Operations
Average daily production up 31% to 14,200 boepd (2012: 10,800 boepd)
Bualuang contingent resource increased by 129% to 27.8 MMbo
West Kerendan-1 exploration success added 43 MMboe to contingent resource
Bualuang power and processing modules successfully loaded on to Bravo platform
Kerendan development wells completed and tested at 40 MMscfd
North Kutei campaign highlighted North Kendang and South Kecapi areas for future follow up
Strategic partner secured for Greater Kerendan area, field development on track
Financial
Revenue of $482.2 million (2012: $368.0 million)
Post-tax operating cash flow of $300.2 million (2012: $158.4 million)
Post-tax operating cash flow per boe of $57.76 per boe (2012: $40.22 per boe )
Profit before tax of $47.3 million (2012: Profit of $10.8 million)
Balance sheet diversified with issue of $150 million high yield bond
Year-end net debt of $259.9 million, flat on the mid-year position (2012: $194.6 million)
Year-end cash and fund balances of $265.0 million (2012: $208.8 million)
Outlook
2014 average Group daily production rate forecast to be 13,000-16,000 boepd
Past 7 days production averaged 16,200 boepd
Bualuang development drilling continues
New FSO scheduled to arrive at Bualuang field location in 2H 2014
Work to commercialise the West Kerendan volume continues
North Kendang re-drill expected to spud 1H 2014
G4/50 exploration - EIA applications in process
Chief Executive James Menzies commented:
"These results show the Group capturing all the synergies we highlighted when we realigned the strategy in 2011. We have seen growth in all of our key assets, through either exploration success or by exposing further development upside and the record unit cash flow points to the cash generative nature of the production base. Our operational focus is now on commercialising the increased contingent resource leading to a production plateau of 20,000 boepd from 2017."
