Oil exploration group Burren Energy reported lower first-half net profit on increased non-cash charges and lower oil prices.
The London-listed oil and gas explorer reported first half net profit down 5 per cent to $132.8 million, although it raised its interim dividend 25 per cent to 5 pence per share.
Burren said production in the second half would be maintained at the first half level of 36,800 barrels of oil per day.
The drop in profit came on the back of lower realised oil prices earlier in the year and higher depletion charges, while the increased dividend was predicated on good operating cashflow and a positive outlook for the business.
The company ended the period with cash of $54.6 million, after the $154 million acquisition of an additional 5.5 per cent stake in the M'Boundi field.
Burren has also arranged a $500 million loan facility with which it aims to make asset acquisitions in emerging markets.