Stuart Increases Half-Year Profit 21%
South Australian based oil exploration and production Company, Stuart Petroleum Limited, reported a 21% increase in Net Profit After Tax to $7.5 million for the Half Year ended 31 December 2007.
Earnings per Share also increased by 21% to 11.1 cents per share compared to 9.2 cents per share in the previous corresponding period.
Sales Revenue totalled a record $30 million, an increase of 64% over the June Half Year and 47% over the previous December Half Year, comfortably exceeding the previous record of $27 million set in the June Half of 2006.
Sales Revenues reflected higher Oil Prices and Production of 287,300 barrels of oil for the Half Year, an increase of 22% over the June Half Year. Full year Production is now expected to exceed 600,000 barrels of oil.
Oil prices averaged A$104.53 per barrel during the December Half Year, a 47% increase over the previous corresponding period.
Commenting on the result, Stuart's Managing Director, Mr Tino Guglielmo said, "Increased Worrior oilfield production, reserves additions and high oil prices were positive influences on the strong Half Year result."
"Cooper Basin cash flows will be sufficient to significantly reduce existing borrowings and to fund our portfolio of growth projects this year, particularly the Gippsland Basin project" Mr Guglielmo added.