Oil firm's profits take a dip

EXPLORATION company Petroceltic, which changed its name from Ennex last year, recorded a minor profit of $33,000 (€27,000) in the first six months of the year, down from $69,000 in the same period last year.

Turnover increased from $168,000 to $266,000 as the company received higher royalty payments relating to the Kinsale gas field off the coast of Cork.

Chairman Brian Cusack was upbeat about the company's prospects and said Petroceltic would add to its drilling activity over the next 15 months.