LONDON (ShareCast) - Gold and copper exploration company KEFI Minerals pleased investors after it said tests on a site in Saudi Arabia confirmed the presence of high grade gold and silver over substantial widths and strike lengths. It said diamond drilling would begin at the Jibal Qutman Licence in the current quarter.

Shares in Sirius Petroleum spiked after it confirmed press speculation it was looking to raise $20m. "[The company] confirms it is in the final stages of reviewing a number of possible funding structures available to it through conditional offers received from a number of potential different providers," it said.

Thor Mining left the market slightly thunder-struck after the firm said a feasibility study at its Molyhill mine reported positive results, including earnings before interest and tax (EBIT) returns indicating for a 21-month payback period. Thor also indicated production costs of A$125 per tonne concentrate (after deduction of molybdenum bi-product credits) compared with revenue of A$354 per tonne. The study found the mine would have a lifespan of four years.

Orsu Metals Corporation, the London-based metals exploration and development company, said it was working with Barclays Bank and UniCredit Bank Austria to arrange a project finance facility of up to $90m to finance the company's Karchiga Project in Kazakhstan. The firm said the money would help it begin construction at the copper mine in the second half of this year.

Georgian oil and gas explorer, Frontera Resources, saw its share price tumble after it exercised an option to create 28m new shares in the company at a price well below that of the market so it could drawn down funds from a Standby Equity Distribution Agreement. The agreement was drawn up as a short term buffer after gas sales from its Mtsare Khevi Gas Complex were delayed by a problem with government permits relating to transportation of gas.

Shares in Berkeley Resources dropped sharply after it announced it revealed negative net operating cash flow of A$2.91m for the quarter ended June 30th. Cash at the end of the quarter stood at A$30.78m, down from A$50.60m a year earlier.

Oxus Gold has clarified the volume of its share capital following an issue of shares, as announced on 27th July 2012. The company's issued share capital now consists of 419,722,329 ordinary shares of 1p each, none of which were held in treasury, the firm said.

Falkland Oil and Gas (FOGL), the exploration company focused on areas to the South and East of the Falkland Islands, noted the announcement by Borders & Southern Petroleum that it had completed its 2012 drilling programme. "The Leiv Eiriksson [rig] is now under contract to FOGL and its joint venture partner Edison International Spa," the firm said. The rig has now begun its move to the company's Loligo well location.

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