In short

Today's other stories in brief

Petroneft finds oil in western Siberia

Petroneft, the Dublin-listed Russian oil exploration firm, said yesterday that it had found oil after initial drilling at a prospect in western Siberia.

The company said it had "encountered movable oil" at its Licence 61 prospect at Tomsk Oblast. It plans to continue drilling to a depth of 2,800m.Surging energy and food prices pushed euro-zone inflation to a new high of 3.6 per cent in March, boosting the euro to a record high against the dollar on fading chances of a European Central Bank rate cut in the near term.

Inflation in euro zone hits 3.6%

The EU's statistics office yesterday revised up its initial 3.5 per cent estimate for price growth in the 15 countries using the euro to the highest annual inflation rate since measurements began in 1997.

Month-on-month inflation was 1 per cent, Eurostat said.

Slump in profits for US banks JP Morgan Chase and Wells Fargo

JP Morgan Chase and Wells Fargo posted first-quarter results that soothed investors who had counted on the giant banks to handle the US housing and credit crises better than many rivals.

However, profit slumped 50 per cent at JP Morgan, the third-largest US bank, and fell 11 per cent at Wells Fargo, the fifth-largest US bank. Bad loans soared and executives at both banks said market woes were likely to deepen. - (Reuters)

Aminex decides to abandon well

Aminex, the oil and gas explorer, has abandoned the first of three wells planned for its West esh el Mellahah concession in the Gulf of Suez.

The Dublin- and London-listed company said yesterday that it had obtained "positive" gas readings after drilling the Malak-1 well to 3,692m.

However, these "were not considered to be commercial" and the well would now be abandoned. The rig will be moved 5km north and east to explore the Tanan northwest prospect.

© 2008 The Irish Times

This article appears in the print edition of the Irish Times