Novus trumpets good results

Takeover target Novus Petroleum has released its quarterly production reports almost three weeks before the reporting deadline, hoping the strong figures will convince shareholders not to take the $1.74 cash bid offered by Indonesia's Medco Energi group.
Novus trumpets good results Novus trumpets good results Novus trumpets good results Novus trumpets good results Novus trumpets good results

Sales revenue showed an almost 20% increase from the previous quarter but was $1 million down on the same period last year.

Production figures showed the results of new fields coming on line, with first time revenue being booked from their Oman field and three fields in the US.

Australian production remained steady with the exception of a small dip in LPG production.

Novus' share price has remained slightly above the $1.74 bid, with analysts suggesting Friday's unchanged close at $1.85 meant there still was a chance a rival bid would be forthcoming.

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