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Strong show by £39m Premier
28.08.08
Premier Oil's net profits soared almost 250% to $71.2 million (£38.9 million) in the first half and it says all four of its major developments have made strong progress.
Production increased by 11% to 38,000 barrels a day, and it expects to be producing 50,000 by the end of 2010 after appraisal success in Vietnam and Mauritania.
Other oil and gas producers unveiling strong results today included Soco International which, with partner Salamander, has produced its first oil and gas from the Bualuang project in Thailand.
Soco said its pre-tax profit for the half was $392.5 million, up from $28.8 million this time last year. The latest figure was boosted by the sale of its Yemen interest for about $465 million.
It will use the proceeds to develop its fields in Asia and West Africa Melrose Resources, meanwhile, announced net profit for the first half was $76 million after a loss this time last year of $41.3 million.
The company, with interests in Egypt, Bulgaria and the US, increased its reserves in the US by 66%.
