also not commercial. On completion of well operations the Songa Mercur drilling rig will be demobilised to Singapore. Further wells are planned later in 2010 to evaluate the remaining potential in the contract area.

San Leon Energy (Research restricted) announced that the irrevocable undertakings to Platinum and Gartmore in regards to San Leon’s offer for Island Oil & Gas have been extended on the existing terms until 14 April 2010. Discussions between San Leon and Island are continuing and both companies are working towards an agreement on an offer for Island, which the Directors of Island currently intend to recommend.

Stratic Energy announced the signature of loan facility amendment agreements with its banking syndicate incorporating an additional line of credit. The amendments provide, inter alia, for the deferral of year-end 2009 scheduled debt repayments totalling approximately $25 million, until receipt of the proceeds of the previously announced sale of the Company's Italian business, expected around the end of the first quarter, 2010. In addition, the amendments provide an additional line of credit of approximately $10 million available for general corporate purposes, also to be repaid from the proceeds of the sale of the Italian business.

Great Eastern Energy announced it has entered long term Gas Sale Agreements with three additional customers for the supply of 1.84mmscfd of gas. The signing of these additional GSAs brings the total amount of gas currently under contract to 22.96mmscfd.

Bowleven has signed a letter of intent for a rig for its planned drilling campaign on the Etinde Permit, offshore Cameroon, and completion of legal documentation is expected shortly, with the drilling program scheduled to commence as planned in April or May 2010 with the spudding of the IE appraisal well. Well locations have been selected for the first two wells in the program, IE-3 and the exploration well on MLHP-5. Exact location and timing of the IF-2 well will depend upon the outcome of the additional seismic activity on MLHP-7 with extensive seismic activities planned on Etinde are already underway. Seismic operations are also due to commence shortly on the Bomono Permit, onshore Cameroon, with drilling anticipated in 2011. An exploration well is also budgeted in 2010 on the Epaemeno Permit, onshore Gabon. The Company remains well funded with cash balances at Dec. 31, 2009 of $110m and an additional $100m gross work program carry provided by the initial phase of Vitol transaction.

Shanta Gold Ltd announced the completion of initial metallurgical optimisation studies on ore samples from its Chunya project in southern Tanzania. Gravity concentration recovery of 35% with gravity plus leaching of gravity tails yielding a maximum recovery of 88%. ROM dissolution tests show maximum leach recovery of 90%. Results will be used in the Feasibility Study that is currently underway and due to be completed in the 1st quarter 2010.

Sunkar Resources announced its mineral resource estimate, prepared by Wardell Armstrong International Limited, covering some 40% of the Company's 836 sq km Chilisai licence area in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Reserves and Ore Reserves ("JORC"). 293M tonnes in the JORC Measured and Indicated categories with a grade of 10.6% P2O5 at a 5% cut-off grade for a total of 31M tonnes contained P2O5 Total resource including Inferred ore is 475.4M tonnes with a grade of 10.6% for a total of 50M tonnes contained P2O5

African Minerals announced an underwritten cash placing of 20,000,000 new common shares of the Company at 400 pence per share to raise ?80M, before expenses on 21 January 2010. On 22 January 2010, the Company was informed by the Underwriters that, as a result of an allocation to additional purchasers, the participation, directly and/or on behalf of managed accounts of Dundee Corporation and certain of its subsidiaries, had been reduced by 900,000 New Shares from 8.37M New Shares to 7.47 million New Shares. As a result, the total consideration payable by Dundee for the New Shares has been reduced from ?33.5M to ?29.9M. Dundee Securities Corporation, an Indirect subsidiary of Dundee Corporation, will continue to receive a fee of?1.2M as an Underwriter.

Vatukuola Goldmines announced the initial results from its exploration programme targeting an economic resource suitable for surface mining. Selected drill hole intersections include: MA 738 - 5.35m at 5.97 g/t of Gold, MA 740 - 6.03m at 2.06 g/t of Gold, MA 743 - 2.85m at 5.38 g/t of Gold, MA 747 - 1.45m at 6.57 g/t of Gold. In addition to the current drilling programme, historical surface mapping and drill intercepts will be used to develop an exploration programme to delineate the extent of the mineralisation with a view to estimating a Mineral Resource and possibly a Mineral Reserve for the oxidised mineralisation. Any such resource (and/or reserve) statement prepared in respect of the oxidised mineralisation will be announced if and when completed. Success in these investigations would lead to a review of all Vatukoula's leases in the wider region for potential oxidised mineralisation and its possible inclusion in the long term  mine plan of the Vatukoula Gold Mine.