PETROMIN NEWS
Petromin PNG Holdings Limited is pleased to announce the operating results of Eda Oil Limited for the year ended 31st December 2007.
Petromin PNG Holdings Limited is pleased to announce the operating results of Eda Oil Limited for the year ended 31st December 2007.
Eda Oil Limited a wholly owned subsidiary of Petromin, has a participating interest of 20.50% in PDL5 Moran Oil Project and 0.2443% in the PNG LNG Project and is a wholly owned subsidiary of Petromin PNG Holdings Limited.
Result and Overview
During the year ended 31st December 2007, Eda Oil Limited recorded a gross profit of K124.02m. After making a provision of K92m for income tax, the company realised a net profit of K31.3m. The company’s strong performance is attributable to higher revenue from crude oil sales. Crude oil sale in 2007 was K1795m compared to K157.1m in 2006. During the year Eda Oil Limited paid K67.3 million in income tax.
Eda Oil Limited is a minority participant in the PNG LNG Project and is now well placed to fund its equity in the Project.
The Board of Directors of Petromin PNG Holdings Limited believes that Eda Oil Limited is capable of generating substantial benefits for the State and the people of Papua New Guinea in the years to come as it diversifies its strategy, and congratulates the staff and management in achieving a highly commendable result