A round-up of today's other stories in brief...

Petroceltic shares surge on back of reported gas discovery

Exploration specialist Petroceltic’s share price surged by more than 12 per cent yesterday after the group announced it had discovered gas in the eastern area of its licence in Algeria. The company said it had discovered a 155m gas column in AT-4, in the eastern flank of its Isarene licence in Algeria, North Africa. The well was the first of a four-well appraisal campaign.

Petroceltic chief executive Brian Ó Catháin said its primary purpose was to establish the presence of gas and is optimistic about the outcome of test results. Petroceltic’s share price in Dublin closed at 18 cents on the back of the news.

€4.5bn pension plans deficit cited

Companies listed on the Irish Stock Exchange had an aggregate pension plan deficit of €4.5 billion at the end of last year, according to benefits consultants Mercer.

The company says that, as a group, the pension funds of Iseq-listed companies were 77 per cent funded – ie there was a shortfall of 23 per cent of average. Given that some Iseq companies do not have defined benefit pension arrangements, this shortfall is not spread equally, Mercer says, making the situation a leading priority for those which have defined benefit schemes.

Hassett barred from directorship

Developer Eamonn Hassett, whose business was wound up two years ago with debts of €5.7 million, has been restricted from acting as a director or secretary of a company for five years, writes Barry O’Halloran.

Eamonn Hassett and Co Ltd, which was involved in developments mainly in the Dublin region – including the Árd Chluain apartment complex in Clonee – was wound up in late 2008.

The company’s statement of affairs showed it owed unsecured creditors, consisting mainly of suppliers, €5.69 million.

Presbyterian Mutual administration fees

Professional fees in relation to the administration of the failed Presbyterian Mutual Society amounted to more than £2 million in the 12 months to November 2010, writes Francess McDonnell. The latest progress report from the administrator of the society, Arthur Boyd, has detailed for the first time the extent of the costs incurred in the last year in trying to find a solution to the crisis sparked by the failure of the Belfast-based organisation.