Exploration firm sees revenues rise

Gas extracted off coast of Kinsale has edged revenue for exploration company Island Oil & Gas upwards, according to its preliminary results for the year ended 31, July 2006.

The exploration company reported pre-tax losses of £411,000 (€608,000), up from £100,000 (€148,000) in the same period last year.

Turnover increased to £1.15m (€1.7m), mainly from gas sales from the Seven Heads field off the coast of Kinsale, in which it has a 12% stake.

Island operates two gas wells in the Celtic Sea off the south-west coast of Ireland.