Tullow Oil Plc (LON:TLW) and Cairn Energy Plc (LON:CNE) continued to dominate the top two positions in a ranking of the UK’s top 25 independent oil and gas companies, measured on market capitalisation, during the first six months of 2010. The period saw SOCO International (LON:SIA) break into the top five companies for the first time after its market value increased by 31% on the back of positive operational news flow across its Asian and African portfolio. Among those sliding out of the top 25 were Regal Petroleum (LON:RPT), Nighthawk Energy Plc (LON:HAWK), Fortune Oil (LON:FTO) and Hardy Oil & Gas (LON:HDY) .

According to analysis by business advisory firm Deloitte, the market capitalisation of the majority of companies increased over the six month period by 4.6%, creating a combined valuation of £26482 million. This came as companies began looking to fast track their development projects and evaluate reserves with a backdrop of a relatively high and stable oil price. The biggest climber, to tenth place, was Rockhopper Exploration (LON:RKH), the Falkland Islands focused exploration group which discovered oil in its Sea Lion prospect in late May. Since then, shares in the company have soared from 37p to around 319p, with the announcement of a dry well at the Ernest prospect last week having little impact on bullish investors. Elsewhere, Chariot Oil & Gas (LON:CHAR) moved into 23rd place from 41st, reflecting progress in the development of its portfolio in Namibia under the stewardship of a new CEO. EO. and Aurelian Oil & Gas Plc (LON:AUL) both moved into the top 25 from 34th and 29th place.

Ian Sperling-Tyler, associate partner of energy transaction services at Deloitte, said: “Companies are again looking to fast track their developments and evaluate their reserves with a backdrop of a relatively high and stable oil price. Last year was a time when many companies were repairing their balance sheets, shoring up cash reserves through equity issues and the extension of credit facilities; however capital expenditure was normally limited to key assets or critical activities. With the worst of the credit crunch now behind them, companies are again looking to fast track their developments and prove up reserves with a backdrop of a…

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