Key Highlights
Production record for the third consecutive reporting period with the first half of 2013 averaging 17,135 barrels of oil equivalent per day ("BOEPD") net to the Company's working interest (12,197 BOEPD for the same period last year and 14,757 BOEPD for 2012).
The Te Giac Trang ("TGT") 10X exploration/appraisal well has commenced testing with the first test averaging 6,179 barrels of oil per day ("BOPD") over a gross 190 metre interval in the Oligocene "C".
First phase sustained test of the TGT Floating Production Storage and Offloading ("FPSO") vessel averaged greater than 60,000 BOPD. Second phase to test maximum sustainable handling capacity to take place later this year.
The Lideka East Marine 1 well intersected 50 metres of net pay and testing is now in progress.
Record after tax profit of $105.4 million up from $97.2 million for the same period last year.
Net cash and liquid investments as at 30 June 2013 equalled $361.3 million (31 December 2012: $211.3 million).
Proposed return of 40 pence per share in cash to shareholders by means of a B and C share scheme - subject to shareholder approval.
Ed Story, Chief Executive Officer, commented:
"We are delighted to be announcing a return of 40 pence per share to shareholders, with subsequent returns targeting 50 per cent of annual free cash flow. This, and our record levels of production and profit are a testament to the company's strategy and the execution thereof. We are excited about the early test results of the TGT-10X well and encouraged thus far by the Lideka East Marine 1 discovery in Congo (Brazzaville). We look forward to updating the markets as soon as possible on further developments in the drilling programmes.
We will continue to focus on maximising shareholder value through a combination of an active exploration and appraisal programme primarily through organic growth but which may be complemented with selective acquisitions that are consistent with our risk appetite and financial discipline."
