Oil Search (ASX:OSH) revenue rises 24% in 4Q

Company News

by Rachael Jones

Oil Search (ASX:OSH) report a revenue rise of 24 per cent in the fourth quarter from the third quarter.

Fourth quarter revenue of US$446.7 million reflects the recovery in production, timing of shipments and higher realised oil and condensate prices.

Total production net to Oil Search for the fourth quarter of 2019 was 7.0 million barrels of oil equivalent (mmboe), 3 per cent higher than in the previous quarter.

The PNG LNG Project contributed 6.3 mmboe net to Oil Search for the quarter, based on an annualised gross production rate of 8.5 million tonnes per annum (MTPA).

Shares in Oil Search (ASX:OSH) are trading 6.9 per cent lower at $7.18.