Rockhopper has swung to an impressive $131.3m pretax profit for its first half, from a year-earlier loss of $5.1m.
Chair David McManus commented:
"We continue to make very good progress in advancing the Sea Lion development, taking advantage of the current industry backdrop to reduce costs and the break-even oil price required to sanction.
"The results of the highly successful exploration campaign and the subsequent independent resource audit further supports Rockhopper's view that the North Falkland Basin has the potential to deliver multiple future phases of development and, ultimately, a billion barrels of recoverable oil.
"As a result of the recently concluded acquisition of Beach Egypt, our production for the remainder of 2016 is estimated to be approximately 1,500 boepd, with operating cash flows expected to broadly cover the Group's overheads going forward."