Global Energy Development posted a robust financial rap-sheet for the first half of the year.
The firm, which has operations in Colombia, South America, also said it was “vetting acquisition prospects”.
The company recorded a cash balance of $21million and zero debt.
Chairman Mike Faulkner said: “The Group has been actively vetting acquisition prospects in both the petroleum development sector as well as the oilfield services sector during the first half of 2016. Global has not limited itself to looking at traditional petroleum exploration and production plays and has expanded its geographical research to cover potential opportunities outside of our current South America focus. During the first half of 2016, the Group has reorganised personnel and work functions to both streamline our efforts as well as strategically position the Company for advancement.”