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.
Regal slashes loss
Regal Petroleum is ‘refining’ its strategy in Ukraine after cutting annual losses 86 per cent to $6.8 million (£4.5 million).
The AIM-listed exploration and production concern, whose other interests lie in Romania and Egypt, increased revenues 74 per cent to $19.9 million last year. Steered by chief executive officer and Shell veteran David Greer, London-based Regal, which ended 2009 with $119 million cash and ‘no debt’, lifted gas sales 64 per cent by volume in 2009 and achieved a 31 per cent average gas price increase.
Having found ‘challenging’ conditions at depth in Ukraine, particularly in its SV field, the company, formerly headed by the formidable if controversial Frank Timis, says it has now ‘re-evaluated and refined’ its objectives for SV and its other field, MEX-GOL. The goal now is to increase production from the upper ‘B sands’ reservoirs, while continuing to evaluate ‘the most effective method of appraising the potential upside of the deeper T and D sands in the future’.
Regal shares, which have fluctuated between 120.75p and 47.5p over the past year, now trade at 51.75p, down 2p this morning. That values the company at £165 million.
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