Picts \Picts\, n. pl.; sing. {Pict}. [L. Picti; cf. AS. Peohtas.] (Ethnol.) A race of people of uncertain origin, who inhabited Scotland in early times.
The favoured sectors include merchant banks, electricity and water, and the second-oil stocks following Premier Consolidated Oilfields' disclosure it was interested in Pict Petroleum.
Pict Petroleum, the oil and gas exploration and production group, has sold its stake in USM-quoted Edinburgh Oil & Gas. The 2.65m shares, representing some 15.2 per cent of Edinburgh's equity, have been acquired by Liverpool Limited Partnership.
In the event of an offer, the US group would pay 30p a share to increase its stake to the 25 per cent ceiling. Mr Iain Reid, oil analyst at SG Warburg, said: 'At this price, this deal does not reflect the upside in Pict's drilling programme.
The oil group issued a statement saying its 48.3 per cent shareholder Amerada Hess was in talks with Premier Consolidated Oilfields that could lead to a bid for all of Pict's share capital.
Other participants in the well are two British concerns: Goal Petroleum PLC, 18%, and Pict Petroleum PLC, 6%.