Australian Market Report of December 9, 2010: Indochine Mining Limited (ASX:IDC) Lists On Australian Stock Exchange
Exoma Energy Limited (ASX:EXE) yesterday executed a Farmin Agreement, in Beijing, with one of China's leading integrated energy companies, China National Offshore Oil Corporation ("CNOOC") (HKG:0883) (NYSE:CEO). Under the terms of the Farmin, CNOOC will acquire a 50% participating interest in Exoma's five petroleum exploration permits in the central Queensland Galilee Basin by contributing A$50 million towards exploration and appraisal expenditure. Exoma will grant CNOOC option to acquire 86.6 million shares at AUD 31.5 cents per share. The farmin permits cover an area of approximately 26,840 square kilometres with Gas In Place estimated to be greater than 100 TCF.
Cockatoo Coal Limited (ASX:COK) today updated the current JORC Resources for the Baralaba Mine, Baralaba North, and Wonbindi projects. JORC compliant Resources in all classifications have increased to a total of 158.6 million tonnes, up 19%. Newly defined Measured and Indicated Resources are expected to directly contribute to additional Marketable Reserves following mine planning evaluation of the results.
Quest Petroleum NL (ASX:QPN) has began drilling on the Marian Baker #1 well on the Amazon Prospect to a total depth of approximately 16,000 feet beginning on December 18, 2010. The well is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections and take approximately 50 days to reach total depth. The Amazon prospect has an estimated unrisked recoverable resource of between 301 to 736 billion cubic feet of natural gas and 30 to 73 million barrels of oil (P50-P10).
Quest Petroleum NL
Indochine Mining Limited
Exoma Energy Limited
Cockatoo Coal Limited