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.
North Sea-focused Genesis Petroleum has doubled its estimated recoverable resources to a billion barrels of oil equivalent.
The AIM-quoted company, which has secured a rig to drill on its Block 9/5b prospect, upped its potential resource figure after winning three new offshore Norwegian licences. In the year to June, Kent-based Genesis lost £1.3 million before tax, but the Norwegian tax authorities refunded 78 per cent of the company’s exploration expenditure, resulting in a net profit of £734,000.
Genesis, which had a £755,000 loan note converted to equity and arranged a debt facility to bridge Norwegian tax funding, is now applying for more UK and Norwegian exploration acreage. The shares, which collapsed from 85.5p to 10.25p in 2006, have now reached 43p, valuing the company at £73 million, and could rally further if drilling results please.
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Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Magnolia Petroleum (MAGP) has acquired 800 acres in the Mississippi Lime formation in Oklahoma.
Gold explorer Condor Resources (CNR) has reported encouraging results from drilling at its La India project in Nicaragua.
US-focused Nighthawk Energy is launching a $7.5 million program to invest in its Colorado-based Jolly Ranch project.
Africa-focused Tower Resources (TRP) has raised £5.4 million via a placing with a mixture of institutional investors and directors.
Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.