FoxDavies views from the trading floor - Aminex, Max Petroleum and Nostra Terra Oil & Gas

Aminex Plc. (LON:AEX) jumped 26% to 4.85p on huge volume, while Solo Oil (LON:SOLO) jumped 15% to 0.68p. Possibly one of the reasons behind the move could be this statement from the last NTORYA-1 drilling update 'On the 10 February 2012 it was announced that the well would be deepened to test an additional target identified on the seismic data at a depth of approximately 2,750 metres. The well has now been drilled to 2,750 metres, and prior to reaching that depth encountered strong gas shows in a good quality reservoir sand at a depth of approximately 2,660 metres. A logging programme will commence shortly to evaluate the new section drilled below 2,500 metres and a further update will be provided after the logging programme has been completed.' Could the market be in store for another update here?

Max Petroleum (LON:MXP) jumped almost 30% during trading yesterday, and continued its rally at the open this morning. Shares jumped to 16p before settling back at 14p as I type. The press were throwing all sorts of speculation around as to the reason behind the move, and we will be looking at the news wires very closely here to see if they company gives the market any official reason for the move over the last few days.

Nostra Terra Oil & Gas (LON:NTOG) have been active over the last few trading sessions, and shares were 2% easier again today at 0.41p. The company announced yesterday that drilling has begun on its initial vertical pilot well in the Bale Creek prospect, located in Oklahoma. Nostra Terra has a 30% working interest in the Bale Creek prospect. Following completion of the seismic interpretation, final selection of drill sites was made, and site work began. Vertical pilot hole will be drilled and logged to determine most promising of all potential productive zones. Drilling of well is expected to be completed in 30-days, depending on logging and possible formation tests. One big point to remember with this company is that they have zero debt, which for a small company in the oil & gas space is a very bullish starting point.

Aurelian Oil & Gas (LON:AUL) has been a fantastic market over the last two or three trading sessions, jumping from 17p to 25p, before settling at 24p as I type. The company announced to the market some time ago that it has effectively put itself up for sale, and with the current hunger for Oil & Gas M&A it was no surprise to see them getting active. All potential bids aside, resistance sits between 26p and 27p, any break and close above could get the chartists among us very excited, as there is a huge gap to fill on the chart up to 43p. We will be watching very closely here.

Leni Gas & Oil (LON:LGO) jumped 12% to 1.35p during trading, and looking back through the update on the 17th of February, the company said that further to the brief delay announced on 7 February, the rig has now been moved from its previous operations at Eugene Island-51 to Eugene Island-184, or EI-184. The current operation, A-2ST01, is to sidetrack the existing A-2 well, in order to intersect with the Tex-X2 sandstones reservoirs. Drilling and evaluation is estimated to take three to four weeks. Possibly the market is aligning itself ahead of the update? Resistance sits at 1.38p to 1.4p, and any break and close above could cause a retest of resistance at 1.85p.

Empyrean Energy (LON:EME) continued its cracking run, jumping another 11% to 8p during trading today. Holders here have enjoyed the recent run up from 5p to its current level. The company have been very vocal over the last few months with updates, and holders have continued to back the story. Resistance at 8p looks to be the major level to watch for here, and any break above could give cause for a potential run up to 10p.

Written by Steven Asfour, Sales Trader at Fox-Davies