Molopo Energy ’s lucrative sale of a Canadian oil asset in February has set the junior up to pursue acquisitions and development projects but chairman Greg Lewin acknowledges it will take longer to rebuild investor confidence after a messy board shake-up early this year.

Molopo yesterday reported a surge in full-year net profit to $84.4 million, up from $2.6 million a year earlier, following the Spearfish asset sale.