Peter Botten

The sharp fall is believe to be the low point in the LNG contract pricing cycle, and lower sales volumes.

During the period, the Company paid US$145 million (K443.29m) in scheduled semi-annual principal and US$83 million (K253.75) in interest under the PNG LNG Project finance facility, as well as US$39.1 million (K119.54m) on capital expenditures.

Managing Director Peter Botten said despite funding these disbursements, net debt declined slightly, from US$3,315 million to US$3,304 million, highlighting the strong cash flows generated from operations.

The certification process commenced on 13 March 2016, in line with the agreement between Oil Search and PAC sellers relating to the Company’s acquisition of its interest in PRL 15 in early 2014.

Oil Search Managing Director Peter Botten, said the agreement is an important milestone that enhances Oil Search confidence in the Elk-Antelope resource and confirms their view of the potential for at least two more LNG trains in PNG.

However, he said this will require cooperation from all stakeholders and commitment, hard work and dedication from his team at the hospital in Tari.

Speaking during the farewell ceremony for the Medecins Sans Frontieres (MSF) in Tari last Thursday, Botten sincerely thanked the MSF team for their significant contribution in saving thousands of Hela lives over the eight years that they had been in the province.

The Hela Provincial Hospital Board officially took over operation of the Hela Provincial Hospital today. The recently-appointed Board visited the hospital, assuring patients, staff and the wider community of the facility’s preparedness to serve the than 300,000 locals who rely onThe Government recently provided the Hospital with additional funding and raised it to a provincial-level status, meaning that the Hospital will now be delivering additional services throughout the Hela Province.