Business Irish

Saturday 10 December 2016

Petroceltic sets Algeria drill date

Published 27/07/2010 | 05:00

OIL

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Petroceltic says it has secured a rig for a four-well appraisal programme in Algeria and will begin drilling in October. The contracted rig was in Algeria and would begin mobilisation immediately, Petroceltic said. Drilling is expected to last six or seven months.

Miner may add rigs to zinc site

exploration

Connemara Mining, a company looking for zinc in Stonepark in Limerick, is considering adding a number of additional drilling rigs to the two already there, chairman John Teeling told shareholders in Dublin yesterday. The company had also identified drill targets close to the Lisheen zinc mine in Tipperary, he added.

Harvey Norman's sales stay level

RETAIL

Australian electrical retailer Harvey Norman expects sales in Ireland for the group's financial year just ended to be in line with the previous year's performance. Releasing a trading update yesterday, Harvey Norman said sales in Ireland were "close to line ball" with last year, when it generated revenue of €125m between its 14 stores in the Republic and two in Northern Ireland. That sales figure was down just over 8pc on the previous fiscal period. Total sales were up 0.8pc at A$6.08bn (€4.2bn) in the year to the end of June. Like-for-like sales were just 0.2pc higher.

Signs commercial market stabilising

PROPERTY

A report on the property market says returns from commercial property are showing signs of stabilising, having dropped by almost 60pc from peak levels during the boom. Commercial property firm CB Richard Ellis said €105m had been invested in commercial property in the first six months of 2010, compared with just €41.6m in the same period last year.

Imagine snaps up Clearwire unit

BROADBAND

Communications group Imagine has bought telecoms company Clearwire's Irish business. The financial terms of the deal were not disclosed. Imagine said it would use Clearwire's existing infrastructure to continue a €100m programme to roll out its high-speed wireless network WiMax, which it said would provide an alternative to cable and DSL broadband.

Irish Independent

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