Circle Oil begins drilling off coast Tunisia
Limerick-based, Middle East and Africa-focused oil explorer Circle Oil has begun drilling off the coast of Tunisia.
The drillship PetroSaudi Discoverer has begun drilling at Circle's EMD-1 well in the Mahdia Permit area. Depending on progress rates, the well is expected to take approximately 5-7 weeks to drill. Circle Oil chief executive Professor Chris Green said: "We are very pleased to be drilling what is our first offshore well and to be working with PetroSaudi and other experienced service companies on this project. It marks the start of another stage in our busy 2014 operational work programme."
Shares in London AIM listed Circle Oil were up slightly yesterday at 22.19 pence (27.41 cents) each following the announcement.
CHINA'S BIG MAC BOOST
McDonald's has reported better-than-expected global sales at established restaurants in May, helped by strong demand in China, but sales in the US continued to fall.
McDonald's , which has not reported a gain in US comparable -store sales since October, said sales in the US, which accounts for 31pc of the firm's revenue, fell 1pc in May. The company does not break down sales for China.
The fast-food giant has been struggling in its home market, where sluggish job and wage growth are constraining spending.
Vodafone Group's sweeping disclosure of wiretapping on its network worldwide means technology and phone companies could follow by revealing how much access governments are seeking to phone calls, data and emails.
Deutsche Telekom, with 145 million wireless customers in Europe and the US, said it may increase disclosure after Vodafone last week released its law-enforcement transparency report.
WORLD CUP HITS PESO
Argentina's efforts to stabilise the peso are being undercut by the 100,000 soccer fans travelling across the border to Brazil to see the national team led by Lionel Messi try to lift a third World Cup title.
Each fan will dole out about $2,000 (€1,470), bringing total spending to $200m, according to Luis Secco, the director of Perspectivas Economicas in Buenos Aires.
Argentines skirting currency controls by buying dollars in the black-market will put pressure on the exchange rate, which has tumbled 8.7pc in the past month.