News: OSH Oil Search Posts HY Net Loss After Tax $266.2 Million

Aug 25 (Reuters) - Oil Search Ltd (OSH) :

• HY NET LOSS AFTER TAX $266.2 MILLION VERSUS PROFIT OF $161.9 MILLION
• UNIT PRODUCTION COST GUIDANCE FOR 2020 FULL YEAR REVISED DOWNWARDS, TO US$9.50 - 10.50 PER BOE
• HY CORE PROFIT AFTER TAX $24.7 MILLION VERSUS $165.2 MILLION
• GUIDANCE FOR 2020 FULL YEAR UNIT PRODUCTION COSTS REDUCED FROM US$10 - 11 PER BOE TO US$9.50 - 10.50 PER BO
• WORK WELL ADVANCED IN ALASKA TO LOWER BREAKEVEN COST OF PIKKA UNIT DEVELOPMENT AND MATERIALLY REDUCE UPFRONT CAPITAL EXPENDITURE
• AS AT 30 JUNE 2020, CO HAD CASH AND CASH EQUIVALENTS OF US$831.4 MILLION AND GROSS DEBT OF US$3,163.5 MILLION
• DUE TO IMPACT OF COVID-19 ON GLOBAL ECONOMY, MARKET WINDOW FOR MAJOR NEW LNG SUPPLY HAS MOVED BACK A FEW YEARS
• REMAIN CONFIDENT IN LONG-TERM OUTLOOK FOR HIGH-QUALITY LNG EXPANSION PROJECTS IN PNG
• NW MORAN FIELD PRODUCTION IS EXPECTED TO RECOMMENCE IN Q1 OF 2021
• WORK ON OPTIMISING PIKKA UNIT DEVELOPMENT EXPECTED TO BE COMPLETED BY END OF 2020