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.
Nighthawk expands
US-focused Nighthawk Energy has increased assets 60 per cent to $75.2 million (£47 million) and cut its annual losses.
The Bristol-based company, steered by managing director David Bramhill, increased revenues 260 per cent to $498,000 in the year to June and reduced its losses 32 per cent to $1.7 million. AIM-quoted Nighthawk whose key projects are Jolly Ranch in Colorado and Revere on the border of Kansas and Missouri, cites a Gross P 50 (‘most likely’) estimate by Schlumberger Data & Consulting of 1.5 billion barrels of oil in 246,000 of the 370,000 acres at Jolly Ranch and a similar estimate from Oilfield Production Consultants of 210.5 million barrels on two sections of Revere.
Bramhill argues the next 12 months have ‘the potential to be transformational’ for the company, which strengthen its finances in July by raising £22 million at 35p. Floated in 2007 at 25p, Nighthawk shares ran all the way up to 87.75p before crumbling to a 22p low.
Now 34.75p, valuing the company at £114.5 million, they could rally further if Bramhill’s hopes are fulfilled.
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