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Fox-Davies Capital Daily Newsflash including Chariot Oil & Gas, African Aura Mining, Thor Mining, Dana Petroleum, Centrica and others

Published: 02:58 25 Feb 2010 EST

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San Leon Energy (SLE) has reached agreement on the terms of a recommended share for share acquisition of Island Oil & Gas. The Acquisition is for the entire issued and to be issued share capital of Island and will be implemented by San Leon by means of a scheme of arrangement, as detailed under Section 201 of the Companies Act, 1963. Island Shareholders will be entitled to receive 1 new San Leon share for every 2.3 Island shares they hold. The Acquisition values the entire issued share capital of Island at £13.74m (10.11p per Island Share), based on the closing price of San Leon of 23.25p on 24 February 2010.

Centrica (CNA), through its subsidiary Centrica Resources, has signed an agreement with Suncor Energy, under which Centrica will acquire Suncor’s Trinidad and Tobago portfolio of gas assets for US$380m in cash. This acquisition provides Centrica with its first producing Liquefied Natural Gas (LNG) position and significant development opportunities for future, long-term LNG supplies. This portfolio of gas assets comprises a 17.3% stake in the North Coast Marine Area (NCMA-1) gas production area and equity interests in three blocks; Blocks 22, 1(a) and 1(b), for future development.

Providence Resources  (PVR) has signed a strategic collaboration agreement with PGS Ventures A/S, a division of Petroleum Geo-Services (PGS), an industry leader in offshore seismic data acquisition and processing. This agreement will allow the companies to co-operate on offshore seismic survey design and acquisition across the portfolio, particularly in such challenging data areas such as the Celtic Sea Basin where Providence is currently evaluating a number of oil and gas discoveries, through its SPV's EIRGAS and EXOLA. Where possible, and as appropriate, Providence will seek to leverage on PGS's proprietary technology such as the "GeoStreamer" seismic acquisition system. In addition, Providence will also gain access to view PGS' significant multi-client seismic database offshore Ireland and offshore United Kingdom.

Dana Petroleum (DNX) spudded the Bamboo well (Dana 50%) in the West El Burullus concession, offshore Nile Delta, Egypt on 19 February. This drilling follows on from the recent success at Papyrus, the second gas field discovered in this concession by Dana and its partner Gaz de France with their first two wells. They also completed drilling of the RAD-3x well offshore Gulf of Suez, Egypt. The well did not encounter the anticipated reservoir rock section and has been plugged and abandoned. Dana plans to spud the Storkollen well in Norway (Dana 25%) in early March using the Bredford Dolphin rig. Storkollen is located in the same block as the Storskrymten discovery made in 2007 and in close proximity to the significant Greveling discovery made in 2009. Dana expects the Anne Marie well in the Faroe Islands to commence in early April 2010. The Company holds a direct 25% interest in the Anne Marie wel l, through a farm-in option previously agreed with Eni. Faroe Petroleum, in which Dana has a 27.2% stake, also holds a 12.5% interest in Anne Marie.
In the UK Southern North Sea, Dana has contracted the GSF Labrador for the drilling of the Platypus well (Dana 45%) with partners Endeavour, XTO and Challenger Minerals. This well is expected to spud imminently. Dana will then take the Labrador rig to drill at Monkwell (Dana 40%) with partners Dyas, Gas Plus and Silverstone. Following this, the Labrador rig will be transferred to Eon Ruhrgas who will operate the drilling of the Tolmount well (Dana 45%). Dana also plans to drill 2 wells in the North Zeit Bay concession, onshore Gulf of Suez, Egypt and 2-3 wells in the East Beni Suef concession, onshore Western Desert Egypt, in the first half of this year.

Chariot Oil & Gas (CHAR) has appointed Ambrian Partners Limited as its Nominated Adviser with immediate effect.

Thor Mining (THR) announced that terms have been agreed for the proposed acquisition of 3 tenements covering 340km2 in the Western Australian Goldfields approximately 100km southeast of Norseman. The tenement package comprises exploration licences E63/872, E63/1101, and E63/1102. The initial acquisition of a 51% Interest in the tenements will cost A$100,000 upon signing the acquisition agreement.

Shanta Gold Ltd (SHG) announced that it has further extended the mineralised strike of previously known mineralised structures and new targets on PL2787/2004 and the recently submitted adjacent mining licence application at the Chunya project in southern Tanzania. A total additional mineralised strike extent of 600m was trenched and sampled, and the Ilunga, Bauhinia Creek and Luika South prospects are open in both directions. The additional strike of 250m (total 850m) identified at Ilunga target is open to the west-southwest with new trench sampling results of 14.28g/t Au over 6.3m, 13.12g/t over 3.6m and 4.82g/t over 3.4m.

African Aura Mining (AAA) announced the commissioning of an airborne geophysical survey across the Company's Nkout, Ngoa and Akon iron ore projects in southern Cameroon. African Aura has signed a contract with New Resolution Geophysics of South Africa to undertake a 14,000 line km airborne geophysical survey (electromagnetic and gravity) in Southern Cameroon. The survey is expected to commence on 26 February 2010 and will cover the Company's three iron ore projects (as well as gold projects at Ntem and Batouri), with lines typically being flown at 100m spacing.

Coal of Africa (GVM) announced it has issued 5,625,750 ordinary shares to Tranter Holdings (Proprietary) Limited at a deemed issue price of £0.40 in consideration for the  acquisition of a 20% interest in Limpopo Coal Company (Proprietary) Limited, taking the Company's interest to 100%

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