Fox-Davies Capital Daily Newsflash including Victoria Oil & Gas, San Leon Energy, Tullow Oil, Afren, Sunrise Diamonds and others

San Leon Energy (SLE) and Talisman Energy Inc. announced that a farmout has been signed between the San Leon Polish subsidiary Oculis Investments Sp. z o.o. and Talisman Energy Inc. for the exploration of shale gas in the Baltic Basin onshore Poland. Under the agreement Talisman has agreed to pay 60% of the costs of a seismic programme and has made a cash payment of EUR1.5m to San Leon. The remaining 40% will be conducted and paid for under the 2009 agreement between PGS and San Leon. Talisman will also drill one well across each of Oculis's three concessions with the option to follow up with a further three wells should the data encourage further development. Talisman will be assigned a 60% interest in each concession, reducing to 30% if it doesn't elect to drill the optional second well.  This represents a potential estimated investment of more than US$80m in the comin g three years to prove a potentially significant gas play in Poland. Based upon San Leon's initial technical evaluation of the shale gas potential of the Silurian and Ordovician rocks in the Baltic Basin the play has an estimated potential of 4.0-6.0 TCF of recoverable natural gas across San Leon Energy's acreage. Currently Oculis has two concessions, Braniewo and Gdansk West, totalling more than 1,820 km2.  Oculis has an additional concession application pending which would add an additional 600 km2.  Oculis selected its concessions to explore a diverse range of depth and rock types based upon previous wells drilled in the basin.  The company believes its diverse position provides a high probability of commercial success.

Victoria Oil & Gas (VOG) announced that it has completed, conditional on admission, an equity placing of 430,769,231 new ordinary shares at a price of 3.25 pence per share, raising £14m before expenses through its brokers Fox-Davies Capital Limited. The Placing, which was 40% oversubscribed, will allow the Company to complete drilling and testing operations at Logbaba and seek fast-track solutions for revenue generation. The funds raised will also be used for further passive seismic spectroscopy and geochemical surveys at West Med. Another milestone has been achieved on Well La-106 at Logbaba. It has been drilled to the target depth for the 12 1/4” hole section of 5,495ft. The next step is to run and cement the 9 5/8” casing before rigging up the 10,000psi blow-out preventer in preparation for drilling the final hole section. The target depth is anticipated to be rea ched within the 60 day schedule. Well La-105 is being tested and full results are expected to be available in early Q2 2010.

Tower Resources (TRP) announced it has completed operations on the Avivi-1 exploration well in Uganda Licence EA5. The well was plugged and abandoned and the rig released. The well, which was drilled to a total depth of 764m, did not encounter oil, despite persistent methane gas traces, and tested water from the target reservoir interval using a wireline fluid sampler. Electric logging confirmed the absence of oil and gas. Within the next few weeks, the Tower Board will consider whether it intends to apply to continue into the Third (and final) Exploration Period of two years. When that decision has been made, a more complete account of the programme to date will be given.

Tullow Oil (TLW) announced the results of drilling on the Onal production licence in Gabon, in which it has a 7.5% interest, and is operated by Maurel & Prom. The exploration well OMOC-N-1, drilled in the Onal AEE, has identified a 111m column of oil in the Grès du Kissenda. Pump tests have established a flow of 1,700bopd with an API of 33.4. The discovery of this oil accumulation confirms the extension of the Grès du Kissenda in the Onal AEE and the importance of this new exploration theme for the entire eastern edge of the Gabon coastal basin where the Group has significant exploration acreage.

Afren (AFR) announced drilling results from the La Noumbi exploration License, on shore Congo Brazaville, on which Afren has a 14% participating interest. The Tié-Tié-NE-1 well has reached a final depth of 2,550m in the Djeno formation. Between 1,775-1,875m, a siltstone area has shown hydrocarbon indications. As a result of measurements performed at the end of the drilling, it appears that this interval does not suggest viable commercial development due to its distance from potential markets. The well has therefore been plugged and abandoned.

Vane Minerals (VML) announced an estimation of the uranium resources in its Wate Breccia Pipe project in northern Arizona. SRK Consulting estimated the inferred resource to be 43,000t at 0.80% U3O8, yielding around 640,000lb of U3O8. Vane owns a 50% interest in the licence.

Sunrise Diamonds (SDS) announced that it has raised £350,000 by way of a private placing of 58,333,333 new ordinary shares at 0.6 pence per share together with warrants. The funds will be used for general working capital purposes.

Trans Siberian Gold (TSG) announced proposals to strengthen its capital base and provide additional financial resources by converting US$5,209,133 of existing debt into up to 12,345,087 new TSG ordinary shares at 30.8 pence per share and by raising approximately £1.1 million, net of expenses, through a placing of 3,533,534 new ordinary shares also at 30.8 pence per share.

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