UK-based explorer Dana Petroleum has reported a 50% hike in production year-on-year in 2011 to 61,970 barrels of oil equivalent per day.

The Europe, Middle East and Africa-focused player, which was acquired by Korea National Corporation in September 2010, booked $292.6 million in after-tax profits for the year, compared to a loss of $8.48 million in 2010.

The results for both years take into account the impact of the company’s acquisitions of PetroCanada in March 2011 and KNOC’s folding in of its Korea Captain Company (KCCL) subsidiary into Dana Petroleum after its takeover as of October 2010.

Dana Petroleum chief executive Marcus Richards said the company had seen success in the UK and Egypt in particular over the year, adding it was on target to exceed 100,000 barrels of oil equivalent per day in output by 2016.