Friday, oil and gas exploration company Dana Petroleum Plc (DNX.L) reported an increase in its first-half profit, mainly driven by higher revenues.
In the first half of fiscal 2008, the company's profit attributable to equity holders rose to GBP 60.37 million or 65.09 pence per share from GBP 27.37 million or 31.42 pence per share in the year-ago period.
Pre-tax profit climbed to GBP 133.07 million from GBP 55.82 million in the prior year.
Revenue for the six-month period surged to GBP 314.5 million from GBP 109.15 million a year earlier.
Dana Petroleum's gross profit grew to GBP 168.82 million from GBP 59.72 million in the previous year.
Commenting on the half-yearly results, Tom Cross, chief executive, said, "Dana's excellent operational performance in the first six months of 2008 has delivered major increases in oil and gas production, profits and cashflow which have all surged to new record highs. The Group is now producing from 30 oil and gas fields and undertaking three new field developments, which will come onstream from 2009. In addition, the company is working on a further 21 appraisals and potential development projects. With a high quality and balanced portfolio of growth opportunities and an exciting drilling programme ahead, we have every reason to look forward to the future with confidence."
Looking forward, the company expects continued progress during fiscal 2008 through further exploration drilling, new licence applications in UK, Norway and Egypt, an active work programme on existing fields and emerging commercial opportunities.
DNX.L is currently trading at 1.40 pence, up 10 pence or 0.72%, on a volume of 56 thousand shares.
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