Scots Stocks: BowLeven surges as analysts take a gamble on Cameroon oil find

BOWLEVEN, the Edinburgh-based, West African focused oil and gas explorer, leapt yesterday as traders took bets on the significance of its find in offshore Cameroon.

While analysts said the announcement eased suspicions that the well was dry, chief executive Kevin Hart said yesterday that there was a "wide bid-offer spread", suggesting the "potentially significant light oil column" could range from not viable for development through to being of major value to the company. Flow-testing results are expected this month.

After tumbling in recent weeks, AIM-listed BowLeven leapt 37p to 250p.

Brewin Dolphin analysts increased their target price on Melrose Resources by 30p to 530p after the Edinburgh-based oil and gas firm booked further reserves in the US following new tests. Shares rose 3p to 419p.

Wood Group was boosted by an RBS note which reiterated the Aberdeen company as its top pick in the oil services sector on the back of an "exciting" new joint venture in the Middle East. Wood climbed 7.25p to 423p.

Wolfson Microelectronics fell again as heavyweight investment bank Goldman Sachs cut its target price on the shares by 10p to 110p as a results of this week's sales warning. The shares fell 5.5p to 112.25p.