logo-loader

Proactive news summary, including Providence Resources, San Leon Energy, Gulf Keystone Petroleum and Ferrex

Last updated: 16:07 25 Feb 2015 GMT, First published: 17:07 25 Feb 2015 GMT

news350_54ee480523300

A busy day on the news front but here are some standouts.

San Leon Energy (LON:SLE) shares surged as it revealed what it called “highly positive” results from the Rawicz project, which is now expected to be its first commercial discovery.

Rawicz-12, an appraisal well in south-western Poland, flowed gas at an increasing rate which by February 16 had reached up to 4.1mln cubic feet per day.

Oisin Fanning, executive chairman, says this is the significant gas discovery the company has been waiting for.

“This well is transformational for the company, a step towards energy independence for Poland, and the first of what we anticipate will be a series of such wells for San Leon in the Rawicz field and elsewhere,” he said.

Another strong riser was Gulf Keystone Petroleum (LON:GKP), which told investors that it has engaged in discussions with a number of parties which could result in the sale of the company or an asset sale.

The Kurdistan-based oil company said the talks are preliminary in nature, and as is customary cautioned that there was no certainty that an offer will be received.

In mining, Mariana Resources’ (LON:MARL) Turkish partner Lidya Madencilik is to launch a substantial drilling campaign at the Hot Maden project after the high grades found in the most recent holes, it emerged.

Mariana added that Lidya had also now taken a 20% stake in the project after the payment of US$150,000 cash.

Lidya can take its stake to 70% if it spends US$1.8 mln on further exploration and pays Mariana a further US$350,000.

Providence Resources (LON:PVR) chief executive Tony O’Reilly is encouraged by the level of support from investors in an oversubscribed equity funding.

The Irish oil company today confirmed it is to raise US$31mln by selling new shares to investors including 25 institutions and existing shareholders.

New shares will be issued at 25p which is a relatively small discount to Tuesday’s closing price of 27.5p - but it is a long way from the 480p price of Providence’s last equity funding back in 2012.

It comes as the company awaits the completion of a confidential deal to bring in a partner to take forward the Barryroe oil field development, off the Cork coast, in the Celtic Sea.

O’Reilly acknowledges that the market has been uneasy due to the prolonged wait for a Barryroe deal, and that has weighed on the share price.

Gold explorer Tigris Resources said drilling results at the Gömeç project in western Turkey indicates resource potential in all directions.

The company has completed 2,228 metres of exploratory reverse circulation drilling at the joint-venture property in the Balikesir province.

Significant intersections at the one gram per tonne gold (g/t) cut-off level included 76 metres at hole GRC-014; 56 metres at GRC-013; 40 metres at GRC-015; plus 12 metres at both GRC-012 and GRC-001.

Also in news today, cancer drug discovery firm Sareum Holdings (LON:SAR) says it's looking ahead with "cautious optimism" as it revealed positive progress in its three lead programmes.

Notably, CHK1 in particular is reaching a crucial phase of development as it nears the first in-human trials, it said in results for the six months to end December.

CHK1 is a key element of  the biochemical network that controls repairing DNA damage, including that caused by chemotherapy.

Studies have shown that dosing with the CHK1 inhibitor can enhance the activity of a relevant chemotherapy in in vivo models of lung, pancreatic and colon cancers.

Ferrex (LON:FRX) has raised £768,250 net  of expenses through a placing of shares at 0.5p a pop.

The funds will be used as working capital while Ferrex works on a full financing package for its 250,000 tonnes per annum Nayega manganese project in Togo.

The company is in discussions with a number of parties over the financing of the project, and intends to enter into a memorandum of understanding (MOU) in the near future with one or more preferred parties to finalise these discussions.

Cordiant Digital Infrastructure marks three years of strategic growth and...

Cordiant Digital Infrastructure Ltd (LSE:CORD) Chairman of Digital Infrastructure Steven Marshall and Chief Financial Officer Mark Tiner joined Steve Darling from Proactive to provide some insight on the company’s three-year anniversary since listing on the London Stock Market. The company...

54 minutes ago