North Sea explorer Valiant Petroleum said today it more than doubled profits last year.
The firm, which said it expected a busy 2012, with plans for at least five exploration and appraisal wells, turned over £199.8million in 2011. This was up from £111.2million the previous year.
Pre-tax profits last year were £81million, up from £32.5million, while operating profits rose to £85.9million from £40.6million.
Valiant said it expected its daily production to be between 7,000 and 8,500 barrels of oil this year, helped by output from the Causeway field. Its average net production in 2011 was 7,453 barrels per day.
First oil at Causeway, estimated to have reserves of 6.6million barrels, is expected in the second half of this year.