Melrose Resources plc (MRS.L) said its full-year 2011 pre-tax profit rose to $97.16 million from $29.82 million a year ago.
Profit for the year was $51.6 million or 45.0 cents per share versus a loss of $11.69 million or 10.2 cents per share in the previous year.
Revenue grew 21% to $291 million from last year's $240.38 million. The company's production averaged 34.3 Mboepd over the year on a working interest basis. The production figures reflect a shift of balance within the portfolio, with increased volumes from the Kaliakra and Kavarna fields offshore Bulgaria, offset by natural declines in some of the company's Egyptian fields.
Melrose Resources noted that it achieved excellent 2011 results supported by production from the new Bulgarian and existing Egyptian fields and strong commodity prices.
Robert Adair, Executive Chairman commented,
"2011 was an important year for the Company as we saw the impact of the first full year of production from our new Bulgarian fields supplementing our existing Egyptian producing assets. This has driven some outstanding financial performance, allowing us to retire a significant proportion of the Company's debt and reduce financial gearing. With our positive outlook for 2012, we have recently set a new target to reduce gearing to around 60 percent by the end of this year..."
Going ahead, the company expects production to average approximately 28.0 Mboepd. Given the increased gas price in Bulgaria and strong current oil prices, Melrose Resources is confident to deliver another good year of financial performance.
Further, the board is proposing that the dividend for this year will be 3.6 pence per share, up from 3.4 pence per share paid last year. If approved at the AGM in June, the dividend distribution will be made on 20 July 2012.
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