Oil and gas group Tullow Oil has reported strong profit growth in the first half of the year, boosted by production from the Sara and Suri gasfields in Pakistan. Almost half of Tullow's first-half turnover of €7.3 million (£5.7 million) came from Pakistan with the balance coming from its onshore oil and gas properties in the UK.
The results are of largely academic interest, as Tullow is in the process of being transformed by its £201 million sterling (€326 million) acquisitions of North Sea oil and gas interests from BP Amoco. But first-half operating profits of €1.97 million and pre-tax profits of €1.57 million show it is in solid shape to complete the acquisition.
Chairman Mr Pat Plunkett said a strategic review of Tullow's business "indicated a requirement for a stable production base over the next two to three years to ensure that all our existing assets could be developed and managed for the maximum benefit of the company."
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