Nido records $20.6m half year profit

Nido Petroleum recorded a $20.6 million net profit in its half-yearly financial results for the six months ending June 30, compared to an $18.5 million loss for the previous corresponding period.

The result was on revenue of $34.1 million from crude oil sales, an increase of 32 per cent.

The improved result was also based on increased oil production from the company's Galoc, Nido and Matinloc oil fields.

Nido also reduced its underlying debt relating to the Merrill Lynch convertible note by US$2 million to US$17.3 million.

In the half year financial report chief financial officer Ashley Gilbert said the result reflected a higher and more consistent product up time from the Galoc field as well as higher average oil prices received from crude oil sales over the same period in 2009.

"In the second half of the year, the Company will continue to focus on the extended well testing program at the Tindalo oil field, as well as planning for the Company's exploration drilling program," the report said.