Papua New Guinea-focused oil and gas producer Oil Search Ltd. (OSH.AU) Tuesday reported a large rise in annual profit, underpinned by a higher oil price and asset sales.

Net profit for the year to Dec. 31 rose 128% to US$313.4 million from US$137.2 million in 2007 and included a one-time gain from the company's sale of its Middle Eastern and North African assets in August.

Adjusted 2008 full year net profit, minus those proceeds, jumped 70% to US$240.0 million from US$140.8 million in 2007, in line with the US$240.4 million average forecast of five analysts polled by Dow Jones Newswires.

Operating revenue rose 13% to US$814.3 million, from US$718.8 million in 2007.

Oil Search declared a final dividend of four U.S cents per share, unchanged from last year, bringing the total 2008 dividend to eight U.S cents, unchanged from 2007.

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com

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