tap oil reports $17.8m loss after exploration

Source: News Bites


Tap Oil Ltd reported a net loss of $17.8 million for the six months to June 30, 2010 compared with a $4.95 million loss in the June 2009 half. The reported loss includes a one-off $20 million exploration write-down.

Revenue was down slightly to $33 million compared with the previous corresponding period but up 54% compared with the preceding six months.

Operating profit was $19 million, up 62% from the preceding six months but down 5% from the previous corresponding period.

CEO Peter Stickland said the strong operating profit provided Tap with a solid financial basis to underpin its upcoming drilling program. Tap is very pleased to have all three cash generating assets, Woollybutt, Harriet and the gas contracts, now performing strongly and profitably, Mr Stickland said. Excluding the $20 million write down due to relinquishing SC41 in the Philippines, the overall profit result is pleasing. After undertaking much technical preparatory work, we are now prepared for an exciting and targeted drill program across prospects in Australias Carnarvon and Bass Basins and in Brunei in the coming months.


STOCK DASHBOARD: August 27, 2010

TAP Oil

Closing Price August 26, 2010: 92.0c

Price change from previous trading day: 1.1%

Relative Strength (6 months percentile rank): 55.3

Market capitalisation: $144 million

Price/Earnings: 21.6 times

Turnover volume: 249,316.0

Volume Index (1 is average): 0.6

Turnover value: $227,768

Turnover period: 1 year 6 months

Value of $1,000 invested 1 year ago: $773

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