Octan Petroleum posts £30m losses

The nation's 3rd largest company, Octan Worldwide Petroleum has posted losses of £30m for 2009. This figure is up on the £4.6billion losses it had for 2008. The news prompted shares in the company to increase by 13% to their current price at 12347p. Mr Ralph Tenors of the financial paper Brick Finance Today said the news was encouraging, and would prompt prices in fuel to decrease. Octan, currently the LEGO world's largest supplier of petroleum and diesel oil which is based in Brickmouth, recently won an exploration contract for Icelandic renewable sources, a deal worth more than £12billion.