The company recorded a net profit of US$107.5 million (A$102.6 million) for the six months to 30 June, down 6% from US$114.5 million in 2011.
It attributed the fall in profitability to an increase in expensed exploration costs.
This included US$20.8 million of current and past costs relating to the unsuccessful IDT 25 Koi Iange test, US$25.2 million in Papua New Guinea seismic costs and US$10.5
