By Fox-Davies Capital

Global Energy Development announced details of its new reserve report dated 31 December 2009, which has been produced by the independent petroleum engineers Ralph E. Davis Associates (RED). RED reported that 2P reserves net to the Company totalled 147.1mmboe, an increase of over 12% on 2008.  Within this, the proved reserves were slightly down at 60.8mmboe and the probable reserves up at 86.3mmboe due predominately to revised porosity / drainage area parameters and delayed Ecopetrol back-in respectively.  3P reserves net to the Company also increased and totalled 272.9mmboe.

Red Rock Resources announced that all voting, sale, and co-operation arrangements and understandings with Pallinghurst Resources Australia Limited in relation to the shareholdings of Red Rock and Pallinghurst in Jupiter Mines Ltd have been terminated. Red Rock and Pallinghurst consider that the objectives of their co-operation have been achieved, and that Jupiter is now well-placed to progress in the steel feed market. Therefore the agreements for co-operation and pre-emption that were put in place between Pallinghurst and Red Rock in the last two years serve no further purpose and may unduly inhibit the independent judgement of the parties. The parties have however at all times worked together harmoniously, and since they share the same strategic vision for the development of Jupiter, they know of no reason why this would not continue.

Stratex International announced the formal signing of a Definitive Agreement with private Turkish company NTF Insaat Ticaret Ltd Sti following the announcement of an initial MOU on 15 June 2009. This agreement sets out the terms under which Stratex will work with NTF to develop the Inlice and Altintepe gold projects. While ultimate implementation of the Definitive Agreement will take effect only after a closure period that will allow for completion of certain administrative matters, the directors are satisfied that these are matters of process and that the commercial terms of the joint venture are now finalised.

Comment: We retain the Buy recommendation with an unchanged target price of £0.06. Peter Rose +44(0)20 7936 5246.

Beowulf Mining announced that further to the announcement of 29 September 2009, it has recently received an operational update from its joint venture partner, Energy Ventures Limited, in respect of the Company’s Ballek joint venture project. Drilling targets have been selected on the basis of existing geophysical data, contractors have been appointed and drilling has commenced. The diamond drill programme, comprising 1,600 metres, has begun on the Jonastjarn area, south of the Lulepotten deposit. A work plan was submitted to The Mining Inspectorate of Sweden and to local land owners for approval and no objections to the programme were received. The proposed drill programme is expected to take 3 to 4 weeks to complete, following which geological logging and sampling activities will be undertaken, with results anticipated by the end of April 2010.

Anglo Asian Mining announced that the Company produced 3,483 oz of gold in the month ended 31 January 2010, bringing total production to 14,848 oz. Since the plant began production in July 2009, each month has seen an increase in production over the previous month. It should be noted that under the Production Sharing Agreement, the Government of Azerbaijan receive 12.75% of gold produced until Anglo Asian has  recovered its capital, operating and financing costs in full at which point the government of Azerbaijan is then entitled to a 51% share of profit.