Oil exploration company Tullow Oil saw first half pre-tax profits rise by 30.7% to £16.5m compared with the same period a year earlier, driven by its business in the North Sea and offshore West Africa.
Operating profit before exploration costs was 48% higher at £24.9m, and turnover was 23% higher at £64.4m.
Tullow's chairman Patrick Plunkett said the firm's strategy of building a low risk exploration and production company with continual exposure to high returns was progressing well.
He said: 'We are heading into a very active phase with exploration wells in each of our three core areas, a number of potential development projects and continued strong production and reserve performance.'
Plunkett said that the firm's acquisition and disposal activity has focussed and strengthened its portfolio and that this would continue.
