Northern Petroleum's 2011 results took their time arriving but were just about worth the wait, with earnings rising sharply.
The oil and gas firm's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) surged to €18.97m from €6.48m in 2010.
Having made a tiny pre-tax loss of €16,000 in 2010 the group moved into the black in 2011 with a profit before tax of €10.49m, helped by a €3.1m profit on a disposal of assets.
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Diluted earnings per share were 6.5 cents, versus a loss per share of 1.3 cents in 2010.
Revenue rose to €24.5m from €15.0m the year before, as production rose to 0.58m barrels of oil equivalent (boe) from 0.44m boe in 2010.
Average revenue per boe was €41.20 for gas, up from €32.69 in 2010, while for oil the average revenue per boe was £103.42 versus $73.58 in 2010.
Capital expenditure was lower in 2011 at €10m versus €13.7m in 2010, and the group ended the year with cash and cash equivalents of €29.8m, up from €21.4m at the end of 2010.
The group said it is on target to meet its first half 2012 production target of 1,040 barrels of oil equivalent per day, and is targeting 1,000 barrels of oil equivalent per day for the full year.
"The average unit gas price received in The Netherlands during the first four months of 2012 has been €0.297 per normal cubic metre. Following possible work-overs, interventions and new development wells we anticipate a significant increase in production levels for 2013," said company Chairman Richard Latham.
"The coming year will have its challenges, but I am expecting to be able to bring you a strong flow of good news from Guyane, The Netherlands and in Italy where we hope that the new government will help us to expedite our plans," Latham told shareholders. "I am convinced that we have the elements in place, including our increasingly strong cash position, which benefited from an accrual of operating cash flow to achieve our objectives," Latham added.
The shares rose 1.25p to 63p in early trading.
JH
