One of the members of the independent committee assessing a takeover offer for Irish-listed exploration firm, Dragon Oil, has joined the board of its bidder.

Strong results from recent drilling activity has boosted PetroNeft Resources’ current production rate by 20%; with the Irish explorer also suggesting one of its key fields is likely to be larger than initially thought.

Dragon Oil’s prospective new owner has scuppered any prospect for future dividend payments, effectively upping the ante in the war of words over the ownership of the company.

Tullow Oil’s first half revenues are likely to tumble by nearly 40%, year-on-year. However, the Irish-founded explorer is also anticipating a significant rise in production levels for 2015.

The takeover of Irish mining firm Kenmare Resources by Australian suitor Iluka seems still to be in the very early stages, based on comments from the latter’s managing director. 

Kenmare Resources has expressed its openness to a revised takeover proposal from Australian mineral exploration company Iluka Resources.

Shannon-based engineering services firm Mincon has acquired one of Europe’s leading tungsten carbide manufacturers in a deal which will add almost €5m to its annual revenue.

Irish exploration firm Petroceltic has pulled out of Kurdistan, citing disappointing drilling results and the continuing low oil price environment among its reasons.

Australian mineral exploration company Iluka Resources remains upbeat about its chances of acquiring Dublin-based miner Kenmare Resources.

The three largest global share advisory firms have come out in support of the Petroceltic board in its battle for control of the company.

Irish mining firm Kenmare Resources has secured a one month extension to its deadline for ongoing debt restructuring talks.

Irish mining firm Kenmare Resources is in discussions that could lead to the company being taken over by Australian player, Iluka Resources.

Tullow Oil has refinanced its Norwegian exploration prospect with a further $330m (€244m) in funding for its NOK 2 billion (€246m) prospect and it has extended a $500m facility out to 2017 for the NOK 3 billion prospect.

Shares in Irish exploration firm Petroceltic fell by over 7% yesterday on the back of further negative drilling news from its operations in Kurdistan.

Shares in Tullow Oil slipped marginally yesterday on the back of a disappointing update from its operations in Ethiopia.

Tullow Oil has successfully refinanced a large element of debt originally due for repayment this year.

The coming year is set to be another interesting one in terms of the development of Ireland’s much mooted, though still largely unproven, offshore oil and gas potential.

Tullow Oil has made its fifth consecutive oil discovery since beginning drilling operations in Kenya last year.

Tullow Oil discovered its first crude off Norway after at least 10 unsuccessful wells this year.

Executive pay at Tullow Oil shot up by nearly £2.3m (€2.8m) last year on the back of the Irish-founded exploration company’s second consecutive year of record financial and operational growth.

THE formal go-ahead for Tullow Oil to farm-down part of its Ugandan asset portfolio to its international partners, Total and CNOOC, has been reportedly slowed by the country’s president objecting to part of the deal.

PETRONEFT has reported its first pre-tax profit, adding that recent exploration success could boost group reserves by at least 50%.

TULLOW Oil, the Irish Stock Exchange-quoted explorer with the most licenses in Africa, may cut production guidance for this year after delays at projects including Jubilee, its largest field.

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

INDEPENDENT News & Media (INM) isrumoured to be strongly considering the sale of its 32.2% stake in Australian media group APN.

INDEPENDENT News & Media’s 32.2% stake in Australian media group APN is set to be worth around Aus$272 million (€165m) if the Sydney-headquartered business meets expectations with its full-year results.

IT is strongly believed that any refinancing deal achieved by Independent News & Media (INM), regarding its unpaid €200m bond, will end up with the O’Reilly family effectively retaining control over the publishing group.

THE threat of examinership is still thought to be a real option for Independent News & Media (INM), as the group is now fully expected to gain yet a further extension to its existing standstill agreement with lenders over its outstanding €200 million bond – which was originally due for repayment back in May.

INDEPENDENT News & Media (INM) is remaining coy about the likelihood of any sale of high-profile assets in a bid to lower its e1.4 billion debt.

TULLOW Oil, the Irish oil and gas company now headquartered in London, has been boosted by a strong endorsement of the group by a London-based analyst.

IONA TECHNOLOGIES PLC, the Irish maker of software that allows companies to integrate their computer networks, hired Lehman Brothers Inc to advise it on strategic alternatives for the business including a possible merger or sale.

DRAGON OIL, the Irish petroleum producer operating in Turkmenistan, dropped 8% in London trading after production fell short of expectations.

TULLOW Oil stands on the cusp of a major breakthrough as a player of size within the global oil sector, analysts have said.

TRINTECH, the electronic payments group, has warned revenues will be lower than expected because of a slowdown in demand for Chip and Pin software.

TECHNOLOGY company Horizon beat market expectations yesterday as operating profits for the first half of the year increased €800,000 to €3.3 million.

PAYMENTS company Trintech beat market expectations yesterday when it announced second quarter revenues of $13.2 million (€10.9 million), a 31% increase on the same quarter last year.

TULLOW OIL had good news for shareholders yesterday when it announced the discovery of gas at a well in Bangladesh.

REVENUES fell 22% at Horizon Technology last year, but the computer services company beat expectations with pre-tax profits of €686,000.

AN POST Transaction Services last night won the Esat BT Golden Spider Irish Internet Award for 2003.

SHARES in Baltimore Technologies raced ahead by 12% yesterday after the one-time FTSE 100 high-flyer reported losses for the first six months of the year of just £2.2m, down from £9.9m a year earlier.

THE shift to a high-wage high-cost economy raises doubts about the continuing presence of some hi-techcompanies in Ireland.

CASH-rich Trintech, which reported revenues for the third quarter broadly in line with expectations, is unlikely to follow Conduit and Riverdeep down the management buy-out route (MBO), brokers Dolmen speculated yesterday.