Incremental slips in first half
Perth-based player Incremental Petroleum saw half-year revenues and
profits slip as the value of its oil in Australian dollars fell 10.8% and
output dipped 3%.
Incremental reported net half-year income of $5.3 million, or seven cents
per diluted share, compared with net income of $7.2 million, or 11 cents per
diluted share in the first half of 2006.
Revenues for the period fell to $18.6 million from $$21.5 million previously.
The company’s major production lies in the Selmo oilfield in south-eastern
Turkey, with other exploration assets in the same region.
Production from the Selmo field fell to 259,147 barrels from 267,976 barrels
in the first six months of 2006.
Incremental is also planning to drill four to six wells at its 45% farm in
at Edirne in south-central Turkey, it said today. The company plans total
exposure to nine to 11 wells over the next nine months.
28 August 2007 03:06 GMT
| last updated:
28 August 2007 04:05 GMT
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