tui

Oil & Gas Weekly in its issue cover dated February 3 commenting that the Tui discovery is a field of the size all oil men hope to find and some do, says NZO earned $A44 million in the December quarter, PPP earned $36 million and AWE's December quarter revenues were up 159 pct to $223 million largely due to its 45 pct interest in Tui. Oil & Gas Weekly says, "The field has performed extremely well. It is much bigger than expected .. Tui is going to throw off similar if not larger sums of money in succeeding quarters in 2008. Production for the first year is now estimated to reach 12 million barrels.. the issue now for the likes of PPP and NZO is what they do with the money being generated. NZO has spent some on its Kupe gas project and repaid some borrowings but still had a healthy $A52 million in the bank at the end of December… PPP had $23 million surplus in net operating cash flows in the December quarter, the best of any oiler listed on the ASX. By a long shot" O&G Weekly comments