ABN Newswire Stocks to Watch: March 12, 2010
Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) has announced a new ore reserve statement for the Mt Cattlin Spodumene Project near Ravensthorpe, Western Australia. The total "Proved" and "Probable" estimate has increased to 11.4 million tonnes @ 1.05% Li2O, which represents a 23% increase from the previous reserve estimation in September 2009.
AusTex Oil Limited (ASX:AOK), which is engaged in the development of oil and gas leases in the United States, Thursday provided updates on operations on leases in Oklahoma. AusTex also said following further review of proposals for a Natural Gas Liquid stripping plant, management of the company has received final proposals from two vendors. A decision is expected later this week with a delivery time on the plant indicated at six weeks.
Prominent Cooper Basin producer, Beach Energy Limited (ASX:BPT) (PINK:BEPTF) and San Diego-based environmental, energy and defence technologist, General Atomics ("GA") are to examine the bio fuels and bio oils production option. If successful, the two companies plan to work towards having one or more commercial scale bio fuels and bio oils plants - of between 1,000 and 2,000 hectares in size - operating in the province by June 2015.
Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF) said its wholly-owned subsidiary Yilgarn Petroleum Philippines Pty Ltd has entered into an agreement with TG World (BVI) Corp, a subsidiary of TG World Energy Corporation (CVE:TGE) (PINK:TGWEF), to farm-out 4.9% of its current 35% interest in Service Contract 54 Block A (SC 54A), offshore, Northwest Palawan Basin, Philippines.
Magnetic Resources NL (ASX:MAU) continues to advance exploration on several of its uranium projects in the southwest region of Western Australia. Magnetic said the Lake Harvey and Seabrook uranium prospects continue to show promise.
Pluton Resources Limited (ASX:PLV) said drilling by the company has intersected a continuation of visible iron mineralisation west of the current Inferred Resource on Hardstaff Peninsula, Irvine Island, Western Australia. The drilling on Irvine Island is targeting an extension of the current Inferred Resource of 54Mt @ 49% iron (Fe) within the primary Yampi Member target horizon.
TG World Energy Corporation
Pluton Resources Limited
Magnetic Resources Nl
Kairiki Energy Limited
Iron Road Limited
Galaxy Resources Limited
Beach Energy Limited
AusTex Oil Limited