Fox-Davies Capital Newsflash including Victoria Oil & Gas, Mantra Petroleum, Strategic Natural Resources and Central Rand Gold
 

Matra Petroleum (MTA) announced a placing of 66,666,667 new ordinary shares at 3p per share to raise £2m before expenses. The funds will be used to finance Matra's application for the Production Licence over the Sokolovskoe Field, which is now well advanced and will require a payment of approximately £850,000 at the time of issue. The remainder of the funds raised will be applied to working capital and, in particular, the advancement of new ventures.
 
Victoria Oil & Gas (VOG) announced final results with a loss of £42.4m (11.9p per share) vs a loss of £1.2m (0.7p per share) last year. The higher loss this year is mainly due to an exceptional non-cash write off of £35.5m of the Kemerkol asset. On a cash basis the loss is £6.8m vs a loss of £10.8m last year due to currency gains and working capital surplus.
 
Comment: These results are in-line with expectations and the asset impairment on Kemerkol reflects a past situation that has no bearing on either the future of the company, nor on its valuation. The current focus is the drilling and testing of the Logbaba well which is progressing broadly on schedule.
 
Mining Corporate News
 
Beowulf Mining  (BEM)  announced that it has been granted an exploration licence in respect of the largest molybdenum deposit in Sweden. The licence area, which covers 800 hectares, and hosts Sweden´s largest, drill confirmed deposit of molybdenum, is located in the Rappen geological district of the Arjeplog County in northern Sweden. The Arctic Circle passes through the area.
 
Central Rand Gold  (CRND)  announced that the South African Financial Services Board has rejected a complaint that CRG had issued false information to its investors. The complaint was lodged with the FSB by Puno Gold Investments. The FSB informed CRG of the investigation in June 2009.
 
Strategic Natural Resources  (SNRP)  announced that its 74% owned subsidiary, Elitheni Coal (Pty) Ltd has been awarded  an  additional 119,374 ha  of exclusive new order prospecting rights in the Eastern Cape coalfield, in addition to its current phase 1, 2, 3 and 4 prospecting rights measuring 64,877 ha in area. This latest addition means that the Company finishes the 2009 calendar year having acquired exclusive prospecting rights over approximately 185,000 ha, an area nearly five times the size with which it started the year. No other prospecting or mining rights for coal have been granted to any other business in the Eastern Cape. The Company has secured these additional rights in response to the heightened market demand, IPSA Group PLC's power generation development plans and as a result of the increasing demand for export coal being experienced in South Africa.