Bell Potter

Unit production costs 8% lower to US$8.21/bbl, at lower end of 2016 full year guidance of US$8-US$10/boe and reflecting cost reduction programmes | Average realised oil and condensate price down 27% to US$41.61/bbl, Average realised gas and LNG price down 40% to US$6.09/mmBtu | PNG LNG Project: Annualised production in 1H16 of ~7.7 MTPA, compared to nameplate capacity of 6.9 MTPA.1H16 opex and capex both below operator budget | Net operating cash flow was US$239.2 million.


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