Global Energy rises on production gains

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.

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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