July 21 (Reuters) - Oil Search Ltd (OSH) :
- Quarterly report to 30 June 2016 (OSH)
- Total production in the second quarter of 2016 was 7.17 million barrels of Oil equivalent (mmboe).
- Total revenue for the quarter was US$267.7 million, 15% lower than in the first quarter of 2016
- Qtrly total sales 7.20 mmboe versus 7.97 mmboe in Q1 2016
- Cash flow break-even in 2016 is expected to be less than US$20 per barrel of Oil equivalent (boe),
- Expects to be able to fund all proposed capital expenditure programmes, including the equity share of our lng expansion projects, all the way through to production
- Operating costs, including expenses related to the Interoil bid are expected to be between US$83 million and US$88 million
- Operating cost guidance for the 2016 full year remains unchanged.
- 2016 full year production guidance has been upgraded, from 27.5 --27.5 mmboe to 28.0 --30.0 mmboe
- Outlook for development expenditures has been amended to reflect cost savings on remaining png lng development activities"
- Range for exploration and evaluation expenditures has been lowered"
- Net finance costs will be in the order of US$95 - 97 million, consisting primarily of png lng project borrowing costs"
- Tax rate for the full year is expected to move towards the statutory tax rate for gas of 30%"
