Carnarvon Petroleum

Carnarvon Petroleum’s half year results were nothing short of disastrous. Revenue for the half year fell 52% to $17.3m. Despite higher oil prices, production from Carnarvon’s Thai fields sank 58% to 500,000 barrels of oil. Last year’s $4.8m profit turned to a $2.5m loss, although that included $3.3m in exploration writeoffs. A 45% fall in operating cashflow to $9.1m, however, underlines that this result was not the work of accountants; the company is simply not producing enough oil. Table 1: Carnarvon Petroleum's half-year results Half-year ending 31 December 2011 2010 Change (%) Revenue ($m) 17.3 35.9 (52) NPAT ($m) (2.5) 4.8 n/a...

Carnarvon Petroleum’s half year results were nothing short of disastrous. Revenue for the half year fell 52% to $17.3m. Despite higher oil prices, production from Carnarvon’s Thai fields sank 58% to 500,000 barrels of oil. Last year’s $4.8m profit turned to a $2.5m loss, although that included $3.3m in exploration writeoffs. A 45% fall in operating cashflow to $9.1m, however, underlines that this result was not the work of accountants; the company is simply not producing enough oil.

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