http://www.abnnewswire.netAsia Business News Company News - Englishen-usCopyright 2009, ABN Newswirenewsroom@abnnewswire.netnewsroom@abnnewswire.netSat, 4 Jul 2009 17:16:17 +0900Sat, 4 Jul 2009 17:16:17 +0900http://www.abnnewswire.net/images/abnlogo.jpghttp://www.abnnewswire.net6019Asia Business Newshttp://www.abnnewswire.net/press/en/60998/Beach_Petroleum_Limited's_(ASX:BPT)_Butlers-1_Oil_Discovery_Was_Successfully_Completed_As_An_Oil_Producer.html
The completion accesses the field's 4.5 metre Namur oil accumulation over a 2.5 metre perforation interval (1300.7m - 1303.2 mRT). Following perforation the well produced 130 bbls of oil and 6 bbls of completion brine through a 2" choke, resulting in a final oil rate of 2600 bpd at a flowing tubing head pressure of 43 psi. This flowrate confirms the excellent flow characteristics interpreted from logs and will assist in determination of the most appropriate form of artificial lift installation.

The well will be connected via flowline to the nearby Perlubie-Parsons oil gathering system and facility, and so into the greater Cooper Basin gathering system, over the coming months.

Estimates conducted post drilling indicate an oil resource of approximately 1.0 mmb (gross).

Interests in the Butlers-1 well are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60998/Beach_Petroleum_Limited's_(ASX:BPT)_Butlers-1_Oil_Discovery_Was_Successfully_Completed_As_An_Oil_Producer.htmlFri, 3 Jul 2009 14:58:42 +0900http://www.abnnewswire.net/press/en/60997/Beach_Petroleum_Limited_(ASX:BPT)_Waives_All_Conditions_In_Its_Takeover_Offer_For_Drillsearch_(ASX:DLS).html
In addition Beach has agreed to extend the offer until close of business on Friday 14 August 2009 to provide Drillsearch shareholders with an opportunity to sell into the unconditional offer.

Beach's Chairman, Mr Bob Kennedy said "It's clear from the Drillsearch Target Statement that there are no other serious deals on the table. It's the Beach offer or nothing. We are pushing ahead with the offer. We see a minimum acceptance condition as now unnecessary and have every confidence shareholders will recognise the quality of our offer, our scrip and our management."

Beach has also called upon Drillsearch to reveal its current cash balance after Drillsearch referred to its more favourable December 2008 financial position in its Target Statement with a note in small print showing their less favourable March quarter cash balance. Despite its considerable cash burn, Drillsearch has failed to disclose an updated cash balance as at 30 June 2009.

Mr Kennedy said "In the interests of transparency, we call upon Drillsearch to disclose its current cash balance to its shareholders. A lot has happened over the past 6 months and it seems only fair that Drillsearch shareholders be given the full picture of their company's finances, particularly in light of the tough market conditions."

The debt repayment milestone announced earlier this week will see Beach commence the new 2009-2010 financial year as one of the few Australian top 10 oil and gas companies to be totally debt free, and with some A$125 million cash in the bank at 30 June 2009.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60997/Beach_Petroleum_Limited_(ASX:BPT)_Waives_All_Conditions_In_Its_Takeover_Offer_For_Drillsearch_(ASX:DLS).htmlFri, 3 Jul 2009 14:30:31 +0900http://www.abnnewswire.net/press/en/60996/Australian_Market_Report_of_July_3:_Surprised_by_US_Unemployment_Data.html
Yesterday the Australian market posted a marginal rise as investors were cautious ahead of US jobs data in June. The benchmark S&P/ASX200 index was 3.3 points, or 0.09 per cent higher, at 3877.3 points, while the broader All Ordinaries index gained 2.9 points, or 0.07 per cent, to 3875.2 points.

Key Economic Facts and Figures

Job losses in the construction sector soared to 48,000 nationally in May, a 57 per cent rise in six months, as the collapse in new building work takes its toll. Of the 26,600 jobs lost there since August, 18,115 have been in building and associated jobs, according to industry group the Urban Development Institute of Australia.

The Australian Bureau of Statistics data shows that Australia's trade balance has remained in deficit for the second straight month as the nation's exports continued to decline. The balance of goods and services was a deficit of A$556 million in May, seasonally adjusted, from a deficit of A$282 million in April. Economists expect the monthly deficits continue due stronger demand for imported goods as the local economy recovers toward the end of 2009.

M&A News

Sims Metal Management Limited (ASX:SGM), the world's largest listed metal and electronics recycling company, today announced the acquisition of the assets of the US-based Fairless Iron & Metal. The financial terms of the transaction were not disclosed, however, the purchase price consideration is not material to the company, Sims said in a statement.

It is reported that ANZ Banking Group (ASX:ANZ) and British bank Standard Chartered (LON:STAN) are set to divide up the Asian assets of embattled Royal Bank of Scotland. Standard was in pole position to acquire RBS units being sold in China, India and Malaysia, while ANZ was set to win control of assets in Hong Kong, Indonesia, Singapore, Taiwan and Vietnam.

BHP Billiton (ASX:BHP) has agreed to sell its Yabulu nickel refinery in Queensland to Australian mining magnate Clive Palmer for an undisclosed amount. BHP would write down the value of Yabulu assets by $US500 million and write off a further $US175 million in unrecoverable tax benefits. The sale is expected to be finalised by July 31.

Gunns Ltd (ASX:GNS) has acquired a 17.9 per cent stake in Forest Enterprises Australia Ltd (ASX:FEA) at 10 cents per share. Gunns said it would fund the acquisition of the shares via a placement of 5.7 million Gunns shares and a cash payment of A$1.58 million.

Santos (ASX:STO) said it had paid A$176 million for Hillgrove Resource's (ASX:HGO) 19.9 per cent stake in NSW-based CSG explorer Eastern Star Gas (ASX:ESG). It has also acquired Gastar Exploration's (TSE:YGA)( AMEX:GST) 35 per cent interest in various Gunnedah Basin CSG exploration permits and production areas operated by Eastern Star for A$300 million.

Important Corporate news

Rio Tinto (ASX:RIO) said its 21-for-40 renounceable rights issue received acceptances for 142 million shares, against the total offer of 150 million. Rio Tinto has requested a trading halt on its shares as it seeks subscribers for the remaining new shares in its Australian rights issue. The Australian leg of the issue raised A$4.02 billion.

Emergent Resources (ASX:EMG) said today it has entered into a commercial in-confidence non-binding memorandum of understanding (MOU) with the state-owned China Metallurgical Investment Co Ltd (CMIC) for the development of the company's Beyondie iron project in Western Australia's mid-west iron ore region.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60996/Australian_Market_Report_of_July_3:_Surprised_by_US_Unemployment_Data.htmlFri, 3 Jul 2009 13:00:18 +0900http://www.abnnewswire.net/press/en/60995/Emergent_Resources_Limited_(ASX:EMG)_Announce_A_Share_Placement_Plan_To_Raise_A$252_Million.html
The placement will be completed in two tranches;

Tranche 1 being 4,215,000 ordinary fully paid shares and 2,107,500 options will be issued under the company's 15 % placing facility.

Tranche 2 being 2,107,500 ordinary fully paid shares and 1,053,750 options will be issued subject to shareholder approval at a meeting to be convened in early August 2009.

The placement funds will be used to provide additional working capital for the Company and also assist with ongoing exploration programs at Emergent's flagship Beyondie Iron Project in the mid-west iron region of Western Australia as well as its portfolio of highly prospective Base Metals projects, also in WA.

The Beyondie Project is located in the northern region of the Mid West Iron Province in WA, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. The Company plans to develop the project into a long life, large scale, high grade magnetite mining operation, with potential shared rail and port infrastructure.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60995/Emergent_Resources_Limited_(ASX:EMG)_Announce_A_Share_Placement_Plan_To_Raise_A$252_Million.htmlFri, 3 Jul 2009 09:59:09 +0900http://www.abnnewswire.net/press/en/60994/Emergent_Resources_Limited_(ASX:EMG)_Enters_Into_Joint_Venture_With_Chinese_Group_(CMIC)_For_Development_Of_Beyondie_Iron_Project.html
The MOU provides for the establishment of 50:50 Development Joint Venture (DJV) and for the provision of AUD$200 million funding for the Beyondie Magnetite Iron Project (BMIP), subject to a satisfactory due diligence and completion contracts, to achieve the commencement of mining operations with an initial targeted production of 3Mtpa of magnetite concentrate.

Further, the MOU provides for a placement of 8,553,971 shares to CMIC at an issue price of AUD$0.45, together with the grant of a 1 for 2 option entitlement of 4,276,986 options at an issue price of AUD$0.27 and exercisable at AUD$0.20 on or before September 30, 2010. These shares and options will rank pari passu with Emergent's existing shares and options on issue to raise an estimated AUD$4.9 million as additional working capital for EMG.

The parties have agreed to an estimated three month due diligence period to begin within the next month. Emergent will not enter into fresh negotiations with new parties and will keep CMIC informed of existing negotiations with other parties.

The Beyondie Project is located northern region of the Mid West Iron Province in WA, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. Potential shared rail and port infrastructure developments are in progress. The Company plans to develop the project into a long life, large scale, high grade magnetite concentrate mining operation, and has the right to earn up to an 80% interest in the project by way of a joint venture with De Grey Mining Limited.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60994/Emergent_Resources_Limited_(ASX:EMG)_Enters_Into_Joint_Venture_With_Chinese_Group_(CMIC)_For_Development_Of_Beyondie_Iron_Project.htmlFri, 3 Jul 2009 09:45:32 +0900http://www.abnnewswire.net/press/en/60992/Yip's_Chemical_Holdings_Limited_(HKG:0408)_Announces_2008/09_Annual_Results.html
During the year under review, turnover of the Group reached another record high at HK$5,089,931,000, representing a year-on-year growth of 9%. Hit by the economic downturn in the second half year, businesses had a brief setback in the third quarter. As a result, net profit attributable to equity holders for the year was down by 19% to HK$224,228,000. Basic earnings per share were HK 41.9 cents (FY2007/08: HK 56.7 cents). The Board recommends payment of a final dividend of HK 17 cents per share which, together with the interim dividend of HK 8 cents already issued, brings the total dividend for the year to HK 25 cents per share (FY2007/08: HK 25 cents), representing a dividend payout ratio of 60% (FY2007/08: 44%). The payout this year is the highest in recent years.
Results and Business Highlights --------------------------------------------------------- For the year ended 31 March --------------------------------------------------------- 2008/ 09 2007/ 08 Change (HK$ '000) (HK$'000) --------------------------------------------------------- Turnover 5,089,931 4,648,386 +9% --------------------------------------------------------- Net Profit Attributable to Equity Holders 224,228 275,183 -19% --------------------------------------------------------- Basic Earnings Per Share HK 41.9 cents HK 56.7 cents -26% --------------------------------------------------------- Final Dividend Per Share HK 17 cents HK 15 cents +13% --------------------------------------------------------- Total Dividend Per Share HK 25 cents HK 25 cents - --------------------------------------------------------- Dividend Payout Ratio 60% 44% +16% --------------------------------------------------------- Net Cash Position 369,131 Net Borrowing 156,458 (Gearing Ratio: 10%) ---------------------------------------------------------- - Total annual output capacity of acetate solvents will reach over 430,000 tonnes upon commencement of new production line in Taixing Jinjiang in FY2009, making the Group the world's largest acetate solvents producer

- With the production of inks moving to new plant in Tungxiang, new production lines for household paints are being added to the original plant in Shanghai to meet the expanded demands in Eastern and Northern China

- Continue the Group's dual business pursuits focusing on solvents and coatings businesses, and further grow the proportion of overall business in China to tap the increasing domestic demand

The Group maintained a strong financial position with ample cashflow. It had net cash of HK$369,131,000 in banks as at the end of the year under review (FY2007/08: Net borrowing HK$156,458,000 with gearing ratio of 10%).

Mr. Tony Ip, Chairman of Yip's Chemical, said, "The extent of the impact of the financial tsunami on the global economy during the third quarter of the last financial year was hitherto unseen.

Operating under such dire economic conditions, the Group's business results were inevitably affected.

However, the Group took timely and decisive measures to deal with the challenges, including effective control on capital expenditure, reduction of receivables and inventories, expansion of the businesses which cater to China's domestic demand and increasing investments in brand building, all of which led to an improvement of the quality of our earnings. After a most difficult third quarter, the Group's overall core businesses have basically returned to normal. Even though the Group's profits showed a temporary reversal, our turnover continued to climb and we were able to maintain a very strong positive cash flow. At the same time, the new management structure the Group implemented last year is now functioning seamlessly. This will continue to raise our standards of corporate governance and set a firm foundation for the long term healthy development of the enterprise."

Business Review

Solvents

With the Group having ample cash flow, stable supply of raw materials and economy of scale advantages, the solvents division was able to make record high turnover reaching HK$2,976,563,000, a 8% leap against the previous year, amid the difficult economic situation. Operating profits, however, was down by 15% to HK$212,682,000. In the first half of the review year, both raw solvents and mixed solvents benefitted from strong demand and the sustained growth of the coatings sector, but due to increases in raw materials and operating costs, profits only showed a slight increase. In the second half, as a result of the financial turmoil, demand weakened and prices of chemicals raw materials fell significantly, the solvents business had a brief setback in the third quarter due to inventory loss. Although the situation has been rectified and the business has basically returned to normal during the fourth quarter, the business nevertheless recorded a slight reduction in operating profit.

The business of Taixing Jinjiang Chemical Industry Co., Ltd. ("Taixing Jinjiang"), which was acquired by the Group last year, benefited from a favorable change in the relative prices of tapioca to corn, allowing the business of ethanol production to return to profitability while increasing the attractiveness of solvents production in Taixing Jinjiang.

To grow the Eastern China market and boost its vertically integrated operation and economy of scale, the Group is investing HK$70 million to build a 120,000-tonne acetate solvents production line in Taixing Jinjiang, which is expected to commence operation in FY2009. By then, the total output capacity for acetate solvents of the Group will reach more than 430,000 tonnes a year, making the Group the world's largest acetate solvents producer. Meanwhile, the Group's capacities for mixed solvents are expected to be able to satisfy requirements in the foreseeable future. The Group will continue to endeavour to optimize formulations and to reduce the costs of mixed solvents through sustained R&D efforts, with a view to enhancing margins in this business. The Group is also actively expanding its markets from the Pearl River Delta to cover the Yangtze River Delta as well as the Baohai Basin and the northwestern hinterlands.

Coatings

The business recorded steady growth in the past year with turnover and profits reaching HK$1,852,881,000 and HK$128,112,000, representing growth of 11% and 3% respectively. The measures taken by the Group to achieve overall steady growth for the segment in the difficult market environment included: (1) allocate more resources into brand promotion and expand the distribution network for household paints; (2) focus on developing the domestic markets in including Eastern and Northwestern China for household and industrial paints; and (3) adopt a more prudent credit management policy to effectively control credit risks.

With China taking effective steps to stimulate domestic demand, China's economy is expected to be one of the first to recover. To meet the needs of long-term business development, the 6-hectare Tungxiang plant has completed construction in May this year, which provides a good production base for the Group's inks and industrial paints business to further expand in Eastern China. With the production of inks moving to new plant, new production lines for household paints are being added to the original plant in Shanghai to further increase production capacity for decorative paints to meet the expanded demands in Eastern and Northwestern China.

The Group has full confidence in the prospects for its coatings business. It will direct more resources by the year into brand promotion, speed up work in relation to launch of a new brand image and actively expand the distribution networks in second and third tier cities, with the goal of putting its name among the leading brands in China within the next three years.

Lubricants

During the period under review, lubricants business faced an even more difficult business environment than before. Although turnover of the business increased by 4% to HK$257,446,000, the segment recorded an operation loss of HK$7,284,000 (FY2007/08 operating profit: HK$9,493,000), reflecting the adverse impact of the financial crisis in the second half year.

Sales of industrial specialty lubricants were affected by the shrinking demand for export in South China. As for automotive lubricants, sales were also affected by weakened demand and cut-throat price competition, and burden with high-cost inventory while the price of base oil declined in the second half year, the margin of the business was squeezed. The segment thus reported decline in turnover and margins in the second half.

The outlook for the operating environment remains daunting. Raw material prices have turned higher along with oil prices, but demand in the lubricants market, especially for industrial lubricants, has yet showed no signs of recovery. In the immediate future, the business is expected to continue to face cost and competition pressures. However, the Group will stay with the laid-out strategy to continue to restructure the business to consolidate the gains from synergy between automotive and industrial lubricants businesses. For automotive lubricants, the emphasis will be on building the distribution outlets for the second and third tier cities and towns and to expand the market for anti-freeze in North China. For industrial lubricants, the challenge will be to accelerate market development in Eastern and Northern China, with the goal of overcoming adversity and reverting once again to profitability through consolidation and faster market development.

Mr. Ip concluded, "Looking ahead, the Group anticipates that in the aftermath of the financial tsunami, the global economy will take time to heal, while demand in Europe and North America will continue to be weak in the days ahead. However, the Chinese Government is continuing to pursue effective policies to expand domestic demand, hence it is expected to achieve steady economic growth. In light of this, we will strive to grow the proportion of our overall business in China from the current level of 90% to even higher levels. We have also laid out long term development strategies for further growing both the scale and brand value of our core businesses. With China's continued economic development all but certain, time will provide the proof that Yip's will continue to grow and bring rich returns to our shareholders."]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60992/Yip's_Chemical_Holdings_Limited_(HKG:0408)_Announces_2008/09_Annual_Results.htmlFri, 3 Jul 2009 09:35:30 +0900http://www.abnnewswire.net/press/en/60993/PO_Valley_Energy_Limited_(ASX:PVE)_Commences_Drilling_Sillaro-2_Gas_Production_Well.html
Italian-based Perazzoli Drilling, employing a 200 tonne capacity HH200 hydraulic rig, has been contracted for the Sillaro-2 well.

The second production well is a deviated well which will be drilled to a planned total depth ("TD") of approximately 2400 metres vertical depth. The TD is expected to be reached in approximately 24 days.

Sillaro-2, together with Sillaro-1 drilled in 2005, will provide expected initial production capacity of 3.8 million cubic feet of gas per day.

The well is expected to be completed by the end of August at which time, Po Valley expects to commence civil works and installation of the Sillaro production plant.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60993/PO_Valley_Energy_Limited_(ASX:PVE)_Commences_Drilling_Sillaro-2_Gas_Production_Well.htmlFri, 3 Jul 2009 09:33:42 +0900http://www.abnnewswire.net/press/en/60991/Kingsoft_Corporation_Limited's_(HKG:3888)_WPS_Office_Achieved_Great_Success_in_Japan_Market_Taking_the_Second_Largest_Market_Share.html
Kingsoft launched Kingsoft WPS Office Japanese Version in 2005. The software won wide acceptance in the market as its Internet direct sales mode helped reduce users' cost of buying software. Currently, Kingsoft WPS Office takes the second largest market share in Japan, only next to Microsoft. It is also estimated to have taken almost 90% of Japan's second-hand computer market share. Nearly 20% of the computers in Internet cafes in Japan have installed the software. Epson Japan has preloaded WPS Office in its all computers. Besides, Kingsoft WPS Office has built corporative relationship with five large build-to-order computer manufacturers in Japan.

"Sales of Kingsoft WPS Office in Japan have reached to the same level with that in China," said Ge Ke, Senior Vice President of Kingsoft. "The sales performance demonstrates that Kingsoft WPS Office witnesses a rapid growth in Japanese market and has achieved an outstanding market penetration in the past four years after its launch. And, the award proves Kingsoft WPS Office's wide popularity among Japanese users."

Commenting on Kingsoft WPS Office, Rakuten praised the software as "highly compatible, able to support various file formats, user-friendly, and quality product at reasonable price". While being highly compatible with Microsoft in terms of operations, secondary development and file formatting, WPS Office is smaller in size with special function for easy files switching and strict compliance with Japanese grammar. With all these advantages, Kingsoft WPS Office has successfully won Japanese users' adoption, switched from other expensive office software to Kingsoft WPS Office.

Regarding Kingsoft WPS Office awarded as "Rakuten Most Valuable Professional Office Software in 2009 1H", please visit website for more information: http://dl.rakuten.co.jp/sp/pc/mvp/
]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60991/Kingsoft_Corporation_Limited's_(HKG:3888)_WPS_Office_Achieved_Great_Success_in_Japan_Market_Taking_the_Second_Largest_Market_Share.htmlThu, 2 Jul 2009 19:15:24 +0900http://www.abnnewswire.net/press/en/60990/Australian_Market_Report_of_July_2:_Encouraging_US_Data.html
The Australian shares yesterday started the new financial year with a significant fall led by financial and resources stocks. The benchmark S&P/ASX200 index lost 80.9 points, or 2.05 per cent, to 3874 points, while the broader All Ordinaries index was 75.5 points, or 1.91 per cent lower, at 3872.3 points.

Key Economic Facts and Figures

The Department of Education, Employment and Workplace Relations (DEEWR) skilled vacancies index in June shows that number of skilled job vacancies dropped 3.7 per cent from May. The index was now 35.5 points, 61.5 per cent lower than in June 2008.

Australian Bureau of Agricultural and Resource Economics (ABARE) said in its preliminary estimates that Australia's non-farm gross domestic product grew by 0.25 per cent last fiscal year, with farm sector GDP growing 13 per cent.

The Australian Bureau of Statistics today releases international trade in goods and services data and manufacturing production data, both for May.

M&A News

MacarthurCook (ASX:MCK) and AIMS Securities Holdings have reached agreement in relation to the AIMS bid for MacarthurCook. AIMS has increased its offer by a further 8 cents to A$0.43 per share. The board of MacarthurCook intends to unanimously recommend the new bid in an absence of a higher bid.

Drilling services company Boart Longyear (ASX:BLY) sold some of its African manufacturing operations to a South African investment company for an undisclosed sum. Boart would book a one-off charge of about $US3 million related to the sale in the first half, primarily due to foreign exchange losses.

Important Corporate News

Valad Property Group (ASX:VPG) said the company will contribute the majority of its European and U.K. assets and associated debt to form a joint venture with Bank of Scotland plc. Valad said any profit from the joint venture would be used to pay back debt. It had contributed property assets worth A$469 million, liabilities of A$761 million and net equity in joint ventures and investments of A$382 million.

Emergent Resources (ASX:EMG) placed its shares in a trading halt last night pending the release of a "significant agreement that is material to the company". The miner was likely close to securing a Chinese partner for its Beyondie magnetite project.

Hastings Diversified Utilities Fund (ASX:HDF) has stopped the sale of its Epic gas pipeline two weeks after the infrastructure manager received bids. Instead, Hastings plans to raise A$250 million in new shares to cover debt and future security payments.

Health insurer NIB Holdings (ASX:NHF) says its policy-holders increased by 5.17 per cent during fiscal 2009, with much of the growth coming late in the year. The growth rate was better than NIB's forecast of "slightly better than 4 per cent''.

Westpac (ASX:WBC) has scrapped its retail shareholder benefits package, due to increasing administration costs and very low take-up of the benefits on offer.

Rio Tinto Ltd (ASX:RIO) says the UK leg of a $US15.2 billion capital raising has been successful, with investors taking 96.97 per cent of the new London listed shares on offer. Chinalco confirmed that it has taken up all of its allocation of rights in Rio Tinto's capital raising and will maintain its position as the miner's biggest shareholder.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60990/Australian_Market_Report_of_July_2:_Encouraging_US_Data.htmlThu, 2 Jul 2009 13:00:08 +0900http://www.abnnewswire.net/press/en/60989/Stirling_Resources_Limited_(ASX:SRE)_Recapitalisation_Proposal_Accepted_By_Monarch_Creditors.html
Managing Director Michael Kiernan said Stirling will now be working closely with the Administrators Pitcher Partners to ensure a shareholders’ meeting can now been convened in the shortest possible time for Monarch’s shareholders to also consider approving the Stirling Recapitalisation proposal.

Mr Kiernan said this is a very positive first step on the road to recovery for the Monarch Group which is planned to recommence the operations at the Davyhurst and Mt Ida gold projects located in the Western Australian Goldfields.]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60989/Stirling_Resources_Limited_(ASX:SRE)_Recapitalisation_Proposal_Accepted_By_Monarch_Creditors.htmlThu, 2 Jul 2009 11:18:03 +0900http://www.abnnewswire.net/press/en/60988/Beach_Petroleum_Limited_(ASX:BPT)_Weekly_Drilling_Report_Week_Ending_1_July_2009.html
Beach Petroleum Operated Cooper / Eromanga Exploration

Cheetima-1, the fourth well in a six well oil exploration program in PEL 92, spudded on 1 July. The well is currently drilling ahead at a depth of 97 metres. Cheetima-1, located 4.7 km northwest of the Parsons oil field, is addressing potential mean recoverable oil reserves of 1.2mmb and a high side potential of 2.6mmb (recoverable). Interests in the six well program are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).

Beach Petroleum Operated Cooper / Eromanga Production Activities

Recent Completions in PEL 106 Farmin Block

A two well campaign in late 2008 resulted in two exploration well successes, Brownlow-1 and Canunda-1, which intersected gas in the Permian Patchawarra Formation. The wells were cased and suspended to allow future testing.

On 10 June 2009, Brownlow-1 was perforated over a 5 metre interval. The well was briefly cleaned up to remove completion fluids from the wellbore and was then shut-in pending extended production testing which is intended for the later half of the year. During the one hour clean up the well was produced through a half inch choke at 2,580 psia wellhead pressure which suggests flow rates in excess of 12 million standard cubic feet per day. This exceptional deliverability is consistent with the expectation of high productivity based on the wireline logs obtained in 2008.

Canunda-1 intersected gas in several sands and was completed as a multi-tandem to enable selective testing and production of each. A total of 13 metres of sand was perforated in three separate intervals. On 19 June 2009, the deepest of the three zones was perforated and flowed back for one hour to clean out completion fluids from the wellbore. During the clean up the well produced with a wellhead pressure of approximately 2,000 psia through a half inch choke which suggests a flow rate of 9 million standard cubic feet per day. The two higher zones perforated in the well will be assessed individually during the upcoming testing program.

The extended production tests, which will be conducted to a production separator with accurate metering capabilities, will better define the production potential of the wells, provide compositional information on the gas and assist in understanding the reserves potential for both fields.

Having completed the two wells, Beach has fully met its farmin obligations. Interests in the two wells and the PEL 106 FI Block, upon completion of relevant assignment documentation, will be Beach (50%) and Drillsearch (50%).

Completions in PEL 92 Exploration Successes

With the workover rig in the area to complete the two gas wells, an opportunity existed to complete the recent oil exploration successes at Perlubie South-1 and Butlers-1.

Perlubie South-1, which reached TD on 12 June, was completed and perforated on 23 June. The well flowed at a rate of 740 bopd and was shut-in pending application for an extended production test and connection to the pipeline gathering network that links into existing production facilities at the Parsons field. The well is expected to be producing to facilities at the end of the third quarter of 2009.

The workover rig is currently installing the completion at Butlers-1, which reached TD on 23 June. The well, which will be connected back to the Perlubie area network, will be perforated on 1 July.

Interests in Perlubie South-1 and Butlers-1 are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).

Arrowie Basin (South Australia) - Paralana-2 Geothermal Exploration Well

The Paralana-2 geothermal exploration well spudded on 30 June and is currently drilling ahead at a depth of 189 metres. Interests in Paralana-2 are tenement Operator Petratherm (69%), well Operator Beach Petroleum Ltd (earning 21%) and TRUenergy (earning 10%). The equities indicated for Beach and TRUenergy are after completion of farmin obligations, which include participation in the drilling of Paralana-2 plus a follow-up well.

Browse Basin, Offshore Western Australia - Burnside 1 Gas Exploration Well

Burnside 1 is at a depth of 2448 metres. The current operation is pulling out of hole to investigate issues with intermediate casing. Interests in Burnside-1 are Santos Offshore Pty Ltd (Operator, 47.83%), Beach Petroleum Ltd (7.34%), INPEX Browse, Ltd. (20%) and Chevron Australia P/L (24.83%).
----------------------------------- Well Participants ----------------------------------- Cheetima-1 BPT* 75.00% PEL 92 COE 25.00% Oil Exploration C/E Basin, SA --------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------- Report Time: 0600 hrs (CST) 01/07/2009 Namur Sst, Depth: 97m Poolowanna Fm (s) Operation: Spuded at 0100hrs 01/07/2009. Drilling ahead. Birkhead Fm, Progress: 97m Hutton Sst (s) ----------------------------------- Well Participants ----------------------------------- Paralana-2 BPT* 21.00% GEL 178 PTR 69.00% Geothermal Expln TRU 10.00% Arrowie Basin, SA --------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------- Report Time: 0600 hrs (CST) 01/07/2009 Upper Cannana Depth: 189m or Bolla Bollana Operation: Spudded at 1100hrs 30/06/2009. Drilling ahead. Progress: 189m ----------------------------------- Well Participants ----------------------------------- Burnside-1 BPT 7.34% WA 281P (offshore) STO* 47.83% Gas Exploration IBL 20.00% Browse Basin, WA CVX 24.83% --------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------- Report Time: 0600 hrs,(WST)01/07/2009 Lower Cretaceous Depth: 2448m sands Operation: Investigating intermediate casing issues. Progress: 707m ----------------------------------- Well Participants ----------------------------------- Cowralli-11 BPT 20.21% PPL 91 (PSW Block) STO* 66.60% Gas Development ORG 13.19% C/E Basin, SA --------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------- Report Time: 0600 hrs(CST)01/07/2009 Patchawarra Fm Depth: 1573m Operation: Drilling ahead in Early Cretaceous section. Progress: 1573m ----------------------------------- Well Participants ----------------------------------- Theta-2 BPT 23.20% Total 66 STO* 60.06% Gas Development ORG 16.74% C/E Basin, QLD --------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------- Report Time: 0600 hrs(CST)01/07/2009 Toolachee Fm Depth: 2381m (TD) Tirrawarra Sst (s) Operation: Pulling out of hole prior to running wireline logs. Progress: 1617m * Operator (s) Secondary Targets ASX:BPT Beach Petroleum Ltd ASX:PTR Petratherm Ltd ASX:COE Cooper Energy ASX:STO Santos Limited ASX:CVX Chevron Australia Pty Ltd ASX:TRU TRUenergy Pty Ltd ASX:ORG Origin Energy Resources Ltd ASX:IBL INPEX Browse, Ltd. ]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60988/Beach_Petroleum_Limited_(ASX:BPT)_Weekly_Drilling_Report_Week_Ending_1_July_2009.htmlThu, 2 Jul 2009 10:47:28 +0900http://www.abnnewswire.net/press/en/60987/Marion_Energy_Limited_(ASX:MAE)_Senior_Secured_Credit_Increased_to_US$42_Million.html
The terms and conditions of the increased facility are set out below:

Summary of key terms

- Increase in limit from US$ 36 million to US$ 42 million

- Total Facility renewed until 30 September, 2009

- Interest rate 11.375% per annum

- Issue of 10 million unlisted options, strike price A$0.375, expiry date 1 July, 2012]]>newsroom@abnnewswire.net (Asia Business News)Businesshttp://www.abnnewswire.net/press/en/60987/Marion_Energy_Limited_(ASX:MAE)_Senior_Secured_Credit_Increased_to_US$42_Million.htmlWed, 1 Jul 2009 15:08:20 +0900