Oil & Gas Corporate News Enegi Oil (LON:ENEG) (UNDER REVIEW, 0.25p) (ENEG, 14.75p, ▼ 2.48%) provided an operational Update. All farm-in agreements with Fire Horse Energy Limited that relate to PL2002-01 have been terminated by the Company to enable the work programme to be moved forward in a more timely fashion. The results of the work-over to date are encouraging with the implication being that: Connectivity has improved; Deliverability will improve further as the latter stages of the work-over are implemented; and the well is in contact with more oil than previously thought. Other highlights include: Enegi now holds all rights to the PL2002-01 acreage and production from the PAP#1-ST3 well thereon; The Company now controls all activities involved with and the timing of future work-over activities; The Company intends to commission within a week a new resource report to update the Competent Person's Report prepared in 2007; The Company is seeking funds through Canadian markets to complete the work-over programme via 'flow-through shares'; The Company intends to raise approximately GBP1.4 million, the money is expected to be raised in units which will consist of one share at a price of 18p, and one half purchase warrant; Each full warrant will allow the subscriber to purchase one additional share at a cost of 30p for a period of 18 months from the date of closing; and upon completion of fundraising activities the Company will immediately initiate the remaining elements of its work programme. Caza (LON:CAZA) Oil & Gas, Inc. (CAZA, 23.25, ▲ 6.90%) provided an operational update on the Company's San Jacinto, Bongo and Windham projects. The Company is currently drilling the Caza Elkins 3401 well on the San Jacinto (Wolfberry) property. The well has reached the intermediate pipe point at 4,670 feet. Caza will run electric logs and cement the 9 5/8ths inch casing prior to drilling ahead. The well should take approximately 25 more days to drill to a total depth of 11,200 feet and is targeting the Wolfberry, Strawn and Devonian formations, which produce oil in the immediate area. Caza has a 100% working interest before completion and an 85% working interest after completion in the first well with a 63.75% net revenue interest. In all subsequent wells on the San Jacinto property, Caza will have a 75% working interest and a 56.25% net revenue interest. The Company is currently drilling (on schedule) the O.B. Ranch #2 appraisal well on its Bongo Property in Wharton County, Texas. The well is currently drilling at 8,811 feet and the log data has confirmed the presence of natural gas in the Frio formation at approximately 5,530 feet. The well is targeting the Eocene, Cook Mountain interval between 12,400 and 12,900 feet, which is the stratigraphic interval producing in the O.B. Ranch #1 well, with an anticipated total depth of 13,500 feet. Data from this well will be integrated into Caza's ongoing seismic modelling effort in Wharton County, Texas, which will be used to better understand the potential size of the Cook Mountain anomaly at Bongo, as well as other potential targets in the area. Caza has a 45.28% working interest and a 33.51% net revenue interest in the Bongo property and wells. The Caza 158 #3 well on the Windham property has reached its target depth of 9,824 feet, and Caza has elected to participate in the operator's proposal to complete the well. The operator intends to perforate and fracture stimulates all potentially productive intervals seen on the logs simultaneously within the wellbore, which include the Spraberry/Wolfcamp, Penn and Strawn formations. The Caza 158 #3 will be the fourth well drilled and completed on this property. The Caza 158 #1, 158 #2 and 162 #1 wells are currently at various stages in their respective fracture stimulation programs, but are all producing oil and natural gas. Caza currently has a 25.0% working interest and an 18.75% net revenue interest in the Windham property and wells. Europa Oil & Gas (EGO, 19.75p, ▲ 4.64%) released an operational Update outlining activity planned for the remainder of 2011 and into 2012. Production has increased some 100% to a current average of 260bopd. Gross revenues are currently running at $750,000 per month. The Romanian appraisal well Voitinel-2, anticipated to be spudded in September, is to be a relatively conservative appraisal stepout to prove up to 35bcf of gas-in-place which would allow for the initiation of a pilot production project for the northern part of Voitinel. A second appraisal-exploration well, likely to be on the Solca Prospect, situated between the Voitinel and Paltinu gas discoveries and designed to test the upside in the Voitinel trend play, is expected to be drilled in early 2012. On Europa's flagship appraisal project, Berenx, work has been underway for several weeks on the engineering design for a Berenx-3 appraisal well in late 2012/early 2013. In the meantime, the highly encouraging results from the recent CGGV processing of the Lacq Ouest 3D volume has given sufficient encouragement to acquire additional 3D data over the western part of the Berenx structure. It is anticipated this survey will be acquired in Q4 2011 with a view to maturing contingent resource numbers and choosing a firm well location by Q2 2012. Europa, Egdon Resources and Celtique Energie have agreed, subject to DECC approval, to equalise working interests across contiguous licences PEDL180 and PEDL182, situated to the south and east of Crosby Warren. This will increase Europa's overall exposure to the play, including the Broughton oil discovery and a joint 3D seismic survey planned for later in 2011 will firm up drilling plans for the licences. In Romania, the Company has lodged the required documentation with the government agency to appraise the Barchiz-1 oil discovery well by deepening it to up to 2,500m in order to penetrate the anticipated repeat section of the Oligocene Sandstone reservoir encountered in nearby wells. The Barchiz Prospect therefore remains only partially tested due to the premature cessation of drilling operations at 1,450m following technical problems. It is hoped that approval will be given shortly and that the well can be deepened in October. A programme of 2D seismic acquisition is planned for the coming months in the Brodina and Cuejdiu licences in the East Carpathian oil play. It is hoped that these additional surveys, totalling approximately 200km, will provide a well location for 2012. Circle Oil (LON:COP) Plc (BUY, £0.90) (COP, 33.13p, ▲ 2.64%) announced yesterday that Mr Ezzedin Hamyouni, a non-executive director of the Company, has today resigned from the Board of the Company with immediate effect. Mining Corporate News Angel Mining (LON:ANGM) plc (ANGM, 2.38p, ▼ 2.38%) announced it has placed 109.1 million new ordinary shares at 2 pence per share, raising GBP2.18 million. The money raised will enable Company to continue to progress the construction of the cable car connecting the mine entrance to the mine camp at the Black Angel zinc/lead mine. The lower terminal at the mine camp has been completed and good progress is being made on the construction of the upper terminal for the main entrance. The proceeds will also enable the company to expand production at its Nalunaq gold mine, which had its first gold pour following final commissioning of the processing plant on May 27 and is targeting an optimal production rate of 24,000 oz per annum during H2 2011. Berkeley (LON:BKG) Mineral Resources plc (BKY, 26p, ▼ 5.45%) plc announced that due diligence on the proposed purchase of all the remaining stockpiles of tailings not presently owned by it at the Kabwe mine in Zambia has been completed satisfactorily and the vendors have been notified of this. Accordingly, the parties are now proceeding towards formal completion of the acquisition agreement which is expected shortly. Following Completion, Enviro Mining Ltd and its two Zambian-registered subsidiaries, Enviro Processing Ltd and Enviro Props Ltd, will become wholly-owned subsidiaries of BMR. Trans-Siberian Gold (LON:TSG) plc (TSG, 81p, ► 0.0%) reported the start of stoping activities to extract gold bearing ore at the Asacha mine. The first explosion, on 2 June 2011, resulted in approximately 400 tonnes of gold bearing ore. Since 2008 the Company has undertaken mine development activities and constructed the necessary underground and surface infrastructure. The processing plant is expected to start operations by the end of next month. Orosur Mining (LON:OMI) Inc. (OMI, 72.5p, ▲ 1.40%) announced the completion of the placing. A total of 12,501,100 new common shares have been placed at a price of 66.0 pence per common share raising gross proceeds of US$13.5 million (GBP8.3 million). The Placing Shares and Consideration Shares will be issued credited as fully paid and will rank pari passu with the existing common shares of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing and Consideration Shares. The Company will apply for the Placing and Consideration Shares to be admitted to trading on AIM and for the Placing and the placement of the Consideration Shares to be approved by the TSX-V. It is expected that admission to AIM of the Placing and Consideration Shares and TSX-V approval of the Placing and the placement of the Consideration Shares will take place, and that trading will commence, on or around 16 June 2011. The Placing and Consideration Shares will be subject to a hold period in Canada of four months and a day from the date of issue, in accordance with applicable Canadian securities laws. Oilfield Services Corporate News Rock Solid Images (BUY £0.13) (RSI, 5p, ► 0.0%) announced the placing of 47,342,700 new Ordinary Shares at 4p each to raise $3.1 million and intends to make an application to the Court to approve the cancellation of its share premium account. The placing, conducted by FoxDavies, has been undertaken in order to provide additional working capital and investment funds over the next 12 months to continue the pace of progress in highly focused software development and workflows ahead of an anticipated increase in sales. The cancellation of share premium account, if approved by Shareholders and the Court, will create realised profits which will be applied in eliminating the deficit in the retained earnings balance of the Company's balance sheet. The Company intends to use the remainder of the credit arising from the Capital Reduction to pay dividends when authorised to do so by Shareholders. Petrofac (LON:PFC) (BUY) (PFC, 1544p, ▲ 1.11%) announced it has agreed to invest up to US$75 million, funded from cash resources, into Seven Energy International Limited, subject to certain conditions being met. The additional investment will take Petrofac’s interest to 24.5% on a fully diluted basis. Seven Energy is a leading Nigerian production and development company. In November 2010, Petrofac entered into a strategic alliance with Seven Energy and invested US$100 million, to acquire a 15% interest . This additional investment will assist Seven Energy with the further development of its existing and potential opportunities. Baker Hughes (BHI, $74.70, ▲ 2.77%) announced the launch of its state-of-the-art fracturing and stimulation vessel, the Blue Tarpon. The 300-foot ship, one of the world’s largest stimulation vessels and the seventh vessel in the Baker Hughes fleet, is designed to provide high-rate and high-volume stimulation treatments for demanding offshore operations. With one of the largest proppant and fluid-carrying capacities in the world, the ABS class-certified ship can perform complex, multiple-zone completions without traveling back to port for resupply. With a maximum pump rate of 80 barrels per minute, proppant capacity of 2.1 million pounds, and accommodations for up to 44 people, the Blue Tarpon is designed to perform round-the-clock operations in deepwater plays. The vessel’s 10 separate high-pressure pump units housed in a fully enclosed structure to protect the equipment from the environment can deliver up to 24,000 hydraulic horsepower and pump up to 32,000 pounds of proppant per minute. The Blue Tarpon also features a DP-2 dynamic positioning system with twin bow thrusters and a stern thruster specifically designed to operate safely in the widest possible weather and sea conditions.

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