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M&P sees huge 323% jump in profits

French explorer Maurel & Prom (M&P) reported a massive 323.8% year-on-year leap in net income to €765.8 million ($1,208 million), largely attributed to the gains from the sale of certain Congolese assets coupled with the drilling activities of offshoot Caroil.

Revenues tumbled 11% from €326 million in 2006 to €289.5 million in 2007 due to production decreases in Colombia and to the unfavourable US dollar/euro exchange rate, said the company.

M&P reported net production in the year of an average 14,552 barrels of oil equivalent per day down from 16,507 boepd in 2006.

Earnings per share jumped from €1.55 in 2006 to €6.78 last year.

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