** Wednesday's budget saw govt react with bold tax changesas oil rout adds to existing concerns about Britain's North Seaoilfields
** Supposed beneficiaries -- particularly in the UKsmall/mid-cap E&P sector - spiked following the announcement butthe move proved to be short-lived
** Faroe Petroleum, Tullow Oil, EnQuest, Cairn Energy, Premier Oil, ParkmeadGroup moved higher but of these only Faroe & Parkmeadmanaged to hold onto notable gains
** Finance Minister George Osborne announced cuts tosupplementary charge on oil producers' profits to pre-2011budget level of 20 pct vs 30 pct now, backdated to January
** Osborne says next yr, petroleum revenue tax will be cutto 35 pct vs 50 pct
** Faroe Petroleum & Parkmead Group amongsharpest positive moves in UK-listed E&P cos, up 4.4 pct & 9.6pct respectively
** FTSE 350 Oil & Gas index follows its bestday in over a mth on Tues in anticipation of favourable budget,with another 1.1 pct rise (RM: tricia.wright1.thomsonreuters.com@reuters.net)