13 September 2006
Star Energy Group has seen pre-tax profits of £8.2 million in the first half of 2006.
The profits come off the back of high oil prices and the acquisition of onshore UK oil and gas business Pentex.
Roland Wessle, Star Energy chief executive, said: "Our strong oil production business provides cash flow, whilst UK gas imports are approaching 50% of UK consumption driving further demand for gas storage facilities.
"With these dynamics in place we are confident that Star Energy is well placed to benefit in the future."
The profits are impressive given that the same period in 2005 saw a £400,000 loss.
During the six months up to June in 2006, Star Energy saw turnover increase to £29.2 million - up from £8 million in the first six months of 2005 - while production grew by 47% up to 4,000 barrels per day.
The company recently began operating a ten billion cubic feet gas storage facility at Humbly Grove in Hampshire.
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