Gaelic trims its losses

LOWER running costs and rationalisation of its exploration business helped to reduce losses at Gaelic Resources to £108,143 last year. The small exploration company made losses of £195,849 in the previous year.

Announcing its results yesterday, Gaelic said it hoped to be able to find a partner to assist it in the development of the oilfield Visbreaker technology, for which it bought the marketing rights in 1993, fairly soon. Gaelic Resources has offshore interests in Ireland and Pakistan.