Australian Market Report of January 31, 2011: Roc Oil (ASX:ROC), Horizon Oil (ASX:HZN), Petsec Energy (ASX:PSA): Joint Venture Achieved Milestone In China Oil Fields Development

China National Offshore Oil Company Limited ("CNOOC") (HKG:0883) (NYSE:CEO) has approved the Project Investment and the Overall Development Plan for the development of the three oil fields in Block 22/12, Beibu Gulf, China, a joint venture project among CNOOC (51.00%), Roc Oil (China) Company Limited (ASX:ROC) (19.60%), Horizon Oil (Beibu) Limited (ASX:HZN) (PINK:HZNFF) (14.70%), Petsec Energy Limited (ASX:PSA) and Oil Australia Pty Ltd (Majuko Corp) (2.45%). The project has an estimated gross 2P reserve of 24 MMbbl of oil and the first oil production is expected before year end 2012.

Copper Strike Limited (ASX:CSE) signed a Placement Agreement with Beijing Jintai Yuanchung Mining Co. Ltd and Taifeng Group Limited to raised A$5.822M through a share placement and further A$5.64M through an option placement. The funds will be used to advance the development of the Einasleigh Project in North Queensland, where Copper Strike has discovered two copper-gold-silver deposits and four zinc-lead-silver deposits.

Jupiter Mines Limited (ASX:JMS) has successfully placed 142.9 million New Ordinary Shares at 70 cents per share to raise approximately A$100 million. To further issue 71,428,571 New Ordinary Shares at 70 cents per share is also planned to raise additional A$50 million. The funds will be used to develop Jupiter's 49.9% owned Tshipi Borwa Manganese project located in South Africa, and to fast-track both the 100% owned Mt Ida Magnetite Project and Mt Mason DSO Iron Project in Western Australia.

Viralytics Limited (ASX:VLA) (PINK:VRACY) has received a notice from China for the grant of a patent involving of the use of CAVATAKTM RNA as an anti-cancer agent in human melanoma. Cavatak is the trade name of Coxsackievirus A21 (CVA21), a human virus that occurs naturally in the community and is associated with a common cold-like illness. Previous studies have indicated that Cavatak may have a future role in the treatment of melanoma and other cancers in humans. A Phase 1 study has commenced in 2005 with further human studies planned.


Related Companies

Viralytics Limited
            

Roc Oil Company Limited
         

Petsec Energy Ltd
            

Jupiter Mines Limited
          

Horizon Oil Ltd
         

Copper Strike Limited
         

CNOOC Limited