UK oil & gas firms gain as they assess benefits from Reeves' budget
** UK-based oil and gas firms gain as UK confirms the increase in a windfall tax on North Sea oil and gas producers to 38% from 35% and extend the levy by one year
** Finance minister Rachel Reeves in the first budget under the new Labour government says the increase to the windfall tax, known as the Energy Profits Levy (EPL), will take effect on Nov. 1
** Shortly after its election, Labour government said it would increase EPL to 38%
** Serica SQZ.L chairman David Latin says the group welcomes the clarity the budget brought to the important issue of investment allowances
** "Rather than being an open-ended levy, the extension is limited and for now, the plan is to keep it in place for another year to 2030" - Susannah Streeter, head of money and markets, Hargreaves Lansdown
** David Whitehouse, CEO of Offshore Energies UK, says although the government has increased EPL, the 100% first-year allowance and the decarbonisation allowance have been retained
** Shares in Britain's largest North Sea oil and gas producer Harbour Energy HBR.L up 3.5%
** Shares in other North Sea-focused explorers EnQuest ENQ.L up 6.6% and Ithaca Energy ITH.L up 2.5%
** Serica gains 11.2%, Energean ENOG.L adds 2%
Reporting by Aby Jose Koilparambil, Arunima Kumar and Yadarisa Shabong in Bengaluru
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