Irish Marine Oil (IMO) expects drilling on its Pallas Green licences to start early next year. The target of the exploration is "Lisheen-style mineralisation", according to chairman Dr John Teeling, who noted that work on adjacent properties by other companies had reportedly provided encouraging results. IMO last month entered an agreement with Noranda jointly to explore the licences in Pallas Green, Limerick, and Holycross, Tipperary. Under the agreement, Noranda has committed to spend up to £125,000 in the first year and must spend an aggregate of £1 million to earn a 75 per cent interest in both properties.

IMO continues to explore for gold in Wicklow and Wexford. A number of holes are said to have encountered good quality gold intersections. A review of the data is being undertaken.

Dr Teeling said the company was adequately financed, with over £250,000 in cash, to continue its activities for the coming years. However, IMO noted the decline in commodity prices. Nevertheless, "difficult times create opportunities", said Dr Teeling.