Price rises fuel energy firms

IRISH exploration group Petroceltic benefited significantly from the sharp rise in gas prices over the past 12 months as its revenue from the Kinsale gas royalty more than doubled in 2005.

It also announced the Petrolia drilling rig will be used to drill this summer on a Donegal licence in which Petroceltic has a 16.25% interest.

Petroceltic said its revenue from Kinsale rose to over $900,000 (€734,000) in 2005 from $430,000 (€350,000) in 2004, largely due to higher gas prices.