Goldbug100 - Oil Search (OSH.AX) 2010 results net profit after tax of US$185.6m + 39%

Oil Search OSH.AX posted a net profit after tax of US$185.6m in 2010 39% higher than in 2009. The result was achieved despite a small decline in oil and gas production and was driven by higher oil prices and a one-off-restatement of deffered tax balances. The board approved the payment of a final divdend for 2010 of two cents (2009 - 2 cents) making the total for 2010 four centes (2009 - 2 cents)

The PNG LNG project (29% owned) will have a significant impact on Oil Search, more than quadrupling its production to over 60,000 barrels of oile equivalent
a day in the first year of production. This project remains on track to commence the first LNG shipments in 2014.

The company has been exploring for oil and gas in Papua New Guinea (PNG) for over 20 years. Oil Search has exploration activities in PNG, Yemen, Iraq and Yemen.

the closing price 15 April 2011

7.25

-0.030000 0.03

3642243

Oil Search Limited
Cuthbertson Street
Credit House
Port Moresby,
Papua New Guinea - Map
Phone: 675 322 5599
Fax: 675 322 5566
Website: http://www.oilsearch.com

Business Summary

Oil Search Limited engages in the exploration, development, production, and sale of gas and liquid hydrocarbons. Its properties include the Kutubu oil project located in the Papuan foldbelt, southern highlands province, approximately 550 kilometers north-west of port moresby; Central Moran oil project situated in the southern highlands province, approximately 570 kilometers north-west of port moresby; Gobe oil project located in the gulf and southern highlands provinces, approximately 85 kilometers south-east of the Kutubu oil project; Hides GTE project situated in the southern highlands province, approximately 80 kilometers north-west of Kutubu; SE Mananda fields located Papuan foldbelt, southern highlands province, approximately 10 kilometers north-west of Kutubu; and Nabrajah oil field. The company also has interests in two blocks in Yemen, two blocks in the Kurdistan region of Iraq, two blocks in Tunisia, and one block in Libya. As of December 31, 2008, it had proven and probable reserves of 66.9 million barrels of oil equivalent (mmboe), as well as 886 mmboe of contingent resources.

Key Statistics