On Tuesday, Harvest Natural Resources Inc. (NYSE:HNR)’s shares skyrocketed 128.92% to $1.01, as on March 30, an independent energy company, declared 2014 fourth quarter and year-end earnings.
Harvest posted a fourth quarter 2014 net loss of $179.7 million, or $4.23 per diluted share, contrast with a net loss of $122.7 million, or $3.02 per diluted share, for the 2013 fourth quarter. For the year ended December 31, 2014, Harvest’s net loss was $193.5 million, or $4.60 per diluted share, contrast with a net loss of $89.1 million, or $2.25 per diluted share, for 2013.
The fourth quarter 2014 results comprise exploration charges of $1.7 million, or $0.04 pre-tax per diluted share, and non-recurring items of (i) loss on the impairment of the Gabon Dussafu Block of $50.3 million, or $1.18 pre-tax per diluted share, (ii) loss on the impairment of equity investment in Petrodelta, S.A. (Petrodelta) of $181.4 million, net to Harvest’s 51 percent interest in Harvest-Vinccler Dutch Holding B.V. (Harvest Holding), or $4.27 pre-tax per diluted share, (iii) loss on allowance for doubtful accounts of long-term receivable and dividend – investment associate of $7.0 million, net to Harvest’s 51 percent interest in Harvest Holding, or $0.17 pre-tax per diluted share, (iv) a gain on warrant derivative of $2.0 million, or $0.05 pre-tax per diluted share and (v) an revenue tax benefit of $59.6 million, or $1.40 per diluted share. Adjusted for exploration charges and these non-recurring items, Harvest’s fourth quarter net loss, unadjusted for any revenue tax effects, would have been $0.9 million, or $ 0.02 per diluted share.
The year-end 2014 results comprise exploration charges of $6.3 million, or $0.15 pre-tax per diluted share, and non-recurring items of (i) loss on the impairment of the Gabon Dussafu Block of $50.3 million, or $1.20 pre-tax per diluted share, (ii) loss on the impairment of the Budong Block of $7.7 million, or $0.18 pre-tax per diluted share, (iii) loss on the impairment of the equity investment in Petrodelta of $181.4 million, net to Harvest’s 51 percent interest in Harvest Holding, or $4.32 pre-tax per diluted share, (iv) loss on the allowance for doubtful accounts of long-term receivable and dividend – investment associate of $7.0 million, net to Harvest’s 51 percent interest in Harvest Holding, or $0.17 pre-tax per diluted share, (v) a gain on warrant derivative of $2.0 million, or $0.05 pre-tax per diluted share, (vi) a loss on early extinguishment of long-term debt of $4.7 million, or $0.11 pre-tax per diluted share and (vii) an revenue tax benefit of $58.3 million, or $1.39 per diluted share. Adjusted for exploration charges and these non-recurring items, Harvest’s net revenue, unadjusted for any tax effects, for 2014 would have been $3.6 million, or $0.09 per diluted share.
The Company is presently experiencing severe liquidity constraints brought about by the failure of the Venezuelan government to approve Harvest’s sale of its Venezuelan asset, the failure to pay dividends and other contractual breaches related to Petrodelta. The Company is attempting to raise funds in both the debt and equity markets to fulfill its immediate operating requirements. Harvest is also consulting with professionals in the area of restructuring and reorganization in the event the Company is not able to obtain sufficient funding to pay its expenses.
Harvest Natural Resources, Inc., an independent energy company, engages in the attainment, exploration, development, production, and disposition of oil and natural gas properties.
58.com Inc. (NYSE:WUBA)’s shares climbed 33.52% to $67.87, during the last trading session on Tuesday, hitting its highest level, after the Financial Times stated that it would merge with competitor privately-held Ganji.com and a deal could be declared very soon.
58.com and Ganji are hoping to reduce marketing costs. Each spend about $250 million a year on marketing, stated FT’s Henny Sender.
58.com Inc. operates online marketplace for local merchants and consumers in the People’s Republic of China. Its online marketplace enables local merchants and consumers to connect, share information, and conduct business.
At the end of Tuesday’s trade, Novogen Limited (NASDAQ:NVGN)’s shares surged 28.60% to $7.24, hitting its highest level, after the Australia-based biotechnology company revealed that studies of its experimental drug, Anisina, showed signs of what could be a breakthrough in melanoma treatment.
Anisina was successful in killing melanoma cells irrespective of their mutational status. This is noteworthy because melanoma is associated with a variety of mutations, counting those with the BRAF gene which occurs in about half of melanoma patients, that do not have targeted therapy options.
The BRAF gene has multiple treatment options while other mutations do not, but the study conducted by The University of Queensland Diamantina Institute suggests that Anisina treats the disease regardless of the type of mutation.
Novogen Limited is engaged in the pharmaceutical research and development business in Australia. The company has primarily two drug technology platforms, which comprise super-benzopyrans (SBPs) and anti-tropomyosins (ATMs). Its SBPs technology platform offers drug candidates, which comprise Cantrixil, an intra-peritoneal product intended for the treatment of abdominal cancers, such as ovarian and pancreatic cancer; Trilexium that is intended for the treatment of neural cancers, counting glioblastoma and neuroblastoma; and Trx-7 for the treatment of prostate cancer.
Finally, Solazyme, Inc. (NASDAQ:SZYM), ended its Tuesday’s trading session with 23.05% gain, and closed at $3.95, after the chemical company declared new planned contracts with Flotek Industries (FTK).
Under the new contract, Solazyme and Flotek will commercialize and market Flocapso, an advanced drilling fluid additive that combines Flotek’s Complex nano-Fluid technology and Solazyme’s Encapso lubricant. Flocapso allows oil companies to use water-based fluids in well which formerly required oil-based products, according to the two companies.
Solazyme and Flotek will continue developing Flocapso chemistries under the new contracts, and will work cooperatively to market the product worldwide.
Solazyme, Inc. manufactures and sells renewable oils and other bioproducts. Its proprietary technology transforms a range of plant-based sugars into triglyceride oils and other bioproducts. The company offers renewable tailored oils, such as oleic oils that provide sustainable solutions within the food, lubricant, functional fluid, and oleo chemical markets; and drop-in replacements and blendstocks for marine, motor vehicle, and jet fuels, in addition to replacements for petrochemicals, oleochemicals, and functional fluids.
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