Novus also reported operating revenues from ordinary activities was down 24% to $84.4 million, operating cash flow down 26% to $33.8 million and operating profit after tax down 63% to $8.1 million.
"Of course this isn't a result we're pleased to announce. But it's largely a consequence of where we are in refocusing the company's strategy," said Novus managing director, Dr Bob Williams.
The company now plans to spend up to $65 million in 2002 exploring in the US and the Arabian Gulf region while curtailing effort in places such as Egypt, Pakistan and Sumatra.
Dr Williams said the second half would see Novus drilling at least another six exploration wells, with a continuing strong focus on the highly prospective Padre region, and may see three to four wells worldwide being drilled simultaneously.
"Of particular interest to Novus stakeholders will be wildcat drilling at Magnet Withers and Lemon Seeds in the US and the Tibat-1 well in Oman," Dr Williams said.
