CELTIC Resources, the small exploration company which raised £1 million through a stock market flotation last September made a pre-tax profit of £1,841 in the 14 months to the end of last December. Celtic has now assembled a "strong portfolio of Irish and UK minerals and hydrocarbons exploration licences," according to chairman, Dr Oliver Waldron.

The company has acquired the Irish mineral interest of Oliver Resources, part of Dragon Oil and of Fishers International, formerly Celtic Gold. The company also acquired Dragon's oil and gas interest in offshore Ireland and Britain.