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1998 First Quarter Activities Report

First Quarter Highlights

The following results were achieved compared with the 1997 first quarter:

  • Production volume increased by 5.3% to 10.1 million boe
  • Sales volume increased by 2.2% to 9.4 million boe
  • Sales revenue decreased by 11.7% to $160.1 million

Comment by Mr Ross Adler, Managing Director

The 5.3% increase in production was a pleasing outcome. The decline in sales revenue compared with the 1997 first quarter was expected, given the significant fall in liquids prices. The impact of lower prices was reduced somewhat through increased gas and LPG sales volumes.

Production and sales volumes for the 1998 year are expected to be well ahead of those in 1997 as a result of commencement of new projects.

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