Scottish oil explorer Melrose Resources, currently the subject of a takeover by Ireland’s Petroceltic International, said today it had made “solid progress” in the first half of 2012.
Pre-tax profits for the period came in at just under £33million, compared with £39.1million a year earlier.
Revenue in the latest period totalled £81.3million, down from £98.6million previously.
Petroceltic said last week it wanted to buy Edinburgh-based Melrose to boost its presence in north Africa and the Black Sea.