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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021