Irish exploration group Petroceltic International returned to profit in the year to December as profits were boosted by several asset disposals and a share issue.
For the full year, the company reported a pretax profit of $1.38 million from a Loss of $0.66 million, on turnover that actually fell to $354,000 from $407,000.
Chairman Mr Brian Cusack said: "This year we have an exciting high potential appraisal project in Tunisia, with other possible follow up opportunities. We can use our Tunisian experience and business relationships as a base to expand in to other areas of North Africa."
In addition, in Ireland the company has an "excellent position" in the Kinsale Gas play with significant prospects close to established production infrastructure.
Mr Cusack said the company is continuing to look for further opportunities and is confident of adding new projects to its existing portfolio in the near future.
AFP