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2001 Second Quarter Activities Report

Second Quarter Highlights

The following results were achieved compared with the 2000 second quarter

  • Sales revenue increased by 12% to a record $423 million.
  • The oil price averaged A$51.06 (US$27.69) per barrel [2000: A$44.30 (US$26.52) per barrel].
  • Sales volumes were steady at 14.6 million barrels of oil equivalent (boe).
  • Crude oil production was 17% above the 2001 first quarter.
  • Capital expenditure increased to $160.3 million from $84.4 million, with increased spending on both exploration and development.

Comment by Mr John Ellice-Flint, Managing Director

“The highlight of the second quarter was the record revenue of $423 million, bringing first-half revenue to $751 million from $712 million in the same period a year ago. The record level of revenue in the quarter benefited from the increase in crude oil production and the strong realised Australian dollar oil price”.

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