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Allied Healthcare Group (ASX:AHZ) shares jumped over 12% today as the market continued to recognise the prospects for its CardioCel product for the treatment of congenital heart disease and value within the group.

The shares have gained almost 18% in the last five trading sessions and has gone up to $0.045 today compared with $0.02 in early January this year.

The company currently has revenue from Allied Medical, which sells medical equipment in Australasia and revenue is growing.

At the time of its latest quarterly, it generated over $5.4M in revenue to date this financial year, up 8% for the year to date and indicating continued strong growth in revenue.

During the quarter Allied also filed its 510(K) marketing approval submission with the U.S Food and Drug Administration for CardioCel heart patch.

CardioCel continues to be used in patients to treat and repair congenital heart defects via the Authorised Prescriber Scheme in Australia.

Also, surgeons based in Melbourne and Brisbane have now been approved to use CardioCel in patients. This was supported by additional data from the Phase II extension study which showed patients progressing well 4 years after receiving CardioCel, with these patients showing no signs of calcification, a unique feature of the CardioCel product.

Allied is expecting additional early access approvals at key centres in Australia and full regulatory approval of CardioCel in at least one jurisdiction this year.

Over the last quarter Allied also announced positive results from its regenerative tissue franchise in the areas of hernia repair, pelvic floor repair and stem cell seeding.

These results complement the existing work with CardioCel and show the potential for Allied to build a strong pipeline of products in the regenerative tissue area.

Allied Healthcare has 3 separate companies and businesses; Coridon, Allied Medical and Celxcel.

Coridon is a company focused on developing next generation DNA vaccines and was founded by Professor Ian Frazer, Australian of the Year 2006. Prof Frazer is well recognised for his groundbreaking research that led to Merck & Co.'s highly successful cervical cancer vaccine, Gardasil®.

Andrew Forrest, of Fortescue Minerals is one of the top 20 shareholders of Allied Healthcare Group.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

IPB Petroleum (ASX: IPB) has been awarded a third Browse Basin petroleum exploration permit that is believed to host an extension of an oil play identified in one of its existing permits.

WA-485-P (IPB 100%) lies immediately north of WA-424-P (IPB 75%) and immediately east of WA-417-P (IPB 100%), bringing its total position up to 14,000 square kilometres.

Analysis and interpretation of existing available 2D seismic data has led the company to conclude the WA-485-P contains a substantial continuation of the M.australis horizon oil play identified in WA-424-P.

This is estimated to host 322 million barrels of mean prospective recoverable oil resource in WA-424-P alone and will be tested by the upcoming Pryderi-1 exploration well that is expected to spud in mid-July.

A success at Pryderi will add to the prospectivity and value of WA-485-P as well as WA-471-P.

"The granting of WA-485-P is an important next milestone in the continuing development of IPB Petroleum," managing director Brendan Brown said.

"Our company is excited about the oil potential of the near shore margin of the Browse Basin and we're on track to begin drilling the planned Pryderi-1 well in the 3rd quarter in our neighbouring WA-424-P permit."

The company has commenced a more detailed resource estimation for WA-485-P and expects that it will be able to provide this information to the market on or before mid-June 2013.

WA-485-P

IPB noted that water depths in WA-485-P are relatively shallow at about 100 metres.

This together with the shallow interpreted reservoir depths of about 700 metres has allowed the company to bid two exploration wells as part of the permit work program for the equivalent cost of less than one exploration well in deeper parts of the Browse Basin.

Besides the two wells in third year of the first primary three year term, the company has also committed to carrying out:

- Year One: $250,000 worth of geophysical and geological studies;
- Year Two: 610 square kilometres of 3D seismic worth $7.5 million and another $250,000 of studies; and
- A further $250,000 worth of geophysical and geological studies after drilling the wells, which are estimated to cost about $24 million.

IPB has also penned in a $19.75 million work program for the second three year term though this can be entered into at the company's option at the end of the first term.

Pryderi

The well in WA-424-P is expected to spud by mid-July, targeting a high-amplitude seismic response similar to that seen at the non-commercial Gwydion-1 oil discovery that was made by BHP Billiton (ASX: BHP) in 1995.

ISIS Petroleum Consultants estimates that there is a 75% chance of a hydrocarbon discovery at the Pryderi prospect.

Quantitative seismic interpretation work on the 3D seismic concluded that in the event of a discovery, there is a 60% probability that the hydrocarbon phase would be oil, giving an overall 45% chance of an oil discovery with a mean recoverable prospective resource of 40 million barrels.

Notably for IPB, the well is fully funded by farm-in partner CalEnergy, a fully-owned subsidiary of Berkshire Hathaway's MidAmerican Energy Holdings Company.

IPB's permits are located in one of the most prospective oil and gas basins in Australia. The last two years have seen in excess of A$40 billion of gas condensate development projects reaching final investment decision approval in the Browse Basin.

Notable fields located nearby are the Prelude gas field (2 trillion to 3 trillion cubic feet), where Shell (LON:RDSA) is developing the world's first floating liquefied natural gas project, and Inpex Corporation's giant Ichthys gas field (12.8Tcf) that will feed its 8.4 million tonne per annum LNG facility in Darwin.

The permits are also close to the undeveloped Cornea oil field.

Analysis

With the expected spud date for the Pryderi WA-424-P well in July, interest will return to IPB given the farm-in partner CalEnergy's pedigree as well as the risked probability of finding oil.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Mindax (ASX:MDX) has started the second phase drilling at its flagship Mt Forrest Iron project in Western Australia, in a move to increase both the mining output and project life by increasing the iron inventory.

Mindax's Mt Forrest project is going through feasibility with a view to mining at the end of 2014.

The second phase of the field program envisions 4,000 metres of drilling and drilling contractors Westdrill has mobilised to site.

The current work will involve definition of the three detrital areas identified in phase one drilling earlier this January; testing for the presence of more detrital iron mineralisation from surface gravity survey done this March; and a small drill program targeting the regolith iron mineralisation.

The work is part of the company's effort to optimise the previously completed direct shipping ore regolith scoping study.

With the new program underway, Mindax is looking to increase both the project life and output by increasing the resource base.

Mindax's managing director and chief executive officer, Steve Ward said,"Mt Forrest is our flagship project and has considerable potential. We are pleased to be able to begin our second phase of drilling for 2013. This is a key component of our work program as we drive the project forward".

The drilling is expected to be completed in four weeks.

Previous drilling

Mindax had completed the first phase of scout reverse circulation drilling in January 2013, which identified three new detrital iron areas that host a continuous bed of iron mineralisation.

The drilling was part of up to 6,000 metres of drilling envisaged to explore for detrital iron as part of the Proof of Concept for the optimised DSO Scoping Study.

The detrital material is located off the ridges and is present as large flat bodies and has the potential to quickly add to the projects iron resources.

The first phase drilling comprised 124 holes for a total of 1,771 metres with the scout drilling intersecting up to 4 smaller areas indicating beds, up to 36 metres thick of iron mineralisation either outcropping at surface or buried below alluvial ferruginous gravel and clays.

The iron rich detrital material intersected in the drilling returned encouraging and similar grades as reported in the regolith mineral resource and dead assays up 57.4% Fe were returned from the coarse fraction.

A surface gravity geophysical survey done this March also helped identify further exploration targets including extensions of present mineralisation.

Analysis

With the second phase of drilling already underway, Mindax is on the path to potentially expand its resource base as well as extend the mine life at the Mt Forrest project, which currently has a resource of 1.7 billion tonnes at 31.8% iron.

The drilling also bolsters its proposed partnership with Hong Kong-based Perpetual Mining that could see the latter acquiring up to a 51% interest in the project's direct shipping ore rights and up to 49% in the project's magnetite rights in return for spending up to $52 million to speed up the development of the Mindax's flagship project.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.