net profit 505m

Sydney - Tuesday - August 22: (RWE Australian Business News) -
Oil Search Ltd (ASX code: OSH) lifted net profit 485.2 per cent to
$505.14 million in the six months ended June 30 from $82.68 million for
the first half of last year.
Net profit before the profit from the AGL asset sale was up 80.5
per cent to $155.82 million from $82.68 million.
Revenue rose 38.5 per cent to $436.71 million from $301.99
million, driven by buoyant oil prices.
Basic earnings per share were 45.13c, up from 7.36c.
Interim dividend has been increased from US2c to US4c, payable
on October 13 to shareholders registered September 29.
Managing director Mr Peter Botten said: "Oil Search has achieved
a record interim profit result.
"This is very pleasing, given that the 2006 first-half profit
was produced from a smaller asset base, following the sale to AGL of
approximately 18 per cent of our producing 2P reserves, effective from
January 2006.
"The asset sale has generated a substantial profit for the
company and has further bolstered our already strong cash position.
"The strength of the company's balance sheet allows us to pursue
a number of gas commercialisation opportunities, as well as an expanded
development and exploration program in PNG and the Middle East."