Exploration group Tullow Oil pre-tax profits rose by over 300 per cent in the first six months of 2011 while revenue more than doubled.

The group said pre-tax profits were up by 312 per cent from $131 million in the first half of 2010 to $540 million for the first six months of this year.

The group said that operating profit increased by 374 per cent from $124 million in the first half of 2010 to $588 million for the first six months of this year.

Revenues were up by 119 per cent from $486 million to $1.06 billion.

The group, which listed its shares on the Ghana Stock Exchange in July, said its results were were driven by increased production from the Jubilee field in Ghana and higher commodity prices.

"We have delivered a strong performance and achieved record results in the first half allowing us to double the dividend. We continue to make good progress with production plans in both Ghana and Uganda and while delays to the farm-down to CNOOC and Total have been frustrating, we now expect completion in September," said chief executive Aidan Heavey.

"With a strong balance sheet, growing production and a potentially transformational drilling campaign to come, we move into the second half of the year with real confidence," he added.

Tullow said it produced 75,100 barrels of oil per day (bpd) during the first six months of 2011, up 35 per cent from the 55,800 bopd produced in the same period a year earlier. Group production is expected to average between 82,000 and 84,000 bopd for 2011 and exceed 100,000 bpd by year-end.

The average price at which the company sold oil rose 45 per cent to $112 a barrel while its gas prices were up 65 per cent on last year.

The company hopes production levels will hit 100,000 bpd by the end of the year

The interim dividend has been doubled to 4p sterling.