No stopping spirited Teeling
IS there any stopping John Teeling? Less than 12 months since he sold Cooley Distillery to Beam for €71m, the 66-year-old seems to be at it again.
Petrel Resources, where Teeling is chairman, saw shares soar yesterday as it hinted at a massive find in the Porcupine Basin off the south-west coast.
Teeling is a throwback to another age in corporate Ireland – a swashbuckling intellectual who has set up and listed a dozen mining and exploration companies as well as the Cooley Distillery.
While Cooley made a fortune for shareholders, not all Teeling's exploration companies have been as generous – although he has some notable successes to his name, including Kenmare Resources which is finally delivering the goods out in Mozambique.
There is a huge amount of interest in Irish oil these days. Providence Resources, which also had good news yesterday, is the best performing stock on the Dublin exchange.
And plenty of large companies are now getting involved as Providence and Petrel begin to ponder how to get their finds on-shore in a cost-effective way that minimises risk and cost for shareholders.
Providence is further down that path but Teeling has shown time and again that he should not be underestimated. Watching his next move should be fun.