Calgary-based North Sea explorer Oilexco has erases its US$18 million net loss of a year ago to post a US$25.7 million second-quarter net income on rising revenues from the newly onstream Brenda-Nicol fields.

Revenues in the quarter shot up US$38.4 million to US$40.7 million as Brenda barrels began to tell in June, boding well for more of the same next reporting season. A next stage of growth is now planned with more of the “aggressive” U.K.-sector exploration which lead to the 30,000-barrel-a-day discovery.

With the Ocean Guardian semi-submersible rig under contract until June 2009, and with the out-of-round award of Block 22/3b adjacent the Shelley prospect, some nine exploration, appraisal and development wells will be drilled during the remainder of 2007.

In Q4, drilling at Huntington, Kildare, Ptarmigan and Shelley get going. Exploration drilling at the Constance and Sheryl prospects in Block 21/23a plus Morro and Coronado in Block 22/13b near the Block 22/14b Huntington discovery round out the year.

The year will end with the drilling of the Moth prospect in Block 23/21.