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Valiant Petroleum, an exploration and production energy company focused on the UK and Norwegian continental shelves, said Friday that a drilling rig has arrived on location to complete drilling of the Timon prospect, in which Valiant has a 10 per cent interest. The 211/11b-7 well was originally spudded in May 2012 before being suspended due to operational problems with the previous drilling rig. The well is anticipated to take around 40 days to complete. The gross best estimate prospective resources, as estimated by Valiant, is 30m barrels of oil equivalent, of which 3.0m is net to Valiant. Other companies which have a stake in the licence are North Sea (operator 15%), Agora Oil & Gas (a wholly owned subsidiary of Cairn Energy) (25%), Taqa Bratani (18%), Wintershall E&P (17%), and Sorgenia E&P (UK) (15%).

Silver-focused development company Black Mountain Resources has unveiled the initial results from its 13 hole maiden drill programme at its New Departure Silver Project in Montana. The company stated that initial drill results, which returned grades up to 365 grams per tonne of silver, confirmed down-dip extension of historic workings and indicated a potential projected strike length of 670m. Further drill testing of the extension is scheduled for the second quarter of 2013, the group stated, adding that it had potential to significantly extend the current mine plan Peter Landau, Executive Chairman of Black Mountain, said: "Our projects are located in an area of prolific silver mineralisation and these initial high grade silver intercepts of up to 365 grams per tonne of silver underpin our belief that we can add significant value to the project through production and exploration outside of the historically worked areas." He added: "When put into context historically, it is clear why the intercepts are very valuable. The historic New Departure mine was not previously drilled with all the workings following visible veins. For the first time the programme has confirmed the 'down dip' extension possibilities for the mine and with the extension now located, further drilling can be accurately undertaken with a view to significantly extend the current mine plan."

"The group's strong balance sheet and strength in depth of specialists gives us a significant advantage over many of our competitors. "We continue to make progress in the pursuit of an appropriate acquisition and hope to make a further announcement in due course. In summary, we have a strong auction book for 2013 and are well placed to continue to build upon the foundations laid in the last decade."

The retail division raked in £1.2m, down from £2.7m the year before. "However, the reduced retail activity meant that the retail specialists were able to spend considerable time and effort during the year, cataloguing the auction consignments, which benefited the auction division," said Managing Director Ian Goldbart. Last year the group launched Baldwin's website and also updated the Apex Philtalic website. Administrative expenses for the year were up 17% at £3.2m, partially due to increased expenditure on auction catalogue production, travel, promotion and advertising. "It is pleasing to be able to report another year of growth in both profits and total dividend," Goldbart said.

Noble Investments posted its annual results Friday, revealing a 23 per cent rise in pre-tax profits. The UK-based company, which auctions collectables including coins and stamps, reported £3.7m profits to the year ended August,up from £3.0m the previous year. Basic earnings per share were up 24% to 18.89p, compared to 15.27p in 2011. The group's cash position rose over 50% to £2.25m as result of positive operating cash flow and auction proceeds. However, revenues were down 2.3% to £12.35m from £12.65 for the period, due in part to a quieter year in trading.

Last month the firm was said to be in talks to be bought by two separate companies including one led by its Chief Executive Officer Ken MacRae. MacRae was making an offer through his management buyout company 2492 Ltd., while another bid came from Abu Dhabi Capital Management, Bloomberg reported. Northacre moved into the red in 2008 after the British housing market plummeted during the financial crisis. The builder plans to construct less expensive homes by renovating office buildings to increase returns on developments.

Northacre, developer of The Lancasters luxury apartments opposite London's Hyde Park, on Friday dismissed reports it was approached by Spadille to acquire the company. The group said it remains independent and that it did not receive an offer from Spadille. Reports claimed last week Spadille was making a cash offer, with a loan note alternative, for outstanding Northacre shares after it upped its stake to 48.6% of the company's issued share capital. "The independent directors confirm that as of January 25th 2012 no offer has formally been made for the company and it remains independent," Northacre said in a statement.

United Utilities: HSBC moves target price from 720p to 770p keeping a neutral rating.

United Drug: Investec initiates with a target price of 240p and a sell recommendation.

TUI Travel: Citigroup takes target price from 175p to 300p, while leaving its neutral rating unaltered.

Synthomer: Morgan Stanley revises target price from 245p to 270p, while its overweight rating is reiterated.

National Grid: Goldman Sachs shifts target price from 605p zo 609p and still recommends to sell.

Ladbrokes: Morgan Stanley shifts target price from 160p to 170p retaining an underweight rating.

Johnson Matthey: Morgan Stanley increases target price from 2070p to 2298p keeping an underweight rating.

Enterprise Inns: Panmure Gordon raises target price from 87p to 123p and reiterates a buy recommendation.

Dragon Oil: Citigroup reduces target price from 880p to 818p and maintains a buy recommendation.

Dignity: N+1 Singer ups target price from 1096p to 1287p still recommending to buy.

Croda International: Morgan Stanley moves target price from 2430p to 2700p and reiterates an overweight rating.

Chemring Group: UBS takes target price from 360p to 380p and retains a buy recommendation. JP Morgan ups target price from 255p to 300p staying with its overweight rating. Espirito Santo increases target price from 320p to 360p, while its buy recommendation is maintained.

Carphone Warehouse Group: Citigroup raises target price from 225p to 260p still recommending to buy.