Incremental draws $10m profit
Australian junior Incremental Petroleum saw net profit slip to A$10.7 million
(US$9.94 million) for the year ending 31 December 2007 from A$12 million on
lower production due to natural decline at its Selmo oilfield in Turkey, the
company said.
Earings per share fell to 16 Australian cents from 17.9 cents previously.
Sales revenue for the year was A$40 million, down from A$41.5 million in 2006,
despite record high international oil prices.
The company said it would invest A$8.8 million in further development of the
Selmo field. The outfit produced 501,436 barrels of oil from the field last
year, its second full year of production.
Production from the field, which was first tapped in the 1960s, is in
long-term decline.
Incremental is also gearing up to drill a five-well programme at the Edirne
project in western Turkey next month, after increasing its stake to 45% last
year.
26 February 2008 01:33 GMT
| last updated:
26 February 2008 07:45 GMT
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