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BUZZ-North Sea oil: choppy trading following UK budget

Reuters - UK Focus

** Wednesday's budget saw govt react with bold tax changes as oil rout adds to existing concerns about Britain's North Sea oilfields

** Supposed beneficiaries -- particularly in the UK small/mid-cap E&P sector - spiked following the announcement but the move proved to be short-lived

** Faroe Petroleum (LSE: FPM.L - news) , Tullow Oil (LSE: TLW.L - news) , EnQuest , Cairn Energy (LSE: CNE.L - news) , Premier Oil (LSE: PMO.L - news) , Parkmead Group moved higher but of these only Faroe & Parkmead managed to hold onto notable gains

** Finance Minister George Osborne announced cuts to supplementary charge on oil producers' profits to pre-2011 budget level of 20 pct vs 30 pct now, backdated to January

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** Osborne says next yr, petroleum revenue tax will be cut to 35 pct vs 50 pct

** Faroe Petroleum & Parkmead Group among sharpest positive moves in UK-listed E&P cos, up 4.4 pct & 9.6 pct respectively

** FTSE 350 Oil & Gas index follows its best day in over a mth on Tues in anticipation of favourable budget, with another 1.1 pct rise (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)