Turnover at exploration company Tullow Oil more than doubled to £55m sterling in the first half of this year, with pre-tax profits up from £6.6m to £12.6m.
This was mainly due to sales of gas produced from its assets in the southern North Sea. The company says it expects increased production in the second half and intends to consider paying a dividend for the full year.
Operating profits before exploration costs climbed by 50% to £16.8m. Tullow also benefited from first oil production at the Espoir field in the Cote D'Ivoire and expects more gas to be produced this month from the Caister Murdoch project, also in the North Sea. It is also producing gas in Pakistan.
The company criticised the new 10% supplementary tax on UK North Sea profits introduced by British Chancellor Gordon Brown in his budget earlier this year.
Tullow Oil shares closed 11 cent higher at €1.54 in Dublin this evening.
