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Saturday 20 September 2014

New find for Circle Oil

Published 04/03/2014 | 02:30

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LIMERICK-based Circle Oil has found oil and gas at its latest well in Egypt.

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Initial testing of the AASE-19 well at the Al Amir SE field has yielded flow rates of 1,242 barrels of oil per day and 1.13 million square feet per day of gas.

"Circle is very pleased with the results of the sidetrack of the AASE-19 well, which will provide additional oil and gas production from the Al Amir SE field," said chief executive Prof Chris Green.

RISE IN PENSION INDEX

AN INDEX of Irish pension managed funds increased by 2.8pc in February.

The Aon Hewitt index said the figure has offset negative performance in January. Overall the index is up 2.2pc since the beginning of 2014.

"Stock markets experienced sharp falls in January," said Denis Lyons, investment consultant with Aon Hewitt.

"However, these losses have been mostly recovered in February. Returns were slightly dampened towards the end of the month, amid concerns over the Ukraine."

The Irish Defined Benefit Pension Schemes will have seen very little change in the value of their liabilities over the month, given the slight change in core bond yields, he added.

MINE CONTRACT SIGNED

MEATH-based exploration company Ormonde Mining is a step closer to advancing its flagship tungsten mine in Spain.

The engineering design contract for its Barruecopardo Tungsten Project in western Spain has been awarded to Britain-based Fairport Engineering.

Fairport will carry out the design work required to enable the placement of the key equipment orders before the finalisation of the detailed engineering required for project construction.

SPENDING FALLS IN ITALY

ITALY'S economy, the eurozone's third biggest, shrunk by 1.9pc last year as sales abroad of the nation's goods failed to offset the effect of weak domestic demand.

Consumer spending fell 2.6pc last year, while exports rose 0.1pc, yesterday's economic report showed.

MORTGAGES UP IN UK

BRITAIN's mortgage approvals and house-price growth increased to the most since 2007, as the market continued to accelerate at the start of the year.

Some 76,947 mortgages were approved in January, up from December's 72,798.

Manufacturing expanded at a faster pace in February, with a gauge of job creation soaring to a 33-month high, a separate survey showed.

Irish Independent

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