Egdon Resources, a hydrocarbon explorer and producer, saw production, revenues and profit rise for the year ended 31 July.
The number of barrels of oil equivalent rose 73% from 27,056 to 46,919 year-on-year, leading to revenues of £2.38m, a 90% rise compared to the previous year (2010: £1.25m).
The firm also saw a significant rise in profits to £4m (2010: £0.24m), equivalent to earnings per share of 3.12p, compared to 0.29p the previous year.
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
Chairman Philip Stephens said: "I am pleased to be able to report good progress during the year with year on year production up despite frustrations caused by delays to the start of production at the Kirkleatham and Ceres gas fields.
"We expect production for the coming period to be around 400 barrels of oil equivalent per day and are planning to participate in up to 12 wells over the next 18 months targeting 33 million barrels of oil equivalent.
"Our strategy remains the same. We aim to develop a full cycle onshore exploration and production business with the growing revenue stream from oil and gas production being reinvested to facilitate growth in the underlying asset value of the business."
Cash at the end of the period was also higher at £3.69m compared to £2m the previous year, however the directors have not recommended a dividend.
The share price rose 3.7% to 14p by 15:18.
NR
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
