Tullow profits jump by 143%

IRISH oil and gas exploration company Tullow saw pre-tax profits shoot up by 143% last year.

The company, which spent €1.5 billion on acquisitions and investments in 2004, said pre-tax profits rose to €87 million. Turnover and profits were boosted by the seven-month contribution of results from Energy Africa, which it bought for €455m last year. The soaring price of oil and gas also helped results.

Turnover for the year, which includes the contribution from Energy Africa, increased from €188m to €329m.