Burren Energy lifts oil shares

Oil companies surged on consolidation hopes today after explorer Burren Energy said it had shunned “a number” of approaches worth up to £1.54bn (€2.2bn).

London-based Burren rejected a 1050p a share indicative offer from Italian energy giant Eni but speculation over a higher bid sent its shares more than 20% ahead in the FTSE 250 Index.