From The Age:
'Drillsearch Energy says it is on track to meet its full year production target, but a steep drop in oil prices has caused a fall in revenue.
The oil and gas company's revenue of $70.3 million in the three months to December was down 12 per cent from the September quarter.
A 40 per cent decline in Brent crude oil prices hurt revenue, but Drillsearch said its liquidity remains strong, with about $149 million of cash and $50 million of undrawn committed debt.
Oil production in the December quarter rose six per cent from the September quarter, to 790,000 million barrels of oil equivalent (mmboe).
The company has issued a production guidance range of 3 to 3.4 mmboe for the year to June 30, as output remains strong and new wells are planned to come online in the second half of the financial year.'
MM: Last sentence is key.
DLS Price at posting:
77.5¢ Sentiment: Hold Disclosure: Held
