Oil exploration and production company Global Energy Development announced pre-tax profits up by almost 40 per cent in its interim results.

Pre-tax profit stood at $3,138,000 compared with £2,269,000 and was greater than the full year's result for 2004.

Commenting on the outlook for the company, chairman Mikel Faulkner said: 'For the remainder of 2005, Global intends to grow production, to add to the high potential acreage already under the company's control and progress rapidly to exploratory drilling on several of its newer acreage positions. The management of Global believe these newer acreage positions offer scope for substantial finds based on historic data and third-party reports. Global looks forward to the remainder of 2005 and beyond with confidence.'