FINANCIAL NEWS

Gulfsands reports 380% jump in H1 profits

16 Sep 2010

(MENAFN) Syria-focused oil explorer Gulfsands Petroleum posted a 380 percent rise in first half profit on stronger output and a higher oil price, and said it was pursuing development opportunities in the Middle East, AP reported.

The company, which also has interests in Tunisia and the U.S., posted a profit after tax of $18.7 million in the first six months of the year compared to $3.9 million in the same period in 2009.

Average group oil production was 9,689 barrels of oil equivalent per day (boepd) in the period, an increase of 57 percent on last year on revenues which jumped by 81 percent to $52.5 million.

Gulfsands said plans to raise Syrian production were on track and it expected to award a contract to build a production facility by the end of 2010 and it was also looking at further growth opportunities in Syria and across the Middle East and North Africa region.

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