Tullow Oil has reported a 48% increase in pre-tax profit to $829m in the first six months of 2012.
Revenue was up 10% to $1.16 billion in the same period. The company attributed the strong performance to increased production, high prices and the profit on its sale of a stake in a Ugandan oil field.
Aidan Heavey, Tullow CEO said that the first half performance continued the record results achieved in 2011.
He said that Tullow had opened a fourth new basin in five years, and that the sale of the stake in the Ugandan field had transformed the company's balance sheet.
