Melrose reports profits surge

Scottish oil and gas producer Melrose Resources increased first half pre-tax profit by 32 per cent. The firm posted a $26.2m (£16.7m) profit compared with $19.8m in the first half of 2009. Revenue increased 13 per cent to $110m from $97.5m, largely driven by a steady rise in oil prices. The group, which has operations in Turkey, Romania and Egypt, said it is continuing the development of its recent discoveries in the Bulgarian waters of the western Black Sea, and expects production to follow in October. It also said it was confident of achieving its production view of 40,000 barrels of oil equivalent per day for 2010. Earnings per share for the half year were 3.5p, more than double the earnings in the prior year period.