Resources round-up: Roxi, Matra, Alexander

Also included in this round-up: Forte Energy

Kazakhstan-focused Roxi Petroleum saw its shares dive after it revealed that well NK-10 in its Galaz contract area has a high water content with only minor gas and oil film shows. The well, which was drilled late last year, will now be plugged and abandoned. The exploration and appraisal work being carried out on the NW Konys field will continue with production from the Galaz contract area currently running at the rate of 160 barrels of oil per day, the firm said.

Matra Petroleum, an oil and gas company, has entered into an agreement with Maxin Barskiy, under which he will become a strategic investor and a non-executive director of the company, enabling the company to made a number of new project acquisitions. Barskiy will subscribe for a placing of 575m new ordinary shares at 0.8p per share, raising £4.6m before expenses. Following the placing he will hold about 29.8% of the company. The agreement is subject to shareholder approval.

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Alexander Mining has reported good progress on the test work for the recovery of copper from samples given by Altona Mining from the Blackard deposit in Australia. Alexander agreed to conduct the tests for Altona at the end of last year. The deposit currently has a resource of 46.3m tonnes at 0.63% copper (291,000 tonnes contained copper), of which around 60% is in what is called the native copper mineralisation zone, which is below the oxide ore zone.

NR

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