Indus Gas sees improved profits in first half

Oil and gas exploration and development company Indus Gas reported interim adjusted revenue of $27.69m in its first half on Tuesday, falling slightly from $27.78m year-on-year.

The AIM-traded firm said its operating profit for the six months ended 30 September rose to $26.3m from $23.42m, while its profit before tax was ahead at $26.11m from $23.57m.

It said it had continued to make provision for a notional deferred tax liability of $1.68m in accordance with IFRS requirements, which was down from the $5.85m liability it faced at the same time last year.

Looking at its operations, the company said the Petroleum and Natural Gas Regulatory Board of India had invited bids for the laying of a gas pipeline from RJ-ON/6 Block for a new pipeline route, the board explained, so that the pipeline tariff would be minimised.

Approvals from the Directorate-General of Hydrocarbons and the government had already been received for the development and enhanced production, it said, covering a total field area of 2176 square kilometres, with approved gas reserves of 1.8 trillion cubic feet.

“While the approval of an integrated field development plan for SSG and SSF and a revised field development plan for SGL is already in place, the evacuation of gas through a new pipeline at an appropriate tariff will accelerate the monetization of our gas reserves,” said Indus Gas chairman Peter Cockburn.