UK SMALLCAP ROUNDUP: Capital Drilling Earnings Up, Sees More Growth

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

CAPITAL DRILLING LTD. (CAPD.LN), an emerging markets-focused drilling services company, Monday reported significant earnings growth for 2011 as demand for its services rose, leading to expansion into new countries and an increase in its drilling rig fleet size at it prepares for continued growth.

Executive Chairman Jamie Boyton said: "The current year has seen a strengthening in demand for quality drilling services, and this continues to translate into high rates of rig utilization and solid earnings visibility for the year ahead."

At 1200 GMT, shares +2.5 pence, or 2.9%, at 87.5 pence.

TRAP OIL GROUP PLC (TRAP.LN), an independent U.K. oil company, said it has agreed to buy a 15% stake in the Athena oilfield from Dyas U.K. Ltd., a subsidiary of SHV Holdings NV, the largest privately owned conglomerate in the Netherlands.

Trap expects the GBP34.5 million acquisition of the North Sea oilfield will be "transformational, cash generative and, together with tax synergies and anticipated hedging," should generate enhanced returns.

Shares +1.0 pence, or 4.1%, at 25.3 pence.

VALIANT PETROLEUM PLC (VPP.LN), a Norway and U.K.-focused oil company, said it has signed a deal with Rocksource ASA (RGT.OS) to take stakes in most of its licenses in the Norwegian Continental Shelf for about 104 million Norwegian kroner ($18.12 million).

Valiant said the transaction will add to its existing acreage position in Norway including licenses in the Norwegian North Sea, Mid Norway and the Barents Sea.

Shares +1.0 pence, or 0.2%, at 523.0 pence.

CADOGAN PETROLEUM PLC (CAD.LN), a Ukraine-focused oil group, said it has been advised by Eni SpA (ENI.MI) that, after analysis of the results for the Pokroskvoe 1 and Pokroskvoe 2a wells, Eni won't exercise its option to acquire a second 30% of Pokroskvoe Petroleum BV, the company holding the license.

The Pokrovskoe exploration license covers 49.5 square kilometers in north Ukraine and is estimated to contain around 51.06 million barrels of oil equivalent.

Last month, Cadogan ended operations on the Pokrovskoe 2a well after equipment got stuck in the well when trying to drill to a deeper section.

Shares -2.4 pence, or 8.7%, at 25.0 pence.

RENEWABLE ENERGY GENERATION LTD. (WIND.LN), a U.K.-focused wind farm developer, posted a swing to profit in the first half of fiscal 2012 on increased energy output and expects further earnings growth as new projects head toward fruition.

"REG has continued to make encouraging progress over the period. We now have 41 MWs [megawatts] of operational wind projects with a further 16 MWs under construction which will increase our output of renewable energy by around 40%," Chief Executive Andrew Whalley said.

Shares flat at 49.9 pence.

FTSE Small-Cap +0.01%

AIM +0.3%

-By Iain Packham, Dow Jones Newswires; [phone]; [e-mail]