Hot small caps: First Property up on positive results

LONDON (Reuters) - The following is a round-up of key small cap movers on the London stock market on Wednesday.

09:15 GMT-Emerald Energy, Gulfsands up on oil find

Shares in Emerald Energy (EMEN.L) and Gulfsands Petroleum (GPX.L) move 3.0 and 3.2 percent higher to 345 and 144 pence respectively on news of an oil discovery at the Yousefieh-1 well in Syria.

Oriel Securities says the flow result is significantly better than the pre-drill estimates and that the discovery should be worth around 50 to 60 pence a share to Gulfsands once the discovery is appraised. It rates the shares as a "buy."

Evolution Securities says this latest discovery could be worth 89 pence a share to Emerald based on an oil price of $50 a barrel and 119 pence a share at $100 a barrel. "This discovery underscores the terrific year that Emerald has had in 2008," the broker adds. It reiterates its "buy" recommendation with an 800 pence price target.