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The Company announced second quarter report (ending on 30 June 2018) for production and reported that production resumed following the February PNG Highlands earthquake. It was reported that total production in the second quarter of 2018 was 5.40 million barrels of oil equivalent (mmboe) that is 12 per cent higher than in the first quarter. After resuming its operations, PNG LNG Project has performed strongly, achieving an annualised production rate of 8.5 MTPA over May and June, compared to 8.3 MTPA for the 2017 full year.
Further, total revenue for the quarter declined 11 per cent to US$262.8 million and total product sales were 9 per cent lower than in the first quarter, due to the rebuilding of inventory and the timing of LNG shipments, with three LNG cargoes on the water at the end of the quarter.
The Company executed a farm-in to four highly prospective exploration licences located adjacent to the Elk-Antelope fields in the onshore Papuan Gulf Basin. Till now the Company has received more than US$50 million in progress payments from the Oil Search insurance programme’s insurers, with further payments to flow as repair costs are incurred.
The Company will be releasing its half year results on 21 August 2018 and it is expected that due to the earthquake and its impact on production, production costs on a unit basis in the first half will be above the full year guidance range of US$10.50 – 13.50 per boe, with higher second half production expected to bring unit costs down to within the range. During the June Quarter, 20,313 billion Btu of LNG was sold, 9 per cent lower than sales volumes in the first quarter of 2018 due to the build-up of inventory following the earthquake and timing of shipments, with three LNG cargoes on the water at the end of the quarter. The stock price declined by 2.8 per cent and the stock was trading on $8.795, as on 17 July 2018; 03:22 PM AEST. There was an impact from oil prices as well that dropped overnight.
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