Buzzard Oilfield Is The Gold Mine

According to The Guardian, Scottish company Edinburgh Oil & Gas hit a two-year high, amid suggestions that its 5% stake in the Buzzard, the largest North Sea oil field, could be worth 200p a share.
Its shares closed 3p higher at 159.5p because of rumours that Japanese bank Sumitomo had lodged a $900 million offer for Intrepid Energy's 30% holding in Buzzard. Buzzard is estimated to contain about 500 million barrels of oil.
Intrepid Energy has been conducting an auction for its assets since it was put up for sale by its venture capital backers late last year. Interested parties submitted their bids on April 2.
If Sumitomo has bid $900 million, analysts estimate that Edinburgh's small holding in Buzzard would be worth about 83 million pounds or 200p a share.
All of which would help to explain recent rumours that Edinburgh is being stalked by OMV, the ambitious Austrian oil and gas company that has been acquiring assets in the North Sea.