Irish exploration shares have a pretty dismal reputation and more fortunes have been lost than made by those foolish enough to get carried away by the latest so-called oil and gas discovery.

But, Current Account has to applaud Aidan Heavey, who has built up Tullow Oil to a highly respectable, mid-table oil and gas independent with a portfolio of interests that actually pump oil and gas - something of a novelty for most Irish oil and gas companies, which are more accustomed to pumping hot air.

Last week's Tullow results show the transformation in the company after the previous year's £200 million sterling acquisition of the BP/Amoco assets in the North Sea.

Tullow now has a market value of close on €600 million. That's still small, but given the interest in the sector after Shell's agreed bid for Enterprise, even small oil and gas companies like Tullow with good-quality, producing assets will register on radar screens of potential bidders.

Tullow has indicated that it would like to be left alone to get on with developing its business, but it will be a surprise if Tullow is left alone too long.