Price rises fuel energy firms
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.
Shares in the group have been moving up since mid-2004 when the group announced it was getting involved with Swiss-based Lundin Petroleum to drill for gas off Donegal.
Since then shares have risen from 5p to 14p - a gain of 300% for investors who have hung in there with the group founded by John Craven in 1991.
He warned that good news for the company was bad for the consumer. Consumer gas prices could rise by a further 25% next year given the tightness of supply and Ireland’s 80% dependence on imported product.
“Ireland is now at the end of the gas chain and highly dependent on Britain for its gas supplies,” he said, noting even Britain is having to import, which is putting further strain on prices in Europe.
Apart from its Donegal interest and its valuable Marathon investment, Petroceltic also has interests in North Africa.
Meanwhile, Dana Petroleum forecast a strong increase in production after a trading update revealed solid output in 2005.
Elsewhere, AIM-listed Island Oil & Gas announced turnover of £484,000 (€706,000) from gas sales and a loss before tax of £127,000 (€185,000).
The company has interests in offshore Ireland including an agreement with Marathon giving it an option to explore reservoirs underlying the Kinsale gas field.
