Tap Oil: Interim result 2012

Tap Oil's results won't reveal much until new assets start production in 2014.

Tap Oil announced an interim net profit of $3.1m, compared to a loss of $7.9m last year. Production during the half year fell from 500,000 barrels of oil equivalent (boe) to just 30,000 boe this year. This sounds alarming, but is part of a strategy to change the company’s production assets. Tap has sold almost all its depleting legacy assets and is now awaiting production from the Thai-based Manora oilfield, due to start production in 2014.

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