(Reuters) - InterOil Corp (IOC.N), which operates primarily in Papua New Guinea, posted a higher first-quarter profit, helped by increased sales volumes and surging crude oil prices.
The energy company posted a net profit of $9.4 million, or 19 cents per share, compared with $700,000, or 1 cent per share, last year.
Revenue rose 18 percent to $338.2 million.
In the January-March quarter, U.S. crude oil prices increased 9 percent from last year to average $103 per barrel.
InterOil also said it found natural gas at its Triceratops-2 well in Papua New Guinea. The well was flowing gas and condensate at the rate of 17.6 million standard cubic feet of gas per day.
InterOil shares, which have lost about 23 percent of their value since February, closed at $57.61 on Friday on the New York Stock Exchange. They touched a year high of $75.85 on February 8.
