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.
Indonesian progress for Oilex
Australian explorer Oilex says oiI is flowing at an encouraging rate at its West Kampar project's Pendalan-3 well in Indonesia.
Bruce McCarthy, managing director of the AIM-quoted concern, says preliminary tests indicate a maximum potential flow of 1,285 barrels a day from this well and suggest daily production of 700 to 900 barrels a day will be possible. Further tests will follow soon.
Based in Perth, Western Australia, Oilex, which has raised hefty sums to explore in the Indian state of Gujarat as well as Indonesia, holds 45 per cent of the West Kampar project, with local partner and operator Sumatera Persada Energi holding the rest. Oilex shares, which surged from 26.5p to 83p last year, now stand at 75p, up 1p this morning, which values the company at £98 million.
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