Ennex to change name to Petroceltic

Exploration minnow Ennex is changing its name to Petroceltic and switching its focus to oil and gas exploration.

It has also announced the appointment of non-executive director Mr John Craven to the vacant post of managing director. Non-executive chairman Mr Brian Cusack will now act in an executive capacity.

Mr Craven was the founder of Petroceltic, which was taken over by Ennex in 2001. He is the largest individual shareholder.

The announcement marks the company's second refocusing in six years. In 1997, it decided to concentrate resources in zinc exploration - a move that failed to stem losses at the group.

Ennex had accumulated losses of $65.9 million ($58.34 million) at the end of last year and has yet to produce a full-year profit.

The company effectively exited the zinc business with the sale of its Irish interests to rival Minco last July.

In a statement yesterday, Ennex also announced the sale of its stake in the recently floated Faroe Petroleum for $800,000.

The group also released headline interim figures for the six months to the end of June last. They show a pre-tax profit of $69,000 on turnover of $168,000 compared to a loss in the same period last year of $254,000 on sales of $210,000. Ennex does not break down the figures.