Oil Search Showing Solid Performance

Oil Search announced its half year results for 2013 showing a solid performance ofthe company’s oil and gas business.


Managing Director Peter Betten saidthe results are consistent with projects issued earlier this year.

Betten saysthe future of Oil Search lies in its gas assets.


Oil Search announced a profit of 113.5 million US Dollars for the first half of 2013, a six per cent increase from last year.


Speaking from Sydney, Peter Betten saidthe company’s performance was in line with its guidance for 2013.


“Production remains on track to finishthe year within our guidance to 6.2 to 6.7 million barrels of oil equivalent,” he said.

Oil Search has strong performance despite a four per cent decline in sales revenue caused by a responding decline inthe oil price.


Production for the first half ofthe 2013 was flat with 3.2 million barrels of oil produced compared to 3.3 million barrels,the same time last year.


Oil Search also announced that discovery of about 100 million barrels of oil at its Mananda field inthe Highlands, as well as futher discoveries at its Taza field in Iraq.


The share market responded positively tothe announcement withthe slight rise inthe value of Oil Search Shares.

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