Oil Search buffer cash at K1bil

Business, Main Stories

OILSEARCH has recorded a cash position, excluding joint venture balances, of US$408.3 million (K1.09 billion) during the third quarter of this year, as against US$402.1 million (K1.076 billion) posted the during  the June quarter.
The company said it had incurred no debt.
The oil company spent US$128.1 million (K342.97 million) on exploration activities and US$25.2 million on development work during the third quarter.
In its third quarter report for this year, the company recorded total oil and gas production for at 2.1mmboe, 10% higher than in the second quarter, with production benefiting from a number of new in-field development wells, which helped to offset natural decline from the company’s depleted oil fields.
The company also announced that:
*Total oil sales for the period were 1.55 million barrels, 0.26 million barrels lower than oil production available for sale due to timing of shipments.
Crude oil in inventory totalled 0.68 mmboe. The average realised oil price was US$72.44 (K193.95 million) per barrel, 30% higher than in the second quarter. The company remained unhedged during the period; and
*Sales revenue for the quarter was US$112.6 million (K301.47  million), compared to US$107.7 million (K288.35 million) in the second quarter, with higher oil prices offsetting lower oil sales.
Sales revenue for the first three quarters of this year totalled US$277.7 million (K760.37 million), compared to US$634.3 million in the corresponding period of last year.
Total operating revenue for the first nine months of the year was US$308.2 million, 54% lower than in the corresponding period of 2008 largely reflecting the 50% lower realised oil price.