Conoil Plc reported earnings results for the first six months to June 30, 2008. The company has reported NGN 75 billion turnover for the first six months ended June 30, 2008, which showed an impressive performance in all the business indices. This represents 129% increase over the NGN 32.82 billion posted in the same corresponding period in 2007. Profit after tax stood at NGN 2.653 billion, about 206% above the NGN 866 million profit earned in 2007. The board of directors is determined to sustain these performances, projecting that its profit and turnover for full year 2008 will hit NGN 8 billion and NGN 175 billion respectively.

Conoil Plc reported earnings results for the first quarter of 2008. For the quarter, the company has posted a turnover of NGN 32.9 billion, representing 104% increase over the NGN 16.138 billion earned in the same corresponding period of 2007. Profit before tax rose by 161% to NGN 1.598 billion as against NGN 613 million in 2007, while profit after tax stood at NGN 1.087 billion, about 153% above the NGN 429 profit earned in 2007. There are speculations that the company would be declaring a dividend of NGN 2.75 per share for the financial year 2007.

Total SA announced that it has signed an agreement with Conoil Plc to farm into the deep offshore OPL 257 license with a 40% interest. Conoil remains the operator with a 50% interest, and a local company holds the remaining 10%. The Nigerian government has approved this transaction. Covering an area of 372 square kilometres, OPL 257 is located some 150 kilometres offshore, in water depths ranging from 1,600 to 1,800 metres. It lies south of OML 130, where the Akpo and Egina fields, operated by Total, are situated, and north of the Joint Development Zone administered by Nigeria and Saõ Tomé and Principe. Total will be the technical advisor. Conoil started its activity in 1984 and currently operates six licenses in the Niger Delta. The partners of OPL 257 will jointly conduct further exploration, appraisal and development works of any commercial discovery.