Oil and gas company Tullow Oil has reported pre-tax profits of £299m sterling for last year, a jump of 162% from 2007, helped by higher oil and gas prices.
Revenue grew by 8% to £692m and an unchanged final dividend of 4p has been declared. During the year, the price Tullow received for its oil rose by 17%, while gas prices climbed 40%.
Average production fell by 9% to the equivalent of 66,600 barrels of oil per day.
Tullow said its Jubilee field off Ghana was on track to produce its first oil in 2010, while it is also making progress in Uganda, where it has also made significant discoveries. Its 2008 finds have led to a 274 million barrel increase in Tullow's reserves and resources.
Shares in the firm closed almost 7% lower at €8.10 in Dublin this evening.
