Pearl Energy posts Q2 profit

Pearl Energy posts Q2 profit

SINGAPORE: Pearl Energy Ltd., one of the two publicly traded oil and gas explorers in Singapore, said it posted a second- quarter profit from a loss a year ago, aided by production at oil fields in Indonesia and the Gulf of Thailand.

Profit was US$407,000 for the three months ended June 30, compared with a loss of $1.2 million a year earlier. Revenue after royalties rose 87 percent to $18.9 million.

The company expects oil exploration and development in Southeast Asia to increase because of higher oil prices. Crude oil traded near a record $66.05 a barrel on Friday and gasoline and heating oil set all-time highs after a fire at a Sunoco Inc. pipeline heightened concern that U.S. refineries may struggle to meet second-half fuel demand.

"Higher oil prices have spurred exploration and development activity in the Southeast Asia region and set a more competitive environment in the sale and purchase of oil and gas assets," the company said in a statement to the Singapore exchange.

The stock has almost tripled since it started trading in April, compared with an 11 percent gain in the Singapore benchmark Straits Times Index. -- Bloomberg