Admedus HPV-vaccine heads to clinical trial

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THE ROADHOUSE PHARMACY: Admedus Limited (ASX: AHZ) is to advance its Human Papilloma Virus (HPV) therapeutic vaccine into a Phase Ib study program having made satisfactory progress in preclinical studies.

The HPV Vaccine is designed to target and clear HPV-positive tumour cells.

Admedus said the vaccine has shown exceptional preclinical activity in a series of preclinical models with results demonstrating the therapeutic vaccine prevents disease progression, clears the tumour and inhibits tumour formation.

“The latest preclinical data from the HPV studies is extremely exciting and clearly shows the potential of the technology,” Admedus CEO Lee Rodne said in the company’s announcement to the Australian Securities Exchange.

“We now look forward to taking this program into clinical studies.”

In the TC-1 tumour model, Admedus claims treatment with the HPV vaccine achieved 100 per cent survival and 87.5 per cent (7 of 8) had no detectable tumours after 50 days.

In addition, the vaccine provided 100 per cent protection against HPV-positive tumour cell formation.

Email: info.au@admedus.com

Website: www.admedus.com

3D Oil announces additional funding from Beach Energy

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THE ROADHOUSE BOWSER: 3D Oil (ASX: TDO) announced Beach Energy (ASX: BPT) has agreed to increase its funding of the expanded Flanagan 3D seismic survey in the T/49P permit in the offshore Otway Basin.

The Flanagan survey is now programmed to record 974 square kilometres of full-fold data, as opposed to the original 755sqkm permit commitment.

As a results Beach will earn an additional 10 per cent interest in T/49P by paying an increased share of the expanded Flanagan survey costs.

The T/49P joint venture will then be 3D Oil 70 per cent and operator, with Beach Energy at 30 per cent.

3D Oil said it intends to leverage the results of the Flanagan survey to attract the best possible farm-in terms for future exploration in this gas exploration area.

The company explained the current deal with Beach allows it to retain a large pre-drilling interest and operatorship in T/49P, while reducing cash exposure and at the same time acquiring additional seismic coverage over the targeted T/49P leads.

“The technical and commercial fundamentals of gas exploration in this area are very strong,” 3D Oil managing director Noel Newell said in the company’s announcement to the Australian Securities Exchange.

“We consider the fact that a large Australian operator like Beach Energy has increased its stake in T49P is a strong validation of the potential of permit.

“It is also gratifying that Beach has confidence in our joint venture and in TDO’s operatorship of the permit.”

Acquisition of the 974sqkm Flanagan survey is underway northwest of King Island and, subject to weather and sea conditions, is expected to be completed by mid-December.

Since acquiring the permit in May 2012 3D Oil has continued to expand its assessment of the prospectivity.

The company said the work has only enhanced its view that the permit potentially contains large gas volumes.

The Flanagan survey is designed to mature a number of leads in northern part of the block which are located adjacent to the neighbouring Thylacine and Geographe producing gas fields which have a combined gas in place (GIP) of over two trillion cubic feet (TCF).

Of particular note are the Whalebone and Flanagan leads which have a combined best estimate Prospective Resource of 7.8 TCF GIP.

Website: www.3doil.com.au

Triangle Energy to be appointed operator of Pase PSC

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THE ROADHOUSE BOWSER: Triangle Energy (ASX: TEG) informed the market of the Indonesian Energy and Mineral Resources Ministry’s (ESDM) decision on the contract status of the Pase Production Sharing Contract (PSC).

The Indonesian Minister of Energy and Mineral Resources, Sudirman Said, has confirmed the Pase oil and gas block in Aceh is to be managed by Triangle’s joint venture partner PT Perusahaan Daerah Aceh Development (PDPA), a company owned by the Aceh local government.

Triangle will be appointed operator of the block for a further 20 years.

In mid-2012, a committee of Acehnese industry experts were appointed to carry out a tender process to seek the most qualified partner to operate the PSC with the Acehnese Government.

In February 2013, the Aceh Government selected Triangle to partner with them to operate and develop the Pase Block.

In August 2013, Triangle and PDPA agreed on terms and incorporated a Singapore joint venture company, Aceh Pase Global Energy Pte Ltd (APGE),75 per cent owned by Triangle and 25 per cent by PDPA.

Triangle is the first foreign company to form a JV with the Acehnese Government to operate an oil and gas field.

Email: admin@triangleenergy.com.au

Website: www.triangleenergy.com.au

FAR completes Senegal drilling program

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THE ROADHOUSE BOWSER: FAR Ltd (ASX: FAR) and its Joint Venture partners have completed drilling operations on the SNE-1 well in Senegal with plans now underway to appraise the discovery.

Far explained the well discovered oil in the upper Albian sandstone target, however no hydrocarbons were subsequently encountered in the deeper target of karstified and fractured Lower Cretaceous shelf carbonates.

Following completion of logging operations, FAR said the well will be plugged and abandoned as planned.

“We have now completed drilling in what has been a monumental drilling campaign for FAR,” FAR managing director Cath Norman said in the company’s announcement to the Australian Securities Exchange.

“Both the FAN-1 and SNE-1 wells have made discoveries, each of which has the potential to be a large, stand-alone commercial development.

“These oil discoveries are an important step forward in establishing an entirely new petroleum province which will be transformational for Senegal.

“The enormous success of the upper sandstone objective in the SNE-1 well is substantially in excess of our pre-drill volume expectations and has more than compensated for the lack of hydrocarbons in the lower, carbonate target.

“Further, the excellent reservoir properties in the Albian sandstones bode well for an appraisal program and progressing towards a commercial development project.”

 

Location of the two Senegalese wells in the FAR 3D seismic area, offshore Senegal. Source: Company announcement

 

FAR anticipates making a market update including final well evaluation during first quarter 2015.

A Notice of Discovery for the SNE-1 and FAN-1 wells has been issued to the Government of Senegal.

The results of the FAN-1 well and the final analysis from the SNE-1 will be used to decide optimal follow up drilling locations as part of an appraisal and additional exploration program.

FAR has mapped a number of exploration prospects in the permit area with pre-drill prospective resources totalling 3.585 billion barrels of oil (gross, unrisked, best estimate basis, 538 million net to FAR).

Email: info@far.com.au

Website: www.far.com.au

Ziggy plays guitar

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ONE OFF THE WOOD: Gold Road Resources executive officer Ziggy Lubieniecki announced he will be retiring from his role with the company. He dropped into The Roadhouse to have a chat.

 


Ziggy, it’s hard to believe you have pulled the pin?

It’s not really pulling the pin, I’ll still be involved with Gold Road in a consultant role, but the company is expanding and I think it’s time for me to step aside and let somebody else run it.

Is your decision a case of having made the largest gold discovery in Western Australia in the last seven years, you would now like to sit back and watch it be developed?

In the early days if the company Ian Murray [Gold Road executive chairman] and I were the only employees.

We worked hard to make the Yamarna discoveries, which was a great adventure with its fair share of drama – exploration isn’t just walking down the shop and buying a gold discovery.

So I feel now is the right time to sit down and relax and enjoy the benefits of the hard work I have put in.

Also the right time in regards to your successor?

Justin Osborne has been around for a long time and he has a pedigree that is just fantastic.

He is the best person for the company – he has a lot of knowledge and experience and he is also very keen to move the Yamarna Belt projects forward. He understands this Belt has enormous potential.

He is the perfect person to take over from me.

The highlight of your time with Gold Road has to be the discovery?

When I was first offered the job I understood the potential of the Belt, being untouched, virgin country. At the same time I also understood the difficulties that were involved.

At one stage the company had less than $500,000 in the bank. We raised some more funds, around $1.1 million, and promised we would make a discovery.

That led us to the discovery of Central Bore, but Dorothy Hills was always my favoured target.

Strangely enough the discovery of Central Bore and Gruyere happened when we hardly had any money left to continue exploration.

What was it like at the moment you realised you had made a big gold discovery?

There was one anomaly at Central Bore, where I thought the weathering profile was not properly developed.

I remember we had two incline holes drilling, which were producing mineralisation. My field geologist at the time panned a sample and we could see ten centimetres of gold – it was very, very fine but it was there.

I remember that moment so well. I knew then we had something different – it was an amazing feeling.

I’m pretty happy with the experience I’ve had and very happy that I took the job when it was offered to me seven and a half years ago.

So, now that you will be taking a back seat so to speak. What do you have planned?

I’m looking forward to having a bit of time to myself. I love music. I have a musical studio and I have 20 guitars, a piano, and two drum kits.

When I was young I played on pretty basic instruments, it was always my dream to have a Les Paul Special, or a Fender Stratocaster – and now I have, but I never get to play them because work takes up so much of my time.

Does this mean that instead of going out making gold discoveries you will now be producing gold records?

I don’t think so. Who would want to listen to some old fart play old fashioned rock ‘n’ roll?

I just want to play for myself. I enjoy playing and listening to music – classical music as well, I’ve trained as a classical musician.

It relaxes me and makes me feel good, so I want to do more of it.

So more time to do more of what you want?

Yes. Maybe even go fishing or sailing, or do some travelling. Things I just haven’t had time to do.

I’m not sure what I’ll do. I might drive my wife crazy.

I bet while you’re doing all that you will still have one eye on what the company is up to?

Yes. Geology is my passion, it is my life – it’s not work to me. So I can’t see myself divorcing myself completely.

How does the future look for Gold Road?

It’s great. It is the only company controlling an entire greenstone belt. We have a fantastic team now, it’s not just me and Ian anymore.

We have learnt so much from what we have already achieved so I think it is just a matter of time before our next big discovery comes along.

 

Website: www.goldroad.com.au 

What the Analysts Say

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WHAT THE ANALYSTS SAY: Interesting news and views from across the Resource Analyst universe.

Website: www.cpscapital.com.au

Company: MRL Corporation Limited (ASX: MRF)

MRF is making rapid progress towards achieving its strategy of producing high-value graphite from its Sri Lankan projects in the June Quarter of next year.

This strategy is underpinned by its ownership of several world-class graphite projects with a track record of production, known mineralisation and existing mining licences.

Sri Lanka hosts some of the highest-grade vein graphite in the world – the plus-90 per cent graphite as carbon grade of Sri Lankan vein graphite and its hard, thick crystalline structure could lend itself well to the production of high value battery grade spherical graphite.

The company recently embarked on a bulk sampling and metallurgical program aimed at determining the suitability of its graphite for high-value applications such as lithium Ion battery manufacturing.

Results of the test work are due this quarter and provide a likely catalyst for a share price re-rating.

MRF has also commenced research into the production of spherical graphite as a beneficiated mine product.

Positive results could see the company realise 5 times current prices on premium flake graphite.

MRF is currently drilling the Bopitiya/Pandeniya project, testing for extensions of vein systems associated with over 40 historical workings.

The aim is to prove continuity of each vein system at depth in order to assess and prioritise the pre-development of the historical shafts.

Initial results have been outstanding, with first assays achieving Direct Shipping Ore results as high as 98.5 per cent TGC (total graphitic carbon).

Website: www.breakawayresearch.com

Company:  Consolidated Tin Mines (ASX: CSD)

Consolidated Tin Mines recently entered into an agreement to acquire 100 per cent of Snow Peak Mining assets.

This company-making acquisition significantly enhances the calibre and diversifies the project pipeline whilst also providing the company with an operational one million tonnes per annum processing plant.

A DFS is well advanced and due for completion near the end of the year with first tin production targeted for 2015.

Consolidated Tin Mines has a quality portfolio of tin projects located in the Mt Garnet region of north-east Queensland.

Recently, the company announced it had entered into a ‘company transforming’ agreement to acquire 100 per cent of Snow Peak Mining’s (SPM) assets, significantly enhancing the calibre of both companies operations. The acquisition is subject to shareholder approval.

SPM has a quality copper and polymetallic project pipeline in its own right, together with the operational one million tonnes per annum Mt Garnet concentrator, located in close proximity to both of Consolidated Tin’s flagship tin projects.

A previously completed pre-feasibility study indicated significant cash flow may be achieved by converting part of the existing copper and polymetallic processing plant to process tin ore instead.

With CSD now seeking to acquire SPM’s entire suite of assets, opportunity exists to add capacity to the plant and process tin ore in parallel to the existing base metal concentrate production.

A Definitive Feasibility Study (DFS) is now nearing completion, with first tin production envisaged for 2015.

Encouragingly, the DFS is supported by a recently announced ‘information and technology sharing agreement’ signed with the world’s largest tin producer, Yunnan Tin.

Snow Peak also recently signed agreements with Wanguo International Mining Group in which favourable terms present risk free exploration for Snow Peak/CSD, providing significant regional and near mine resource potential.

Disclaimer: The above is intended as a guide only. The Roadhouse accepts no responsibility for investments made from this advice, successful or otherwise.

The views, opinions or recommendations of this article do not in any way reflect the views, opinions, recommendations, of The Resources Roadhouse.

The Roadhouse makes no representation or warranty with respect to the accuracy, completeness or currency of the content. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian financial services licensee before making investment decisions.

Fund Raising across the Boards

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THE FUND RAISER: There seems to be enough going on to suggest interest in the resources sector still exists.

Next tranche of financing received

Cradle Resources (ASX: CXX) announced Tremont Investments has exercised its right to acquire a further 12.5 per cent of the Panda Hill niobium project for a further US$5 million ($5.75m) investment (taking Tremont to 25% in total).

Tremont initially invested USD$5 million which was used to de-risk the project through an in-fill and extensional drilling program and extensive metallurgical work.

Cradle’s mandate from Tremont is to proceed with ongoing project development work.

Under the agreement with Cradle, Tremont has the right to contribute a further US$10 million to acquire a further 25 per cent interest in the Panda Hill project (taking Tremont to 50% in total), which will be used to finalise feasibility studies and other development activities.

“Tremont’s further investment in Panda Hill follows excellent results in the recent drilling and met programs and demonstrates their ongoing confidence in the project,” Cradle Resources managing director Grant Davey said.

“The Cradle team has enjoyed working with the Tremont team over the last five months and is looking forward to driving successful development of this world class niobium project jointly with Tremont.”


Pioneer receives early payment of $1.05 million

Pioneer Resources (ASX: PIO) has received the final installment arising from the sale of the Western Mt Jewell gold project.

Pioneer announced the sale of the Western Mt Jewell gold project in 2012.

Consideration for the transaction was $8 million cash, payable in four instalments.

The final instalment, of $1.1 million which was due on 6 March 2015, was discounted slightly to reflect the time value of the early payment.

With the $1.05 million received, the company presently holds cash reserves of approximately $2.6 million.


$3 million to advance Nachu graphite project

Magnis Resources (ASX: MNS) has raised $3 million through a placement of shares to sophisticated and institutional investors in Australia and overseas.

The funds will be used to complete a maiden JORC resource due next week, a Pre-Feasibility Study due in December and an ongoing Environmental Study.

“We are very encouraged by the strong interest in our capital raising, particularly in such a difficult economic environment,” Magnis Resources chairman Frank Poullas said.

“We look forward to announcing our maiden JORC resource next week.”

The placement consisted of approx. 17.6 million shares issued at 17 cents per share

Non-Renounceable Entitlement Offer

IMX Resources (ASX: IXR) is to undertake a non-renounceable pro rata entitlement offer to eligible shareholders on the basis of one share at an issue price of 1.2 cents for every two fully paid ordinary shares to raise approximately $3 million.

The company will use the proceeds for exploration and evaluation work at its Chilalo graphite project and Kishugu gold prospect, for completion of study work required to retain the tenement on which a nickel resource exists, to meet costs associated with holding tenements on its Nachingwea Property in south-east Tanzania and for working capital.


Metallum secures up to US$1,020,000

Metallum Ltd (ASX: MNE) has executed an agreement for up to US$1,020,000 of funding from a sophisticated institutional investor.

The investment will provide Metallum with funding to allow the acquisition of the San Sebastian concession to be completed and ramp up production at the San Sebastian mine, as well as ongoing working capital.

“We are encouraged by what we see at San Sebastian and are keen to take full ownership of the concession and ramp up our mining activities there as quickly as possible,” Metallum managing director Zeff Reeves said.

“This funding provides us with certainty to complete the San Sebastian acquisition, accelerate our work there and begin trucking material to the plant.

“The investment structure minimises dilution at today’s subdued share price levels, while allowing the company to maintain its cash balance during this exciting and important time in executing our strategy at El Roble.”

Friday Flashback

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THE WEEKLY WRAP: Last Friday the market once again woke up on the wrong side of bed, raising concerns for a fifth straight loss in a row.

If the BPF Group of Morgan Stanley were worried they weren’t showing, revealing in its take on the preceding days’ activities by saying, “the move has been relatively small (2%) and probably in line with a market that is having a breather after a relatively volatile couple of months.”

Friday also saw Sandfire Resources (ASX: SFR) file proceedings in the Federal Court of Australia against the Centre for Australian Ethical Research (CAER) over media releases issued by CAER and the Ethical Investment Research Service (EIRIS).
 
The media releases relate to corporate profiles prepared by CAER which purported to analyse the environmental, social and governance practices of certain companies including Sandfire.

CAER provided the corporate profiles to its clients, including to the Australian National University under a research agreement, which resulted in the Seat of Learning dumping all its Sandfire, and other company, shares.
 
Sandfire has alleged the media releases contain misleading or deceptive representations concerning the research methodology and process followed by CAER in preparing the profiles as well as the accuracy and fairness of the profile it provided in relation to Sandfire.

The weekend started well with the market closing in positive territory despite the efforts of the energy sector to the contrary.

In Brisbane world leaders met to discuss the problems of the planet with the people they like while ganging up on those they don’t.

American President Barack Obama and Chinese President Xi Jinping gently reminded all others present who is in charge by raining on Australian Prime Minister Tony Abbott’s parade to announce their plans for carbon emission cuts and a preference for clean power generation, thus placing climate change firmly on the G20 agenda.

Fortunately for Tony Abbott his Russian counterpart Vladimir Putin was in attendance to wear the heat, or chill, of the gathered spearheads to win the award for being the most unpopular participant at the summit.

After the weekend’s gabfest the market had a reasonably soft Monday to close weaker as a rising US dollar, sputtering Japanese economy and pending changes for the financial system took their collective toll on investor sentiment.

Tuesday opened a touch more optimistically only to retreat on early gains with resources stocks taking a hit despite there being no falls in iron ore or energy prices.

BHP Billiton (ASX: BHP) dropped four cents to $33.18, Rio Tinto (ASX: RIO) lost 43 cents to $59.47 and Fortescue Metals (ASX: FMG) was belted, falling 21 cents to $2.97.

The iron ore price did nothing to revive the market on Wednesday, in fact it went the wrong way to drag everybody else down with it.

At its AGM, BC Iron (ASX: BCI) regaled shareholders with facts and figures boasting a record year with 5.8 million wet metric tonnes of ore shipped (BC Iron share 4.3 million wmt), record revenue ($471 million) and NPAT ($74 million), plus a 32 cents per share fully franked dividend.

With such good news the company must be thankful it only dropped eight cents for the day to close at 57.5 cents.

Proving he either has a perverse sense of humour, or the hide of a rhinoceros, Christopher Pyne started an internet petition to save Australian Broadcasting Commission jobs in South Australia.

Obviously ABC journalists based in the City of Churches aren’t as lefty, loony, pinko biased as those in other states and territories.

Other fun to arise from AGM season saw Kidman Resources (ASX: KDR) requisitioning KBL Mining (ASX: KBL) to call a meeting of its shareholders to  consider resolutions aimed at removing all existing KBL directors and  appointing three new directors.
 
If the resolutions are approved, Jim Wall, Brian Wesson, Greg Starr and Bob Besley will be removed as directors and Tony Davis, Melanie Leydin and Mark Muzzin will be appointed.
 
Kidman’s requisition came after KBL chairman, Jim Wall adjourned the company’s AGM as soon as it began without warning or explanation.

The move resulted in KBL shareholders being unable to vote on resolutions to re-appoint Wall and Starr to the KBL Board.

Nothing much to say about yesterday’s market performance except it was pretty ugly out there as everything went backwards, including the Aussie dollar on the back of continued weak economic signs from China and a further slump in iron ore prices.

Raya Group eyes USA Oil and Gas Area of Interest

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THE ROADHOUSE BOWSER: Raya Group (ASX: RYG) has announced the acquisition of oil and gas leases within an identified Area of Interest (AOI), in Oklahoma, USA, is currently underway.

RYG indicated that through its US subsidiaries, it has entered into agreements over approximately 3,200 gross acres under what it described to be  “commercially favourable terms” adding it is targeting 6,400 acres (10 square miles) within the AOI.

The company explained the leases are mainly contiguous and offset existing oil and gas production from multiple stacked pays including the Wilcox Sand and Mississippi Lime, as well as shallower Pennsylvanian aged reservoirs.

Offsetting acreage is currently being developed by NYSE-listed Range Resources Inc., and a number of locally based oil and gas operators.

Infrastructure, including electricity and gas sales lines, is available in the area.

The new leases are being acquired with a 100 per cent Working Interest and an 81.25 per cent Net Revenue Interest with a three year primary term and a two year bonus term.

The company noted it has previously stated it is focused on acquiring acreage with near term revenue possibilities and plans to undertake a low cost vertical well development program.

Website: www.rayagroup.com.au

Senex announces Hornet gas field pre-commissioning for first gas sale

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THE ROADHOUSE BOWSER: Senex Energy (ASX: SXY) told the market that the company’s Hornet-1 gas well is in pre-commissioning ahead of first gas sales.

Senex has completed a flow test of the Hornet-1 gas well, during which gas flowed to surface at a rate of more than two million cubic feet per day.

The well has been completed for production and surface facilities, including separation equipment and flowlines, have been installed.

The company said a pipeline connecting the Hornet field to the Santos-operated South Australian Cooper Basin Joint Venture (SACB JV) network at the Allambi field is ready for commissioning.

The gas sales agreement (GSA) with the SACB JV provides for the supply of unprocessed raw gas on a discretionary basis from the Hornet gas field within PEL 115 (Senex 100%), with up to 10 million standard cubic feet per day to be supplied.

This allows Senex the flexibility to monetise the appraisal of the Hornet field through an extended flow test, without the risk of penalties for non-delivery.

“Achieving our first gas sales is an important step in our evolution into a major Australian gas producer and the forerunner to a large and sustainable gas business both in the Cooper and the Surat Basins,” Senex managing director Ian Davies said in the company’s announcement to the Australian Securities Exchange.

The Hornet-1 unconventional gas exploration well was drilled by Victoria Petroleum in 2004, with gas shows observed in the Epsilon and Patchawarra Formations.

In 2013 Senex completed multi-zone fracture stimulation and subsequent production logging of Hornet-1, which confirmed the existence of a conventional tight gas reservoir, with the gas accumulation defined within a stratigraphic trap.

Email: info@senexenergy.com.au

Website: www.senexenergy.com.au