THE movers and shakers of our fledgling oil industry are small by any standards.

Two companies have identified oil targets off the west coast, with the combined potential to produce nearly two billion barrels of oil.

Thai oil company PTT Exploration & Production yesterday extended for the third time the deadline for shareholders in London- and Dublin-based explorer Cove Energy to accept its $1.9bn (€1.5bn) takeover bid.

Irish exploration company Petroceltic has been awarded two licences off the coast of Italy.

Directors’ remuneration at Irish exploration company Petroceltic rose $600,000 (€469,000) last year to just under $2.1m.

Hopes for Ireland’s first commercial oil strike have soared after tests broke key targets yesterday.

EXPLORATION firm, Providence Resources has increased its equity stake in the Barryroe well, off the Cork coast in the Celtic Sea, to 80%.

PROVIDENCE Resources, a Dublin-based energy explorer, may bring Celtic Sea crude ashore by 2013 as it seeks to make the first profitable Irish oilfield, said chief executive Tony O’Reilly.

PROVIDENCE Resources has completed a 3D seismic study of its Barryroe oil discovery off the Cork coast — a key element of its pre-development drilling programme in the Celtic Sea.

PROVIDENCE Resources is likely to sell further equity stakes in its Irish-based assets, as it progresses with its two-year €350 million drilling programme off the country’s coastline.

THE largest concerted oil and gas drilling campaign ever carried out off the coast of Ireland will begin this summer in search of reserves which a government study has suggested could be worth as much as $1 trillion at current prices.

PROVIDENCE Resources has agreed a deal with the Shell International Trading & Shipping Company relating to the sale of future oil produced from two of its assets in the Celtic Sea.

IRISH oil and gas exploration company San Leon Energy has successfully raised more than €70 million in a share placing aimed at putting in place funding for a significant exploration programme across Europe and northern Africa.

SAN LEON ENERGY said yesterday it made a £13.6 million (€14.56 million) offer for Island Oil & Gas, to build a strong Irish-based oil and gas exploration and development business.

Irish oil and gas exploration company, San Leon Energy — which is listed on the AIM exchange in London and is headed by former Smart Telecom chief, Oisin Fanning — is to raise £6.3 million (€7m) through the placing of 41.97 million new shares.

OIL firm San Leon Energy, which is chaired by businessman Oisin Fanning, is expected to commence trading of ordinary shares on the AIM market of the London Stock Exchange today.