Irish exploration company Ennex is changing its name to Petroceltic International, and has raised $800,000 from selling its stake in Faroe Petroleum.
The company has also announced that John Craven, currently a non-executive director, is taking over the role as managing director and that Brian Cusack will become executive chairman.
In its Interim Report to June 30th 2003 issued today, the company said it reached profitability with an interim profit of $69,000 compared to a loss of $254,000 for the same period last year.
Brian Cusack said, 'The restructuring, including changing of name to Petroceltic International, reflects our renewed focus on the oil and gas exploration sector. In the first six months we have examined a large number of oil and gas opportunities in particularly in the Celtic Sea, the UK and Africa.'
