Shares in BP were up on the FTSE 100 in afternoon trading after the energy group issued an update on an injunction preventing the closing a share swap transaction with Rosneft.

BP said that an arbitral tribunal ruled in favour of keeping the interim injunction.

Despite this BP added that it is now able to engage in discussions to extend the deadline by which the share swap agreement must terminate beyond 14 April 2011.

The injunction was originally put in place as a result of opposition to the $7.8 billion deal from Russian partners of BP's joint venture TNK-BP, who claim the deal is in breach of their shareholder agreement.

By 13:30 shares in BP were up 0.92 per cent on the FTSE 100 to 479.25 pence per share.