UK SMALLCAP ROUNDUP: Regal Petroleum Gets Ukraine Injunction

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps REGAL PETROLEUM PLC (RPT.LN), an oil and gas explorer, Friday got approval to continue drilling and production in the Ukraine after an order halting its operations there was suspended. The firm last week announced it was in talks with the Ukrainian government after it received an order signed by the Minister of Environmental Protection questioning the legality of its operations at its Mekhediviska Golotvshinska and Svyrydivske gas fields. But it said OJSC Ukrzakordongeologia, which buys all of its gas production from the two Ukrainian gas fields, had successfully got an injunction banning the order from the District Administrative Court of Kiev. At 1430 GMT, shares +2 pence, or 8.8%, at 28 pence. CERES POWER HOLDINGS PLC (CWR.LN), a fuel cell company, Friday announced another delay to the trial of its combined heat-and-power boilers in people's homes, which will stall the unit's commercial launch until mid-2012. Ceres said trials now won't take place until the final quarter of this year, about three months behind the original schedule. The units have been tested in unoccupied homes, but Ceres said it needs more time to make certain changes to the design to get the required CE safety mark. At 1430 GMT shares +2 pence, or 3%, at 78 pence. MEDITERRANEAN OIL & GAS PLC (MOG.LN), a U.K. oil and gas company, and its Irish peer PETROCELTIC INTERNATIONAL PLC (EG5.DB) were Friday considering where to drill new wells after Italy's government proposed banning oil exploration within five miles of the country's coastline. The proposed ban follows BP PLC's (BP.LN) spill in the Gulf of Mexico and could mean extra work and higher costs for the two firms, analysts said. Mediterranean Oil & Gas said a ban would hit its flagship Ombrina Mare project. At 1430 GMT Mediterranean Oil & Gas shares -6 pence, or 21%, at 23 pence. Petroceltic shares +1.08 pence, or 12%, at 9.76 pence. CHLORIDE GROUP PLC (CHLD.LN), a maker of secure power systems, recommended shareholders accept a GBP997 million takeover offer from U.S. power and industrial-automation company Emerson Electric Co. (EMR). The Chloride board's recommendation follows the withdrawal of Swiss engineer ABB Ltd. (ABBN.VX) from a hard-fought bid battle. At 1430 GMT shares +2 pence, or 0.5%, at 372 pence. SOFTWARE RADIO TECHNOLOGY PLC (SRT.LN), a maritime tracking technologies developer, said it has received a new order worth $500,000, together with the required initial payment, from an existing client for its recently launched automatic identification system Class A transceiver. A transceiver allows ships to communicate with other nearby ships. At 1430 GMT, shares +3 pence, or 15.5%, at 20 pence. NORTHERN PETROLEUM PLC (NOP.LN), an oil and gas company, said it won't be seriously hurt by a proposed drilling ban within five miles of Italy's shore. The proposals won't affect revenue from Northern's Italian operations or its exploration prospects in the southern Adriatic, the company said. However, it added interests in the Ionian Sea, where it has received preliminary license awards and is applying for two more, might be affected. The Ionian Sea isn't a significant core area, Northern Petroleum said. At 1430 GMT shares +8 pence, or 8.7%, at 97 pence. DJ UK Smaller Cos +0.9% AIM +0.8% -By Hannah Benjamin and Jason Douglas, Dow Jones Newswires; +44 (0) 20 7842 9298; uksmallcaps@dowjones.com (END) Dow Jones Newswires July 02, 2010 11:00 ET (15:00 GMT)