Business Irish

Saturday 23 August 2014

Petroceltic to drill 10 wells this year

Published 08/01/2013 | 05:00

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PETROCELTIC said it is planning to drill five exploration wells and five development wells between now and the end of the year.

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In an end-of-year statement, Petroceltic boss Brian O Cathain said the plan "demonstrates the scale and diversity of the business". The company is focused on drilling in North Africa, the Med and Black Sea.

Total Produce in Oppenheimer deal

FRUIT and vegetable distributor Total Produce has completed an agreement to acquire a 65pc majority shareholding in the Vancouver-headquartered Oppenheimer Group.

The deal that sees Total take an initial 35pc of Oppenheimer's shares has been completed. A further 30pc shareholding will be acquired in 2017 at a price to be determined based on future profits.

Sentiment still rising in eurozone

EUROZONE sentiment improved for a fifth consecutive month in January, a new index shows.

Investors' expectations rose to their highest level in almost two years after a successful Greek bond buyback and a dip in Spanish jobless figures. Research group Sentix said its monthly index tracking investor sentiment climbed to -7 in January. This was up from -16.8 in December, and came in well above a consensus forecast for an increase to -15.

Loan mess costs US bank $10bn

BANK of America is to spend more than $10bn (€7.6bn) to settle mortgage claims resulting from the US housing meltdown.

Under the deal, the bank will pay $3.6bn to Fannie Mae and buy back $6.75bn in loans that the bank and its Countrywide banking unit sold to the government agency from January 2000 until December 2008. Bank of America's chief executive Brian Moynihan said the agreements were "a significant step" in resolving the bank's remaining legacy mortgage issues.

Uncertainty drags price of oil lower

THE price of oil fell yesterday, hit by uncertainty about what the US Federal Reserve might do with its bond-purchase programme and data showing the US unemployment rate was unchanged.

Benchmark crude for February delivery was down 44 cent to $92.65 (€70.69) a barrel in electronic trading on the New York Mercantile Exchange.

Irish Independent

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