Robust year for OSL

Business, Normal
Source:

The National, Wednesday January 29th, 2014

 By GYNNIE KERO

OIL Search posted a final quarter revenue last year of US$210 million (K508 million), up 20% from the previous quarter, the company said in a report.

Total revenue for the last financial year also jumped 6% to US$766.3 million (K1.8 billion) from US$724.6 million (K1.7 billion) in 2012.

The company produced 1.77 million barrels of oil equivalent (mmboe) taking the overall production for the year to 6.74 mmboe.

Oil Search continued to benefit from strong global oil prices during the quarter, realising an average price of US$113.33 (K274.40) per barrel. 

Managing director Peter Botten said the company ended the 2013 financial year on a positive note with strong production in the second-half, resulting in full-year production above guidance.

He said the final quarter also saw continued progress on the LNG project which is on track for first sales mid- year including the commencement of oil appraisal drilling both in PNG and Kurdistan.

“At the end of December 2013, Oil Search had a cash balance of US$210 million (K508.4 million)  and debt of US$4 billion (K K9.7 billion), comprising US$3.8 billion (K9.2 billion)  drawn down from the PNG LNG project finance facility and US$200 million (K484.25 million)  from the company’s US$500 million (K1.2 billion)   corporate facility,” Botten said.