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Arc results up on oil price rises and higher gas production

Perth headquartered energy company Arc Energy announced a half-year EBITDA result of $40.1 million for the six months to December 31 2005 - an increase of 34.2 per cent on the previous corresponding period.
Revenue was boosted by 15.7 per cent to $57.1 million for the period, due largely to an increase in the average price per barrel of oil from $54.62 to $74.42, the doubling of gas production and a more favourable exchange rate.
Net profit after tax for the half year rose by 20.2 per cent to $19.4 million despite a $3.7 million non-cash exploration expense charge.
Overall production increased by 18.5 per cent for the December half-year to 6,161 barrels of oil equivalent per day.
Production is expected to remain steady for the second half of the 2006 financial year although increased output at the Origin operated Jingemia oil field and the expected start up of the offshore Cliff Head oil field both offer upside.
Oil production dipped marginally during the half-year to 597,355 barrels net to Arc due to operational problems at Jingemia in the September 2005 quarter and declining production at Hovea in line with reservoir modeling predictions.

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