Despite revenue being down 9% to $13.5 million, Magellan reported an $800,000 net profit for the December half, compared to a net loss of $1.51 million in the previous corresponding period in 2001.

Writing off capitalised exploration expenditure was down 52% from $7.5 million in 2001 to $3.61 million for the 2002 December half.

Magellan said its share of oil and gas sales for the 2002 December half remained the same as the corresponding period in 2001 at 687,000 barrels of oil equivalent.

However, oil production from the Mereenie field in the Northern Territory was down 16% from 83,117 barrels to 70,010 barrels in latest December half. Gas production increased 2% from 3.332 million cubic feet per day to 3.395 mmcfd.