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Monday’s most followed: Xstrata, Glencore, Sportingbet, Victoria Oil & Gas, Nostra Terra, Leni Gas & Oil, Range Resources

Last updated: 11:54 01 Oct 2012 EDT, First published: 15:54 01 Oct 2012 EDT

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Mining major Xstrata (LON:XTA) and commodities giant Glencore (LON:GLEN) found themselves at the top of the most watched stocks today after a major step towards closing the multi-billion pound merger.

Xstrata’s board gave Glencore’s new bid of 3.05 shares for everyXstrata share the green light, with just a shareholder vote needed to see the deal go ahead.

If 75% of the shareholders pass the terms, the long-awaited merger will become a reality at long last and much to-ing and fro-ing.

Sportingbet (LON:SBT) found itself towards the top end of the most followed league after turning down a move by William Hill (LON:WMH)and GVC Holdings (LON:GVC) to take over the sports betting website.

The company said the 52.5 pence per share offer “significantly undervalues the business and its future prospects”.

Investors with an eye for small-caps kept close tabs on Victoria Oil & Gas (LON:VOG) this morning.

The company saw a 50% increase in reserves at Logbaba gas and condensate field in Cameroon.

An independent audit estimated 1P (Proven) reserves of 39.1 bcf, plus 32.7 bcf of 1C contingent resources, giving potential 71.8 bcf of producible gas plus 1.14 mmbbls condensate.

Victoria added it expects to reclassify contingent resource volumes as reserves after simulation and testing of the Lower Logbaba sands.

Results provide independent endorsement of Logbaba gas security of supply, Victoria said.

Another junior oil firm on investors’ radars was Nostra Terra Oil & Gas (LON:NTOG), which climbed 3.9% today.

Leni Gas & Oil (LON:LGO) was well followed after revealing it has started further production enhancement work at the Goudron field in Trinidad to clean and service five existing wells.

Fellow Trinidad driller Range Resources (LON:RRS) was another on investors’ hit lists after it informed the market of its plans for an aggressive development of its assets.

The company wants to boost output up to 8,000 barrels per day by 2014.

 

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