Oil companies surged on consolidation hopes today after explorer Burren Energy said it had shunned “a number” of approaches worth up to £1.54bn (€2.2bn).

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.

THE sale of Ramco Energy’s interests in the Seven Heads gas field off the coast of Kinsale will not be completed until next year, the troubled company said yesterday.

London’s leading shares finished a miserable week in the red today as stocks lost favour with investors.

DANA Petroleum has agreed terms with BP Exploration to take a stake in certain oil fields in the North Sea.

DANA PETROLEUM has acquired exploration rights off the coast of Morocco.

SHARES in Dana Petroleum rose 4% after the exploration company said oil production had successfully started in its Gadwall field in the North Sea. Initial production rates are in line with expectations.

Oil and gas group Dana Petroleum has started work on the Banff field gas reinjection project in the North Sea and a new gas field development off the coast of the Netherlands.

Independent oil and gas company Dana Petroleum today said it has agreed a 3-for-1 farm-out deal on exploration licence offshore from Western Australia.