(MENAFN- ProactiveInvestors - UK) Crude prices hit London's top flight on Wednesday but small oil companies were slicker and Stagecoach Group PLC (LON:SGC) had tongues wagging.
The price of a barrel of Brent crude dropped about 1.5% to US$43.38 after Kuwaiti oil workers ended a three-day strike.
The end of the industrial action scuppered hopes that it could keep a lid on Middle Eastern oil output and shore up prices.
Oil heavyweights dragged the FTSE 100 down 14.23 points to 6391 with BP PLC (LON:BP.) falling 3p to 359.95p and Cairn Energy PLC (LON:CNE) flat at 202.1p.
The smaller company indices were also off form with the AIM 100 dropping 10.15 points and the AIM All-Share down 0.68 points.
But two energy stocks were top performers with Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP) up a fifth to 4.5p and LGO Energy PLC (LON:LGO) rising nearly a tenth to 0.3p.
COPL confirmed definitive agreements with UK investors for an 800000 fund-raise with the shares being sold for 3.5p each.
"This financing is the first step in re-launching Canadian Overseas Petroleum to the London market and utilising our listing on the London Stock Exchange" said chief executive Arthur Millholland.
LGO is another company enjoying something of a rebirth having considered last year putting itself up for sale. It plans to open up new production zones in a well at the Goudron oil field in Trinidad.
The company has now received approval from the Trinidad authorities for its plan to perforate a zone spanning 208 feet in the previously drilled GY-671 well.
Roxi Petroleum PLC (LON:RXP) was looking foxy up almost 20% at 10.6p although for no apparent reason.
The Central Asian oil and gas company which has had problems with deep wells in Kazakhstan last updated the market on April 11 when it said a shallow well was producing at a rate of 623 barrels a day.
Back among bigger stocks Stagecoach (LON:SGC) shares were flat at 266.3p following modest gains on Tuesday as takeover rumours did the rounds.
The unconfirmed word in the City was that chairman Brian Souter's advisers had approached private equity firms about getting together to take the bus and train company private.
Souter had sounded out shareholders who had indicated he might turn their heads with a bid of 400p or more according to market gossip.
The group's shares have fallen from 417p in June last year on downbeat trading news.
It said last month that revenue in its UK regional bus and UK rail businesses had not increased as much in the second half as it had in the first six months.
A Stagecoach spokesman declined to comment on the speculation.*
Returning to small-cap world Oxford Biomedica PLC (LON:OXB) was another 3.1% ahead at 6.55p following healthy gains on Tuesday despite an absence of news from the university spin-out.
The news from the recruitment sector has been decidedly mixed this year but staffing firm Servoca PLC (LON:SVCA) provided some cheer in a very terse stock market announcement.
'As announced following the recent AGM trading performance has shown excellent progress and results for the first six months will be significantly ahead of the corresponding period last year' it said sending shares about 15.6% higher to 26p.
Investment firm Onzima Ventures PLC (LON:ONZ) has had a tremendous 2016 with the shares up more than 50% largely if not entirely on the strength of the activities of its portfolio company N4 Pharmaceuticals in which it has a 49% stake.
The shares rose another 17% to 0.85p as N4 filed a range of 45 patents to allow it to reformulate sildenafil better known by the brand name Viagra to improve its pharmacological profile.
But ECR Minerals PLC (LON:ECR) backtracked 20% to 0.02p as it revealed consultant Snowden had completed its competent person's report on the recently acquired Avoca and Bailieston gold projects in Australia.
ECR will continue to develop a careful exploration strategy for the properties while prioritising short term cash flow from the proposed reprocessing of historical mine dumps at Avoca to produce gold with saleable gravel and sand as by-product.
Sector peer Great Western Mining Corporation PLC (LON:GWMO) fell 8.25% to 0.44p as it posted losses of 340707 for 2015 versus a restated loss a year ago of 368712.
The pre-revenue company which has valid drill permits for its two most advanced copper-gold targets in Nevada said 2015 had been a year of 'solid progress'.
*Remember Proactive is reporting the hot market topics being discussed by traders and bankers - it is not market fact. Neither is it an invitation to trade on the information.
LONDON OPEN
Having closed above the 6400 level last night the FTSE 100 slipped back to more familiar environs this morning despite the continued strength of miners.
The top-share index was down 18 points (0.3%) at 6388 and it was left to the junior market to provide most of the cheer in early trading with the FTSE Aim 100 index up a couple of points (0.1%) to 3461 and the FTSE Aim All-Share up half a point (0.1%) at 735.
Two energy stocks were the top performers with Canadian Overseas Petroleum Limited (LON:COPL CVE:XOP) up by a third to 5p and LGO Energy PLC (LON:LGO) up one sixth to 0.32p.
COPL confirmed it has signed definitive agreements with UK investors for an 800000 fund raising with the shares being sold for 3.5p each.
'This financing is the first step in relaunching Canadian Overseas Petroleum to the London market and utilising our listing on the London Stock Exchange' said Arthur Millholland COPL's chief executive.
LGO is another company enjoying something of a rebirth having considered last year putting itself up for sale. It is planning to open up new production zones in a well at the Goudron oil field onshore Trinidad.
The company said it has now received approval from the Trinidad authorities for its plan to perforate a zone spanning 208 feet within the Upper C-Sands in the previously drilled GY-671 well.
The news from the recruitment sector has been decidedly mixed this year but staffing solutions firm Servoca PLC (LON:SVCA) provided some cheer in a very terse stock market announcement.
'As announced following the recent AGM trading performance has shown excellent progress and results for the first six months will be significantly ahead of the corresponding period last year' the company said sending shares more than 15% higher to 25.95p.
Investment firm Onzima Ventures PLC (LON:ONZ) has had a tremendous 2016 with the shares up more than 50% largely if not entirely on the strength of the activities of its portfolio company N4 Pharmaceuticals in which it has a 49% stake.
The shares rose a further 11% to 0.803p as N4 said it had filed a range of 45 patents to allow it to reformulate sildenafil better known by the brand name Viagra to greatly improve the pharmacological profile of the drug.
On the down side ECR Minerals PLC (LON:ECR) backtracked 15% to 0.02p as it revealed consultant Snowden had completed its competent person's report on the recently acquired Avoca and Bailieston gold projects in Australia.
ECR will continue to develop a careful exploration strategy for the properties while prioritising short term cash flow from the proposed reprocessing of historical mine dumps at Avoca to produce gold with saleable gravel and sand as by-product.
Sector peer Great Western Mining Corporation PLC (LON:GWMO) fell 8% to 0.447p as it revealed a loss of 340707 for 2015 versus a restated loss the year before of 368712.
The pre-revenue company said 2015 had been a year of 'solid progress' for the company which has valid drill permits for its two most advanced copper-gold targets in Nevada.
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