Irish exploration company Tullow Oil took the first step today towards a US stock market listing as it posted a sharp increase in first-half net profit.
The increase came largely as a result of an acquisition in the North Sea.
The company today launched its level 1 American Depository Receipt programme through JP Morgan that allows Tullow shares to be traded on the US market.
"We believe that the US has the potential to become a very important shareholder constituency for Tullow in the coming years," the company said.
It also said it might eventually extend this programme to include a formal listing on Nasdaq or the New York Stock Exchange in the future.
In the six months to June 30th, Tullow reported a net profit of £4.661 million sterling against £988,000 last year, on turnover up 490 per cent to £27.1 million.
The company said the now-completed Southern North Sea acquisition from BP Arco increased oil and gas reserves by over 30 per cent and that production increased to around 25,000 barrels of oil equivalent per day.
It also said seismic planning in Bangladesh Block 9 PSC is now well advanced and the first oil from the Espoir project in Ivory Coast is expected on January 15th 2002.
It said it was continuing to pursue an active exploration programme in SNS and internationally.