Drillsearch has already produced more oil in the first four months of the current financial year than it did in the whole of 2012/13.
Oil explorer and producer Drillsearch says production and revenue so far in the current financial year are already higher than they were for the whole of the previous year.
Drillsearch’s activities are focused on the Cooper Basin which extends from the northeast part of South Australia to southwest Queensland.
In a presentation to the company’s annual general meeting, Drillsearch said total production in the period from July 1 to October 31 had reached 1.14 million barrels of oil equivalent (mmboe), compared to 1.06 mmboe in the 2012/13 financial year.
Sales revenue in the year to date totalled $122.2 million, up from $102.2 million in the whole of the previous financial year.
Earnings before, interest, taxes, depreciation, depletion, amortisation and exploration expenses stood at $76.8 million for the year to date, up from $32.9 million in 2012/13.
The figures for the year to date were unaudited.
Over the next three years, Drillsearch said it would aim to increase conventional reserves and significantly boost production.
Success in oil exploration in the Cooper Basin was growing dramatically, and demand for gas in eastern Australia was growing rapidly.
Drillsearch said significant unconventional gas resources had been identified in the Cooper Basin and encouraging early exploration results were emerging.
Cooper Basin gas prices were expected to be “robust”.
Shares in Drillsearch gained six cents to $1.30.