h106 net profit 10.9m down 23.3pc on h105

Sydney - Monday - August 28: (RWE Aust Business News) - Tap Oil
Ltd (ASX:TAP) reported a net profit of $10.9 million for the half year to
June 30 2006 down 23.3 per cent against a $14.2m profit in the prior
corresponding half.
Revenue was $48.1m against $52.2m, down mainly on a reduction in
oil sales volume and partly offset by price increases.
Reduced oil sales volumes resulted from reduced production
volumes in the half, but were also affected by the oil sales liftings
schedule.
Had all the liquids produced in the half been lifted onto oil
sales tankers, then revenue would have matched the prior corresponding
half.
The production not sold by 30 June has been sold since that date
and will form part of the revenue for the second half.
The outlook for the next half remains strong with the Woollybutt
oil field continuing to outperform expectations.
The realised oil price since 30 June 2006 has continued to be
near $100 per barrel.
The Woollybutt joint venture is continuing to plan the
development of the Southern oil lobe and is planning for at least one
development well in mid 2007.