The half year profit figure includes a significant provision for unrealised foreign exchange losses and the effect of lower $A oil prices during the latter part of the period. It compares to a full year profit of $20.1 million in the last financial year.

The profit increase was driven by increased oil and gas sales for the half year of 686,703 barrels of oil and 1,708 TJ’s of gas net to Arc, said executive director Eric Streitberg.

“These results reflect the continued growth in ARC’s production operations and the continued diversification of our portfolio,” Streitberg said.

“We are looking forward to a full year profit result at least double the half-year profit.

“We have achieved a series of very significant milestones during the period with the systematic build-up of our oil and gas production capacity and infrastructure and the commencement of the 3D seismic survey which will lay the foundation for the continued exploration success we have seen in our recent drilling program.”