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Profits up at Tullow

IRISH-FOUNDED exploration group Tullow Oil is anticipating that the Jubilee field in Ghana will boost its yields this year as it recorded a massive 361pc rise in pre-tax profit of $152m (€109m) for 2010.

This figure was a significant increase from the $33m (€23m) it recorded in 2009.

Tullow's full-year revenues rose by 19pc and operating profit soared by 56pc to $235m (€169m) and earnings per share rose by 90pc to 6.1c.

Total 2010 production was 58,100 barrels of oil per day.