TULLOW OIL made pre-tax profits of €33.1m (£22.6m) in the first half of this year, up more than 50% on the same period last year.

Irish oil and gas group Tullow Oil posted a 31% leap in pre-tax profits today as recent investment in new production pumped through.

TULLOW OIL has targeted a number of possible acquisitions in Northern Europe and West Africa and put in place borrowing facilities of up to €250 million to fund any buyouts.