Oil well ends well for FitzPatrick

Seen & Heard: Midway Resources interested in Movido Exploration, in which former Anglo chairman has stake

Former Anglo Irish Bank chairman Seán FitzPatrick: shareholder  Movido Exploration, owner of  the Ekeh oilfield in Nigeria. Photograph: Eric Luke

Former Anglo Irish Bank chairman Seán FitzPatrick: shareholder Movido Exploration, owner of the Ekeh oilfield in Nigeria. Photograph: Eric Luke

 

Fresh from his acquittal last week, more good news for former Anglo Irish Bank chairman Seán FitzPatrick with the Sunday Independent reporting that oil company Movido Exploration, in which he has an equity interest, might be subject to outside interest.

Cayman Islands-based Midway Resources International has indicated it is interested in buying into the Ekeh oilfield in Nigeria, with the company noting that an acquisition “is currently under negotiation”.

Movido is owner of the Ekeh field and FitzPatrick is a shareholder alongside former Anglo Irish and Dublin Docklands authority boardroom colleague Lar Bradshaw and oil engineer Jim O’Driscoll.

The trio are said to own about 39 per cent of the business, with FitzPatrick’s personal investment – now in the hands of a bankruptcy assignee – amounting to as much as $40 million(€28.95m).

The Sunday Independent cites the field’s value at up to $1.3 billion, so a sale would go a long way to clearing FitzPatrick’s €110 million debts.


Net profit at last for One51
Investment One51 has recorded its first net profit in seven years, according to the Sunday Times . Accounts published at the weekend show a profit after tax of €7.1 million in 2013.

The Sunday Independent , reporting the same story, says the group is “examining plans” to raise around €20 million for potential acquisitions.

One51 has spent recent years in restructuring mode, with investments in Irish Continental Group and waste company Augean sold off under chief executive Alan Walsh, who succeeded Philip Lynch in the role in 2011. The company is also widely reported to be selling Irish Pride bakery.

Asset sales and a special dividend from investment group NTR have seen One51’s debt fall to around €40 million, its lowest level since 2005.

The Sunday Times reports the group identified three key areas in its portfolio with growth opportunities: hazardous waste; plastic tops for baby formula bottles; and casings for computer disc drives.