Turnover For Peko Oil Surges, Thanks To Jabiru

Sydney Morning Herald

Tuesday February 24, 1987

Turnover of Peko Oil Ltd surged to $3.39 million in the six months to December 31 last, up from $223,000 previously, thanks chiefly to the contribution of oil production from Jabiru in the Timor Sea.

Peko Oil, a minority partner in the Jabiru venture, reported an unaudited trading profit of $3.33 million, compared with $3.70 million for the previous corresponding period, before extraordinaries.

Almost all the income for the previous half had come from investment earnings, which totalled $7.2 million in the 1985 half and $9.5 million in the latest six months.

An extraordinary loss of $230,000, due to the restatement of the company's deferred tax liability in line with the increase in company tax, decreased total net profit and extraordinary items to $3.08 million.

The company - the former Weeks Australia now 53 per cent owned by Peko-Wallsend - again omitted to pay an interim dividend.

According to directors, the improvement of trading profit before tax and extraordinaries on 1985 figures should continue for the full year now that the Jabiru 1A well is in production. Directors noted this improvement was dependent on oil prices and the value of the Australian dollar.

© 1987 Sydney Morning Herald

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