Aberdeenshire-based Eland Oil and Gas described 2018 as a “transformational year” as the firm achieved first profit.
The East Africa-focussed firm doubled production last year, jumping from 4,000 barrels per day to 8,000 in 2018.
Westhill company Eland recorded a pre-tax profit of £58 million, up from a loss of £11m in 2017.
The group also saw a significant surge in revenues of £75.7m from the previous year.
George Maxwell, chief executive of Eland Oil and Gas said: “The performance of the company in 2018 shows the huge opportunity that we have within our asset base as we continue executing
our strategy of near-term production and monetisation opportunities.
“We now have both the human and financial resource in place to continue and accelerate the strategy within our asset base, allowing us to look forward
with extreme confidence into 2019 and beyond.”
Chairman Russel Harvey described 2018 as an “exceptional year” for the firm, putting the company on a “sound financial footing for the future”.