Energy Company Oil Search Limited
(ASX:OSH) yesterday announced a positive full year result on the back of strong oil sales and lower exploration costs.
Managing Director Peter Botten was also delighted to announce the energy producer had reached an agreement for the PNG Government to take a stake of close to 150 million shares in the company at $8.20 per share. The money will go towards funding the acquisition of a stake in the Elk and Antelope Oil Fields.
Oil Search’s net profit after tax jumped to $205.7 million US for the full year result, a rise of 17 per cent from last year’s $175.8 US million dollars. Revenue was up 6 percent to $766.3 million US.
The favourable figures put the company on track for an increase in production for 2014. Oil Search announced a total dividend of US 4c per share, unchanged from 2012.
Shares in Oil Search have been in a trading halt pending the PNG announcement and are expected to resume trade today.
