WEST African Diamonds (WAD) – the John Teeling-chaired mining company – is close to finalising a merger deal, which would grow its market value from £3m (€3.3m) to £15m (€16.3m) and increase its annual production rate by 400%.

PROVIDENCE Resources, the Tony O’Reilly Jnr-fronted oil and gas exploration company, has announced a doubling of production levels at its Vermillion 60 field in the Gulf of Mexico.

ISLAND Oil & Gas has said exploration investment will largely be shelved in favour of increasing its gas storage facilities.