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AUSTRALIA'S NOVUS EXPECTS STRONG H1 PROFIT DESPITE REVENUE SLUMP.
PERTH, May 1 Asia Pulse - Oil and gas group Novus Petroleum Ltd (ASX:NVS) is expecting to post a strong first half profit despite revenue slumping $A9.6 million ($US4.89 million) in the March quarter compared to the previous three-month period.
Novus, Australia's fourth largest pure upstream oil and gas company, said second quarter earnings would be boosted by a substantial increase in production in April and the further development of two of its core assets.
Novus posted revenue of $A46.5 million ($US23.69 million) to March 31, 2001 compared to $A56.1 million ($US28.58 million) in the December 2000 quarter.
It blamed the slump on a combination of deferred liftings and a reduction in oil prices.
Novus said that for operational reasons a number of cargoes that had been earmarked for shipping in March were delayed into the second quarter.
In addition, although oil production volumes were steady, gas volumes plunged 8.7 per cent on the previous quarter due to reduced offtake in Australia and Wunut in Indonesia.
However Novus said Kakap gas sales in Indonesia lifted production volumes in April and positioned Novus for a strong first half result.
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- Press release article from: Business Wire February 12, 2001 700+ words
...transport natural gas from the West Natuna Sea to Singapore, a $335 million...schedule. Early completion of the West Natuna Transportation System (WNTS) allowed the pipeline's owner, the West Natuna Group, to complete "gas up...
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...Bernama) -- The delivery of the West Natuna gas to Malaysia under the sales...natural gas to Malaysia from the West Natuna area in the South China Sea for a period of 20 years. For Malaysia, West Natuna is another source of supply of...
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...initial agreement with Indonesia to buy gas from the same West Natuna fields (OGJ Online, Oct. 16, 2000). This follows the...of a 640-km subsea pipeline connecting Singapore with the West Natuna fields. The pipeline is ready to make first delivery in December...
- PETRONAS RECEIVES FIRST GAS FROM WEST NATUNA.
- News wire article from: Asia Africa Intelligence Wire August 8, 2002 700+ words
...Petronas today received the delivery of first natural gas from West Natuna, Indonesia, marking a key milestone in the relationship...gas per day for a period of 20 years. The natural gas from West Natuna would be delivered via a 100-km, 18-inch pipeline from...
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- News wire article from: AsiaPulse News November 28, 2006 700+ words
...has found oil at two of its offshore exploration wells in West Natuna, Indonesia. GOGL said its unit, Genting Oil Natuna Pte...part of a three-well offshore drilling programme in the West Natuna that the group is carrying out near the Malaysian border...
- Conoco Awarded West Natuna Nila Block Offshore Indonesia, Further Increasing...
- Press release article from: Business Wire December 13, 2001 700+ words
...Editors HOUSTON--(BUSINESS WIRE)--Dec. 13, 2001 The Indonesian government recently awarded the Nila block in the West Natuna Sea offshore Indonesia to production sharing contract (PSC) partners Conoco Nila Ltd. and Inpex Natuna, Ltd., as part...
- INDONESIA OFFERS FIVE OIL BLOCKS OFF WEST NATUNA TO INVESTORS.
- News wire article from: AsiaPulse News November 16, 2007 700+ words
...Director General Luluk Sumiarso said. The five blocks -- Cakalang, Baronang, Kerapu, Cucut and Dolphin blocks all off West Natuna -- are part of 26 blocks offered in October, Sumiarso said. Production splits are 85:15 for oil and 70:30 for gas in...
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- News wire article from: AsiaPulse News September 26, 2006 700+ words
...Genting Oil & Gas Limited, has discovered both dry gas and gas condensate at its exploration well in the Anambas Block of West Natuna in Indonesia. The exploration well Anambas-1X is located on the Anambas Prospect in Indonesian waters, 160 kilometres...
Source: HighBeam Research, AUSTRALIA'S NOVUS EXPECTS STRONG H1 PROFIT DESPITE REVENUE SLUMP.