Melrose Resources said it made good progress in the first six months of the year before directors agreed a merger with Ireland's Petroceltic.
Directors of Edinburgh-based Melrose highlighted the company's success in reducing debt in the six months to June, a feat they said would allow the company to increase activity in coming months.
While production fell in the first half when profits were flat, the directors believe the company could enjoy significant exploration success on its acreage that could fuel future growth.
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