asked the Minister for Energy if he will make a statement on the current situation in the field of oil exploration and discovery.

At the moment, three exploration wells under the operatorships of Gulf, Conoco and Marathon respectively are being drilled in the Celtic Sea Basin. We can expect statements by the operators in due course on the results of these wells.

Apart from the wells currently being drilled, four wells were completed offshore and two onshore since the start of the year.

Offshore, Gulf as operators completed two wells (one exploration and one appraisal) in the Celtic Sea while BP and Occidental were operators for one exploration well each in the Porcupine and Fastnet Basins respectively. Onshore, Aran Energy were the operators for the two exploration wells drilled in the North West Carboniferous Basin.

All six wells were abandoned as dry holes and none of them produced hydrocarbons. The operators for those wells issued, in all cases, formal statements on the results achieved.

As I indicated to the House on an earlier occasion, it is the normal practice that statements on well results are issued by the operators concerned. I do not now propose to depart from that practice by adding to the statements already made by the operators, particularly in view of the confidential and commercial nature of the data which is field with my Department in pursuance of the licence conditions.

I expect that the third licensing round, which I announced early this year and which has a closing date of 15 February, 1985 will, in conjunction with existing obligations, ensure a satisfactory level of exploration over the next few years.

Would the Minister agree that in recent months there has been an undue level of speculation in oil shares on the Stock Exchange arising from the inadequate procedure of giving full information on oil discoveries or the results of oil tests? Does the Minister agree that some procedure needs to be looked at in that context?

As I indicated in the House yesterday and as most Members are aware, at various times during the last year or so and again in the past few weeks there has been much speculation, which is reflected in share trading, as to whether Ireland will be an oil province. I made my views known yesterday. It is regrettable that such speculation took place. It is not in the long-term interest of the Irish exploration programme because by its nature exploration is long-term and the rewards come only after a period of high risk investment in exploration and in the appraisal and development of successful discoveries. I cannot say any more about it at this stage other than reiterate what I said yesterday.

On the results of the drilling to date, which the Minister knows, will he give a prognosis as to whether Ireland will be an oil country?

From the discovery in August 1983 there has been a certain amount of optimism, albeit cautious optimism. What is most important is that the third licensing round is successful. We have every reason to believe it will be. It is in our own interest because the more exploration that takes place the faster we will get results.