Petroceltic has received unsolicited expressions of interest in certain assets it holds in Egypt. The Irish exploration firm’s management noted the approaches in its interim results presentation yesterday, but didn’t identify which of the production and/or exploration assets were the subject of the takeover interest. Furthermore, regarding a potential disposal, the company said while it would consider offers, it does not generally see itself as a seller in terms of its Egypt-related portfolio.

Middle-Eastern exploration firm, Dragon Oil has withdrawn its interest in Irish company, Petroceltic, citing “prevailing market conditions” for its decision.

Wall Street closed out an uneasy May with a solid advance today, even after minutes from the last Federal Reserve meeting indicated that inflation pressures raised the chance of another interest rate hike in June. The major indexes ended the month broadly lower.

Stocks rallied sharply today, with the Dow Jones industrials gaining 172 points on better-than-expected gross domestic product growth last quarter despite the disruptions caused hurricanes Katrina and Rita. The major indexes finished an erratic week higher.