I'm not too sure about the colours yet, but given that it worked out quite well for the ESB logo, what about hollowing out this one as well, leaving a simple black or light gray outline with a white filling? The problem is that the logo has very little space between the various letters which makes it look like an inkblot at a distance, especially when painted black or with any other strong filling. Hollowing it out kinda solves that issue.

Alternatively a light gray filling with an even lighter gray outline could produce some interesting results too. But I'm still inclined towards a hollowed version.

And could please save these in PNG instead? They're really hard to edit when saved in jpeg, not to mention inferior printing quality.