Revenue lifts shares

HIGHER oil prices have helped drive up Oil Search's June-quarter revenue, as its ExxonMobil-led joint venture in Papua New Guinea progresses towards first production.

By InvestSMART · 27 Jul 2011

By InvestSMART ·
27 Jul 2011

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HIGHER oil prices have helped drive up Oil Search's June-quarter revenue, as its ExxonMobil-led joint venture in Papua New Guinea progresses towards first production.

Oil Search said yesterday the natural decline of its key producing fields, Kutubu and Moran, was offset partly by new development work. As a result, it did not change its full-year production forecast of between 6.2 million and 6.7 million barrels of oil equivalent.

Shares in the company rose 18?, or 2.67 per cent, to $6.91. This compared with gains in the broader market of about 0.9 per cent.

Chief executive Peter Botten said the company produced similar amounts of oil and gas in the June quarter compared with the previous period.

Oil Search reported operating revenue for the three months to June 30 of $US217.8 million ($A201 million), up 42 per cent from the March quarter.

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Revenue lifts shares

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