Oil & Gas Exploration & Production AD posted a net profit of 2.152 mln leva (0.176 leva/share) in the first quarter of 2007 compared to 1.842 mln leva (0.15 leva/share) a year ago, the company’s financial reported filed to BSE-Sofia shows.

Total revenues were up 4.3% to 6.023 mln leva from 5.776 mln leva in the same period last year. Meanwhile costs were down 7% to 3.394 mln leva.

Oil & Gas Exploration & Production has a core capital of 12.228 mln leva. Its own capital amounts to 42.8 mln leva. Receivables totaled 33.46 mln leva, while liabilities stood at 16.36 mln leva.

Oil & Gas Exploration & Production AD has 9 subsidiaries. On 31 January 2007 a new company was established under the name Chimimport Oil AD with owners Oil & Gas Exploration & Production AD (51% of the capital) and Chimimport Group EAD.

On 12 March 2007 Oil & Gas Exploration & Production signed a contract for the design and building of Drilling R-1 Odarne Block 1-1 Pleven with the subsidiary Bulgarian Drilling Company EOOD. The contract is worth 2,338,000 leva (VAT not included).

Chimimport controls 52% of the capital of Oil & Gas Exploration & Production AD, Inter Rubber Chemie EOOD holds 21.97%.

No transactions on this positions have been made so far. Bids/asks are at 9.30/9.58 leva/share.