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.
Gas find cheers Faroe
Faroe Petroleum says Norway’s offshore Fogelberg prospect has revealed gas and condensate estimated at between 105 and 530 billion cubic feet.
The Aberdeen-based company owns 15 per cent of Fogelberg, where the operator is Centrica Resources Norge, with 28 per cent. The prospect, 18 km from the large, producing Asgard complex, is the first of a five-well exploration-drilling programme in which AIM-quoted Faroe is participating this year.
In terms of equivalent oil barrels, the company says it estimates the Fogelberg discovery could potentially yield between 19 and 95 million barrels. Chief executive Graham Stewart says ‘we believe we may have now unlocked considerable upside in our licence position’ in the area, known as the Halten Terrace, where Faroe holds six further licences.
Recommended by Growth Company Investor at 82p last May, Faroe shares have now reached 142p, valuing the company at £149 million. Hold on for now.
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