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Oil Search 3rd Quarter Report

Oil Search released its 3rd Quarter Report tothe Australian Stock Exchange today.

 

It highlighted thatthPNG LNG Project achieved several key milestones duringthe period, includingthe introduction of commissioning gas, delivered from Oil Search’s Kutubu fields intothe LNG plant.

The report emphasised thatthPNG LNG Project remains on budget and on Track for first LNG deliveries inthe second half of next year.

 

Overall, production inthe 3rd quarter was 1.78 million barrels of oil equivalento10% higher than inthe 2nd quarter.

 

Total operating revenue for the quarter was US$175.3 million, that’s approx. K400 million. The revenue was based on an average realized oil price of US$112.36 per barrel.

 

Shortly afterthe end ofthe quarter, Supplemental Project Financing of US$1.5 billion which is about K3.6 billion was secured forthPNG LNG Project.

 

Commenting onthe key 2013 third quarter activities, Oil Search Managing Director Peter Betten saidthe introduced gas fromthe Kutubu field tothe LNG plant near Port Moresby, will be used to progressively commissionthe plant site utilities and process trains.

 

A range of possible gas sources were assessed to underwrite a potential expansion ofthPNG LNG Project.

 

Despitethe report showing slight drop in percentage for oil & gas sales and total revenue compared tothe 2nd quarter, Mr. Betten saidthe Company continued to benefit from strong global oil prices.

 

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