Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
New licence for Faroe
Norway has awarded Faroe Petroleum a 900 sq km licence in the Barents Sea in blocks where ‘considerable prospectivity has been identified’.
In its 20th licensing round, the Norwegian Ministry of Petroleum and Energy has awarded Faroe its first licence in the southern part of the Norwegian Barents Sea, within Blocks 7224/7, 8 and 11. The licence contains a large structural feature called the Samson Dome, which showed hydrocarbons when drilled in 1988 and is next to three wells operated by Norwegian energy group Statoil.
Faroe has 20 per cent of the licence and German group Wintershall also has 20 per cent. Chief executive Graham Stewart argues that the award demonstrates ‘clearly our high level of technical competence and a continuing close relationship with the major oil companies’.
Floated at 103.5p six years ago, Faroe shares reached 209.5p a year ago before falling to 47.75p last year. Now 82p, valuing the company at £86 million, they offer speculative potential.
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