Gas and oil exploration group Bowleven has turned around a $10.2million loss into a profit of $19.5m.
The Edinburgh company, whose operations are focused onWest Africa, said the figures for the year to the end of June were buoyed by a foreign exchange gain of $31m.
It expects to have a cash balance of $115m after selling off its EOV field in Gabon. The company also announced encouraging results from its Sapele-1 exploration well in offshore Cameroon.