With old cash cows Woollybutt and Harriet almost depleted, Tap Oil?s half year result appeared weak. Although production was steady at half a million barrels of oil equivalent, declining oil output meant earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX, a measure of field performance) was 40% lower at $9.7m. Exploration write downs contributed to a reported loss of $8m, an improvement on the $17.9m loss last year. Net operating cashflow fell 45% to...
I wonder how long these fields have left in them??
TAP Price at posting:
69.0¢ Sentiment: None Disclosure: Not Held
