Oil Search underlying H1 profit falls 73 pct

ChemNet News: Oil Search underlying H1 profit falls 73 pct

https://www.chemnet.com Aug 25,2009 reuters
PERTH, Aug 25 - Australian-listed oil and gas producer Oil Search Ltd (OSH.AX) posted a 73.3 percent fall in half-year underlying profit, hit by lower production and weaker oil and gas prices.

Oil Search, with is partnering ExxonMobil Corp (XOM.N) to build a major gas export facility in Papua New Guinea, said underlying net profit in the six months ended June 30 was $35.6 million.

Oil Search, which is undergoing a review of its business, reiterated its 2009 production guidance to be between 8.0-8.3 million barrels of oil equivalent.

Shares in Oil Search, which declared an interim dividend of 2 cents, have risen about 25 percent this year, outperforming a 19 percent gain in the broader S&P/ASX 200 index .AXJO.

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