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Morning news wrap: BP, Investec, Cairn Energy, SABMiller, National Grid

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In the FTSE 100, oil and gas supermajor BP (LSE: BP) provided an update on its efforts to contain the oil spill in the Gulf of Mexico, saying that the volume of oil and gas being collected by the riser insertion tube tool (RITT) containment system at the end of the leaking riser is estimated to be about 3,000 barrels a day of oil and some 14 million standard cubic feet a day of gas.

Specialist banking group Investec (LSE: INVP) said tier 1 ratios rose for Investec plc and Investec Limited in the year to 31 March 2010 to 11.3% and 12.1%, respectively, while cash and near cash balances rose 87.4% to £9.1 billion and customer deposits increased by 50.5% to £21.9 billion.

Oil and gas producer Cairn Energy (LSE: CNE) said that the pipeline from the MPT in Rajasthan to Salaya in Gujarat was now complete and hydrocarbons had been introduced into the pipeline in Q2 2010 to facilitate the ramp up of production to 125,000 bopd (barrels of oil per day) in H2 2010.

SABMiller (LSE: SAB) said revenues for the year to 31 March 2010 rose 4% and EBITDA increased by 6%.

National Grid (LSE: NG) said that outlook for the 2010/11 financial year was positive with current trading in line with expectations after earnings per share jumped 14% in the year to 31 March 2010.

In AIM, machine to machine (M2M) communications specialist Telit Communications (AIM: TCM) has agreed to allot 1,703,578 new shares of 1 pence each, to Sherman Capital Group LLC Defined Benefit Pension Plan as full settlement of a debt in the amount of €500,000 owed by the Company to Polar Investments.

SeaEnergy PLC (AIM: SEA) has confirmed developments concerning SeaEnergy Renewables Limited's interest in the Inch Cape Offshore Wind Farm.

US focused oil and gas junior Caza Oil & Gas (AIM: CAZA) has executed an exploration agreement with Devon Energy Production Company, L.P., naming Devon as operator, to jointly test and develop Caza's Windham Wolfberry prospect in Crane and Upton Counties, Texas, covering approximately 1,318 net acres.  The Agreement provides terms whereby Devon can earn 75% of Caza's 100% participation interest in the initial well.

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