The Government has been urged, by a gas exploration company active in Irish waters, to clarify its long-term position on offshore drilling or risk losing inward investment.

Irish-focused exploration company Predator Oil and Gas is set to raise £1.3m (€1.5m) by floating on the London Stock Exchange, ahead of developing various prospects it holds off the coasts of Ireland and Trinidad in the Caribbean.

British exploration firm Europa Oil and Gas is hopeful of landing a development partner for licences it holds off the Irish coast before the end of the year.