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Oil Search H1 Revenue, Production Climb, Cuts FY Production View; Stock Dips

Shares of Oil Search Limited (OSH.AX) were losing around 2 percent in Australian trading after the company lowered its production forecast for fiscal 2019, despite reporting higher production in first half. The company also recorded strong revenue growth in the first six months of the year.

For the first half, total revenue climbed 39 percent to $777 million from last year's $557.8 million. Total production was 14.1 million barrels of oil equivalent or mmboe, 38 percent higher than the prior year, which was impacted by the major Highlands earthquake.

Total sales climbed 37 percent to 13.4 mmboe from 9.8 mmboe last year.

In the second quarter, total revenue was $378.9, down 5 percent sequentially. Production also fell 5 percent from the preceding first quarter to 6.9 mmboe.

The company is scheduled to release its first-half results on August 20.

Looking ahead, the company now expects fiscal 2019 production to be 28 to 31 mmboe, compared to previous forecast of 28 to 31.5 mmboe.

In Australia, Oil Search shares were trading at A$7.17, down 2.25 percent.

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