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Fox-Davies Capital specialises in international resource companies and has a substantial background in emerging markets. FDC is dedicated to providing in depth sector, commodity, regional and company specific reports, driven by the aim of being specialist providers of high quality analysis on natural resource companies worldwide. Find out more at www.fox-davies.com
Thursday, March 18, 2010

Fox-Davies Capital Daily Newsflash including Salamander Energy, Leed Petroleum, Petrolinvest and Berkeley Resources

Salamander Energy (SMDR) announced that it intends to make an offering of approximately US$85m of senior, unsecured convertible bonds due 2015. The Bonds will be convertible into ordinary shares of the Company and are expected to have a semi-annual coupon in the range of 4.75%-5.75% per annum and a conversion price set at a premium in the range of 32.5% - 37.5% above the volume weighted average price of the Shares on the London Stock Exchange between launch and pricing. The Company will have the option to call the Bonds after the first three years, if the price of the Shares exceeds 130% of the then prevailing conversion price over a specified period. The company also announced that it has agreed to acquire a 50% interest in and operatorship of Block 10 1-100/04 from Santos Vietnam Pty Ltd and Singapore Petroleum Vietnam Song Hong Co Ltd. There is over 500km2 of existing seismic on the block, and the Cat Ba prospect will be drilled next year.

Leed Petroleum (LDP) announced that the Company has been confirmed as successful bidder in the Central Gulf of Mexico Minerals Management Services Lease Sale 213. The MMS has confirmed that Leed was the successful bidder on Grand Isle Block 96. The Company bid US$427,699 for the Block which is adjacent to the Company's Grand Isle 95/100 blocks. Final award of this lease is subject to a geological review by the MMS to confirm the adequacy of the bid value.

Petrolinvest is reported in the Polish press to be in talks with Russia’s OAO Gazprom on the joint exploration of oil fields in northern Siberia.
 
Opec decided to maintain the current production quotas at their meeting yesterday, a widely expected outcome. Oil price is at a level that satisfies everyone in and outside the industry; hence the motivation not to disturb a fragile equilibrium was strong. However global oil demand is expected to increase by about 2% this year but despite growing confidence the recovery is still fragile and any deviation to the worse could have a material impact on prices.

Berkeley Resources (BKY) announced the completion of the first phase confirmatory drilling program at the Águila and Alameda areas and to release the final results from the program at the Alameda South deposit. 19 diamond holes (1,667m) were drilled at the Alameda South deposit, all of which intercepted their intended targets. The thickness and grade of the intercepts continues to provide a high level of confidence in the historical drilling information upon which Berkeley has based it's exploration targets (Alameda exploration target is 25.5 – 29Mt @ 450 - 500 ppm U[3]O[8]). It is anticipated that a Mineral Resource Estimate will be completed for the Alameda area by the end of the 1^st Quarter.


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