ABN Newswire

Buccaneer Energy Limited (ASX:BCC) Glacier Drilling Rig Secured

newsroom@abnnewswire.net — Tue, 29 May 2012 10:29:00 GMT

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that it has completed arrangements to secure rights in respect of the Glacier Drilling Rig # 1 ("Glacier Rig").

The Glacier Rig was owned by Glacier Drilling Company, a wholly owned subsidiary of the Marathon Oil Company ("Marathon"). The Company has facilitated the purchase of the Glacier Rig by a third party that specialises in the energy sector.

The new owner and a wholly owned subsidiary of the Company, Kenai Land Ventures, LLC ("Kenai Land"), that has been set up specifically for this transaction have entered into a 3 year Bare Rig agreement.

The Bare Rig lease rate to be paid by Kenai land is a discount to the rates charged by Glacier Drilling to the Company for drilling the Kenai Loop wells in 2011 and is therefore this is seen as financially advantageous transaction for the Company. Kenai Land has exclusive access to the Glacier Rig during this period or alternatively it can lease the rig to third parties and charge a premium to the lease rate it is charged by the owner.

Option to Purchase

Kenai Land has an option to purchase the Glacier Rig at any time after the first 6 months for $7,338,000. Upon exercise of the option to purchase, a portion of the lease payments paid to that time will be credited against the purchase price.

The Glacier Rig is a Mesa 1000 carrier mounted land drilling rig. It was built in 2000 and can drill to depths of approximately 15,000'. The rig is unique in that it was designed and built with the input of the drillers that would operate the rig on the Kenai Peninsula, Alaska. Glacier Rig was designed to operate close to neighborhoods on Alaska's Kenai Peninsula. The small size is ideal for pad drilling, minimizing the drilling footprint and impact to its surroundings.

The Glacier Rig was used to drill both of the Company's Kenai Loop wells in 2011 and the Company considers its acquisition as an enabling asset and ensures its ability to develop onshore projects.

Buccaneer Director Dean Gallegos said:

"This transaction is yet another significant milestone and key component of our onshore Alaskan strategy, it will allow us to immediately secure an enabling asset in the Cook Inlet in what is a tight rig environment for three years. This arrangement also maintains the option to purchase the rig.

The lease back and option to purchase conserves capital for development of the Company's Kenai Loop project, ensures timely drilling at our Kenai Loop project and also assists by controlling the costs associated with the project."

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

Oil Basins Limited (ASX:OBL) Announce New Oil Discovery at Backreef-1

newsroom@abnnewswire.net — Tue, 29 May 2012 09:33:00 GMT

Oil Basins Limited (ASX:OBL) wishes to make the following announcement so as to keep the market fully informed.

The Company, as operator on behalf of the Backreef Joint Venture - OBL group net 80% and Green Rock Energy Limited (ASX:GRK) group net 20%*, provides the following update on cased hole production testing operations at the Backreef-1 well.

KEY POINTS:

- The Backreef Area Joint Venture has delineated a new highly productive reservoir within the hitherto non-commercially prospective Devonian aged Gumhole dolomite formation. This new oil reservoir play has the following calculated attractive reservoir characteristics:

- permeability circa 750 millidarcy

- porosity 17%

- flow productivity > 1,000 bpd

- thickness circa 6m and depth below surface 750m to 1,000m

- After the production test, 'live oil' samples were collected at surface from the Gumhole dolomite.

- Indications are that the Gumhole dolomite has potential commercial productivity. If a better sited well location up-dip from Backreef-1 can be delineated fully charged with oil, it may lead to a company-maker opportunity for Oil Basins Limited.

- Previously, the Backreef Area Joint venture has announced (pre-Test) that the significant undiscovered potential wholly within this new oil play zone has been defined, with a mapped oil in place (OIP) volume of between 45.6 to 117 MMbbls, with an expectation of 77.7 MMbbls and a mean estimate of 20.6 MMbbls prospective recoverable resources.

NEW OIL DISCOVERY WITHIN GUMHOLE FORMATION - BACKREEF-1

Production Test Results: Zone 1 Gumhole Formation

Following underbalanced perforation of the 4m interval 957m to 961mRT (Zone 1) observed surface pressure build-up was rapid to 364 psig and over 800m influx (approximately 12 bbls) was observed in test string on subsequent pressure gradient survey. The gradient survey indicated mostly water.

Evident initial flow rates were recorded in excess of 1000 bpd with permeability estimated at 750 millidarcy.

Downhole build-up was for a period of 2 hours and upon opening the tool downhole and although flow was indicated, no liquid flowed to surface.

After reverse circulation, the packer was unseated. Oil was observed at the surface of the well.

Two oil samples were collected before the packer was pulled. Additional oil was observed in the well after the packer was pulled out of hole and another sample was taken. Total oil collected amounted to circa 0.2 litres (Note - after packer tool was released and tubing string flushed).

All oil samples and formation water samples will be sent to the laboratory for further assay analysis. In addition, oil traces were observed in the reversed formation fluid. The collected oil appears to be very light and of similar qualities to the structurally down dip Blina Oil Field, some 7km to the west. The formation water included clean-up mud filtrate evidently lost during the drilling of this highly permeable zone.

Production Test Results: Zone 2 Yellow Drum Formation

Following underbalanced perforation of the upper 22m interval between 918m to 940mRT (Zone 2) observed surface pressure build-up was slow to 167.5 psig and initial test string influx was observed to 730mRT, upon subsequent pressure gradient survey. The gradient survey indicted a fresh water hydrostatic column. Evident permeability at between 0.1 to 10mD. Upon opening the downhole tool and after over 4 hours of swabbing operations, the height of the influx increased to 517mRT.

After reverse circulation, the packer was unseated but no traces of oil were observed at the surface. Water samples were taken for further laboratory analysis.

The well has now been suspended and the Australian Drilling Services Rig#2 was released at midday 27 May 2012.

Commenting on these results, OBL's Executive Director and CEO Neil Doyle said:

"The Backreef Oil Discovery is the first new potentially significant oil find within Production Licence L6 since the discovery of the Blina Oil Field in 1981 by Canadian explorer Home Oil and the first potentially producible oil observed in the Gumhole dolomite formation.

The Gumhole dolomite has evident potential commercial productivity and if we can find better sited well locations up-dip from Backreef-1 with that Gumhole full of oil, it'll be a serious company-maker.

The oil discovery in the Gumhole completely justifies OBL's faith in the application of the Company's uniquely innovative approach to digitising and reprocessing vintage 2D seismic and the use of PSTM and PSDM techniques to this newly reprocessed vintage data".

As previously stated by OBL to the ASX on 7 May 2012 (pre-Test), if the lower test in the Gumhole Formation recovers hydrocarbons, the result will be consistent with the Backreef Oil Pool contingent resource estimate determined by the earlier RPS Energy (RPS) independent resource evaluation report released on 24 November 2011.

RPS's evaluation of the interval 917 to 994mRT within Backreef-1 found the major pay accumulation (6.8m) was centred between 956.7m to 963.5m MD and specifically cautioned that the potential hydrocarbons are reservoired within layers of dolomitised carbonates with good indicated porosity but likely low permeability. Adopting (pre-Test) a relatively 'low' permeability analogue as evident from the nearby Blina Yellow Drum formation, RPS concluded for a 6m thick regionally extensive dolomitised reservoir the following:

- Reservoir quality would need to be demonstrated by a test at Backreef-1.

- Oil production or oil samples will need to be obtained at Backreef-1.

- The assumed permeable dolomitic reservoir would need to be demonstrated at Backreef-1.

- Oil charge is expected to most likely occur from the southwest, and the leads are positioned updip from Blina.

- Seal should be provided by intra-formational permeability changes, and ultimately by marls in the lower Laurel Formation.

- The Kimberley Downs Embayment feature contained within of the Backreef Area could host a significant undiscovered potential Oil in Place (OIP) volume of between 45.6 to 117 MMbbls with an expectation of 77.7 MMbbls and a mean estimate of 20.6 MMbbls prospective recoverable resources.

- The Resource estimates were in accordance with standard petroleum engineering techniques and using the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS).

A total of eight (8) Leads have been independently derived by RPS within the Kimberley Downs Embayment feature in the southern and south-eastern portions of the Company's Backreef Area.

- RPS also indicated that Backreef-1 was possibly sited within or very close to their observed oil water contact (which is clearly evident in the Backreef-1 production test result of Zone 1) and this distinct possibility was also canvassed "pre-Test" in the OBL ASX Release on 7 May that if this occurred the geological interpretation could be that Backreef-1 drilled the reservoirs just below the field oil/water contact, possibly within the transition zone between the oil column and the underlying water.

- Successful recovery of oil from a future Backreef-1 well test will de-risk the charge and reservoir risk in the Backreef Lead, and reduce these risks in the other identified Leads. It would not de-risk the structural risk, as this would require additional seismic or well penetrations.

As previously stated (pre-Test) on 7 May 2012 interpretation could be that Backreef-1 drilled the reservoirs just below the field oil/water contact, possibly within the transition zone between the oil column and the underlying water.

OBL as operator of the Backreef Area, as permitted under the WA Petroleum and Geothermal Energy Resources Act 1967 ("the Act") and on behalf of the Backreef Area Joint Venture (OBL group 80% / GRK group 20%), has sought to notify the Backreef Oil Discovery (under the meaning of the Act) to the WA Minister of Mines and Petroleum and, with the detailed mapping of the extent of the new oil play within the Gumhole already completed, will take steps to seek the immediate recognition of a Location over the entire Backreef Area as the first step towards the application for a new production licence.

To view the complete Oil Basins announcement including Figures 1 and 2, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-OBL-373978.pdf

Note: *Subject to stakeholder approvals and consents.

Oil Basins Limited
T: +61-3-9692-7222
F: +61-3-9529-8057
WWW: www.oilbasins.com.au

Bandanna Energy Limited (ASX:BND) QCA Approves Wiggins Island Rail Agreement

newsroom@abnnewswire.net — Mon, 28 May 2012 17:31:00 GMT

Bandanna Energy Limited (ASX:BND) advises that the Queensland Competition Authority (QCA) has approved the arrangements for the construction of the Wiggins Island Rail Project.

Managing Director of Bandanna Energy Michael Gray welcomed the decision, noting that it represents "another significant step in Bandanna Energy's path to exporting first coal through Wiggins Island Coal Export Terminal in the second half of 2014".

In September 2011, QR National's wholly owned subsidiary QR Network Pty Ltd executed commercial agreements with a consortium of coal companies, including Bandanna Energy, to construct rail capacity for haulage to a new export terminal at Gladstone. The other members of the consortium are Xstrata Coal, Aquila Resources (ASX:AQA), Caledon Resources, Northern Energy Corporation (ASX:NEC), Yancoal Australia Pty Ltd (Yancoal), Wesfarmers Curragh and Cockatoo Coal (ASX:COK).

The arrangements were subject to approval by the Queensland Competition Authority and financial close for the Wiggins Island Coal Export Terminal. Both conditions have now been satisfied.

First railings are scheduled for mid-2014 and align with Stage 1 port capacity through Wiggins Island Coal Export Terminal. In addition to being part of the consortium arrangements for construction of the rail capacity, Bandanna Energy has above rail and port contracts for 4Mpta from mid-2014 for its Springsure Creek Coal Project.

Bandanna Energy Limited
Michael Gray, CEO
T: +61-7-3041-4400
E: info@bandannaenergy.com.au
WWW: www.bandannaenergy.com.au

Central Petroleum Limited (ASX:CTP) Relinquishment of Geothermal Exploration Permits

newsroom@abnnewswire.net — Mon, 28 May 2012 14:19:00 GMT

Central Petroleum Limited (ASX:CTP) wishes to advise that it has received formal notification confirming the relinquishment of its geothermal exploration permits. The Board's decision to relinquish these non-core assets was a result of the Company's ongoing asset portfolio review.

The three geothermal exploration permits were considered to be non-core relative to Central's other conventional and unconventional acreage holdings, particularly in light of the recent conventional oil discovery at Surprise in the Amadeus Basin and the near-term financial commitments which will be required to appraise that field.

Heavy expenditure obligations on the geothermal permits of $11 million over four years, including $7 million in the first two years, were determined not to constitute the best use of existing funds.

Acting CEO, Dalton Hallgren said, "The relinquishment of these non-core holdings allows the Company to focus on the assets that are expected to deliver the best return on investment. From both a financial and management perspective, the expenditure required to advance these geothermal assets was not considered in the best interests of the Company and its shareholders."

The Company has canvassed expressions of interest for both farmin and acquisition opportunities as an alternative to the relinquishment of the geothermal exploration permits, and received no interest from any party.

Central Petroleum Limited
T: +618-9474-1444
F: +618-9474-1555
WWW: www.centralpetroleum.com.au

Aspire Mining Limited (ASX:AKM) Reports 178 Mt JORC Compliant Coal Reserve for Ovoot

newsroom@abnnewswire.net — Mon, 28 May 2012 13:11:00 GMT

Aspire Mining Limited (ASX:AKM) is pleased to announce it has established a maiden 178 million tonne JORC Code compliant open pit Coal Reserve for its Ovoot Coking Coal Project ("Ovoot" or "the Project") in northern Mongolia.

The updated Coal Reserve and Coal Resource Statement was completed by Xstract Mining Consultants Pty Ltd ("Xstract") and will be included in the Pre-Feasibility Study on the Ovoot Coking Coal Project.

Xstract estimates that a 178 Mt open pit Coal Reserve would produce 147 Mt of high quality marketable coking coal, based on average wash yields of 82.5%.

Xstract have also noted that a further 8 Mt of Inferred Resources will be mined in the open pit and have been included in the Mine Plan as Run Of Mine ("ROM") tonnes, but are not included in the estimation of Coal Reserves. The Ovoot Pre-Feasibility Study will therefore have a mine and production plan showing 185 Mt of coal mined producing 153 Mt of coking coal.

Notwithstanding the significant maiden Coal Reserve now established, potential remained to further increase Ovoot's Coal Reserves through:

- Further geotechnical investigations to refine the pit design for extraction of deeper coal that could allow 20 Mt of Measured and Indicated Coal Resource below 300 m to be considered for mining as part of the planned open pit;

- Further infill drilling to upgrade 18 Mt of Inferred Resources; and

- Underground mining studies.

With 178 Mt of coking Coal Reserves, the Ovoot Coking Coal Project is already the third largest known coking coal Reserve in Mongolia (refer Figure 1) after the Mongolian Government owned Tavan Tolgoi deposit and Mongolian Mining Corporation's Ukhaa Khudag ("UHG") Mine. The Ovoot Coking Coal Project has numerous opportunities for further Coal Reserve increases from existing Coal Resources and further potential from exploration drilling planned for 2012.

Aspire's Managing Director David Paull said: "The confirmation of a significant initial open pit Coal Reserve of 178 Mt and clear scope to increase this to more than 200 Mt means the Ovoot Project is now comparable with the largest coking coal Reserves in Mongolia outside of the Government owned Tavan Tolgoi.

"Aspire will work through 2012 to increase Ovoot's Coal Reserves and Coal Resources, however, we are also strongly focusing on the Project's infrastructure requirements, including the establishment of a multi-user rail line facility. Part of that process will be gaining necessary Government and financial support to progress Aspire's subsidiary, Northern Railways LLC and the Erdenet to Moron rail extension."

Reserves

------------------------------------------------------------------
            Coal Reserve      Coal Reserve       Marketable Coal
Category        (adb)      (arb, 2% Moisture)      Reserve (arb,
               ROM Mt            ROM Mt          8.5% Moisture) Mt
------------------------------------------------------------------
Probable        176               178                 147
Total           176               178                 147
------------------------------------------------------------------

Table 1: Ovoot Coal Reserve Estimate to 300m depth as at 25 May 2012

The above Probable Coal Reserves are based on 2% moisture on an as received basis.

There are a number of opportunities available to increase Coal Reserves from the existing 178 Mt:

1) 8 Mt of coal within the FP1 and ULS seams remain categorised as Inferred Resources due to the density of coal quality sampling. This coal has only been included in the scheduled ROM tonnage. With additional drilling to increase coal quality confidence there is an opportunity to bring this coal into the Coal Reserves.

2) A newly identified, locally developed, thick basal seam named 'OVB' contains 10 Mt of coal that has been classified as Inferred Resources due to coal quality sample and drilling density concerns. The OVB will also be the focus of additional work in order to upgrade its Resource status. When this has been achieved additional studies will investigate deepening of the pit and the possibility of including OVB in the Coal Reserves.

3) Currently 20 Mt of Measured and Indicated Coal Resources are below 300 m depth and there is insufficient detailed geotechnical data to confidently extend the pit to beyond these depths. Additional geotechnical drilling and investigations targeting this area will be planned for in the September 2012 Quarter.

4) There are 25 Mt of Indicated Coal Resources to the northeast of the project area that will be the focus of underground mining studies in the second half 2012.

5) Further exploration drilling will be focused on extending the known limits of the Coal Resource and regional exploration drilling testing the potential coal locations.

Based on Aspire's current market capitalisation, the economic value per tonne of current Coal Reserves is US$0.65 per tonne. With high average yields of 82.5% of quality coking coal, the open pit Coal Reserves of 178 Mt will convert to 147 Mt of marketable coking coal. On an economic value per tonne of marketable coking coal, Ovoot coking coal is currently valued at US$0.76 per tonne.

Resources

The Coal Resource base for the Ovoot Project has decreased after reassessment by Xstract, including the substantial amount of additional drilling data acquired since October 2010.

The original October 2010 Coal Resource of 330 Mt (93.3 Mt Measured, 182.4 Mt Indicated and 55.0 Mt Inferred) was based on 44 holes for 8,364 m of drilling, while the May 2012 Coal Resource is based on 166 holes and 38,000 m of drilling. The main reason for the Coal Resource reduction is the loss of tonnes largely from the northern part of the Ovoot deposit as a result of changes in the interpretation of the position of the basement. This has resulted from locations where the basement has been found to be higher than originally interpreted.

While the Ovoot Coal Resource has been reduced, there has been more coal reported in the Measured category with 62% now categorised as Measured, 28% as Indicated and only 10% as Inferred. This has provided much greater confidence in the large scale probable Coal Reserve of 178 Mt being reported.

Three main coal seam groups have been identified in the Main Area, namely the Upper, Lower and OVB (refer Figure 2). Both the Upper and Lower groups in the Main Area are composite seams comprised of twelve and four separate plies respectively. The OVB seam consists of numerous thin plies not yet uniquely identified and correlated. "Coal above BOW" describes coal above the base of weathering horizon that at this stage is assessed as not suitable as coking coal, but is an acceptable thermal coal product.

Coal Resource definition parameters are similar between the October 2010 and May 2012 Coal Resources.

May 2012 Coal Resources include 28 Mt (25 Mt Indicated and 3 Mt Inferred) in the recently discovered area to the north east of the open pit.

Additional Resources

In April 2012, the Company completed a number of additional infill holes and resource extension holes, the results of which are summarised in Table 3. These holes were successful in extending the delineation of the coking coal seams to the south west and north east. In particular, hole DH359 in the northeast of the Ovoot open pit recorded 17 m of coal at depths greater than 253 m. This, and other holes nearby indicate that a coal seam of reasonable thickness is open to the north and north east (refer to Figure 2).

Additional resources may be identified through closing the gap between the Ovoot open pit and the north east exploration area by extending drilling north and north east from hole DH359.

In addition, and as reported in the March 2012 Quarterly report, a large step out hole 1.5 km to the east of the open pit, intersected 1.8 m of coal from 355 m (hole DH335). While this result is outside of the Coal Resource envelope, and is of modest thickness, it does potentially extend the strike of the coal deposit and indicates that the central part of the Ovoot Basin is prospective for resource growth to the east with a focus on identifying where near surface coal can be found.

Future Exploration

The Ovoot Project area the subject of the Pre-Feasibility Study comprises approximately 50 square kilometres out of the Ovoot Basin which covers 500 square kilometres. At present only 20% of the Basin has been effectively explored.

While efforts will focus on increases to already robust open pit reserves in and around the existing Ovoot Project area, there remains untested exploration potential throughout the balance of the Ovoot Basin. Reviews of recently flown airborne magnetics has identified five additional large scale exploration targets. Exploration activities will particularly focus on the Hurimt Prospect.

To view the complete Aspire Mining announcement including Tables and Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AKM-591301.pdf

Aspire Mining Limited
T: +61-8-9287-4555
F: +61-8-9388-1980
WWW: www.aspiremininglimited.com

AusTex Oil Limited (ASX:AOK) Reports Strong Flow Rates at Balder Horizontal Well

newsroom@abnnewswire.net — Mon, 28 May 2012 09:59:00 GMT

United States focused oil & gas producer and explorer AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is pleased to report that it has received confirmation from Range Resources Inc (NYSE:RRC) that the Balder #1-30N horizontal well has commenced production with highly encouraging flow rates recorded in the first six days.

AOK holds a 14.15% working interest and an 11.15% net revenue interest in the well which is located on the western edge of AOK's East Tonkawa Unit, which is part of the Snake River Project in Northern Oklahoma. A 40 acre portion of Range's 320 acre well location is on AOK's project area. This is the first horizontal well in which the company has participated, and these initial production rates highlight the potential value and prospectivity of AOK's Snake River Project in the Mississippian Limestone Play.

AOK's Managing Director, Daniel Lanskey, said: "The well is still recovering the large frac load from 19 stages and may take another 2-3 weeks to stabilise. These are outstanding early production rates and give us added confidence in the Snake River Project. Not only do they increase our monthly production and revenue flows, they confirm that AOK may be sitting on a project with significant untapped potential for the company and its shareholders.

We are continuing to assess other participation opportunities in the same area as Balder #1, with a number of horizontal well locations being considered at Snake River. Participation in a horizontal well with Range Resources has increased the appeal and visibility of the Snake River Project, and we intend to capitalise on this further in the near term."

Mr Lanskey also added that drilling of the first vertical production well on one of the Blubaugh Leases, the Blubaugh #20-1 in the Snake River Project, reached TD overnight with logging operations underway. He said an active vertical well development program is well underway on the continguous Blubaugh leases.

"Very shortly we will have two rigs drilling vertical wells on the Snake River Project, with one rig continung to develop the Blubaugh leases as a second production hub on the north side of the river which bisects the project area. With conditional funding agreements in place and a growing revenue base, Austex is well placed to fast-track the development of new production wells from this point on. We will continue to update shareholders on our corporate and operational progress in the coming weeks."

To view the complete AusTex Oil announcement including Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-680232.pdf

AusTex Oil Limited
T: +61-2-9238-2363
F: +61-2-8088-7280
WWW: www.austexoil.com

Toro Energy Limited (ASX:TOE) New Mineralised Areas Found at Theseus

newsroom@abnnewswire.net — Mon, 28 May 2012 09:44:00 GMT

Toro Energy Limited (ASX:TOE) is pleased to announce the latest results from its 2012 drill program at its 100% owned Theseus Uranium Project in WA.

The drilling has identified large new mineralised areas to the south and east including:

- A mineralised area that is 600-700m wide, 2 km long, and open to the south has been defined at the southern part of the Theseus prospect (Figure 1, "New Zone 1")

- A new mineralised area intercepted in drillholes LM0105 (0.57m @ 1187ppm pU3O8 from 109.75m) and LM0106 (3.97m @ 212ppm pU3O8 from 118.86 m) lies outside the previously defined mineralised halo. (Figure 1, "New Zone 2")

- A uranium mineralised zone approximately 2 km wide is now defined along a WNW-ESE oriented drill traverse that includes drill holes LM0104, LM0105, and LM0106 (Figure 2).

- An intersection of 0.50% GT in drill hole LM0104 (Figures 3) from the southern mineralised area is the second-largest grade-thickness intercept from Theseus to date (at the >200ppm pU3O8 cut off)

The drilling continues to report a significant number (>60%) of uranium intersections greater than 200ppm pU3O8 including:

------------------------------------------------------------
LM0093    4.49m @ 293ppm pU3O8     From 108.89m     0.13% GT
------------------------------------------------------------
LM0095    2.22m @ 477ppm pU3O8     From 127.99m     0.11% GT
                   Including 0.51m @ 930ppm pU3O8
------------------------------------------------------------
LM0101    5.61m @ 370ppm pU3O8     From 112.08m     0.21% GT
              Including 0.53m @ 1788ppm pU3O8
------------------------------------------------------------
LM0104    3.76m @ 1347ppm pU3O8    From 119.36m     0.50% GT
                   Including 2.38m @ 1898ppm pU3O8
------------------------------------------------------------
(using a minimum interval of 0.5m @ >200ppm pU3O8 as cut off)

A summary of drill results is given in Appendix 1. Drillhole locations are shown on Figure 1. The first phase of the 2012 drilling program, designed to evaluate the southern part of the Theseus Prospect, is now complete. Further drilling is underway in the central part of the Prospect to evaluate higher grade uranium intersections from the 2011 program.

Background

Drilling commenced on 1 May 2012 and this first phase of the program was designed to evaluate the southern 2km section of the Theseus Prospect (Figure 1). Drillholes are planned at a 300m spacing, along traverses approximately 500m apart. Around drillholes that report intersections above the 200ppm pU3O8 cut off, further "infill" drillholes are then positioned 100m to the north, south, east and West. On average, two mud rotary holes are completed per day and then logged with a full geophysical suite, including the PFN downhole logging tool. Holes are then grouted and rehabilitated.

To view the complete Toro Energy announcement including Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-188146.pdf

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

Texon Petroleum Ltd (ASX:TXN) Fifth Eagle Ford Well Reaches Total Depth

newsroom@abnnewswire.net — Mon, 28 May 2012 09:22:00 GMT

Texon Petroleum Ltd (ASX:TXN) advises that its fifth Eagle Ford well, Peeler EFS #1H (a lease commitment well), has reached its total depth of 14,795 feet, after drilling some 4,200 feet of horizontal section.

Good oil and gas shows were recorded from the Eagle Ford - comparable with Texon's third and fourth Eagle Ford wells.

The well is scheduled to be fracced in early in July prior to being production tested.

The well is expected to be on stream by the end of July.

Texon has an 89.24% WI (66.88% NRI) in the well.

Current oil and gas futures prices:
Source: NYMEX July 2012
Oil: US$90.86/bbl
Gas: US$2.57/mmbtu (this translates to approx. US$4.30/mcf for all Texon gas - including US$4.90/mcf for Olmos and Eagle Ford gas)

Glossary:
bbl: barrel
mcf: thousand cubic feet
mmbtu: million British thermal units
NRI: Net Revenue Interest
WI: Working Interest

Texon Petroleum Ltd
T: +61-7-3211-1122 
F: +61-7-3211-0133
E: texon.info@texonpetroleum.com.au
WWW: www.texonpetroleum.com.au

Texon Petroleum Ltd (ASX:TXN) Mosman Rockingham Olmos Well

newsroom@abnnewswire.net — Mon, 28 May 2012 09:17:00 GMT

On the 22nd of May, Texon Petroleum Ltd (ASX:TXN) announced that the logs in the Wheeler #1 Olmos well indicated 23 feet of pay with good porosity and oil and gas shows. Texon advises that the well is now scheduled to be fracced about the 6th-10th of June.

The well will then be production tested and if this is successful, the well should be on stream by the end of June.

Texon has a 95% Working Interest (71.25% NRI) in the well.

Current oil and gas futures prices:
Source: NYMEX July 2012
Oil: US$90.86/bbl
Gas: US$2.57/mmbtu (this translates to approx. US$4.30/mcf for all Texon gas - including US$4.90/mcf for Olmos and Eagle Ford gas)

Glossary:
bbl: barrel
mcf: thousand cubic feet
mmbtu: million British thermal units
NRI: Net Revenue Interest
WI: Working Interest

Texon Petroleum Ltd
T: +61-7-3211-1122 
F: +61-7-3211-0133
E: texon.info@texonpetroleum.com.au
WWW: www.texonpetroleum.com.au

Atlas Iron Limited (ASX:AGO) Bolsters Board In Preparation For Rapid Growth Phase

newsroom@abnnewswire.net — Mon, 28 May 2012 08:27:00 GMT

Atlas Iron Limited (ASX:AGO) is pleased to advise that it has made two key Board appointments as part of its preparations to grow iron ore production rate from 6Mtpa to as much as 46Mtpa.

Chief Commercial Officer Mark Hancock has joined the Board as an Executive Director. The appointment reflects the central role played by Mr. Hancock in Atlas' corporate and trading transactions.

Mr. Hancock has been pivotal to Atlas' highly successful record of mergers, acquisitions and asset disposals. He is also on the front line of Atlas' iron ore sales activity, which has enabled the Company to consistently maximise its revenue and profit margins.

Mr. Hancock is a Chartered Accountant with over 25 years' experience. He commenced his career in public practice and subsequently held senior financial management roles across a variety of industries in Australia and South East Asia with companies including Woodside Petroleum, Premier Oil and Lend Lease.

Mr. Hancock joined Atlas in July 2006 as Chief Financial Officer (CFO) and was promoted to his current role as Chief Commercial Officer (incorporating the CFO role).

His appointment means Atlas will now have three executive directors, including Executive Chairman David Flanagan and Managing Director Ken Brinsden. This will be reduced to two when Mr. Flanagan moves to the role of Non-executive Chairman in August 2012.

Atlas has also strengthened its Board with the appointment of Geoff Simpson as an independent Non-Executive Director.

Mr. Simpson is the Managing Partner of the Perth office of a first tier global law firm. He is also the Global Head of his law firm's Mining Group and a member of the Global Partnership Selection Committee.

Mr. Simpson advises on a wide range of matters in the energy and resources sectors including mergers and acquisitions, projects, corporate advisory and equity capital markets issues.

He is acknowledged in independent legal directories as a leader in Australia in the energy and resources sectors. He has held directorship in listed mining and energy companies and is a former national president of AMPLA, the resources and energy law association.

These important Board appointments are part of Atlas' preparations for significant growth, with its iron ore production rate forecast to increase from 6Mtpa currently to 12Mtpa by December 2013 and up to 46Mtpa by 2017.

Atlas' direct shipping iron ore projects are characterised by low capital expenditure and globally competitive operating costs, contributing to Atlas' ability to generate significant operating cash flows. As a result the Company is well positioned to fund its Pilbara growth objectives.

Atlas Chairman David Flanagan said Mr. Simpson would bring a wealth of corporate knowledge and experience to the Board.

"We are delighted to have secured the services of Geoff as Non-executive Director," Mr. Flanagan said. "His expertise will be invaluable as Atlas continues to execute strategy for rapid production growth."

Atlas Managing Director Ken Brinsden said Mr. Hancock had been instrumental in Atlas' success.

"Mark has made a huge contribution to Atlas since he joined us in 2006," Mr. Brinsden said. "His experience will be invaluable at the Board level as Atlas drives its expansion strategy."

Following the appointments, the Board will comprise five independent non-executive directors, one non-executive director and three executive directors.

Atlas Iron Limited
T: +61-8-9476-7900
F: +61-8-9476-7988 
WWW: www.atlasiron.com.au