London-based Russia producer Sibir Energy has reported a 166 percent hike in first-half net profit to $238.5 million, as the company’s licenses in the Russian wilds were good for 50 percent more production.
The year-on-year improvement in profit and production helped attain earnings per share of $60.47, up 118 percent.
The company was now producing 11.7 million barrels per half year on nearly 68,000 barrels per day, up 44 percent over the early days of 2007. The company has a place for all that production after striking a 50-50 ownership deal with Gazprom on a Moscow refinery.
Meanwhile, at the Koltogorsky blocks in Western Siberia, eight wells are due by February 2009, and the company is “growing in confidence” that its target geology is “thick” with opportunity, and results are due “in the next six weeks”.