Result rise for Aabar

by Stuart Matthews Wednesday, 01 August 2007

Aabar Petroleum, an exploration, production and drilling company, has announced second quarter revenues that have climbed to AED 378 million from AED 186 million in the same period a year ago.

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The increase has come on the back of an increase in the organisation's oil production at its Southeast Asia operations.
"Oil production has almost doubled since the end of 2006 as we press on with the further development of the Jasmine field in the Gulf of Thailand, and we continue to have good exploration success," said Sohail Al Mazrui, Aabar's Chairman.

Aabar reported a net profit to shareholders of AED 23 million for the quarter, with basic and diluted earnings per share from continuing operations of 2.1 fils.

Aabar has two divisions, Oman-headquartered Dalma Energy, and Pearl Energy, which is engaged in exploration and production in Southeast Asia. Aabar's net working interest production currently stands at more 20 000 barrels per day.



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