These profits were achieved on the back of a $48.1 million revenue result, compared with the previous corresponding period in which it posted $53.2 million in revenue and $14.2 million in profit.
Total production during the period was also lower at 866,000 barrels of oil equivalent, compared with 1.318 million barrels of oil equivalent in the six months to June 30, 2005.
The drop in oil output was attributed to natural field decline, in addition to disruptions caused by cyclones and mechanical issues at its Woollybutt field in the Barrow Sub-basin. Gas production was reduced due the delayed start-up of deliveries to a major customer’s plant, the company said.
Tap said the outlook for the current half year remained strong, with the Woollybutt oil field continuing to outperform expectations.
The Woollybutt joint venture, which is planning the development of the Southern oil lobe, expects to drill at least one development well in mid-2007.
In the Carnarvon Basin, Tap said the Harriet joint venture continues to produce oil, condensate and gas from numerous production wells, while an active exploration and development well drilling program is planned for the remainder of 2006.
Currently, the JV is drilling the Libris-1 wildcat, to be followed by the Cutter-1 and Bricklanding-1 exploration wells.
Elsewhere, the company plans to undertake a large 3D seismic program in the Philippines later this year, and said it was “aggressively pursuing” other new JVs in its regions of interest.
