Press Releases

Sydney, Mar 25, 2010 (ABN Newswire) - AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) said it has signed a farm-in agreement with Carnavale Resources Ltd (ASX:CAV) for participation in exploration of AuDAX's two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane. Carnavale will be entitled to earn 20% interest in the Lambouka prospect area of both Permits by paying a "promoted" proportion of the costs of the drilling of an exploration well which is due to commence drilling in mid June 2010.

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) Wednesday announced a fully underwritten Rights Issue to Shareholders to raise approximately A$5 million after costs (Offer). The Offer will allow shareholders to subscribe for one share (New Share) for every five shares held at 5pm on Monday, 19 April, 2010 at the issue price of A$0.16 per New Share together with one attaching option (New Option) for every two New Shares subscribed for. The New Options will be exercisable at A$0.25 each on or before 1 December 2011.

Universal Resources Limited (ASX:URL) announced positive drilling results from the Company's 100%-owned Roseby Copper Project ("Roseby") near Mt Isa in Queensland, Australia. Under an Agreement dated 11 March 2005 Mt Isa Mines (Xstrata) may earn 51% of an area beneath and around the large copper resources at Roseby by expending A$15 million or completing a Detailed Feasibility Study by 30 June 2012. Xstrata have advised their expenditure to 28 February 2010 is A$7.5 million.

Coalspur Mines Limited (ASX:CPL) (PINK:CSPZF) said that it has completed its planned first phase exploration drilling program on the Hinton Coal Project ("HCP"). The 10 hole drilling program commenced in February 2010 and was completed ahead of schedule and within budget.

The Otway Petroleum Project is Adelaide Energy Limited's (ASX:ADE) (PINK:ADEZF) 100% owned suite of integrated production, development and exploration oil and gas assets, which are located in the South Australian section of the onshore Otway Basin. Adelaide Energy said progress has not been as expected with rates of penetration slowed by the need to maintain angle and azimuth.

Burleson Energy Limited (ASX:BUR) has agreed to the sale of its Austin Chalk wells and acreage for U$1.344 million (A$1.5m) to Whittier Energy Company with an effective date of 1 January 2010. BUR will retain small royalty interests in two producing wells drilled by other companies on the acreage since mid 2009.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) revised its production guidance as heavy regional rainfall and subsequent flood conditions in the Cooper-Eromanga Basin have resulted in the suspension of drilling operations until the mid April to mid May timeframe. The high profit oil production from Beach's operated Cooper oil assets, however, is expected to be relatively unaffected. Forecast production for FY10 is now forecast to be approximately 7.8 MMboe or 3% below previous guidance of 8.0 MMboe.

Otto Energy Limited (ASX:OEL) (PINK:OTTEF) said that it has commenced a 2D seismic data acquisition program in Service Contract 69 (SC 69) in the Visayan Basin of Philippines. The seismic vessel M/V Discoverer 2, operated by BGP GeoExplorer Pte Ltd, has been contracted to record the seismic data. Otto plans to acquire approximately 900 line km of 2D seismic data in SC69.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net