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WESSEX EXPLORATION PLC (WSX.LN) shares soared 36% after French
energy giant Total SA (TOT) Monday announced an initial takeover
approach that values the company at GBP71.9 million.
Total's preliminary offer of 10 pence a share for Wessex, which
is a minority stakeholder in the potentially lucrative Zaedyus
prospect in French Guiana, represents a 40% premium to its closing
share price Friday. Total holds a 25% interest in the same
well.
Wessex and Northern Petroleum PLC (NOP.LN) each control half of
a 2.5% interest in Zaedyus.
At 1520 GMT, Wessex shares +2.2 pence, or 30%, at 9.55
pence.
Northern shares +14.5 pence, or 19%, at 90 pence.
CAPITAL DRILLING LTD. (CAPD.LN), an emerging markets-focused
drilling services company, Monday reported significant earnings
growth for 2011 as demand for its services rose, leading to
expansion into new countries and an increase in its drilling rig
fleet size at it prepares for continued growth.
Executive Chairman Jamie Boyton said: "The current year has seen
a strengthening in demand for quality drilling services, and this
continues to translate into high rates of rig utilization and solid
earnings visibility for the year ahead."
Shares +3 pence, or 3.5%, at 88 pence.
TRAP OIL GROUP PLC (TRAP.LN), an independent U.K. oil company,
said it has agreed to buy a 15% stake in the Athena oil field from
Dyas U.K. Ltd., a subsidiary of SHV Holdings NV, the largest
privately owned conglomerate in the Netherlands.
Trap expects the GBP34.5 million acquisition of the North Sea
oil field will be "transformational, cash generative and, together
with tax synergies and anticipated hedging," should generate
enhanced returns.
Shares +1.0 pence, or 4.1%, at 25.3 pence.
VALIANT PETROLEUM PLC (VPP.LN), a Norway and U.K.-focused oil
company, said it has signed a deal with Rocksource ASA (RGT.OS) to
take stakes in most of its licenses in the Norwegian continental
shelf for about 104 million Norwegian kroner ($18.12 million).
Valiant said the transaction will add to its existing acreage
position in Norway including licenses in the Norwegian North Sea,
Mid Norway and the Barents Sea.
Shares +2.5 pence, or 0.5%, at 524.5 pence.
CADOGAN PETROLEUM PLC (CAD.LN), a Ukraine-focused oil group,
said it has been advised by Eni SpA (ENI.MI) that, after analysis
of the results for the Pokroskvoe 1 and Pokroskvoe 2a wells, Eni
won't exercise its option to acquire a second 30% of Pokroskvoe
Petroleum BV, the company holding the license.
The Pokrovskoe exploration license covers 49.5 square kilometers
in north Ukraine and is estimated to contain around 51.06 million
barrels of oil equivalent.
Last month, Cadogan ended operations on the Pokrovskoe 2a well
after equipment got stuck in the well when trying to drill to a
deeper section.
Shares -2.4 pence, or 8.7%, at 25.0 pence.
RENEWABLE ENERGY GENERATION LTD. (WIND.LN), a U.K.-focused wind
farm developer, posted a swing to profit in the first half of
fiscal 2012 on increased energy output and expects further earnings
growth as new projects head toward fruition.
"REG has continued to make encouraging progress over the period.
We now have 41 MWs [megawatts] of operational wind projects with a
further 16 MWs under construction which will increase our output of
renewable energy by around 40%," Chief Executive Andrew Whalley
said.
Shares flat at 49.9 pence.
FTSE Small-Cap +0.03%
AIM +0.05%
-By Iain Packham and Alexis Flynn, Dow Jones Newswires; +44 (0)
20 7842 9296; uksmallcaps@dowjones.com