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ABN Newswire Stocks to Watch: March 23, 2010
ABN Newswire Stocks to Watch: March 23, 2010
Sydney, Mar 23, 2010 AEST (ABN Newswire) - Marion Energy Limited (ASX:MAE) (PINK:MAEJF) said work on its Oman 2-20 well in Utah, United States, commenced in December 2009. Improved production from the well has been uninterrupted and steadily increasing. Since mid-January, consistent sales-quality natural gas has continued to flow at an average of 270,000 cubic feet/day. Marion said the well behaviour to date is in line with that expected for the program, which provides the company with great confidence as it prepares to embark on a similar remediation program on the Company's other wells.

Iron Road Limited (ASX:IRD) said that drilling at the Company's wholly owned Central Eyre Iron Project continues to proceed to plan. The Central Eyre Iron Project is a collection of three iron occurrences (Warramboo, Kopi & Hambidge) with an exploration potential of 2.8-5.7 billion tonnes magnetite gneiss*. The current programme encompasses resource expansion drilling to increase an existing JORC compliant inferred resource estimate of 110Mt at the Boo-Loo prospect located within the Warramboo Project area.

Conquest Mining Limited (ASX:CQT) (PINK:CQMLF) has achieved an amicable agreement with Gold Fields Australasia (Gold Fields) to settle all disputed matters that have been under discussion between the companies as joint venture partners in the Mt Carlton Project.

Pan Asia Corporation Limited (ASX:PZC) said ten drill holes have been completed to date at the TCM Coal Project located in South Kalimantan, Indonesia. The recently completed TCM 10 and TCM 11 drill holes also returned significant intersections of coal.

Clean Global Energy Limited (ASX:CGV) announced that Mouzsouris Drilling has commenced drilling on EPC1506. The drill rig commenced work on Sunday spudding the first hole. Depending on the outcome of drilling on EPC 1506 some initial drilling may be undertaken on EPC 1508, which is in close proximity to EPC 1506.

Texon Petroleum Limited (ASX:TXN) 2009 year end proved and probable reserves are respectively 1.9 Million Barrels of Oil Equivalent (mmboe) and 1.1 mmboe - a total of 3.0 mmboe as to the Company's current working interests. From mid year 2009, this is an increase of 40% and from year end 2008, the increase is 200%.

AuDAX Resources Ltd (ASX:ADX) (PINK:ADXRF) said that the 3D seismic acquisition of approximately 640 km2 utilising PGS' leading edge proprietary Geostreamer Technology in the Sicily channel offshore Tunisia is expected to commence Tuesday 23rd March with the Atlantic Explorer vessel. AuDAX Monday also said that it accepted the farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of the Chorbane Permit onshore Tunisia and Sicily Channel Permits. AuDAX is the operator and holds a 100% interest in both Permits.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Texon Petroleum Ltd       
Pan Asia Corporation Limited          
Marion Energy Limited       
Iron Road Limited         
Gulfsands Petroleum plc       
Conquest Mining Limited             
Clean Global Energy Limited       
ADX Energy Limited       

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