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Tullow Oil plans further drilling after encouraging Uganda find

Exploration group Tullow Oil said yesterday that its exploration well in Uganda's Lake Albert Rift Basin had found oil and gas and that it would now plan further drilling.

In a statement, Tullow - which has projects on three continents - said the results from the Ngege-1 well had confirmed the presence of a well-developed reservoir.

The company said it was now planning to drill in the Karuka-1 prospect, which lies 24km (15 miles) south of Ngege-1.

Tullow chief executive Aidan Heavey said the company was pleased with the results. "This is the 11th well in the basin to encounter hydrocarbons and has extended the range over which oil has been discovered to 150km." Shares in Tullow fell 28 cent to close at €12.16 in Dublin last night.

Quinn go-ahead for Louth power station

Quinn Group has been awarded planning permission for a €320 million gas-fuelled power station at Toomes, Co Louth. The decision clears the way for the company to build the plant on a 30-acre site, with completion expected in 2011.

Electricity from the plant will eventually feed into the national grids on both sides of the Border.

Siemens too German, says chief executive

Siemens' top management is too German for its own good, as well as too white and male, according to its chief executive.

Peter Löscher, the Austrian-born chief of the German industrial conglomerate, said the priority for his second year in charge would be to improve the "global diversity" of managers.

He also warned that Germany's competitiveness could be threatened if it failed to do so.

"The management board are all white males.

"Our top 600 managers are predominantly white German males. We are too one-dimensional," he said in an interview to mark his first year in charge. - (Financial Times service)

Backing for financial services skills centre

The Federation of International Banks in Ireland (FIBI), which represents global institutions with Irish operations, said it strongly backed Pioneer Investments in its call on the Government to proceed quickly with plans to set up a dedicated centre for financial services skills.

FIBI chairman Tony Golden, managing director of Citi Ireland, said Ministers should take a fast-track approach to education to meet the needs of the expanding financial services sector.

Transatlantic link for Aer Arann

Aer Arann passengers flying from Cork will be able to connect directly with transatlantic services as a result of a deal between the regional carrier and Aer Lingus.

Passengers from Cork will be able to connect with Aer Lingus's flights to the US from Dublin, as well as booking their flights and checking their luggage through from Cork.

Karelian awarded seven diamond licences

Aim-listed Karelian Diamonds has been awarded seven claim reservations in the Kuhmo area of eastern Finland and has applied for four more claims in the same area.

The new claim applications cover an area to the north of Seitapera, where Karelian is awaiting the results of tests, following encouraging chemical results from the area.