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COMPANY SNAPSHOT: HMV Group, Serica Energy, Providence Resources, ANGLE, Forte Energy, ENK, Plethora Solutions

Last updated: 03:04 15 Mar 2012 EDT, First published: 04:04 15 Mar 2012 EDT

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Entertainment retailer HMV Group (LON:HMV) emerged among the most followed stocks in London this morning along with oil companies including Serica Energy (LON:SQZ), which announced a farm out deal with BP (LON:BP.), and Providence Resources (LON:PVR).

HMV today responded to press speculation regarding its strategic review of the HMV Live business, saying a number of parties have expressed interest in acquiring the business.

“At this stage, there can be no certainty that any transaction will be concluded and a further announcement will be made as and when appropriate,” HMV said in today’s statement.

Meanwhile, Providence Resources and joint venture partner Lansdowne Oil & Gas (LON:LOGP) released an update from the closely followed drilling campaign in the Celtic Sea.

The companies reported that their 48/24-10z Barryroe appraisal well in the North Celtic Sea flowed oil and gas at a rate of 4,000 barrels of oil equivalent per day (boepd).

The rates were ahead of the companies’ pre-drill target of 1,800 boepd.

The well has also confirmed that the basal sands are laterally continuous, highly productive and that the oils are of a very high quality, said Providence.

Sector peer Serica announced that supermajor BP has decided to farm into its Licence 0047 offshore Namibia. The licence comprises Blocks 2512A, 2513A, 2513B and 2612A in the deep water central Luderitz basin.

Under the terms of the deal, which is subject to regulatory approval, BP will cover Serica's past costs and earn a 30 percent interest in the Licence by meeting the full cost of an extensive 3D seismic survey.

This means that Serica’s interest in the project will drop from 85 percent to 55 percent.

In addition, Serica told investors that it has signed a contract with Polarcus Seismic Limited to acquire up to 4,150 square kilometres of 3D seismic across the licence.

“Serica's licence interests in the emerging Atlantic margin basins offshore Ireland, Morocco and Namibia are attracting growing industry interest,” said chairman and interim chief executive of Serica Tony Craven Walker.

“In Namibia we recognise the benefits of having a partner who brings technical and development expertise to the group to complement Serica's early stage exploration capability.”

Staying with oil and gas companies, Mediterranean Oil & Gas (LON:MOG) has appointed William Higgs as its new chief executive effective next Monday. Higgs has over 23 years of global exploration, development and operations experience working with oil major Chevron.

As chief strategist for Chevron, Higgs was responsible for setting strategy with Chevron's executive leaders. He has most recently worked as senior vice president of operations in Saudi Arabia.

Finally, Bluebird Energy (LON:BBE) reported its interim results covering the final six months of 2011. The company called it a mixed period as it has posted a loss due to administrative expenses and project costs at Centurion, which were partially offset by a gain in the value of its stake in Wessex Exploration (LON:WSX).

“The priority is now on consolidating shareholder value through a significant reduction in administrative costs while seeking tomaximisethe potential value of the remaining US assets in an otherwise weak environment for gas exploration properties in the region,” said Bluebird.

“The company will continue to evaluate new oil and gas exploration and development projects. However in parallel the board will also review the potential for returning any excess cash or financial assets directly to shareholders.”

Speaking of Wessex, the company today revealed that a seismic exploration programme has successfully been completed on the PEDL239 licence in southern England.

The seismic programme focussed on the Razorback prospect on the Isle of Wight. It was completed on budget and without any issues, it said.

Wessex said it has excellent data quality and it was a significant improvement over previous surveys.

Away from oil and gas, technology investor ANGLE plc (LON:AGL) has confirmed that its Parsortix cell separation device can capture colon cancer cells.

The ability to capture colon cancer cells creates the possibility of developing an effective, non-invasive screening technique to enable the early diagnosis and monitoring of colo-rectal cancer, the company added.

ANGLE has previously reported that Parsortix can capture cultured breast cancer, prostate cancer and lung cancer cells added to blood.

“The successful capture and identification of cultured colon cancer cells added to blood opens up the possibility that the Parsortix separation device may become a routine screening option for the early detection of colo-rectal cancer, which is simple, effective and affordable,” said chief executive of ANGLE Andrew Newland.

Mining companies Forte Energy (LON:FTE) and ENK (LON:ENK) also had news to report to investors today. Forte reported further results from its A238 uranium project in Mauritania and ENK said it has increased the resource statement for the flagship Acoje nickel mine in the Philippines. 

The Acoje resource estimate – which is compliant with the globally recognised JORC standard – for its Acoje project has been updated to 40.9 million tonnes grading 1.08 percent nickel and 0.05 percent cobalt in the indicated category.

In addition, the project has an inferred resource of 29 million tonnes at 0.96 percent nickel and 0.06 percent cobalt.

This represents over 720,000 tonnes of contained nickel at the Acoje project alone, a 36 percent increase from the November 2008 estimate.

Back to Forte, the group today reported positive assay results from the final seven holes of the recent reverse circulation drilling programme completed at the A238 prospect in Mauritania.

The results confirmed the extension at depth below the existing resources in the southern section of the A238 prospect. A 2,000 metre RC drilling programme has been started to test the down dip extensions to the north of the southern zone over one kilometre.

Further drilling is also planned before the end of May to test the down dip extensions along strike to the north and south.

The company added that compilation of the A238 resource incorporating all of the recent is progressing well and is expected to be completed before the end of the month.

In the biotech sector, Plethora Solutions (LON:PLE) announced the positive outcome of pre-submission meetings with the rapporteur and co-rapporteur for its PSD502 treatment for premature ejaculation.

The company added that following the meetings, it can confirm that it is on track to file the dossier with the EMA in the first half of 2012.

“The pre-submission meeting is the first opportunity regulators have had to review information which will be submitted on PSD502 in the full dossier,” said chief scientific officer Mike Wyllie.

“We are delighted by the response from the two agencies involved in the review and consider this is as a reflection of the quality of our programme.”

In other news, IP commercialisation group Fusion IP (LON:FIP) announced that its portfolio company Diurnal has raised £335,000 for its lead product, Chronocort, to complete the final stage of its Phase I trial.

Based in Cardiff, Diurnal is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol.

The funding will also enable the company to prepare for the Phase II trials, which are due to start during 2012, with an estimated Phase II completion date of mid-2013.

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