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LSE News Wrap: BP, Tullow Oil, 888 Holdings, Xstrata, Green Dragon Gas

4th Sep 2010, 5:03 pm LSE News Wrap: BP, Tullow Oil, 888 Holdings, Xstrata, Green Dragon Gas

Xstrata Zinc, a division of Xstrata Plc (LON:XTA), has ended discussions with Canada`s Noranda Income Fund (TSX:NIF.UN) about a possible acquisition of the fund. The two companies had entered into a non-binding letter of intent about the potential acquisition of the fund by Xstrata, initially at a cash price of C$3.40 per unit.

Oil and gas major Tullow Oil (LON:TLW, PINK:TUWOY) has entered into an agreement to acquire a 50% operating interest in six licences held by oil and gas minnow Africa Oil (TSX-V:AOI).

Embattled oil and gas supermajor BP (LON:BP) said the Gulf of Mexico clean-up costs increased US$2 billion over the past month, now rising to a total US$8 billion.

China’s thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company’s interim results, Green Dragon told investors that it remains on-track to meet its ‘aggressive targets’ in 2010, after it increased gross profit by 44% in the first six months. The Chinese CBM (Coal Bed Methane) gas producer increased revenues by 15% to US$21.5m.

BP (LON:BP) has agreed a US$363m deal to sell its interests in two Malaysian petrochemical businesses to Malaysia’s state-owned oil company PETRONAS.

The internet gambling firm 888 Holdings (LSE: 888) has cancelled the dividend

after 44 per cent dive in first-half earnings. The company said it wanted to preserve cash for acquisitions, but it also admitted that the World Cup and the weak economy hit its online poker operations.

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