Molopo Energy FY11 profit jumps

Company News

Molopo Energy Limited (ASX:MPO) has reported a jump in its 2011 financial year net profit, surging from $2.6 million to $84.4 million.

The junior oil and gas explorer’s result was boosted by asset sales and total revenue of $14 million, almost doubling from the year before.

One off items in the year included management restructure costs as well as the $185 million sale of its Spearfish asset in Canada.

CEO Ian Gorman says Molopo has a healthy capital position and an abundance of investment opportunities.

The company is on the hunt for acquisitions and will be focused on unconventional oil in North America.

No final dividend has been declared.