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Petroceltic, Great Eastern Energy, Dominion Petroleum, Hydrodec Group, Hardy Oil and Gas, Kalahari Minerals news briefs

By Fox-Davies Capital

Petroceltic announced an operational update on its activities in Algeria, Tunisia and Italy. In Algeria, data collected in the 2009 drilling campaign has been incorporated into a P50 resource estimate of 5,796Bcf of gas and 64MMbbls of oil. Appraisal work on the licence will begin in Q4 2010. At the Ksar Hadada licence in Tunisia, where Petroceltic and Independent Resources own 27.03% and 18.97% interests respectively, over 100km of new 2D seismic has been acquired and interpreted, with two new targets to be drilled in June 2010. In Italy, Petrocelic has assumed operatorship of the BR.268 RG Permit, and a drilling campaign is set to commence in Q3 2010 on the Elsa discovery.

Great Eastern Energy announced it has received an updated Competent Person's Report (CPR) in which its 210km2 block in West Bengal, India has been attributed a significant increase in reserves and prospective resources. Proved and Probable (2P) reserves now stand at 24.9Bcf, and Proved, Probable and Possible (3P) reserves stand at 41Bcf.

Dominion Petroleum announced that it has conditionally raised ?32.7M through a placing of new common shares with institutional investors, with 654,880,000 new common shares at a price of 5p per share to be issued. The money raised from the placing will be applied towards funding Dominion's drilling programme in the Exploration Area 4B in Uganda as well as acquiring seismic in the emerging East African margin play of Offshore Tanzania's Block 7.

Hydrodec Group announced an agreement with its Japanese partner, Kobelco Eco-Solutions of the Kobe Steel Group, for a 50/50 joint venture to exploit the Hydrodec technology to re-refine polychlorinated biphenyl in Japan and across the wider East Asian market.

Hardy Oil and Gas announced that Sastry Karra will be relinquishing his current  position as  Chief  Executive and maintain an ongoing involvement with the Company as a Non Executive Director. Yogeshwar Sharma, currently Chief Operating Officer, will succeed Sastry Karra as Chief Executive Officer effective 31 March 2010.

Kalahari Minerals announced that in accordance with the announcement made on 23 February 2010, its wholly owned Australian subsidiary, Kalahari Minerals Pty Ltd, has now declared its conditional off-market takeover bid for the entire issued ordinary share capital of Coronet fully closed. As at the Close, acceptances under the Offer have been received with respect to 99.44% of the issued shares in Coronet and, in accordance with the terms of the Offer, 15,910,906 new Kalahari shares have been issued to those Coronet shareholders who have accepted the Offer. Accordingly, application has been made for the New Kalahari Shares to be admitted to trading on AIM, which is anticipated to occur on 8 March 2010. Under the terms of the Offer, the New Kalahari Shares will not be able to be sold during the period ending on the earlier of 90 days following the date on which such shares commence trading on AIM or an offer being made to acquire the entire issued share capital of Kalahari.