Irish exploration firm, Petroceltic International has all but concluded its planned secondary farm-out at its highly-rated Ain Tsila gas discovery in Algeria, with the country’s government signing off on the deal.

Dublin-based exploration firm Petroceltic International has formally agreed the sale of a further tranche in one of its headline assets, the Ain Tsila gas field in Algeria, for a potential $180m (€133m).

Italy’s economy will begin emerging from its longest slump since the Second World War in the fourth quarter of this year and should grow through 2014, its economy minister Fabrizio Saccomanni said.

Petroceltic — the Dublin- headquartered oil and gas exploration firm — has received formal final regulatory approval for the development of the Isarene/Ain Tsila gas field in Algeria.

Petroceltic has reported a pre-tax loss of $3.25 million (€2.6m) for the first half of 2012; shaving almost $1m off losses generated in the corresponding period last year.

Irish exploration company Petroceltic is set to lodge the declaration of com-merciality for its headline asset, the Ain Tsila/Isarene gas field in Algeria, to that country’s government early next month.

Dublin-based oil and gas exploration company Petroceltic is expected to achieve formal government approval for the future development of its headline Isarene/Ain Tsila gas field asset in Algeria by the end of July.

New Italian leader Mario Monti has formed a government without a single politician, picking bankers, diplomats and business executives in hope of ensuring escape from looming financial disaster.

Italy has today criticised Standard & Poor's for downgrading its credit rating, saying the decision was out of touch with reality at a time when the government is working to boost growth and reduce its debts.

Italy wants China to buy its government bonds or invest in its companies in an attempt to aid its economy.

PETROCELTIC, the Irish oil and gas exploration company with assets in southern Europe and northern Africa, has reported a further gas find in Algeria, which technically expands the size of its chief asset, the Isarene field.

SPANISH police arrested three suspected members of the so-called “Anonymous” group yesterday on charges of cyber attacks against targets including Sony’s PlayStation store, governments, businesses and banks.

IRISH exploration company Petroceltic is actively looking at the likes of Tunisia, Egypt, Morocco and Syria in its bid to broaden its portfolio of assets into new markets.

PETROCELTIC is hoping to expand its portfolio of assets in north Africa on the back of unrest in the region.

OIL production levels from Tullow Oil’s Ghana-based Jubilee Field — which started producing late last year — have increased to over 70,000 barrels of oil per day (bopd) and are on course to reach the forecast 120,000 bopd level by July.

THE primacy of EU law has been given as a reason for voting against the Lisbon Treaty.

Takeover speculation and higher metals prices helped drive the London market forward to steady gains today.

Strong oil stocks and a fresh bout of takeover speculation kept the FTSE 100 Index in positive territory today.

French President Jacques Chirac, in Berlin for a meeting with German Chancellor Angela Merkel, today dismissed as “completely absurd” suggestions that his country is pursuing protectionist policies, rejecting criticism elsewhere in Europe of a government-backed merger between two French energy firms.

EU INTERNAL Market Commissioner Charlie McCreevy is expected to declare all-out war today on France, Spain and Poland and other countries trying to block foreign takeovers.

Italy’s Premier Silvio Berlusconi said today that the European Union should intervene in the planned French energy merger aimed at blocking a potential hostile bid from Italian energy company Enel.

Gaz de France and Suez today announced details of their hastily-arranged all-French merger, designed to create a new leading player in energy and environmental services – and fend off a bid for Suez by Italian power company Enel.

Talks begin today towards sealing a controversial merger deal between state-owned gas producer Gaz de France and utility company Suez that would create a world energy leader and block a hostile bid from Italy.

A massive blackout hit Italy today, cutting power to millions of Italians who woke up to find their phone lines silent and their televisions black.

EUROPE shimmered in a blistering heatwave yesterday, delighting holidaymakers but causing concern for farmers and power companies.

The London market has ended the day with its head above water thanks to rises in tech and telecom stocks.

The London market was on the back foot today as telecom stocks came under yet more pressure.

A rise in tech shares helped the London market start the week on the front foot today, shrugging off losses on the US markets on Friday night.

It will be busy in London City next week, as market watchers dodge the May Day riots to study figures from Whitbread, Shell, Bank of Scotland and Powergen.

Vodafone says it has passed its debt reduction target, after it sold its stake in Italian company Infostrada.