SUMM.L Share News (SUMM)

Shares in Global Petroleum and Tower Resources slumped after the companies reported that the Avivi-1 well in Uganda had reached its total depth without showing any oil.Avivi-1 is owned by Tower, while Global has an option to earn a 25% interest in the licence, by funding 25% of the costs.'Electric logging operations are underway and a full statement will be released once these have been completed,' the companies said.Norseman Gold, which mines for the precious metal in Australia, saw profits fall in the six months to December 31 as production missed targets.Pre-tax profits for the period totalled A$680,000, a 24% fall from A$897,000 over the same period the previous year, as revenue fell to $37.95m from A$42.83m.Lower than expected production for the period means the company now expects to produce 75,000 to 80,000 tonnes for the full year, compared with a previous estimate of 80,000 to 85,000 tonnes.Greek leisure resort developer and renewable energy company Minoan Group said it is in 'substantive discussions regarding potential transactions in the tourism and leisure sector' thatm if consummated, would provide strong cash flows and profit growth.The company, which currently has zero revenues, saw losses more than halve to £0.92m in the year to 30 September 2009 from £2.49m in the 18 months to 30 September 2008.Drug discovery company Summit said that after its £5.4m fund raising in December it had a positive cash position of £6m at the end of January. The company said it is 'funded well beyond the point where it anticipates receiving significant milestone payments from our partners' and that the cash surplus would allow it to accelerate the development of Summit's innovative iminosugar technology platform.