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Summary

2000 First Quarter Activities Report

First Quarter Highlights

The following results were achieved compared with the 1999 first quarter:

  • Sales revenue increased by 64.0% to $298.1 million (quarterly record)
  • Sales volume increased by 10.0% to 12.1 million boe (first quarter record)
  • Production volume increased by 5.3% to 12.7 million boe (first quarter record)
  • The average oil price received averaged US$26.25 (A$42.04) per barrel.

The above results do not incorporate the impact of the Carnarvon Basin interests acquired from Shell Development (Australia) Pty Ltd (effective 1 January 2000) pending settlement of the transaction which is expected in June 2000.

The table below details the estimated impact of the acquired Carnarvon oil and gas assets when incorporated.

First quarter (excluding Carnarvon asset impact)

Estimated Carnarvon impact

Estimated revised total (including Carnarvon assets)

Estimated % change quarter on quarter including Carnarvon assets

Sales Revenue

$298.1 million

$37.5 million

$335.6 million

+ 84.6

Sales Volume

12.1 mmboe

0.8 mmboe

12.9 mmboe

+ 17.3

Production

12.7 mmboe

0.8 mmboe

13.5 mmboe

+ 12.5

Comment by Mr Ross Adler, Managing Director:

The strong results achieved in the 2000 first quarter mean that the year is off to an excellent start and this will be enhanced by the acquisition of the Carnarvon Basin assets as indicated above.

These results continue the growth achieved in 1999.

Sales revenue of $298.1 million during the quarter was a record for the Company. This result reflects not only the strength in oil and liquids prices but also the Companys own efforts in increasing production and sales.

Oil production has grown strongly over the last six months. The record production from the Stag oil field was a good result and positively reflects work undertaken to increase production from this field. The improved production performance of the Elang/Kakatua oil fields and production from Moomba 104 were also positive and their full impact will be reflected in the second quarter.

Gas and ethane sales volumes for the quarter were up by 15% reflecting continuing growth in the gas business.

The Carnarvon Basin asset acquisition will add to the Companys underlying growth. Details are set out in the table on page 1.

Net operating profit after tax for the period is significantly above the comparable period for last year. Further details on the good start to Year 2000 will be provided at the Companys Annual General Meeting to be held on 5 May 2000.