ERHC Energy Inc (ERHE): Addax Petroleum Q2 net income up 74 pct...

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Tuesday, 08/07/2007 9:43:00 PM

Tuesday, August 07, 2007 9:43:00 PM

Addax Petroleum Q2 net income up 74 pct to 101 mln usd; oil output up 54 pct
08.07.07, 9:46 AM ET

LONDON (Thomson Financial) - Addax Petroleum Corp reported a 74 pct increase in its second-quarter net income, led by a 44 pct rise in its petroleum sales before royalties, and a 54 pct rise in its gross oil production for the period.

The oil and gas exploration company posted a net income of 101 mln usd for the quarter to June 30 from 58 mln usd earlier. Its petroleum sales before royalties rose to 753 mln usd compared with 523 mln usd reported in the year-ago quarter.

Addax Petroleum said its gross oil production increased to an average of 123,000 barrels per day. It also reiterated that it expects an average gross oil production of about 127,000-133,000 barrels of day from its Nigeria and Gabon operations in 2007.

The company said funds flow from operations for the period rose 46 pct to 287 mln usd compared with 196 mln usd for the corresponding period last year.