More business news in brief.

Petrel reports €470,000 six-month loss

Irish oil and gas explorer Petrel Resources, which has operations in Iraq, has reported an operating loss of €470,000 for the first six months of 2008, up from a loss of €330,000 for the same period last year. The company made a pretax loss of €417,000 compared to a pretax loss of €304,000 in the first half of 2007.

Revenues for the half year stood at €8.37 million.

The company said the Iraqi authorities had reiterated their wish for Petrel to continue the Subba Luhais project in the country and that the Ministry of Oil has assured Petrel that the bulk of outstanding payments for this project will be paid soon.

"This will pay off Petrel's existing liabilities on the project. A new letter of credit is being agreed to cover any further costs on the accelerated construction of the Subba Luhais project. The total amount of the Subba Luhais contract is $197 million," the company said.

Avery Weigh-Tronix bought by US firm

Avery Weigh-Tronix, one of the world's largest industrial weighing companies, which has substantial operations in Ireland, has been acquired by Illinois Tool Works for an undisclosed sum.

Avery Weigh-Tronix employs 50 people at its sales and services operation in Dublin. The firm, which employs 2,000 worldwide and which has turnover of £120 million, has a large market in Ireland.

Appointments by Dragon Oil

Oil exploration company Dragon Oil has appointed Mohamed Al Ghurair as non-executive chairman with immediate effect. Mr Al Ghurair, who was appointed to the board of Dragon Oil as a non-executive director in April 2007 and who is an executive director in a number of leading companies in the Middle East, including ENOC and the Saudi International Petrochemical Company, replaces Hussain M Sultan, who is standing down with immediate effect. Mr Sultan will continue in an advisory role.

Dragon also announced chief executive Abdul-Jaleel Al-Khalifa has been appointed as an executive director on its board.

IAPI publishes awards shortlist

The Institute of Advertising Practitioners in Ireland (IAPI) yesterday published its shortlist for the forthcoming Advertising Effectiveness Awards, which will take place on October 9th in the RDS concert hall in association with The Irish Times. The awards received a record number of entries this year.

Thirteen campaigns have been shortlisted for the award for best fast-moving consumer goods campaign. Among those shortlisted are Cawley Nea TBWA's McDonald's Eurosaver Hold Me Now campaign starring Johnny Logan; McCann Erickson and Mindshare's

Mr Tayto Looking for Love campaign; Leo Burnett with two Kellogg's campaigns, Nutri-Grain Getting Back in the Game and Rice Krispies All the Fun of a Bun Squared.

In the New Launch category, Ocean's campaign for maryb.ie has been shortlisted along with DDFHB's Fáilte Ireland Right Here, Right Now campaign and six other campaigns.

Author Salman Rushdie, who began his career as an advertising copywriter, will be guest speaker at the ceremony.

Mining firm posts 250,000 loss

Irish mining company Connemara Mines has reported a loss of €250,000 for the first six months of 2008, up from €36,000 for the same period last year.

However, the AIM-listed zinc and lead explorer stated it has sufficient funding to meet the needs of its drilling and prospecting activity.

Connemara's joint venture partner Teck Cominco has absorbed the costs of drilling at the Stonepark and Newcastle West sites in Limerick, it said.