Global Petroleum records rise in half-year profits

Global Petroleum posted a jump in half-year pre-tax profits Thursday as oil production activities accelerated.

Global Petroleum posted a jump in half-year pre-tax profits Thursday as oil production activities accelerated.

Consolidated group profit before tax for the last six months of 2012 came to $224,976, up 1.0% from $222,695 a year earlier.

Strong operational performance from the company's two Eagle Ford horizontal wells in Texas during the period helped drive results. Total production from the prospects came to 35,160 barrels of oil equivalent (boe).

Global's beneficial interest in the production was 5.95% or 2,814 boe.

During the period the company underwent a shake-up in management.

In October Rob Arnott was appointed Chairman of the board, replacing Mark Savage, and Chris Lewis took on the role of Exploration Manager.

Lewis is overseeing projects in Namibia including blocks 1910B and 2010A where farm-out is moving forward this year.

Shares fell 3.17% to 7.62p at 14:51 Thursday.

RD

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