ABN Newswire

Beach Energy Limited (ASX:BPT) Beach to Expand Cooper Basin Oil Exploration Acreage

newsroom@abnnewswire.net — Thu, 23 May 2013 10:24:22 GMT

Beach Energy Limited (ASX:BPT) and Bengal Energy Limited (TSE:BNG) ("Bengal") have agreed the key terms of a farm-in to explore for oil in ATP 732 ("Tookoonooka").

Subject to completion of the necessary documentation and appropriate due diligence, Beach will acquire 50% of ATP 732 from Bengal and the parties will establish a new Joint Venture. The farm-in activities require Beach to fund 100% of an oil exploration program that includes two wells and 3D seismic over approximately 300km2.

Beach will fund these activities up to a cap, after which funding will be proportionate to Beach and Bengal's Joint Venture interests. The farm-in activities will be managed by Beach on behalf of Bengal, the current operator, and upon completion of the farm-in program, Beach will have the right to be appointed operator of the Joint Venture.

ATP 732 covers an area of 2,600 km2 on the Queensland side of the Cooper Basin and to date, has only had nine wells drilled within it, one of which was in the last 15 years. This well was drilled by Bengal in 2012 and encountered oil shows.

"This transaction continues Beach's strong focus on building its footprint in the Cooper Basin where the majority of the Company's production is generated. It also provides the opportunity for Beach to apply its highly successful Cooper Basin oil exploration and operational experience to the Tookoonooka area. We look forward to working with Bengal to further unlock the potential of this underexplored area of the Cooper Basin."

To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-736768.pdf

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au

MEO Australia Limited (ASX:MEO) Awarded Bonaparte Basin Exploration Permit WA-488-P

newsroom@abnnewswire.net — Thu, 23 May 2013 09:28:44 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has has been awarded a new exploration permit, WA-488-P in the Bonaparte basin, as part of the 2012 Gazettal Round. MEO will hold 100% interest in the permit.

WA-488-P covers an area of 4,105 km2 and is located adjacent to MEO's WA-454-P (100%) permit. MEO has identified a substantial prospect that it believes can be readily advanced to drillable prospect status by reprocessing of existing seismic data and integration of offset well data.

MEO intends to commence a farmout/partial sale process in early 3Q-2013. Full technical details of the prospectivity will be released as the farmout/partial sale process is matured.

Exploration Permit WA-488-P Work Program
----------------------------------------------------
       Permit Permit Work                  Estimated 
       Year   Year   Program             Expenditure
              Start                  (A$ indicative)
----------------------------------------------------
Primary 
Term     1    22 May 400 km 2D Seismic
               2013  Data Reprocessing    $150,000
         2    22 May Geological and
               2014  Geophysical Studies  $200,000
         3    22 May One (1) Exploration
               2015  well                 $20,000,000

Secondary 
Term     4    22 May 400 km2 New 3D
               2016  Seismic Survey       $5,000,000
         5    22 May Geological and 
               2017  Geophysical Studies  $200,000
         6    22 May One (1) Exploration
               2018  well                 $20,00,000
----------------------------------------------------

MEO's CEO and MD Jürgen Hendrich commented on the announcement:

"The award of WA-488-P substantially enhances our acreage footprint in the region. The permit was selected based on our deep technical understanding of the region and the assessment of a new play concept by our exploration team that has substantial analogues in other geographies. MEO is very encouraged by the prospects identified within permit the materiality of which will no doubt appeal to the larger oil and gas companies."
To view location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-390051.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

Talon Petroleum Limited (ASX:TPD) Board Matters

newsroom@abnnewswire.net — Thu, 23 May 2013 09:04:12 GMT

Talon Petroleum Limited (ASX:TPD) announce changes to the board with the retirement and election of the Chairman, and further changes within the board.

Retirement of Chairman

Dr John Armstrong, a Director and Chairman of Talon Petroleum Limited since it was listed on the ASX on 27 February 2013, and previously a Director and Foundation Chairman of Texon Petroleum Ltd will retire from the Board of Talon as from the end of Talon's first Annual General Meeting scheduled for Thursday, 30 May 2013.

New Chairman

The Board has elected Mr Jeffrey Forbes to the position of Chairman following Dr Armstrong's retirement coming into effect. Mr Forbes joined the Board as a Non-Executive Director on 4 April 2013 and has extensive listed company experience as an executive director and company secretary as well as strong global financial management experience including in the USA.

Appointment of Director

The Board is pleased to announce that it has appointed Mr Bruce Cowley as a Non-Executive Director of the Company following Dr Armstrong's retirement coming into effect.

Bruce Cowley is a senior corporate law partner at Minter Ellison, specialising in corporate governance. He was legal advisor to Texon Petroleum Ltd from the time of its listing in 2006 up until the demerger of Talon earlier this year. He is the chairman of the Children's Hospital Foundation Queensland, the Skin Cancer Network and the Griffith University Business School Advisory Board, is President of the Queensland Private Enterprise Centre, Deputy Chair of the Cerebral Palsy League and sits on the Council of the University of the Sunshine Coast and the Queensland State Council of the Australian Institute of Company Directors.

Board Renewal

The retirement of Dr Armstrong and the appointments of Mr Forbes as Chairman and Mr Cowley as a Director complete the renewal of the Talon Board as foreshadowed in the Demerger Scheme documents.

As a result of these changes, at the end of the Company's AGM on the 30th of May, the Board of Talon will comprise Mr Jeff Forbes (Chairman), Mr Bruce Cowley, Mr Angus Douglas, Mr Clifford Foss and Mr David Mason.

Talon Petroleum Limited
T: +61-7-3211-1122
F: +61-7-3211-0133
E: talon.info@talonpetroleum.com.au
WWW: www.talonpetroleum.com.au

Buccaneer Energy Limited (ASX:BCC) Cosmo No 1 - Progress Report

newsroom@abnnewswire.net — Tue, 21 May 2013 11:04:49 GMT

Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) is pleased to provide the following update on the progress of the 100% owned Cosmo # 1 well:

Time: 9.00am (Sydney) 21 May 2013 / 3.00pm (Anchorage) 20 May 2013.
Depth: 800' Total Vertical Depth ("TVD")
Activity: Surface casing run and cemented in place, preparing to drill ahead.

Well Plan:

The Cosmo # 1 well is a vertical well that has a targeted Total Depth of 8,000' ("TD"), the well is anticipated to take approximately 45 days to drill and test.

Surface casing will be set at 800' after which the well will be drilled to the top of the Tyonek Formation ("Tyonek") at 2,000' where casing will again be set. The Tyonek zone is expected to hold multiple prospective gas zones down to 6,000'.

Casing will be set at approximately 6,000' before drilling through the proven oil bearing Starichkof and Hemlock formations, and will target depth after drilling the prospective West Foreland Formation. The current plan is to take oil cores in the oil formations to augment the reservoir data to further optimize the future oil plan of development. At this stage it is not planned to flow test the oil formations.

On completion of drilling and logging operations the well will be plugged back to the bottom of the Tyonek gas formation. Gas zones within the Tyonek Formation that are identified as potentially commercial through drilling and logging will then be perforated and flow tested. The well will then be temporary abandoned as a future gas producer.

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com

Toro Energy Limited (ASX:TOE) Toro Farms Out Potash Stake in Lake Mackay Region of WA

newsroom@abnnewswire.net — Tue, 21 May 2013 09:59:31 GMT

Uranium developer, Toro Energy Limited (ASX:TOE) (OTCMKTS:TOEYF) is pleased to announce the Company has signed a binding Heads of Agreement ("HoA") with Rum Jungle Resources Ltd (ASX:RUM) in which Rum will farm into Toro's rights for potash and related evaporite minerals over Lake Mackay, on the Northern Territory-Western Australia border.

The agreement covers the lake surface within four primarily uranium prospective Exploration Licenses (E80/3484, 3485, 3486 and 3519), covering 420 square kilometres (Figure 1 in link below).

Toro's previous shallow drilling has confirmed the presence of brine in the lake subsurface, with potassium, magnesium and sulphur concentrations similar to other potash brine systems in central Australia and overseas. Rum's objective is to drill deeper to assess the potential for a sustainable potash resource.

The key terms of the farm out as set out in a formal HoA are:

- Rum to spend a minimum of $250,000 in Year 1, drilling the lake to earn a 51% interest in Lake Mackay's potash and other evaporite minerals. Toro can then elect to contribute pro rata to further exploration or;

- Rum to spend a further $750,000 in Years 2 and 3 to increase its interest to 80%, at which point Toro can elect to maintain its 20% interest and contribute to further expenditure.

- If either party dilutes below 5%, their interest will be converted to a 2% royalty.

- Toro will retain all other mineral rights, including uranium.

- The agreement is subject to execution of formal joint venture agreements and carrying out due diligence.

Toro Managing Director, Dr Vanessa Guthrie, said today the HoA would allow the exploration momentum to be continued at Lake Mackay in a manner which provided some capital efficiency to Toro over the tenements. This is consistent with Toro's strategy of developing a pipeline of highly prospective uranium exploration tenements to support the company's growth strategy.

To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-736323.pdf

Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au

Rum Jungle Resources Limited (ASX:RUM) Lake Mackay Joint Venture Signed with Toro Energy (ASX:TOE)

newsroom@abnnewswire.net — Tue, 21 May 2013 09:58:25 GMT

Rum Jungle Resources Ltd (ASX:RUM) is pleased to announce that it has signed a binding Heads of Agreement with Toro Energy Ltd (ASX:TOE) (OTCMKTS:TOEYF) to explore for potash and related evaporate minerals contained within lake brines on the southern section of the vast area of Lake Mackay in W.A. The four Exploration Licenses (E80/3484, E80/3485, E80/3486 and E80/3519) cover over 400 square kilometres of lake surface.

Previous shallow drilling by Toro to one meter depth has confirmed recovery of brine in the lake subsurface with contents of potassium, magnesium and sulphur similar to other potash rich brine systems in the area and overseas. The brine has the potential to produce schoenite, epsonite and sulphate of potash, similar to Rum's Karinga Lakes Project in the NT.

Rum's recently acquired Lake Hopkins project is strategically located between Lake Mackay and the Karinga Lakes Project (See figure 2 in link below), should the possibility of linking up any brine resources exist.

Toro enjoys a good working relationship with aboriginal land owners and have a land access agreement in place which will allow Rum to access the lake in the current field season and drill sufficient deeper holes, which have been approved, to determine a maiden resource within the Toro tenements.

Terms of the Joint Venture are as follows:

1. Rum to spend a minimum $250,000 in Year 1 drilling the lake and estimating a maiden resource to earn a 51% interest in the potash minerals. Toro can elect to contribute pro rata to further exploration,or;

2. Rum to spend another $750,000 in years 2 and 3 to increase interest to 80% at which point Toro can elect to hold its 20% interest and contribute to further expenditure.

3. If either party dilute below 5% their interest will be converted to a 2% royalty.

4. Toro will retain all uranium rights.

5. The agreement is subject to Rum preparing formal agreements and carrying out due diligence within 30 days.

To view location maps and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-389928.pdf

Rum Jungle Resources Limited
T: +61-8-8942-0385
F: +61-8-8942-0318
WWW: www.rumjungleresources.com.au

Empire Energy (OTCMKTS:EEGC) Engages Wedgewood Investment Group of New York, to prepare a $998 Million Asset Backed Secured Bond

newsroom@abnnewswire.net — Mon, 20 May 2013 14:01:39 GMT

Empire Energy Corporation International (OTCMKTS:EEGC), announced today the engagement of Wedgewood Investment Group of New York effective May 16, 2013.

Wedgewood has been retained to prepare the documentation and filings to produce a secured, asset backed, 5 year Bond in the amount of Nine Hundred and Ninety Eight Million ($998,000,000.) dollars, bearing a 7% coupon. The asset being used to secure the Bond is identified in the Senergy, Competent Persons Report (CPR), a copy of which is available on Empire's website. The completed package will include; Due Diligence, Preparation of the PPM and Prospectus, Legal Review, Placement Agent appointment, the Filing of the 144A, Registration of ISN and CUSIP Numbers, Transfer Agent appointment and preparation of documentation for listing the Bond on an exchange.

Malcolm Bendall, CEO of Empire Energy stated; ""We have taken this route as part of our overall strategic plan to obtain the necessary additional funds to finally take our Tasmanian project to reality. We are pleased that the Asset Backed Bond is available to us as an alternative to trying to raise money through the public markets."

Under the terms of Wedgewood's engagement, the firm will be paid a retainer of $50,000.00 with the balance of $10,000.00 being paid on the delivery of the completed Bond package.

Cautionary Note Regarding Forward-Looking Statements

Safe Harbor: Pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals and assumptions of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this release may be identified through the use of words such as expects, will, anticipates, estimates, believes, or statements indicating certain actions such as "may," "could," or "might" occur. Such statements reflect the current views of Empire Energy with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Empire Energy Corporation International does not undertake any responsibility to update the "forward-looking" statements contained in this news release.

EMPIRE ENERGY CORPORATION INTERNATIONAL
Website: www.empireenergy.com

Media:
MARSTON WEBB INTERNATIONAL
270 Madison Avenue
New York, New York 10016
Phone: (212) 684-6601
Fax: (212) 725-4709
Email: marwebint@cs.com
http://www.marstonwebb.com

WEDGEWOOD INVSTMENT GROUP LLC
http://www.wedgewoodinc.com
Inquiries: info@wedgewoodinc.com

Empire Energy (OTCMKTS:EEGC) Announces the Appointment of Marston Webb as International Public and Investor Relations Consultant

newsroom@abnnewswire.net — Mon, 20 May 2013 10:04:35 GMT

Empire Energy Corporation International (OTCMKTS:EEGC), has announced the engagement of Marston Webb International of New York effective May 16, 2013. The agency, which will assist the company in managing all aspects of its public and investor relations along with market awareness programs, brings to Empire Energy more than 30 years of relevant industry experience.

In making the announcement today Malcolm Bendall, CEO of Empire energy said the board had made considerable progress in consolidating its global business and in positioning the company to take the fullest advantage of its present and future oil and gas exploration and exploitation.

Malcolm Bendall, CEO of Empire Energy commented; "It is our intention to keep investors fully acquainted with our progress and the excitement we feel about the future of our company. We are very pleased and feel fortunate to have been able to retain such an internationally known firm to represent our company to assist us in building reputation and awareness on a global basis. Our board looks forward to working with Marston Webb," he said

Under the terms of Marston Webb's engagement, the firm will be paid a retainer of $15,000.00 and a monthly fee of $10,000.00 The Agency will not be granted stock options or common shares of the Company under this agreement.

Cautionary Note Regarding Forward-Looking Statements

Safe Harbor: Pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals and assumptions of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this release may be identified through the use of words such as expects, will, anticipates, estimates, believes, or statements indicating certain actions such as "may," "could," or "might" occur. Such statements reflect the current views of Empire Energy with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Empire Energy Corporation International does not undertake any responsibility to update the "forward-looking" statements contained in this news release.

Empire Energy Corporation International 
Website: www.empireenergy.com

MEDIA:
MARSTON WEBB INTERNATIONAL
270 Madison Avenue
New York, New York 10016
Phone: (212) 684-6601
Fax: (212) 725-4709
Email: marwebint@cs.com
http://www.marstonwebb.com

Western Mining Limited (ASX:WMN) Successful Completion of Due Diligence on Persada Tenement

newsroom@abnnewswire.net — Thu, 16 May 2013 09:54:00 GMT

The Board of Western Mining Network Limited (ASX:WMN) is pleased to announce that the due diligence work on PT. Persada Bumi Rawas ("PT. PBR") and its 100% interest in IUP Exploration No. 540/307.19/Distamben dated 12 August 2009 ("Persada Tenement") has been completed.

WMN has informed PT. PBR that it will proceed with the transaction under the Master Agreement announced to ASX on 15 April 2013.

The Share Subscription Agreement to acquire 80% of the issued shares in PT. PBR which directly holds a 100% interest in the Persada Tenement is currently being finalised and will be executed in due course.

An exploration report on the Persada Tenement is attached. The Company plans to focus on two blocks that have indicated potential gold anomalies.

To view the Persada Project Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WMN-635765.pdf

Western Mining Limited
T: +61-8-9421-7777
WWW: www.westernmining.net

MEC Resources Limited (ASX:MMR) Pooled Development Fund Operational Update

newsroom@abnnewswire.net — Wed, 15 May 2013 14:06:10 GMT

MEC Resources Ltd (ASX:MMR) wishes to comment on recent publicity regarding a possible phase out of the Australian Federal Government's Pooled Development Fund ("PDF") program.

As at the date of this announcement, the Federal Government has not released details of how a phase out may occur, what the phase out period may be, or what the implications may be for investors who invested in PDFs, such as MEC Resources, on the understanding that any capital gains on their investments and any dividends received would be tax free.

Given the current lack of clarity and the fact that the Federal Government has only recently commenced the process of engaging with stakeholders in relation to a possible phase out, MEC Resources considers it is unlikely that legislation will be enacted to implement a phase out before the Federal Election in September 2013.

MEC will continue to update the market as further information becomes available.

MEC Resources Limited
T: (08) 9328 8477
F: (08) 9328 8733
WWW: www.mecresources.com.au