Calgary-based North Sea explorer Oilexco has posted record third-quarter net profit of US$54.6 million on production from the Brenda and Nicole fields, while also disclosing disappointment.

The first full quarter of production at the twin oilfields eclipsed the paltry US$4.7 million made in the year-ago span, as revenues surged over US$145 million to US$149.1 million.

With appraisal drilling finding the oil-water border at Huntington, company management also disclosed exploration drilling at the Oddjob and Constance prospects in blocks 13/30b and 21/23a. The wells were drilled and abandoned without finding commercial quantities of oil or gas.