Hello and welcome to our daily digest of business, financial and economic news from around Scotland.
1. Serica Energy will explore reviving a decommissioned North Sea field. The oil and gas company has been offered a licence containing the Kyle field, which ceased production in 2020.
Serica believes up to nine million barrels of oil could still be extracted from the field using nearby infrastructure.
• Serica Energy speeds up North Sea plans to offset windfall tax
Mitch Flegg, Serica chief executive, said: “The decision whether to proceed with the re-development of Kyle will depend on the results of our studies and the fiscal and regulatory situation at the end of the initial two-year term of the licence.”
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2. A bioscience company has raised £3 million to help in moving its main product towards regulatory approval and commercialisation.
Penrhos Bio has created technology that protects surfaces against bacteria, fungi and algae. The Glasgow company, formed in 2019, believes Remora can be a sustainable alternative to disinfectants and other antimicrobial cleaners. It was approved this year by Health Canada for use in 3D-printed dental medical devices.
Backers of Penrhos include Scottish Enterprise, Eos, Innova Partnership and Earthbound Brands.
3. The Techscaler network is being expanded into more locations in the Scottish Borders.
The support system for technology companies was recommended by Mark Logan, the Scottish government’s chief entrepreneur. It has been backed with £42 million of Scottish government funding, with hubs in Edinburgh, Glasgow, Stirling, Dundee, Aberdeen and Inverness.
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A partnership with Hometown Hub will give budding entrepreneurs access to services such as mentoring from Jedburgh, Eyemouth, St Boswells, Lauder and Stow.
• Scotland’s technology initiatives need a reboot
Richard Lochhead, the innovation minister, said: “The creation of this network of hubs across the south of Scotland will help break down even more barriers and ensure the entrepreneurs of today and tomorrow get the support they need.”
4. The David Hume Institute has appointed five new trustees to its board. They include Aveek Bhattacharya, a director of the Social Market Foundation; Catriona Matheson, a former special adviser to Nicola Sturgeon; and Ken Ross, chairman of the Glasgow School of Art’s trustee board.
Also joining the independent think tank are David Gow, a journalist, and Samuel Mwaura, a lecturer in entrepreneurship and innovation at the University of Edinburgh Business School.
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• One in five Scots skipping meals to save money
Stepping down as trustees are Will Dowson, agent for Scotland at the Bank of England, and Steven Drost, chief operating officer of Codebase.
5. Frontier IP Group has booked an annual loss of £4.4 million.
The results, for the 12 months to June 30, were largely caused by the value of its investment portfolio reducing. Frontier recorded a £10.9 million profit in the prior year as a result of growth in the value of the portfolio and some share sales.
The company also confirmed that Andrew Richmond, the chairman, is leaving in December after 11 years on the board. He will be replaced by Dame Julia King, the senior independent director.
