Irish oil and gas explorer Tullow Oil has increased both its first-half turnover and profit nearly five-fold after acquiring a North Sea natural gas field earlier this year.
Tullow announced a 490% increase in turnover for the six months to June 30 to £27.1m sterling, with the acquired assets contributing 87% of the total.
Net income for the six months rose from under £1m last year to over £4.6m.
Tullow said that much of the increased figures were due to a 'significant contribution' from the recently acquired Southern North Sea (SNS) Assets, where it is expected to produce 80 billion cubic feet of gas.
Tullow has interests in the North Sea, UK, Pakistan, Bangladesh, India, Côte d'Ivoire, Romania, Egypt and Algeria and it expects to benefit from the 12% rise in Brent oil this year.
Aidan Heavey, Tullow's managing director, said the results demonstrated the 'huge advances' Tullow had made.
Mr Heavey added: 'The turnover and profitability of the group have been transformed by the SNS acquisition where a great deal of potential remains to be exploited. The long-awaited award of Block 9 gives Tullow an extremely valuable position in a highly prospective region while elsewhere, the Espoir field in the Côte d'Ivoire continues to develop into a first class project.'
Tullow shares closed up four cents at 1.54 in Dublin.
