Galilee Energy Limited

Vintage Energy Ltd (ASX:VEN) and Galilee Energy Limited (ASX:GLL) are pleased to announce they have entered into a binding scheme implementation deed (SID) under which Vintage will acquire all of the fully paid ordinary shares in Galilee by way of a scheme of arrangement.

Galilee Energy Ltd (ASX:GLL) announced an update on testing at the Hoffer B1 well located in Lavaca County, Texas. The zones tested in the Midcox units flowed approximately 6 million standard cubic feet of gas per day.

Asian Activities Report for June 2, 2011: Axiom Mining Limited (ASX:AVQ) has been granted a mineral exploration licence in Vietnam; Goodman Group (ASX:GMG) announced the acquisition by Canada Pension Plan Investment Board of Goodman's 50% interest in the Interlink Project; Universal Coal plc (ASX:UNV) has received the first draft of the Bankable Feasibility Study for the Kangala coal projects in South Africa; Galilee Energy Limited (ASX:GLL) announced the first coal seam gas resource estimation for the Galilee Gas Project.

Australian shares gave up early gains after disappointing trade numbers from China raised concerns that Chinese economy is cooling. The market closed slightly higher as earnings reports from market heavyweights BHP Billiton and Commonwealth Bank helped the rise. At the close, the benchmark S&P/ASX200 index was 8.3 points higher, or 0.2 per cent, at 4513.4. The broader All Ordinaries index rose 12.3 points, or 0.3 per cent, to 4533.

On Thursday, the Australian sharemarket closed more than four per cent weaker, dropping almost to five-year lows, with losses in all sectors. The benchmark S&P/ASX200 index was down 146.7 points, or 4.19 per cent, at 3,352.9 while the broader All Ordinaries index had shed 150.6 points, or 4.32 per cent, to 3332.6. Analysts predict the bottom is getting closer and lower than 3000 points is possible as market would be dragged down by the US and growing concerns on recession in Australia.

Eastern Corporation Limited (ASX: ECU) - Quarterly Report - Ms Sam Aarons, Manager Business Development & Corporate Relations; Boardroomradio is pleased to announce that Eastern Corporation Limited (ASX: ECU) has published an audio file.