Oil Search Q2 Revenue Plunges By 30 per cent, Production to Meet Expectations | ASX Market Update

  • Jul 21, 2020 AEST
  • Team Kalkine

Australia-based Platina Resources Limited (ASX: PGM) is considering a new extraction technology for scandium at its New South Wales-based Platina Scandium Project (PSP). The initial tests have highlighted the potential of vat leaching as a cheaper alternative to high-pressure acid leaching (HPAL) for scandium extraction. PGM will advance the trials of vat leaching for scandium extraction, with the second phase of testwork planned to confirm the initial results, as well as to obtain leach solutions for further processing. The new technology could provide the key to unlocking deals for the Company, which has been targeting customers in Australia, Asia, Europe and the United States to secure production offtake agreements and enable project financing.

Oil Search Limited (ASX:OSH) reports a 30 per cent drop in Q2 revenue over plunging oil prices; however, reaffirms that the Company would meet its 2020 production guidance. OSH produced 7.29 million barrels of oil equivalent during the June 2020 quarter, down by 1 per cent against the previous quarter; however, the half-year production climbed by 4 per cent to stand at 14.66 million barrels of oil equivalent (or mmboe). The total sales tumbled by a unit per cent in Q2 against pcp at 6.79 mmboe, while half-year sales surged by 2 per cent to stand at 13.66 mmboe.

ACCC has urged Australians to look out for government impersonation scams with more $1.26 million lost from more than 7100 reports made to Scamwatch so far this year. ACCC expects more of this to take place. There has been an increase in the scam during the tax time, such as text messages claiming it to be from myGov or from agencies that claim to support victims to get access to their superannuation.

#ASX #PGM #OSH #Oil #Kalkine


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