ISLAND Oil & Gas is to start drilling off the Donegal coast within days, it was confirmed yesterday.

ISLAND Oil and Gas has raised over €12 million to fund a planned drilling programme off the Kinsale coast.

Oil and gas exploration and production company Ramco has revealed group operating profit of £598,000 (€893,000) in 2004 compared to an operating loss of £105m (€156m) in 2003.