GAELIC Resources is seeking "an appropriate and substantial resource related asset of the company to invest in," according to its chairman Mr Ian Forrest. It also plans to maintain its exploration holdings in the Irish offshore and its interest in the Middle Indus oil and gas exploration consortium in Pakistan which is operated by Conoco he told shareholders in the annual report. Under the restructuring, the British investment company, Charles Street Securities, acquired just under 11 per cent of the company.

"Several projects have been reviewed for investment but rejected as unsuitable. It is hoped, however, that one of several leads which are currently being pursued may come to fruition," he adds.