Net profit for the quarter was AED22 million after adjusting for non-cash depreciation and depletion of AED56 million and finance costs of AED30 million.

The company generated total revenue of AED719 million for the nine-month period ended 30 September 2007, with a gross profit of AED184 million at a gross margin of 46% of net revenue.

Hamid Jafar, executive chairman, said: The company has achieved a number of major milestones in 2007. From the start of the year with the $1.1 billion acquisition of Centurion and important assets in Egypt, followed by the signing of important agreements for the major project in the Kurdistan Region of Iraq, it has emerged as an important player in the region’s growing gas business and in the international energy industry.