Irish exploration group Island Oil & Gas reported a first half pretax profit this morning, reversing a losses over the same period last year and said it is “highly confident” about its future prospects.
The company reported a pretax profit of £418,000 (€520,852) for the six months to January 31st, 2008, against a loss of £5.34 million the previous year.
Island said the profit relates mainly to the sale of a 10 per cent interest in the Amstel field development in the Netherlands.
The company's revenues fell to £920,000 from £1.18 million, reflecting a small reduction in gas produced combined with lower gas prices.