The South America focused petroleum firm Global Energy Development has cashed in on the rising oil price and boosted production.
Revenues for 2011 were £43.1m, up 81% on 2010, while production came in at 519,000 barrels, a rise of 29% on the prior year.
Global makes no secret of the fact that the rise in the price of oil, to an average of $95 per barrel over the whole of last year, versus $69 per barrel in 2010, has provided a strong uplift to the financial performance.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Operating profit came in at £8.3m while net profit was $2m, against a loss of $2.1m in 2010.
The firm's Chairman, Mike Faulkner said: "With the company's strong ... reserve base of over 118 million barrels of oil, we have a large upside for increased production levels and added value to the Company. We are moving in the right direction".
Shares in Global had gained 5.37% by 08:47. Over the last 12 months the stock has risen 20%.
BS
