Australian Market Report of January 31, 2011: Roc Oil (ASX:ROC), Horizon Oil (ASX:HZN), Petsec Energy (ASX:PSA): Joint Venture Achieved Milestone In China Oil Fields Development

Sydney, Jan 31, 2011 AEST (ABN Newswire) - China National Offshore Oil Company Limited ("CNOOC") (HKG:0883) (NYSE:CEO) has approved the Project Investment and the Overall Development Plan for the development of the three oil fields in Block 22/12, Beibu Gulf, China, a joint venture project among CNOOC (51.00%), Roc Oil (China) Company Limited (ASX:ROC) (19.60%), Horizon Oil (Beibu) Limited (ASX:HZN) (PINK:HZNFF) (14.70%), Petsec Energy Limited (ASX:PSA) and Oil Australia Pty Ltd (Majuko Corp) (2.45%). The project has an estimated gross 2P reserve of 24 MMbbl of oil and the first oil production is expected before year end 2012.

Copper Strike Limited (ASX:CSE) signed a Placement Agreement with Beijing Jintai Yuanchung Mining Co. Ltd and Taifeng Group Limited to raised A$5.822M through a share placement and further A$5.64M through an option placement. The funds will be used to advance the development of the Einasleigh Project in North Queensland, where Copper Strike has discovered two copper-gold-silver deposits and four zinc-lead-silver deposits.

Jupiter Mines Limited (ASX:JMS) has successfully placed 142.9 million New Ordinary Shares at 70 cents per share to raise approximately A$100 million. To further issue 71,428,571 New Ordinary Shares at 70 cents per share is also planned to raise additional A$50 million. The funds will be used to develop Jupiter's 49.9% owned Tshipi Borwa Manganese project located in South Africa, and to fast-track both the 100% owned Mt Ida Magnetite Project and Mt Mason DSO Iron Project in Western Australia.

Viralytics Limited (ASX:VLA) (PINK:VRACY) has received a notice from China for the grant of a patent involving of the use of CAVATAKTM RNA as an anti-cancer agent in human melanoma. Cavatak is the trade name of Coxsackievirus A21 (CVA21), a human virus that occurs naturally in the community and is associated with a common cold-like illness. Previous studies have indicated that Cavatak may have a future role in the treatment of melanoma and other cancers in humans. A Phase 1 study has commenced in 2005 with further human studies planned.

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