Oil and gas operator Atlantic Petroleum said yesterday it had enjoyed a record-breaking year, with both profits and turnover rising.
Faroe-based Atlantic, which has interests in UK North Sea assets, said turnover increased by 37% to £69million last year, while operating profits hit a record high of £28.6million; nearly double the £14.6million it recorded in 2011.
Pre-tax profits were up by nearly 80% to £26.4million.
Atlantic said its North Sea fields – Chestnut, Ettrick and Blackbird – produced 928,000 barrels of oil equivalent in 2012, but the company expects that to be higher in future.
Chief executive Ben Arabo said: “Atlantic Petroleum is now delivering on the growth strategy set out in 2010.
“The strategy focuses on near-term growth to strengthen production and near-term cash flow, combined with the longer-term goal of gaining exposure to high-impact exploration that can change the company significantly.
“We have managed to more than double Atlantic Petroleum’s reserves and contingent resources, and with the planned production from Orlando and Kells (both UK North Sea) we can look forward to increasing our production in the years to come.”
Atlantic bought 25% stakes in Orlando and Kells from Iona Energy last month.
Orlando is expected to start production in the second half of next year, while Kells has not yet been sanctioned but first oil is expected in 2015.