Sydney, July 19, 2007 (ABN Newswire) - Australian shares shrugged off a fall on Wall Street as a jump in oil prices lifted energy firms while mining firms got a boost from stronger metal prices. Kimberley Diamond said it had accepted a $300 million takeover offer from UK miner Gem Diamonds.

At Midday the ASX200 index has added 34 points to 6,363 and on the futures market the SPI 200's up 30.

Woodside Petroleum has posted a 9 per cent rise in second quarter production from a year earlier due to higher output at some of its fields. However, output fell from the previous quarter after Woodside sold its Legendre assets off Western Australia. Output at its Chinguetti field in Mauritania was also reduced. Sales revenue of $970 million was a 14 per cent increase a year ago and 8 percent higher than the first quarter. Back in February, Woodside reduced its forecast 2007 output for the second time to between 72?78 million boe after an initial forecast of 90 million boe due to the Legendre sale and delays with other projects. Shares in Woodside Petroleum are trading 1.88% stronger at $46.57

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/lnk/1V8RG5N9


Audio Link

http://abnnewswire.net/lnk/88I2LP9H

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