Australian Market Report of February 1, 2011: Exoma Energy (ASX:EXE) Signed Farm-In Agreement With CNOOC (HKG:0883)
Sydney, Feb 1, 2011 AEST (ABN Newswire) - Exoma Energy Limited (ASX:EXE) has entered into a Farm-In Agreement with China National Offshore Oil Company ("CNOOC") (HKG:0883) (NYSE:CEO) whereby CNOOC, upon receipt of all the necessary regulatory and government approvals, will acquire a 50% interest in each of Exoma's five Galilee Basin permits for the exploration of coal seam gas and shale gas. In addition, CNOOC will have the right to acquire 86,687,666 shares at a price of 31.5 cents per share. The Agreement is in-line with Exoma's long term vision of exporting liquefied natural gas to various markets within Asia.
Moly Mines Limited (ASX:MOL) (TSE:MOL) has received a loan commitment letter from China Development Bank for up to US$250 million, which will be applied toward half of the planned US$466 million Finance Facility for the development of the Spinifex Ridge Molybdenum/Copper Project in Western Australia. Moly Mines's major shareholder Hanlong Mining Investment Pty Ltd also advised that it expected to receive a loan commitment letter from China Export and Import Bank for the remaining half of the finance facility after Chinese New Year.
Australia's leading transport infrastructure company Asciano Group (ASX:AIO) has signed a 9.5 year contract with Anglo American Metallurgical Coal Pty Ltd for the movement of 3.5 million tonnes per annum of coal from Anglo American Coal's Foxleigh coal mine in Queensland commencing 1 July 2012. This will generate revenue of over A$200m over the term of the contract. Prior to this contract, the two companies had signed a contract last year for the movement of 10.9 million tonnes per annum from Anglo American Coal's German Creek facility commencing 1 January 2012.
Kidman Resources Limited (ASX:KDR) reported encouraging results from Phase One drilling program at its 100% owned Blind Calf Project in central New South Wales. The program has confirmed significant near surface mineralisation, returning 18m at 2.09% Cu. Phase Two drilling program is scheduled to commence in February 2011 to further define the extent of this mineralisation.
Asia Business News
Moly Mines Limited
Kidman Resources Limited
Exoma Energy Limited