Resources round-up: Valiant, Horizonte, Enegi Oil...

This round-up also covers TomCo Energy and Jubilee.

Valiant Petroleum, an AIM-listed company which operates in the North Sea, has begun drilling on the Tryfan prospect, which has gross prospective resources estimated internally by Valiant of 24m barrels of oil equivalent (mmboe), of which eight million are net to Valiant. Drilling on the well, which is operated by Apache North Sea, is expected to take around 25 days to complete.

Horizonte, the exploration and development company focused on Brazil, has raised £5.2m before expenses after placing just under 71.99m shares at 7.25p each. Following the placing, Horizonte will have net cash of around £9.0m, which is sufficient to advance the 100% Araguaia Nickel project through to the end of the Pre-Feasibility Stage over the next 12 to 14 months. Horizonte major shareholder, Teck Resources, has subscribed for 27.3m of the shares, taking its total holding to 41.8% of the share capital, which would ordinarily trigger a mandatory offer by Teck, only this requirement has been waived by Horizonte.

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