Wellington, Feb 19 NZPA - Australian company Pan Pacific Petroleum today reported a $A39 million ($NZ50 million) profit in the six months to December 31 care of its part ownership of the Tui oil field in Taranaki.

The profit was up from $A9.99m in the same period last year.

All of Pan Pacific's sales revenue of $A67.78m was from the Tui in New Zealand. It also had finance income of $A12.55m.

New Zealand got $A7.48m of income care of a royalty tax expense paid by the company in the period.

Pan Pacific got 560,000 barrels of 5.6m produced by the field in the period.

The field is expected to produce 9.6m barrels in the year to June 30.

The field is estimated to have 50.1m barrels, all of which is expected to be produced from existing wells.