Kiran Stacey Panel allows BP-Rosneft share swap

Newsflash from Reuters:

15:15 06May11 RTRS-BP PLC <BP.L> – ARBITRAL PANEL PERMITS CONDITIONAL COMPLETION OF BP-ROSNEFT SHARE SWAP
15:16 06May11 RTRS-BP PLC <BP.L> – ASSIGNMENT OF ARCTIC OPPORTUNITY TO TNK-BP
15:16 06May11 RTRS-BP PLC <BP.L> – THE ORDER ALSO PERMITS THE PROPOSED SHARE SWAP BETWEEN BP AND ROSNEFT TO PROCEED

BP shares are now on the up following early morning falls.BP share price

More on this to follow from our energy editor Sylvia Pfeifer.