MELROSE RESOURCES, the Edinburgh-based oil driller being taken over by Petroceltic, yesterday sold a 30 per cent stake in one of its Romanian exploration blocks to Australia-based Beach Energy.
Beach, which already holds a stake in one of Melrose’s wells in Egypt, will pay up to US$4.8 million (£3m) to cover some of Melrose’s drilling costs on the Est Cobalcescu block in the Black Sea and will contribute a total of $24.8m over the next three years.
Melrose said the deal will save it $16m over the next two years.
Macdonald invests £5m into its hotels
Scottish hotel group Macdonald has announced plans to invest more than £5 million across its business.
The money will be pumped into hotel improvements and IT systems across the group, which is the UK’s largest privately-owned hotel chain. Some of the investment will be used to provide a faster internet connection for guests.
The five-star Randolph Hotel in Oxford and four-star Alveston Manor in Stratford-upon-Avon are among sites to undergo refurbishment projects.
Eastern Airways expands its service
Eastern Airways, the Humberside-based carrier, yesterday unveiled plans to increase the number of flights between Aberdeen and Newcastle as it targets business travellers in the chemical, finance and offshore industries.
Kay Ryan, Eastern Airways’ commercial director, said that she is introducing a 50-seater aircraft for the most popular flights on weekdays and is increasing the number of flights from four to five each day.
The airline has operated the route since 2003.
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Weather for Edinburgh
Saturday 18 May 2013
Temperature: 8 C to 12 C
Wind Speed: 25 mph
Wind direction: East
Temperature: 9 C to 17 C
Wind Speed: 7 mph
Wind direction: North east